BP p.l.c. (BP) 20-F 22 Mar 21 2020 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2020shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
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	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000313807
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	1 St James’s Square
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1Y 4PD
Entity Address, Country	GB
Contact Personnel Name	Murray Auchincloss
City Area Code	+44
Local Phone Number	(0) 20 7496 4000
Contact Personnel Fax Number	+44 (0) 20 7496 4630
American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares
Trading Symbol	BP
Security Exchange Name	NYSE
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares of 25c each
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	21,415,782,350
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
Floating Rate Guaranteed Notes due 2021
Document Information [Line Items]
Title of 12(b) Security	Floating Rate Guaranteed Notes due 2021
Trading Symbol	BP/21D
Security Exchange Name	NYSE
Floating Rate Guaranteed Notes due 2022
Document Information [Line Items]
Title of 12(b) Security	Floating Rate Guaranteed Notes due 2022
Trading Symbol	BP/22D and BP/22H
Security Exchange Name	NYSE
4.742% Guaranteed Notes due 2021
Document Information [Line Items]
Title of 12(b) Security	4.742% Guaranteed Notes due 2021
Trading Symbol	BP/21A and BP/21F
Security Exchange Name	NYSE
3.561% Guaranteed Notes due 2021
Document Information [Line Items]
Title of 12(b) Security	3.561% Guaranteed Notes due 2021
Trading Symbol	BP/21B
Security Exchange Name	NYSE
2.112% Guaranteed Notes due 2021
Document Information [Line Items]
Title of 12(b) Security	2.112% Guaranteed Notes due 2021
Trading Symbol	BP/21C and BP/21E
Security Exchange Name	NYSE
2.500% Guaranteed Notes due 2022
Document Information [Line Items]
Title of 12(b) Security	2.500% Guaranteed Notes due 2022
Trading Symbol	BP/22B
Security Exchange Name	NYSE
2.520% Guaranteed Notes due 2022
Document Information [Line Items]
Title of 12(b) Security	2.520% Guaranteed Notes due 2022
Trading Symbol	BP/22E and BP/22F
Security Exchange Name	NYSE
3.245% Guaranteed Notes due 2022
Document Information [Line Items]
Title of 12(b) Security	3.245% Guaranteed Notes due 2022
Trading Symbol	BP/22A and BP/22G
Security Exchange Name	NYSE
3.062% Guaranteed Notes due 2022
Document Information [Line Items]
Title of 12(b) Security	3.062% Guaranteed Notes due 2022
Trading Symbol	BP/22C
Security Exchange Name	NYSE
2.750% Guaranteed Notes due 2023
Document Information [Line Items]
Title of 12(b) Security	2.750% Guaranteed Notes due 2023
Trading Symbol	BP/23 and BP/23D
Security Exchange Name	NYSE
2.937% Guaranteed Notes due 2023
Document Information [Line Items]
Title of 12(b) Security	2.937% Guaranteed Notes due 2023
Trading Symbol	BP/23E
Security Exchange Name	NYSE
3.216% Guaranteed Notes due 2023
Document Information [Line Items]
Title of 12(b) Security	3.216% Guaranteed Notes due 2023
Trading Symbol	BP/23B and BP/23C
Security Exchange Name	NYSE
3.994% Guaranteed Notes due 2023
Document Information [Line Items]
Title of 12(b) Security	3.994% Guaranteed Notes due 2023
Trading Symbol	BP/23A
Security Exchange Name	NYSE
3.535% Guaranteed Notes due 2024
Document Information [Line Items]
Title of 12(b) Security	3.535% Guaranteed Notes due 2024
Trading Symbol	BP/24A
Security Exchange Name	NYSE
3.814% Guaranteed Notes due 2024
Document Information [Line Items]
Title of 12(b) Security	3.814% Guaranteed Notes due 2024
Trading Symbol	BP/24
Security Exchange Name	NYSE
3.224% Guaranteed Notes due 2024
Document Information [Line Items]
Title of 12(b) Security	3.224% Guaranteed Notes due 2024
Trading Symbol	BP/24B and BP/24D
Security Exchange Name	NYSE
3.790% Guaranteed Notes due 2024
Document Information [Line Items]
Title of 12(b) Security	3.790% Guaranteed Notes due 2024
Trading Symbol	BP/24C
Security Exchange Name	NYSE
3.194% Guaranteed Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	3.194% Guaranteed Notes due 2025
Trading Symbol	BP/25B
Security Exchange Name	NYSE
3.506% Guaranteed Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	3.506% Guaranteed Notes due 2025
Trading Symbol	BP/25
Security Exchange Name	NYSE
3.796% Guaranteed Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	3.796% Guaranteed Notes due 2025
Trading Symbol	BP/25A
Security Exchange Name	NYSE
3.119% Guaranteed Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	3.119% Guaranteed Notes due 2026
Trading Symbol	BP/26 and BP/26A
Security Exchange Name	NYSE
3.410% Guaranteed Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	3.410% Guaranteed Notes due 2026
Trading Symbol	BP/26C
Security Exchange Name	NYSE
3.017% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.017% Guaranteed Notes due 2027
Trading Symbol	BP/27 and BP/27D
Security Exchange Name	NYSE
3.279% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.279% Guaranteed Notes due 2027
Trading Symbol	BP/27B
Security Exchange Name	NYSE
3.543% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.543% Guaranteed Notes due 2027
Trading Symbol	BP/27E
Security Exchange Name	NYSE
3.588% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.588% Guaranteed Notes due 2027
Trading Symbol	BP/27A and BP/27C
Security Exchange Name	NYSE
3.723% Guaranteed Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	3.723% Guaranteed Notes due 2028
Trading Symbol	BP/28
Security Exchange Name	NYSE
3.937% Guaranteed Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	3.937% Guaranteed Notes due 2028
Trading Symbol	BP/28A
Security Exchange Name	NYSE
4.234% Guaranteed Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	4.234% Guaranteed Notes due 2028
Trading Symbol	BP/28B
Security Exchange Name	NYSE
1.749% Guaranteed Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	1.749% Guaranteed Notes due 2030
Trading Symbol	BP/30A
Security Exchange Name	NYSE
3.633% Guaranteed Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	3.633% Guaranteed Notes due 2030
Trading Symbol	BP/30
Security Exchange Name	NYSE
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
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
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
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
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

Group income statement

Group income statement - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Profit (loss) [abstract]
Sales and other operating revenues		$ 180,366	$ 278,397	$ 298,756
Earnings from joint ventures – after interest and tax		(302)	576	897
Earnings from associates – after interest and tax		(101)	2,681	2,856
Interest and other income		663	769	773
Gains on sale of businesses and fixed assets		2,874	193	456
Total revenues and other income		183,500	282,616	303,738
Purchases		132,104	209,672	229,878
Production and manufacturing expenses		22,494	21,815	23,005
Production and similar taxes		695	1,547	1,536
Depreciation, depletion and amortization		14,889	17,780	15,457
Impairment and losses on sale of businesses and fixed assets		14,381	8,075	860
Exploration expense		10,280	964	1,445
Distribution and administration expenses		10,397	11,057	12,179
Profit (loss) before interest and taxation		(21,740)	11,706	19,378
Finance costs		3,115	3,489	2,528
Net finance expense relating to pensions and other post-retirement benefits		33	63	127
Profit (loss) before taxation		(24,888)	8,154	16,723
Taxation		(4,159)	3,964	7,145
Profit (loss) for the year	[1]	(20,729)	4,190	9,578
Attributable to
bp shareholders		(20,305)	4,026	9,383
Non-controlling interests		$ (424)	$ 164	$ 195
Ordinary Shares
Profit (loss) for the year attributable to bp shareholders
Basic earnings (loss) per share (USD per share)		$ (1.0042)	$ 0.1984	$ 0.4698
Diluted earnings (loss) per share (USD per share)		(1.0042)	0.1973	0.4667
American Depositary Share
Profit (loss) for the year attributable to bp shareholders
Basic earnings (loss) per share (USD per share)		(6.03)	1.19	2.82
Diluted earnings (loss) per share (USD per share)		$ (6.03)	$ 1.18	$ 2.80
[1]	See Note 32 for further information.

Group statement of comprehensiv

Group statement of comprehensive income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Statement of comprehensive income [abstract]
Profit (loss) for the year	[1]	$ (20,729)		$ 4,190		$ 9,578
Items that may be reclassified subsequently to profit or loss
Currency translation differences	[2]	(1,843)		1,538		(3,771)
Exchange (gains) losses on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets	[2]	(353)		880		0
Cash flow hedges marked to market	[2]	78		(100)		(126)
Cash flow hedges reclassified to the income statement	[2]	(37)		106		120
Costs of hedging marked to market	[2]	42		(4)		(244)
Costs of hedging reclassified to the income statement	[2]	22		57		58
Share of items relating to equity-accounted entities, net of tax	[2]	312		82		417
Income tax relating to items that may be reclassified	[2]	66		(70)		4
Total items that may be reclassified subsequently to profit or loss	[2]	(1,713)		2,489		(3,542)
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset	[2]	170		328		2,317
Cash flow hedges that will subsequently be transferred to the balance sheet	[2]	7		(3)		(37)
Income tax relating to items that will not be reclassified	[2]	(105)		(157)		(718)
Total items that will not be reclassified to profit or loss	[2]	72		168		1,562
Other comprehensive income	[1]	(1,641)		2,657		(1,980)
Total comprehensive income		(22,370)	[2]	6,847	[2]	7,598	[1]
Attributable to
bp shareholders	[2]	(21,983)		6,674		7,444
Non-controlling interests	[2]	$ (387)		$ 173		$ 154
[1]	See Note 32 for further information.
[2]	See Note 32 for further information.

Group statement of changes in e

Group statement of changes in equity - USD ($) $ in Millions		Total		Cumulative Effect, Period of Adoption, Adjusted Balance		Share Capital And Capital Reserve [Member]		Share Capital And Capital Reserve [Member]Cumulative Effect, Period of Adoption, Adjusted Balance		Treasury shares [member]		Treasury shares [member]Cumulative Effect, Period of Adoption, Adjusted Balance		Reserve of exchange differences on translation [member]		Reserve of exchange differences on translation [member]Cumulative Effect, Period of Adoption, Adjusted Balance		Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]		Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]Cumulative Effect, Period of Adoption, Adjusted Balance		Retained earnings [member]		Retained earnings [member]Cumulative Effect, Period of Adoption, Adjusted Balance		Equity attributable to owners of parent [member]		Equity attributable to owners of parent [member]Cumulative Effect, Period of Adoption, Adjusted Balance		Non-controlling interests, other interest [Member]		Non-controlling interests, other interest [Member]Cumulative Effect, Period of Adoption, Adjusted Balance		Non-controlling interests, hybrid bonds [Member]	IFRS 16 Leases [Member]Cumulative Effect, Period of Adoption, Adjustment	[1]	IFRS 16 Leases [Member]Retained earnings [member]Cumulative Effect, Period of Adoption, Adjustment	[1]	IFRS 16 Leases [Member]Equity attributable to owners of parent [member]Cumulative Effect, Period of Adoption, Adjustment	[1]	IFRS 16 Leases [Member]Non-controlling interests, other interest [Member]Cumulative Effect, Period of Adoption, Adjustment	IFRS 9 Financial InstrumentsCumulative Effect, Period of Adoption, Adjustment	IFRS 9 Financial InstrumentsTotal Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]Cumulative Effect, Period of Adoption, Adjustment	IFRS 9 Financial InstrumentsRetained earnings [member]Cumulative Effect, Period of Adoption, Adjustment	IFRS 9 Financial InstrumentsEquity attributable to owners of parent [member]Cumulative Effect, Period of Adoption, Adjustment	IFRS 9 Financial InstrumentsNon-controlling interests, other interest [Member]Cumulative Effect, Period of Adoption, Adjustment
Equity outstanding, beginning of period (Adjustment on adoption of IFRS) at Dec. 31, 2017																																										$ 180	$ 54	$ 126	$ 180	$ 0
Equity outstanding, beginning of period at Dec. 31, 2017		$ 100,404		$ 100,224	[1]	$ 46,122		$ 46,122	[1]	$ (16,958)		$ (16,958)	[1]	$ (5,156)		$ (5,156)	[1]	$ (743)		$ (797)	[1]	$ 75,226		$ 75,100	[1]	$ 98,491		$ 98,311	[1]	$ 1,913		$ 1,913	[1]
Profit (loss) for the year	[1]	9,578																				9,383				9,383				195
Other comprehensive income	[1]	(1,980)												(3,746)				(216)				2,023				(1,939)				(41)
Total comprehensive income		7,598	[1]											(3,746)	[1]			(216)	[1]			11,406	[1]			7,444	[1]			154
Dividends		(6,869)	[1],[2]			0																(6,699)	[1],[2]			(6,699)	[1],[2]			(170)	[1],[2]
Cash flow hedges transferred to the balance sheet, net of tax		(26)																(26)								(26)
Repurchase of ordinary share capital	[1]	(355)																				(355)				(355)
Share-based payments, net of tax		703	[1]			230				1,191	[1]											(718)	[1]			703	[1]
Share of equity-accounted entities’ changes in equity, net of tax	[1]	14																				14				14
Transactions involving non-controlling interests, net of tax	[1]	207																				0				0				207
Equity outstanding, end of period (Adjustment on adoption of IFRS) at Dec. 31, 2018																																			$ 330		$ 329		$ 329		$ 1
Equity outstanding, end of period at Dec. 31, 2018	[1]	101,548		$ 101,218		46,352		$ 46,352		(15,767)		$ (15,767)		(8,902)		$ (8,902)		(987)		$ (987)		78,748		$ 78,419		99,444		$ 99,115		2,104		$ 2,103
Profit (loss) for the year	[1]	4,190																				4,026				4,026				164
Other comprehensive income	[1]	2,657												2,407				52				189				2,648				9
Total comprehensive income		6,847	[3]											2,407	[1]			52	[1]			4,215	[1]			6,674	[1]			173	[1]
Dividends		(7,142)	[1],[2]			0																(6,929)	[1],[2]			(6,929)	[1],[2]			(213)	[1],[2]
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(23)																(23)								(23)
Repurchase of ordinary share capital		(1,511)	[1]			0																(1,511)	[1]			(1,511)	[1]
Share-based payments, net of tax	[1]	719				173				1,355												(809)				719
Share of equity-accounted entities’ changes in equity, net of tax	[1]	5																				5				5
Transactions involving non-controlling interests, net of tax		549	[1]																			316				316				233	[1]
Equity outstanding, end of period at Dec. 31, 2019	[1]	100,708				46,525				(14,412)				(6,495)				(912)				73,706				98,412				2,296
Profit (loss) for the year		(20,729)	[1]																			(20,305)	[1]			(20,305)	[1]			(680)	[1]			$ 256
Other comprehensive income	[1]	(1,641)												(2,224)				98				448				(1,678)				37
Total comprehensive income		(22,370)	[3]											(2,224)	[1]			98	[1]			(19,857)	[1]			(21,983)	[1]			(643)	[1]			256
Dividends		(6,605)	[1],[2]			0																(6,367)	[1],[2]			(6,367)	[1],[2]			(238)	[1],[2]
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(6)																(6)								(6)
Repurchase of ordinary share capital		(776)	[1]			0																(776)	[1]			(776)	[1]
Share-based payments, net of tax	[1]	726				176				1,188												(638)				726
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1,341																				1,341				1,341
Issue of perpetual hybrid bonds		11,861																				(48)				(48)								11,909
Payments on issue of perpetual hybrid bonds		(89)																																(89)
Tax on issue of perpetual hybrid bonds		3																				3				3
Transactions involving non-controlling interests, net of tax	[1]	763																				(64)				(64)				827
Equity outstanding, end of period at Dec. 31, 2020		85,568	[1]			$ 46,701	[1]			$ (13,224)	[1]			$ (8,719)	[1]			$ (808)	[1]			47,300	[1]			71,250	[1]			$ 2,242	[1]			12,076
Issue of perpetual hybrid bonds		$ 11,861																				$ (48)				$ (48)								$ 11,909
[1]	See Note 32 for further information.
[2]	See Note 10 for further information.
[3]	See Note 32 for further information.

Group balance sheet

Group balance sheet - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Property, plant and equipment		$ 114,836	$ 132,642
Goodwill		12,480	11,868
Intangible assets		6,093	15,539
Investments in joint ventures		8,362	9,991
Investments in associates		18,975	20,334
Other investments		2,746	1,276
Fixed assets		163,492	191,650
Loans		840	630
Trade and other receivables		4,351	2,147
Derivative financial instruments		9,755	6,314
Prepayments		533	781
Deferred tax assets		7,744	4,560
Defined benefit pension plan surpluses		7,957	7,053
Non-current assets		194,672	213,135
Current assets
Loans		458	339
Inventories		16,873	20,880
Trade and other receivables		17,948	24,442
Derivative financial instruments		2,992	4,153
Prepayments		1,269	857
Current tax receivable		672	1,282
Other investments		333	169
Cash and cash equivalents		31,111	22,472
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners		71,656	74,594
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners		1,326	7,465
Current assets		72,982	82,059
Total assets		267,654	295,194
Current liabilities
Trade and other payables		36,014	46,829
Derivative financial instruments		2,998	3,261
Accruals		4,650	5,066
Current lease liabilities		1,933	2,067
Current finance debt		9,359	10,487
Current tax payable		1,038	2,039
Provisions		3,761	2,453
Current liabilities other than liabilities included in disposal groups classified as held for sale		59,753	72,202
Liabilities included in disposal groups classified as held for sale		46	1,393
Current liabilities		59,799	73,595
Non-current liabilities
Other payables		12,112	12,626
Derivative financial instruments		5,404	5,537
Accruals		852	996
Non-current lease liabilities		7,329	7,655
Finance debt		63,305	57,237
Deferred tax liabilities		6,831	9,750
Provisions		17,200	18,498
Defined benefit pension plan and other post-retirement benefit plan deficits		9,254	8,592
Non-current liabilities		122,287	120,891
Total liabilities		182,086	194,486
Net assets		85,568	100,708
Equity
bp shareholders’ equity		71,250	98,412
Non-controlling interests		14,318	2,296
Total equity	[1]	$ 85,568	$ 100,708
[1]	See Note 32 for further information.

Group cash flow statement

Group cash flow statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Profit (loss) before taxation	$ (24,888)	$ 8,154	$ 16,723
Adjustments to reconcile profit before taxation to net cash provided by operating activities
Exploration expenditure written off	9,920	631	1,085
Depreciation, depletion and amortization	14,889	17,780	15,457
Impairment and (gain) loss on sale of businesses and fixed assets	11,507	7,882	404
Earnings from joint ventures and associates	403	(3,257)	(3,753)
Dividends received from joint ventures and associates	1,442	1,962	1,535
Interest receivable	(258)	(441)	(468)
Interest received	74	416	348
Finance costs	3,115	3,489	2,528
Interest paid	(2,728)	(2,870)	(1,928)
Net finance expense relating to pensions and other post-retirement benefits	33	63	127
Share-based payments	723	730	690
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans	(282)	(238)	(386)
Net charge for provisions, less payments	735	(176)	986
(Increase) decrease in inventories	3,963	(3,406)	672
(Increase) decrease in other current and non-current assets	4,230	(2,335)	(2,858)
Increase (decrease) in other current and non-current liabilities	(8,278)	2,823	(2,577)
Income taxes paid	(2,438)	(5,437)	(5,712)
Cash flows from (used in) operating activities	12,162	25,770	22,873
Investing activities
Expenditure on property, plant and equipment, intangible and other assets	(12,306)	(15,418)	(16,707)
Acquisitions, net of cash acquired	(44)	(3,562)	(6,986)
Investment in joint ventures	(567)	(137)	(382)
Investment in associates	(1,138)	(304)	(1,013)
Total cash capital expenditure	(14,055)	(19,421)	(25,088)
Proceeds from disposals of fixed assets	491	500	940
Proceeds from disposals of businesses, net of cash disposed	4,989	1,701	1,911
Proceeds from loan repayments	717	246	666
Net cash used in investing activities	(7,858)	(16,974)	(21,571)
Financing activities
Repurchase of shares	(776)	(1,511)	(355)
Payments of lease liabilities, classified as financing activities	(2,442)	(2,372)	(35)
Proceeds from long-term financing	14,736	8,597	9,038
Repayments of long-term financing	(12,179)	(7,118)	(7,175)
Net increase (decrease) in short-term debt	(1,234)	180	1,317
Proceeds from issuing other equity instruments	11,861	0	0
Payments of other equity instruments	(89)	0	0
Payments from changes in ownership interests in subsidiaries that do not result in loss of control	(8)	0	0
Receipts relating to transactions involving non-controlling interests (other)	665	566	0
Dividends paid
bp shareholders	(6,340)	(6,946)	(6,699)
Non-controlling interests	(238)	(213)	(170)
Net cash provided by (used in) financing activities	3,956	(8,817)	(4,079)
Currency translation differences relating to cash and cash equivalents	379	25	(330)
Increase (decrease) in cash and cash equivalents	8,639	4	(3,107)
Cash and cash equivalents at beginning of year	22,472	22,468
Cash and cash equivalents at end of year	$ 31,111	$ 22,472	$ 22,468

Significant accounting policies

Significant accounting policies, judgements, estimates and assumptions	12 Months Ended
	Dec. 31, 2020
Corporate Information And Statement Of IFRS Compliance [Abstract]
Significant accounting policies, judgements, estimates and assumptions	Significant accounting policies, judgements, estimates and assumptions Authorization of financial statements and statement of compliance with International Financial Reporting Standards The consolidated financial statements of BP p.l.c and its subsidiaries (collectively referred to as bp or the group) for the year ended 31 December 2020 were approved and signed by the chief executive officer and chairman on 22 March 2021 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 International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS adopted pursuant to Regulation (EC) No 1606/2002 as it applies in 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 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. As a result of the UK's withdrawal from the EU, with effect for periods starting subsequent to the year ended 31 December 2020, the consolidated financial statements will also be prepared in accordance with UK-adopted international accounting standards. There were no differences between IFRS as adopted by the EU and UK-adopted international accounting standards as at 1 January 2021. The UK’s withdrawal from the EU has not had and is not expected to have a significant impact on the consolidated financial statements. The significant accounting policies and accounting judgements, estimates and assumptions of the group are set out below. Basis of preparation The consolidated financial statements have been prepared on a going concern basis and in accordance with IFRS and IFRS Interpretations Committee (IFRIC) interpretations issued and effective for the year ended 31 December 2020. The accounting policies that follow have been consistently applied to all years presented, except where otherwise indicated. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest million dollars ($ million), except where otherwise indicated. Significant accounting policies: use of judgements, estimates and assumptions Inherent in the application of many of the accounting policies used in preparing the consolidated financial statements is the need for bp management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual outcomes could differ from the estimates and assumptions used. The accounting judgements and estimates that have a significant impact on the results of the group are set out in boxed text below, and should be read in conjunction with the information provided in the Notes on financial statements. The areas requiring the most significant judgement and estimation in the preparation of the consolidated financial statements are: accounting for the investment in Rosneft; 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; and pensions and other post-retirement benefits. Judgements and estimates, not all of which are significant, made in assessing the impact of the COVID-19 pandemic, and climate change and the transition to a lower carbon economy on the consolidated financial statements are also set out in boxed text below. Where an estimate has a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year this is specifically noted within the boxed text. Judgements and estimates made in assessing the impact of climate change and the transition to a lower carbon economy Climate change and the transition to a lower carbon economy were considered in preparing the consolidated financial statements. These may have significant impacts on the currently reported amounts of the group’s assets and liabilities discussed below and on similar assets and liabilities that may be recognized in the future. 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 downwards during 2020 and the period covered extended to 2050. The revised assumptions sit within the range of external forecasts considered by management and are broadly in line with a range of transition paths consistent with the goals of the Paris climate change agreement. 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. Impairments were recognized during 2020 on certain Upstream oil and gas properties as a result of the lower price assumptions. See note 4 for further information. No material impairments were recognized on Downstream assets. 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. Headroom on goodwill balances was reduced, however the recoverable amount exceeds the carrying amount. See note 14 for further information including sensitivity analysis on the assumptions used to test goodwill for impairment. 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 lower price assumptions and work to develop bp’s new strategy resulted in a review of the recoverability of exploration and appraisal intangible assets during 2020. Certain intangible assets were subsequently written-off. See significant judgement: exploration and appraisal intangible assets and note 8 for further information. The revised long-term price assumptions for investment appraisal (see page 28) help create a framework that seeks to help ensure that currently unsanctioned future capital expenditure on property plant and equipment, and exploration and appraisal intangibles, is aligned with bp’s new strategy. 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, the significant majority of bp’s existing Upstream oil and natural gas properties are likely to be fully depreciated within the next 10 years and, as outlined in bp's new strategy, oil and natural gas production will remain an important part of bp’s business activities over that period. Similarly, for Downstream refineries, demand for refined products is expected to remain strong over the remaining useful life of existing assets. 1. Significant accounting policies, judgements, estimates and assumptions – continued 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 and therefore the useful lives of future capital expenditure may, however, be different. See significant accounting policy: property, plant and equipment for more information. Provisions: decommissioning The energy transition may bring forward the decommissioning of oil and gas industry assets thereby increasing the present value of associated decommissioning provisions. The majority of bp’s Upstream oil and gas properties are expected to start decommissioning within the next two decades and management does not expect any reasonable change in the expected timeframe to have a material effect on the Upstream decommissioning provisions, assuming cash flows remain unchanged. Decommissioning cost estimates are based on the known regulatory and external environment. These cost estimates may change in the future, including as a result of the transition to a lower carbon economy. For Downstream refineries, decommissioning provisions are generally not recognized as the associated obligations have indeterminate settlement dates, typically driven by the cessation of manufacturing. Management will continue to review facts and circumstances to assess if decommissioning provisions need to be recognized. S ee significant judgements and estimates: provisions for further information. Judgements and estimates made in assessing the impact of the COVID-19 pandemic and the 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 COVID-19 pandemic and current economic environment. Going concern Forecast liquidity has been assessed under a number of stressed scenarios, including a significant decline in oil prices over the 12-month period. Reverse stress tests performed indicated that the group will continue to operate as a going concern for at least 12 months from the date of approval of the consolidated financial statements even if the Brent price fell to zero. No material uncertainties over going concern or significant judgements or estimates in the assessment were identified. See also Note 29 Financial instruments and financial risk factors – Liquidity risk 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 impact was determined not to be significant and the post-tax impairment discount rate and nominal provisions discount rate were unchanged from 2019. Pre-tax impairment discount rates and post-tax premiums for certain higher-risk countries were changed but this did not have a material impact. See significant judgements and estimates: recoverability of asset carrying values and provisions for further information. Oil and natural gas price assumptions The price assumptions used in value-in-use impairment testing were revised downwards during the year, in part due to lower demand for oil and natural gas. Material impairment charges and exploration write-offs were recognized in the Upstream segment as a consequence of these price assumption changes. See significant judgements and estimates: recoverability of asset carrying values and exploration and appraisal intangible assets for further information. Demand constraints for refined products during the year did not result in any material impairment charges on Downstream refinery assets. Pensions and other post-retirement benefits The volatility in the financial markets during 2020 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. Impairment of financial assets measured at amortized cost The current economic environment and future credit risk outlook were considered in updating the estimate of expected credit loss allowances on financial assets measured at amortized cost. Whilst credit risk increased relative to 31 December 2019, there was also a significant reduction in the group's trade and other receivables balance. Therefore, the total expected credit loss allowances recognized as at 31 December 2020 did not significantly increase. Management does not consider the calculation of expected credit loss allowances to be a significant accounting estimate. See note 21 and 29 for further information. Income taxes The carrying amounts of the group’s deferred tax assets were reviewed and updated to the extent that there are changes in the probability of sufficient taxable profits being available to utilize the reported deferred tax assets. Management does not consider the measurement of deferred tax assets to be a significant accounting estimate. See significant accounting policy: income taxes and Note 9 for further information. Basis of consolidation The consolidated group financial statements consolidate the financial statements of BP p.l.c. and its subsidiaries drawn up to 31 December each year. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control, including when control is obtained via potential voting rights, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid bonds issued by a subsidiary and for which the group has the unconditional right to avoid transferring cash or another financial asset to the bondholders. Profit or loss attributable to bp shareholders is adjusted to reflect the coupon related to these hybrid bonds 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 1. Significant accounting policies, judgements, estimates and assumptions – continued 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 Upstream segment, are conducted through joint operations. bp recognizes, on a line-by-line basis in the consolidated financial statements, its share of the assets, liabilities and expenses of these joint operations incurred jointly with the other partners, along with the group’s income from the sale of its share of the output and any liabilities and expenses that the group has incurred in relation to the joint operation. 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. Significant judgement: investment in Rosneft 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 Rosneft Oil Company (Rosneft), a Russian 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 Rosneft'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 Rosneft'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 policies. 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 owns 19.75% of the voting shares of Rosneft. Rosneft’s largest shareholder is Rosneftegaz JSC (Rosneftegaz), which is wholly owned by the Russian government. At 31 December 2020, Rosneftegaz held 40.4% (2019 50% plus one share) of the voting shares of Rosneft . IFRS identifies several indicators that may provide evidence of significant influence, including representation on the board of directors of the investee and participation in policy-making processes. bp’s group chief executive, Bernard Looney, was approved as a member of the board of directors of Rosneft in June 2020 as one of bp’s two nominated directors. bp’s other nominated director, Bob Dudley, has been a member of the Rosneft board since 2013. He is also chairman of the Rosneft board’s Strategic and Sustainable Development Committee. bp also holds the voting rights at general meetings of shareholders conferred by its 19.75% stake in Rosneft. Transactions by Rosneft in its own shares during the year have increased bp’s economic interest in Rosneft to 22.03% (2019 19.75%). bp's management considers, therefore, that the group has significant influence over Rosneft, as defined by IFRS. 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 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. The group assesses investments in equity-accounted entities for impairment whenever there is objective evidence that the investment is impaired. 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. Segmental reporting The group’s operating segments are established on the basis of those components of the group that are evaluated regularly by the group chief executive, 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. For information on changes to bp's segmental reporting see ‘Change in segmentation from 1 January 2021’ below. 1. Significant accounting policies, judgements, estimates and assumptions – continued Foreign currency translation In individual subsidiaries, joint ventures and associates, transactions in foreign currencies are initially recorded in the functional currency of those entities at the spot exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the income statement, unless hedge accounting is applied. Non-monetary items, other than those measured at fair value, are not retranslated subsequent to initial recognition. In the consolidated financial statements, the assets and liabilities of non-US dollar functional currency subsidiaries, joint ventures, associates, and related goodwill, are translated into US dollars at the spot exchange rate on the balance sheet date. The results and cash flows of non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars using average rates of exchange. In the consolidated financial statements, exchange adjustments arising when the opening net assets and the profits for the year retained by non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars are recognized in a separate component of equity and reported in other comprehensive income. Exchange gains and losses arising on long-term intra-group foreign currency borrowings used to finance the group’s non-US dollar investments are also reported in other comprehensive income if the borrowings form part of the net investment in the subsidiary, joint venture or associate. On disposal or for certain partial disposals of a non-US dollar functional currency subsidiary, joint venture or associate, the related accumulated exchange gains and losses recognized in equity are reclassified from equity to the income statement. Non-current assets held for sale Non-current assets and 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 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, computer software, 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, appraisal and development expenditure Oil and natural gas exploration, appraisal and development 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 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. Significant accounting policies, judgements, estimates and assumptions – continued Development expenditure 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 as described below in the accounting policy for property, plant and equipment. 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. As a result of the revised price assumptions detailed in Significant judgements and estimates: recoverability of asset carrying values below and a review of bp’s long-term strategic plan, management reviewed bp’s exploration prospects and the carrying value of the associated intangible assets. The outcome of the review resulted in revised judgements over management's expectations to extract value from certain prospects, thereby leading to material write-offs of the associated exploration and appraisal intangible assets in 2020. The carrying amount of capitalized costs and further information on the write-offs are included in Note 8. 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 neces

Non-current assets held for sal

Non-current assets held for sale (Notes)	12 Months Ended
	Dec. 31, 2020
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 2020 is $1,326 million (2019 $7,465 million), with associated liabilities of $46 million (2019 $1,393 million). Upstream segment The balance consists primarily of a 20% participating interest from bp’s 60% participating interest in Block 61 in Oman. As announced on 1 February 2021, bp has agreed to sell this interest to PTT Exploration and Production Public Company Limited of Thailand for a total consideration of up to $2.6 billion, subject to final adjustments. Under the terms of the agreement, bp will receive $2,450 million on completion, with up to an additional $140 million receivable contingent on pre-agreed future conditions. Subject to approvals, the transaction is expected to complete during 2021. Assets of $1,298 million and associated liabilities of $10 million have been classified as held for sale in the group balance sheet at 31 December 2020. Transactions that have been classified as held for sale during 2020, but were completed by 31 December 2020, are described below. 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. The assets and liabilities of the business were classified as held for sale from that date until the disposal completed on 31 December 2020. Under the terms of the agreement, INEOS paid bp a deposit of $400 million and a further $3.6 billion on completion less $0.1 billion of third-party indebtedness remaining in petrochemicals on completion. The remaining $1 billion was received in February 2021. The business had interests in manufacturing plants in Asia, Europe and the US, including interests held in equity-accounted entities. See note 4 for further information. Upstream segment On 27 August 2019, bp announced that it had agreed to sell its Alaska operations and interests to Hilcorp Energy for up to $5.6 billion, subject to customary closing adjustments. The sale included bp’s upstream and midstream business in the state, including BP Exploration (Alaska) Inc., which owned all of bp’s upstream oil and gas interests in Alaska, and BP Pipelines (Alaska) Inc.’s 49% interest in the Trans Alaska Pipeline System (TAPS). These assets and associated liabilities were classified as held for sale in the 31 December 2019 group balance sheet. The disposal of BP Exploration (Alaska) Inc. completed on 30 June 2020. The disposal of TAPS completed on 18 December 2020. bp received $800 million prior to or on completion of the disposals and has recognized a loan note with a principal amount of $2,100 million receivable from Hilcorp. The group has also recognized other assets totalling $1,722 million as at 31 December 2020, principally in relation to the ‘earn-out’ provisions of the agreement. See note 4 for information on impairment charges relating to the Alaska business. bp retained decommissioning liability relating to the TAPS, which will be partially offset by a 30% cost reimbursement from Hilcorp when incurred. In November 2019, bp agreed to sell its interests in the San Juan basin in Colorado and New Mexico to IKAV. These assets and associated liabilities were classified as held for sale in the 31 December 2019 group balance sheet. The transaction completed on 28 February 2020. The total assets and liabilities held for sale at 31 December 2020 and 2019, which are all in the Upstream segment, are set out in the table below. $ million 2020 2019 Property, plant and equipment 1,099 6,359 Goodwill 199 — Intangible assets — 610 Investments in associates — 43 Inventories — 318 Trade and other receivables 28 135 Assets classified as held for sale 1,326 7,465 Trade and other payables (36) (33) Lease liabilities — (280) Provisions (10) (1,012) Defined benefit pension plan and other post-retirement benefit plan deficits — (68) Liabilities directly associated with assets classified as held for sale (46) (1,393)

Business combinations and other

Business combinations and other significant transactions	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Business combinations and other significant transactions	Business combinations and other significant transactions Business combinations 2020 The group undertook a number of business combinations during 2020. The fair value of the net assets (including goodwill) and non-controlling interests recognized were $617 million and $574 million, respectively. These principally related to an acquisition in our US Fuels business. 2019 As agreed as part of the original transaction, $3,480 million was paid in 2019 in respect of the 2018 acquisition of Petrohawk Energy Corporation from BHP Billiton. A number of other individually insignificant business combinations were also undertaken by bp in 2019.

Disposals and impairment

Disposals and impairment	12 Months Ended
	Dec. 31, 2020
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 2020 2019 2018 Gains on sale of businesses and fixed assets Upstream 360 143 437 Downstream 2,320 50 15 Other businesses and corporate 194 — 4 2,874 193 456 $ million 2020 2019 2018 Losses on sale of businesses and fixed assets, and closures Upstream 383 415 707 Downstream 296 57 59 Other businesses and corporate 2 887 11 681 1,359 777 Impairment losses Upstream 12,917 6,752 400 Downstream 840 65 12 Other businesses and corporate 32 30 254 13,789 6,847 666 Impairment reversals Upstream (86) (131) (580) Downstream — — (2) Other businesses and corporate (3) — (1) (89) (131) (583) Impairment and losses on sale of businesses and fixed assets, and closures 14,381 8,075 860 Disposals Disposal proceeds and principal gains and losses on disposals by segment are described below. $ million 2020 2019 2018 Proceeds from disposals of fixed assets 491 500 940 Proceeds from disposals of businesses, net of cash disposed 4,989 1,701 1,911 5,480 2,201 2,851 By business Upstream 1,175 2,048 2,145 Downstream 3,959 152 120 Other businesses and corporate 346 1 586 5,480 2,201 2,851 Proceeds from disposals of business in 2020 includes $3,888 million in respect of the disposal of the Petrochemical business and $347 million in respect of the disposal of the Alaska business. At 31 December 2020, deferred consideration relating to disposals amounted to $1,291 million receivable within one year (2019 $159 million and 2018 $35 million) and $2,402 million receivable after one year (2019 $125 million and 2018 $304 million). The deferred consideration principally relates to the disposals of our Petrochemical and Alaskan businesses. In addition, contingent consideration receivable relating to disposals amounted to $1,999 million at 31 December 2020 (2019 $598 million and 2018 $893 million).The contingent consideration at 31 December 2020 relates to the disposal of our Alaskan business and prior period disposals in the North Sea. 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 Upstream In 2020, gains principally resulted from adjustments to disposals in prior periods. Gains include $130 million from the disposal of our Alaska operations and interests and $166 million fair value movements in relation to deferred and contingent consideration in relation to the Alaska disposal and prior disposals in the North Sea. Losses included $134 million fair value movements in relation to deferred and contingent consideration arising from prior period disposals in the North Sea, $120 million in relation to the likely disposal of an exploration asset, and $78 million from the disposal of certain properties in the US. In 2019, losses included $191 million fair value movements in relation to contingent consideration arising from the prior period disposal of the Bruce, Keith and Devenick assets and $171 million in relation to severance costs associated with the divestment of our Alaskan business. In 2018, gains principally resulted from the disposal of interests in the Bruce, Keith and Rhum fields in the UK North Sea, from the disposal of certain properties in the US, and from adjustments to disposals in prior periods. Losses included $335 million resulting from the disposal of our interest in the Magnus field and associated assets in the UK North Sea, $221 million from the disposal of our interest in the Greater Kuparuk Area in the US, and adjustments to disposals in prior periods. 4. Disposals and impairment – continued Downstream In 2020, gains principally resulted from the $2.3 billion gain recognised on the disposal of our Petrochemicals business which completed in December 2020. Losses included $229 million in relation to cessation of manufacturing operations at the Kwinana Refinery following the decision to cease fuel production. Other businesses and corporate In 2020 the gain on disposal of businesses and fixed assets was principally in respect of the sale and leaseback of our St James's Square London headquarters - see Note 28 for further information. In 2019 losses on disposal of businesses and fixed assets were principally in respect of the reclassification of accumulated foreign exchange losses from reserves to the income statement upon the contribution of our Brazilian biofuels business to a new 50:50 joint venture BP Bunge Bioenergia. In 2018 proceeds from disposals were principally in respect of life insurance policies in the US and wind farms within our US wind business. Summarized financial information relating to the sale of businesses is shown in the table below. The principal transactions categorized as a business disposal in 2020 were the sales of our Petrochemical and Alaskan businesses. See Note 2 for further information. The principal transaction categorized as a business disposal in 2019 was the sale of our interests in the Gulf of Suez oil concessions in Egypt. The principal transaction categorized as a business disposal in 2018 was the disposal of our interest in the Greater Kuparuk Area in the US. $ million 2020 2019 2018 Alaska Petrochemicals Other Total Non-current assets 5,143 2,592 1,357 9,092 1,653 3,274 Current assets 693 846 — 1,539 507 173 Non-current liabilities (923) (178) (538) (1,639) (257) (250) Current liabilities (344) (425) (13) (782) (108) (97) Total carrying amount of net assets disposed 4,569 2,835 806 8,210 1,795 3,100 Recycling of foreign exchange on disposal — (331) 3 (328) 880 — Costs on disposal (6) (25) 44 13 190 3 4,563 2,479 853 7,895 2,865 3,103 Gains (losses) on sale of businesses 260 2,414 (104) 2,570 (1,190) (221) Total consideration 4,823 4,893 749 10,465 1,675 2,882 Non-cash consideration (219) — — (219) (938) (282) Consideration received (receivable) a (4,257) (1,005) 5 (5,257) 964 (689) Proceeds from the sale of businesses, net of cash disposed b 347 3,888 754 4,989 1,701 1,911 a In 2019 $633 million relates to deposits received in advance of the disposal of our Alaska business and certain assets in our BPX business. b Proceeds are stated net of cash and cash equivalents disposed of $101 million (2019 $30 million and 2018 $15 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 and goodwill within Note 1. See also Note 12, and Note 15 for further information on impairments by asset category. Upstream Impairment losses and reversals in all years relate primarily to producing and midstream assets. The 2020 impairment loss of $12,917 million primarily relates to losses incurred in respect of producing and development assets in the UK North Sea ($2,796 million), the US ($2,744 million), Trinidad ($2,416 million), Mauritania and Senegal ($1,909 million), India ($1,313 million) and Canada ($865 million). Impairment losses were primarily driven by a reduction in bp’s future oil and gas price assumptions and, to a lesser extent, certain technical reserves revisions. The recoverable amount of the impaired CGUs in total is $33,415 million. The principal CGUs on which significant impairment losses were incurred in 2020 were $1,909 million for Tortue in Mauritania and Senegal; $1,313 million for KGD6 in India; $1,181 million for Schiehallion in the UK North Sea; $1,044 million for Mahogany in Trinidad, $960 million for Cassia in Trinidad; $1,011 million for Hawkville in BPX Energy; $747 million for ETAP in the UK North Sea and $742 million for Sunrise in Canada. The recoverable amount for each of these CGUs was their value in use, which in total was $13,200 million. In addition, impairment losses of $939 million were incurred relating to the disposal of bp’s business in Alaska. The recoverable amount of the Alaska business was its fair value less costs of disposal; see note 2 for further information. The 2019 impairment losses of $6,752 million related to various assets, with the most significant charges arising in the US. Impairment losses arose primarily as a result of the decision to dispose of certain assets, including $4,703 million in relation to completed and expected disposals in BPX Energy and $1,264 million relating to the expected disposal of our Alaskan business; of these amounts $355 million primarily relates to impairment of associated goodwill. The 2018 impairment losses of $400 million related to a number of different assets, with the most significant charges arising in Australia and the US. Impairment losses arose primarily as a result of changes to project activity, asset obsolescence and the decision to dispose of certain assets. The 2018 impairment reversals of $580 million related to a number of different assets, with the most significant reversals arising in the North Sea and Angola following a change to decommissioning cost estimates. Downstream Impairment losses totalling $840 million, $65 million, and $12 million were recognized in 2020, 2019 and 2018 respectively. The amount for 2020 principally relates to portfolio changes in the fuels business, including the conversion of Kwinana refinery to an import terminal. None of the impairment charges were individually material. 4. Disposals and impairment – continued Other businesses and corporate Impairment losses totalling $32 million, $30 million, and $254 million were recognized in 2020, 2019 and 2018 respectively. The amount for 2018 is in respect of assets within our US wind business in advance of their disposal in December 2018.

Segmental analysis

Segmental analysis	12 Months Ended
	Dec. 31, 2020
Operating Segments [Abstract]
Segmental analysis	Segmental analysis The group’s organizational structure reflects the various activities in which bp is engaged. At 31 December 2020, bp had three reportable segments: Upstream, Downstream and Rosneft. Upstream’s activities include oil and natural gas exploration, field development and production; midstream transportation, storage and processing; and the marketing and trading of natural gas, including liquefied natural gas (LNG), together with power and natural gas liquids (NGLs). Downstream’s activities include the refining, manufacturing, marketing, transportation, and supply and trading of crude oil, petroleum, petrochemicals products and related services to wholesale and retail customers. bp’s interest in Rosneft is accounted for using the equity method and is reported as a separate operating segment, reflecting the way in which the investment is managed. Other businesses and corporate comprises the biofuels and wind businesses, 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 Downstream. 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. In February 2020, bp announced plans for a reorganization of the group’s organizational structure. The group’s segmental reporting structure as described above remained in place throughout 2020. Changes to this structure, as described in Note 1 - Voluntary changes to significant accounting policies - not yet adopted, came into effect from 1 January 2021. a Inventory holding gains and losses represent the difference between the cost of sales calculated using the replacement cost of inventory and the cost of sales calculated on the first-in first-out (FIFO) method after adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting, the cost of inventory charged to the income statement is based on its historical cost of purchase or manufacture, rather than its replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disclosed represent the difference between the charge to the income statement for inventory on a FIFO basis (after adjusting for any related movements in net realizable value provisions) and the charge that would have arisen based on the replacement cost of inventory. For this purpose, the replacement cost of inventory is calculated using data from each operation’s production and manufacturing system, either on a monthly basis, or separately for each transaction where the system allows this approach. The amounts disclosed are not separately reflected in the financial statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions. 5. Segmental analysis – continued $ million 2020 By business Upstream Downstream Rosneft Other Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 34,197 162,974 — 1,716 (18,521) 180,366 Less: sales and other operating revenues between segments (17,130) (158) — (1,233) 18,521 — Third party sales and other operating revenues 17,067 162,816 — 483 — 180,366 Earnings from joint ventures and associates – after interest and tax (268) 214 (229) (120) — (403) Segment results Replacement cost profit (loss) before interest and taxation (21,547) 3,418 (149) (683) 89 (18,872) Inventory holding gains (losses) a 17 (2,796) (89) — — (2,868) Profit (loss) before interest and taxation (21,530) 622 (238) (683) 89 (21,740) Finance costs (3,115) Net finance expense relating to pensions and other post-retirement benefits (33) Profit before taxation (24,888) Other income statement items Depreciation, depletion and amortization US 3,772 1,359 — 63 — 5,194 Non-US 7,447 1,631 — 617 — 9,695 Charges for provisions, net of write-back of unused provisions, including change in discount rate 56 1,903 — 543 — 2,502 Segment assets Investments in joint ventures and associates 10,749 3,671 11,808 1,109 — 27,337 Additions to non-current assets b 8,743 5,359 — 655 — 14,757 a See explanation of inventory holding gains and losses on page 180. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. $ million 2019 By business Upstream Downstream Rosneft Other businesses and corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 54,501 250,897 — 1,788 (28,789) 278,397 Less: sales and other operating revenues between segments (27,034) (973) — (782) 28,789 — Third party sales and other operating revenues 27,467 249,924 — 1,006 — 278,397 Earnings from joint ventures and associates – after interest and tax 603 374 2,295 (15) — 3,257 Segment results Replacement cost profit (loss) before interest and taxation 4,917 6,502 2,316 (2,771) 75 11,039 Inventory holding gains (losses) a (8) 685 (10) — — 667 Profit (loss) before interest and taxation 4,909 7,187 2,306 (2,771) 75 11,706 Finance costs (3,489) Net finance expense relating to pensions and other post-retirement benefits (63) Profit before taxation 8,154 Other income statement items Depreciation, depletion and amortization US 4,672 1,335 — 55 — 6,062 Non-US 9,560 1,586 — 572 — 11,718 Charges for provisions, net of write-back of unused provisions, including change in discount rate 118 507 — 560 — 1,185 Segment assets Investments in joint ventures and associates 12,196 3,609 12,927 1,593 — 30,325 Additions to non-current assets b 16,254 4,014 — 2,345 — 22,613 a See explanation of inventory holding gains and losses on page 180. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 5. Segmental analysis – continued $ million 2018 By business Upstream Downstream Rosneft Other businesses and corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 56,399 270,689 — 1,678 (30,010) 298,756 Less: sales and other operating revenues between segments (28,565) (574) — (871) 30,010 — Third party sales and other operating revenues 27,834 270,115 — 807 — 298,756 Earnings from joint ventures and associates – after interest and tax 951 589 2,283 (70) — 3,753 Segment results Replacement cost profit (loss) before interest and taxation 14,328 6,940 2,221 (3,521) 211 20,179 Inventory holding gains (losses) a (6) (862) 67 — — (801) Profit (loss) before interest and taxation 14,322 6,078 2,288 (3,521) 211 19,378 Finance costs (2,528) Net finance expense relating to pensions and other post-retirement benefits (127) Profit before taxation 16,723 Other income statement items Depreciation, depletion and amortization US 4,211 900 — 59 — 5,170 Non-US 8,907 1,177 — 203 — 10,287 Charges for provisions, net of write-back of unused provisions, including change in discount rate 355 834 — 1,557 — 2,746 Segment assets Investments in joint ventures and associates 12,785 2,772 10,074 689 — 26,320 Additions to non-current assets b c 24,266 3,609 — 477 — 28,352 a See explanation of inventory holding gains and losses on page 180. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. c Amounts have been restated to include acquisitions. $ million 2020 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 55,611 124,755 180,366 Other income statement items Production and similar taxes 57 638 695 Non-current assets Non-current assets b c 52,493 108,786 161,279 a Non-US region includes UK $42,729 million b Non-US region includes UK $19,583 million c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. $ million 2019 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 89,334 189,063 278,397 Other income statement items Production and similar taxes 315 1,232 1,547 Non-current assets Non-current assets b c 57,757 133,398 191,155 a Non-US region includes UK $63,194 million. b Non-US region includes UK $22,881 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 2018 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 98,066 200,690 298,756 Other income statement items Production and similar taxes 369 1,167 1,536 Non-current assets Non-current assets b c 68,188 124,060 192,248 a Non-US region includes UK $65,630 million. b Non-US region includes UK $19,426 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, 2020
Revenue [abstract]
Sales and other operating revenues	Sales and other operating revenues $ million 2020 2019 2018 Crude oil 5,048 9,141 10,331 Oil products 63,564 102,408 108,515 Natural gas, LNG and NGLs 12,726 18,909 20,494 Non-oil products and other revenues from contracts with customers 9,840 12,169 12,489 Revenue from contracts with customers 91,178 142,627 151,829 Other operating revenues a 89,188 135,770 146,927 Total sales and other operating revenues 180,366 278,397 298,756 a Principally relates to physically settled derivative sales contracts. 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 Downstream segment. The group’s sales to customers of natural gas, LNG and NGLs were made by the Upstream segment. A significant majority of the group’s sales of non-oil products and other revenues from contracts with customers were made by the Downstream segment. Amounts shown for revenue from contracts with customers and other operating revenues for 2018 and 2019 have been represented to align with the current period . See Note 1 - Other changes to significant accounting policies - Physically settled derivative contracts for further information.

Income statement analysis

Income statement analysis	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Income statement analysis	Income statement analysis $ million 2020 2019 2018 Interest and other income Interest income from Financial assets measured at amortized cost 215 371 421 Financial assets measured at fair value through profit or loss 25 49 39 Other income 423 349 313 663 769 773 Currency exchange losses charged to the income statement a 38 37 368 Expenditure on research and development 332 364 429 Costs relating to the Gulf of Mexico oil spill (pre-interest and tax) b 255 319 714 Finance costs Interest expense on lease liabilities c 337 379 51 Interest expense on other liabilities measured at amortized cost d 2,166 2,410 2,147 Capitalized at 2.75% (2019 3.50% and 2018 3.56%) e (345) (374) (419) Unwinding of discount on provisions f 437 505 210 Unwinding of discount on other payables measured at amortized cost 520 569 539 3,115 3,489 2,528 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 Interest payable on lease liabilities in 2018 comparative period relates to leases previously classified as finance leases under IAS 17. d 2020 includes a loss of $158 million associated with the buyback of finance debt. e Tax relief on capitalized interest is approximately $83 million (2019 $51 million and 2018 $55 million). f From 1 July 2018, the group changed its method of discounting and unwinding provisions from using real rates to using nominal rates.

Exploration for and evaluation

Exploration for and evaluation of oil and natural gas resources	12 Months Ended
	Dec. 31, 2020
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 Upstream segment. For information on significant judgements made in relation to oil and natural gas accounting see Intangible assets in Note 1. $ million 2020 2019 2018 Exploration and evaluation costs Exploration expenditure written off a 9,920 631 1,085 Other exploration costs 360 333 360 Exploration expense for the year 10,280 964 1,445 Impairment losses 156 2 137 Intangible assets – exploration and appraisal expenditure b c 4,113 14,091 15,989 Liabilities 71 73 60 Net assets 4,042 14,018 15,929 Cash used in operating activities 360 333 360 Cash used in investing activities 674 1,215 1,119 a 2020 includes $2,643 million in the Gulf of Mexico primarily relating to the Paleogene assets, $2,539 million in Canada primarily relating to Terre de Grace, $2,141 million in Brazil, $952 million in Egypt and $832 million in Angola. 2018 included $447 million in the deepwater Gulf of Mexico principally relating to licence expiries. For further information see Upstream – Exploration on page . b 2019 includes approximately $2.5 billion relating to Canadian oil sands. c Amount capitalized at 31 December 2020 relates to assets in various regions. The largest of these is $0.7 billion capitalised in the Middle East region.

Taxation

Taxation	12 Months Ended
	Dec. 31, 2020
Income Taxes [Abstract]
Taxation	Taxation Tax on profit $ million 2020 2019 2018 Current tax Charge for the year 2,095 5,316 6,217 Adjustment in respect of prior years a 50 (68) (221) 2,145 5,248 5,996 Deferred tax b Origination and reversal of temporary differences in the current year (7,826) (1,190) 907 Adjustment in respect of prior years 1,522 (94) 242 (6,304) (1,284) 1,149 Tax charge (credit) on profit or loss (4,159) 3,964 7,145 a The adjustments in respect of prior years reflect the reassessment of the current tax balances for prior years in light of changes in facts and circumstances during the year. b Origination and reversal of temporary differences in the current year include the impact of tax rate changes on deferred tax balances. The adjustments in respect of prior years reflect the reassessment of deferred tax balances for prior periods in light of all other changes in facts and circumstances during the year; 2020 includes charges for the reassessment of deferred tax asset recognition in light of revisions to price assumptions. In 2020, the total tax charge recognized within other comprehensive income was $39 million (2019 $227 million charge and 2018 $714 million charge), primarily comprising the deferred tax impact of the remeasurements of the net pension and other post-retirement benefit liability or asset. See Note 32 for further information. The total tax charge recognized directly in equity was $154 million (2019 $37 million charge and 2018 $17 million charge). 2020 principally relates to a non-controlling interest transaction entered into by Rosneft. 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. 9. Taxation – continued $ million 2020 2019 2018 Profit (loss) before taxation (24,888) 8,154 16,723 Tax charge (credit) on profit or loss (4,159) 3,964 7,145 Effective tax rate 17% 49% 43% % Tax rate computed at the weighted average statutory rate a 31 52 43 Increase (decrease) resulting from Tax reported in equity-accounted entities — (7) (5) Adjustments in respect of prior years (6) (2) — Deferred tax not recognized (3) (2) 1 Tax incentives for investment 1 (3) (2) Foreign exchange (1) 1 3 Items not deductible for tax purposes (3) 4 1 Other (2) 6 2 Effective tax rate 17 49 43 a 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. Deferred tax $ million Analysis of movements during the year in the net deferred tax (asset) liability 2020 2019 At 31 December 5,190 6,106 Adjustment on adoption of IFRS 16 — (75) At 1 January 5,190 6,031 Exchange adjustments 55 72 Credit for the year in the income statement (6,304) (1,284) Charge for the year in other comprehensive income 48 233 Charge for the year in equity 154 37 Acquisitions and disposals (56) 101 At 31 December (913) 5,190 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 a Balance sheet 2020 2019 2018 2020 2019 Deferred tax liability Depreciation (7,295) (1,436) (1,297) 15,361 22,627 Pension plan surpluses 69 (31) 65 2,691 2,290 Derivative financial instruments 33 29 (36) 63 29 Other taxable temporary differences (32) 159 (57) 1,562 1,496 (7,225) (1,279) (1,325) 19,677 26,442 Deferred tax asset Depreciation (849) — — (849) — Lease liabilities 286 264 8 (1,122) (1,380) Pension plan and other post-retirement benefit plan deficits 2 62 (6) (1,548) (1,367) Decommissioning, environmental and other provisions 438 (472) 1,505 (7,155) (7,579) Derivative financial instruments — 63 (31) (25) (24) Tax credits 310 (336) 123 (3,652) (3,964) Loss carry forward 543 12 559 (5,319) (5,834) Other deductible temporary differences 191 402 316 (920) (1,104) 921 (5) 2,474 (20,590) (21,252) Net deferred tax charge (credit) and net deferred tax (asset) liability b (6,304) (1,284) 1,149 (913) 5,190 Of which – deferred tax liabilities 6,831 9,750 – deferred tax assets 7,744 4,560 a The 2018 income statement is impacted by the reduction in US federal corporate income tax rate from 35% to 21%, effective from 1 January 2018. b Included within the net deferred tax (asset) liability is a deferred tax asset balance of $5,471 million (2019 $5,526 million) related to the Gulf of Mexico oil spill. 9. Taxation – continued Of the $7,744 million of deferred tax assets recognised on the group balance sheet at 31 December 2020 (2019 $4,560 million), $7,659 million (2019 $2,421 million) relates to entities that have suffered a loss in either the current or preceding period. This amount is supported by forecasts that indicate sufficient future taxable profits will be available to utilize such assets. For 2020, $3,906 million relates to the US, $707 million relates to India, $637 million relates to Australia and $588 million relates to Trinidad & Tobago (2019 $2,421 million relates to the US). 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 2020 2019 Unused US state tax losses a 2.4 2.3 Unused tax losses – other jurisdictions b 6.0 3.5 Unused tax credits 26.9 25.4 of which – arising in the UK c 23.0 21.5 – arising in the US d 3.9 3.9 Deductible temporary differences e 46.1 40.4 Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities 0.8 1.5 a For 2020 these losses expire in the period 2021-2040 with applicable tax rates ranging from 3% to 10%. b 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 For 2020 the US unused tax credits expire in the period 2021-2030. e The majority comprises fixed asset temporary differences in the UK. 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 2020 2019 2018 Current tax benefit relating to the utilization of previously unrecognized deferred tax assets 46 272 83 Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets 11 96 — Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets — 364 112 Deferred tax expense arising from the write-down of a previously recognized deferred tax asset 1,622 73 169

Dividends

Dividends	12 Months Ended
	Dec. 31, 2020
Interim Financial Reporting [Abstract]
Dividends	Dividends The quarterly dividend which is expected to be paid on 26 March 2021 in respect of the fourth quarter 2020 is 5.25 cents per ordinary share ($0.315 per American Depositary Share (ADS)). The corresponding amount in sterling was announced on 15 March 2021. Pence per share Cents per share $ million 2020 2019 2018 2020 2019 2018 2020 2019 2018 Dividends announced and paid in cash Preference shares 1 1 1 Ordinary shares March 8.1558 7.7382 7.1691 10.50 10.25 10.00 2,102 1,435 1,828 June 8.3421 8.0655 7.4435 10.50 10.25 10.00 2,119 1,779 1,727 September 4.0433 8.3475 7.9296 5.25 10.25 10.25 1,059 1,656 1,409 December 3.9169 7.8250 8.0251 5.25 10.25 10.25 1,059 2,075 1,734 24.4581 31.9762 30.5673 31.50 41.00 40.50 6,340 6,946 6,699 Dividend announced, paid in March 2021 5.25 1,067 The amount of unclaimed dividends recognised as a liability at 31 December 2020 is $50 million (2019 $22 million). The details of the scrip dividends issued are shown in the table below. The board decided not to offer a scrip dividend alternative in respect of any dividends announced since the third quarter 2019, including the fourth quarter 2020 dividend expected to be paid on 26 March 2021. 2020 2019 2018 Number of shares issued (thousand) — 208,927 195,305 Value of shares issued ($ million) — 1,387 1,381 The financial statements for the year ended 31 December 2020 do not reflect the dividend announced on 2 February 2021 and paid in March 2021; this will be treated as an appropriation of profit in the year ending 31 December 2021.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2020
Earnings per share [abstract]
Earnings per share	Earnings per share Cents per share Per ordinary share 2020 2019 2018 Basic earnings per share (100.42) 19.84 46.98 Diluted earnings per share (100.42) 19.73 46.67 Dollars per share Per American Depositary Share (ADS) a 2020 2019 2018 Basic earnings per share (6.03) 1.19 2.82 Diluted earnings per share (6.03) 1.18 2.80 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 2020 2019 2018 Profit attributable to bp shareholders (20,305) 4,026 9,383 Less: dividend requirements on preference shares 1 1 1 Profit for the year attributable to bp ordinary shareholders (20,306) 4,025 9,382 Shares thousand 2020 2019 2018 Basic weighted average number of ordinary shares 20,221,514 20,284,859 19,970,215 Potential dilutive effect of ordinary shares issuable under employee share-based payment plans — 114,811 132,278 Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share 20,221,514 20,399,670 20,102,493 Shares thousand 2020 2019 2018 Basic weighted average number of ordinary shares – ADS equivalent 3,370,252 3,380,809 3,328,369 Potential dilutive effect of ordinary shares (ADS equivalent) issuable under employee share-based payment plans — 19,136 22,046 Weighted average number of ordinary shares (ADS equivalent) outstanding used to calculate diluted earnings per share 3,370,252 3,399,945 3,350,415 The number of ordinary shares outstanding at 31 December 2020, excluding treasury shares, and including certain shares that will be issuable in the future under employee share-based payment plans was 20,264,027,711. Between 31 December 2020 and 25 February 2021, the latest practicable date before the completion of these financial statements, there was a net increase of 66,249,231 in the number of ordinary shares outstanding primarily as a result of share issues in relation to employee share-based payment plans. 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 103-126. 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 2020 2019 Number of options a b thousand Weighted average Number of options a b thousand Weighted average Outstanding 28,171 3.79 17,112 4.91 Exercisable 1,874 5.02 1,067 3.97 Dilutive effect 2,497 n/a 3,990 n/a a Numbers of options shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). b At 31 December 2020 the quoted market price of one bp ordinary share was £2.55 (2019 £4.72). In addition, the group operates a number of equity-settled employee share plans under which share units are granted to the group’s senior leaders and certain other employees. These plans typically have a three-year performance or restricted period during which the units accrue net notional dividends which are treated as having been reinvested. Leaving employment will normally preclude the conversion of units into shares, but special arrangements apply for participants that leave for qualifying reasons. The number of shares that are expected to vest each year under employee share plans are shown in the table below. The dilutive effect of the employee share plans at 31 December is also shown. 11. Earnings per share – continued Share plans 2020 2019 Number of shares a Number of shares a Vesting thousand thousand Within one year 87,517 91,105 1 to 2 years 85,720 89,939 2 to 3 years 147,097 80,844 3 to 4 years 749 725 Over 4 years 349 576 321,432 263,189 Dilutive effect 104,068 92,343 a Numbers of shares shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). There has been a net decrease of 29,718,486 in the number of potential ordinary shares relating to employee share-based payment plans between 31 December 2020 and 25 February 2021.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2020
Property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment (PP&E) $ million Land and land improvements Buildings Oil and gas properties a Plant, machinery and equipment Fittings, fixtures and office equipment Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2020 3,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 Exchange adjustments 219 6 — 801 33 8 603 1,670 Additions 101 63 6,922 1,539 586 49 864 10,124 Acquisitions 89 — — 35 5 9 376 514 Transfers from intangible assets — — 605 — — — — 605 Reclassified as assets held for sale — — (1,425) — — — — (1,425) Deletions (146) (281) (6,131) (6,185) (738) (491) (261) (14,233) At 31 December 2020 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Depreciation - owned PP&E At 1 January 2020 581 697 124,766 21,527 2,006 2,744 4,865 157,186 Exchange adjustments 35 6 — 424 26 9 379 879 Charge for the year 113 46 10,068 1,312 170 77 740 12,526 Impairment losses 8 9 11,705 744 2 4 3 12,475 Impairment reversals — (1) (83) — — (5) — (89) Reclassified as assets held for sale — — (326) — — — — (326) Deletions (45) (126) (5,579) (3,976) (359) (448) (201) (10,734) At 31 December 2020 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Owned PP&E - net book amount at 31 December 2020 3,180 579 73,772 22,883 573 668 4,490 106,145 Right-of-use assets - net book amount at 31 December 2020 b — 1,254 77 792 21 2,855 3,692 8,691 Total PP&E - net book amount at 31 December 2020 3,180 1,833 73,849 23,675 594 3,523 8,182 114,836 Cost - owned PP&E At 1 January 2019 3,562 1,502 232,684 45,721 2,747 10,183 8,866 305,265 Exchange adjustments (22) 5 — (158) 15 (3) (69) (232) Additions 88 93 13,237 2,433 172 274 644 16,941 Acquisitions 51 — — — — — 8 59 Transfers from intangible assets — — 1,885 — — — — 1,885 Reclassified as assets held for sale (26) — (22,602) — (76) (6,708) — (29,412) Deletions (44) (178) (10,852) (1,272) (326) (272) (755) (13,699) At 31 December 2019 3,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 Depreciation - owned PP&E At 1 January 2019 626 697 133,687 20,512 2,041 7,819 5,146 170,528 Exchange adjustments (4) 5 — (63) 12 (3) (45) (98) Charge for the year 44 59 13,012 1,705 168 173 420 15,581 Impairment losses 1 1 5,871 64 1 404 4 6,346 Impairment reversals — — (129) — — (2) — (131) Reclassified as assets held for sale — — (17,764) — (69) (5,478) — (23,311) Deletions (86) (65) (9,911) (691) (147) (169) (660) (11,729) At 31 December 2019 581 697 124,766 21,527 2,006 2,744 4,865 157,186 Owned PP&E - net book amount at 31 December 2019 3,028 725 89,586 25,197 526 730 3,829 123,621 Right-of-use assets - net book amount at 31 December 2019 b — 1,196 128 1,241 16 3,385 3,055 9,021 Total PP&E - net book amount at 31 December 2019 3,028 1,921 89,714 26,438 542 4,115 6,884 132,642 Assets under construction included above At 31 December 2020 17,259 At 31 December 2019 23,897 Depreciation charge for the year on right-of-use assets 2020 192 43 637 10 829 579 2,290 2019 220 31 671 9 784 526 2,241 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 $284 million (2019 $653 million) of drilling rig right-of-use assets and $2,521 million (2019 $2,929 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.

Capital commitments

Capital commitments	12 Months Ended
	Dec. 31, 2020
Additional information [abstract]
Capital commitments	Capital commitments

Goodwill and impairment review

Goodwill and impairment review of goodwill	12 Months Ended
	Dec. 31, 2020
Intangible Assets [Abstract]
Goodwill and impairment review of goodwill	Goodwill and impairment review of goodwill $ million 2020 2019 Cost At 1 January 12,865 12,815 Exchange adjustments 184 79 Acquisitions and other additions a 632 26 Reclassified as assets held for sale (199) — Deletions (389) (55) At 31 December 13,093 12,865 Impairment losses At 1 January 997 611 Exchange adjustments 1 — Impairment losses for the year 1 386 Deletions (386) — At 31 December 613 997 Net book amount at 31 December 12,480 11,868 Net book amount at 1 January 11,868 12,204 a 2020 principally relates to an acquisition in the US Fuels business. Impairment review of goodwill $ million Goodwill at 31 December 2020 2019 Upstream 7,765 7,958 Downstream 4,660 3,904 Other businesses and corporate 55 6 12,480 11,868 Goodwill acquired through business combinations has been allocated to groups of cash-generating units that are expected to benefit from the synergies of the acquisition. For Upstream, goodwill is allocated to all oil and gas assets in aggregate at the segment level. For Downstream, goodwill has been allocated to Lubricants, US Fuels, European Fuels and Other. For information on significant estimates and judgements made in relation to impairments see Impairment of property, plant and equipment, intangible assets and goodwill in Note 1. Upstream $ million 2020 2019 Goodwill 7,765 7,958 Excess of recoverable amount over carrying amount 31,749 93,250 The table above shows the carrying amount of goodwill for the segment 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 reduction in headroom since the prior period principally relates to the impact of changes to price assumptions. No impairment of the Upstream goodwill balance was recognized during 2020 (2019 $386 million). The value in use is based on the cash flows expected to be generated by the projected oil or natural gas production profiles up to the expected dates of cessation of production of each producing field, based on current estimates of reserves and resources, appropriately risked. Midstream and supply and trading activities and equity-accounted entities are generally not included in the impairment review of goodwill, as they do not represent part of the grouping of cash-generating units to which the goodwill relates and which is used to monitor the goodwill for internal management purposes. Where such activities form part of a wider Upstream cash-generating unit, 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. 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 producing field has specific reservoir characteristics and economic circumstances, the cash flows of each field is 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 plan. 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. Oil and gas price assumptions and discount rate assumptions used were as disclosed in Note 1. The average production for the purposes of goodwill impairment testing over the next 15 years is 877 mmboe per year (2019 829 mmboe per year). The weighted average pre-tax discount rate used in the test is 11% (2019 12%). 14. Goodwill and impairment review of goodwill – continued The most recent review for impairment was carried out in the fourth quarter. The key assumptions used in the value-in-use calculation are oil and natural gas prices, production volumes and the discount rate. The value-in-use calculation has been prepared solely for the purposes of determining whether the goodwill balance was impaired. Estimated future cash flows were prepared on the basis of certain assumptions prevailing at the time of the test. 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 at any given price or production profile may, therefore, produce a different result. Adverse changes in input assumptions applied in respect to assets carried at or close to their value in use, primarily being those assets previously impaired, would have a limited effect on goodwill headroom, instead resulting in a direct impairment of the particular cash-generating unit's net book value. Conversely, a reduction in the value in use of those assets carried at a value below their respective values in use would result in an adverse impact on the goodwill headroom. It is estimated that a 21% 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 segment. 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 the segment. Downstream $ million 2020 2019 Lubricants US Fuels European Fuels Other Total Lubricants US Fuels European Fuels Other Total Goodwill 2,865 606 913 276 4,660 2,779 — 858 267 3,904 Cash flows for each cash-generating unit are derived from the business segment plans, which cover a period of up to five years. To determine the value in use for each of the cash-generating units, cash flows for a period of 10 years are discounted and aggregated with a terminal value. Lubricants As permitted by IAS 36, the detailed calculations of Lubricants’ recoverable amount performed in the most recent detailed calculation in 2018 was used as the basis for the tests in 2020 as the criteria of IAS 36 were considered satisfied: the headroom was substantial in 2018; there have been no significant changes in the assets and liabilities; and the likelihood that the recoverable amount would be less than the carrying amount is remote. The key assumptions to which the calculation of value in use for the Lubricants 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 Lubricants unit’s business plan and values assigned to these key assumptions reflect past experience. No reasonably possible change in any of these key assumptions would cause the unit’s carrying amount to exceed its recoverable amount. Cash flows beyond the plan period are extrapolated using a nominal 2.8% growth rate.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2020
Intangible Assets [Abstract]
Intangible assets	Intangible assets $ million 2020 2019 Exploration and appraisal expenditure a Other intangibles Total Exploration and appraisal expenditure a Other intangibles Total Cost At 1 January 15,306 4,900 20,206 17,053 4,504 21,557 Exchange adjustments — 138 138 — 2 2 Acquisitions — 318 318 — 35 35 Additions 703 645 1,348 1,268 457 1,725 Transfers to property, plant and equipment (605) — (605) (1,885) — (1,885) Reclassified as assets held for sale — — — (671) — (671) Deletions (987) (379) (1,366) (459) (98) (557) At 31 December 14,417 5,622 20,039 15,306 4,900 20,206 Amortization At 1 January 1,215 3,452 4,667 1,064 3,209 4,273 Exchange adjustments — 93 93 — 4 4 Exploration expenditure written off 9,920 — 9,920 631 — 631 Charge for the year — 372 372 — 331 331 Impairment losses 156 9 165 2 2 4 Reclassified as assets held for sale — — — (61) — (61) Deletions (987) (284) (1,271) (421) (94) (515) At 31 December 10,304 3,642 13,946 1,215 3,452 4,667 Net book amount at 31 December 4,113 1,980 6,093 14,091 1,448 15,539 Net book amount at 1 January 14,091 1,448 15,539 15,989 1,295 17,284 a For further information see Intangible assets within Note 1 and Note 8.

Investments in joint ventures (

Investments in joint ventures (Notes)	12 Months Ended
	Dec. 31, 2020
Separate Financial Statements [Abstract]
Investments in joint ventures	Investments in joint ventures The following table provides aggregated summarized financial information relating to the group’s share of joint ventures. $ million 2020 2019 a 2018 Sales and other operating revenues 10,545 14,139 13,258 Profit before interest and taxation (151) 976 1,396 Finance costs 201 109 85 Profit before taxation (352) 867 1,311 Taxation (51) 289 414 Non-controlling interest 1 2 — Profit for the year (302) 576 897 Other comprehensive income (5) (6) 6 Total comprehensive income (307) 570 903 Non-current assets 12,646 13,457 Current assets 3,424 3,738 Total assets 16,070 17,195 Current liabilities 2,644 2,514 Non-current liabilities 5,023 4,676 Total liabilities 7,667 7,190 Net assets 8,403 10,005 Less: non-controlling interests 39 49 8,364 9,956 Group investment in joint ventures Group share of net assets (as above) 8,364 9,956 Loans made by group companies to joint ventures (2) 35 8,362 9,991 a 2019 has been restated to include non-controlling interest Transactions between the group and its joint ventures are summarized below. $ million Sales to joint ventures 2020 2019 2018 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 2,974 180 4,884 431 4,603 251 $ million Purchases from joint ventures 2020 2019 2018 Product Purchases Amount payable at Purchases Amount Purchases Amount LNG, crude oil and oil products, natural gas, refinery operating costs, plant processing fees 959 84 1,812 225 1,336 300 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. bp's share of impairment charges taken by joint ventures in 2020 was $433 million (2019 $25 million reversal) of which $336 million (2019 $25 million reversal) was in the Upstream segment.

Investments in associates

Investments in associates	12 Months Ended
	Dec. 31, 2020
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. $ million Income statement Balance sheet Earnings from associates Investments in associates 2020 2019 2018 2020 2019 Rosneft (229) 2,295 2,283 11,808 12,927 Other associates 128 386 573 7,167 7,407 (101) 2,681 2,856 18,975 20,334 The associate that is material to the group at both 31 December 2020 and 2019 is Rosneft. 17. Investments in associates – continued bp owns 19.75% of the voting shares of Rosneft which are listed on the MICEX stock exchange in Moscow and its global depository receipts are listed on the London Stock Exchange. Rosneft’s largest shareholder is Rosneftegaz JSC (Rosneftegaz), which is wholly owned by the Russian government. At 31 December 2020, Rosneftegaz held 40.4% (2019 50.0% plus one share) of the voting shares of Rosneft. bp classifies its investment in Rosneft as an associate because, in management’s judgement, bp has significant influence over Rosneft; see Interests in other entities within Note 1 for further information. The group’s investment in Rosneft is a foreign operation whose functional currency is the Russian rouble. The decrease in the group's equity-accounted investment balance for Rosneft at 31 December 2020 compared with 31 December 2019 principally relates to adverse foreign exchange effects, which have been recognized in other comprehensive income, and dividends, partially offset by bp's share of Rosneft’s changes in equity. During 2020 Rosneft completed a transaction to transfer all of its interest and cease participation in its Venezuelan businesses to a company owned by the government of the Russian Federation. In consideration, Rosneft received shares equal to a 9.6% share of its own equity. The shares are held by a 100% subsidiary of Rosneft and accounted for as treasury shares. Rosneft also entered into share buyback transactions during the year. These are also accounted for as treasury shares. bp retains 19.75% of the voting rights at meetings of Rosneft shareholders and will continue to be entitled to dividends based on its current shareholding. bp’s economic interest, however, increased as a result of its indirect interest in the shares held by the subsidiary of Rosneft. bp’s share of profit or loss of Rosneft reflects its economic interest. At 31 December 2020, bp's economic interest was 22.03%. On 28 December 2020 Rosneft completed the acquisition of 100% stakes in JSC Taimyrneftegaz and LLC Taimyrburservis, and the sale of a 10% interest in LLC Vostok Oil. A preliminary assessment of the fair values of the assets and liabilities acquired and the consideration transferred in respect of the acquisitions has been undertaken and the further impact, if any, on bp’s accounting for its equity-accounted investment in Rosneft will be updated once this has been finalised. The value of bp’s 19.75% shareholding in Rosneft based on the quoted market share price of $5.64 per share (2019 $7.21 per share) was $11,804 million at 31 December 2020 (2019 $15,090 million). The value of bp's 22.03% economic interest based on the quoted market share price was $13,167 million at 31 December 2020. The following table provides summarized financial information relating to Rosneft. 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 adjusts 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 2020 2019 2018 Sales and other operating revenues 82,786 134,046 131,322 Profit before interest and taxation 1,270 17,473 18,886 Finance costs 1,742 1,281 2,785 Profit (loss) before taxation (472) 16,192 16,101 Taxation 208 3,058 2,957 Non-controlling interests 482 1,514 1,585 Profit (loss) for the year (1,162) 11,620 11,559 Other comprehensive income 1,653 572 2,086 Total comprehensive income 491 12,192 13,645 Non-current assets 175,978 161,327 Current assets 42,459 38,657 Total assets 218,437 199,984 Current liabilities 49,781 44,459 Non-current liabilities 96,727 79,327 Total liabilities 146,508 123,786 Net assets 71,929 76,198 Less: non-controlling interests 10,897 10,744 61,032 65,454 The group received dividends, net of withholding tax, of $480 million from Rosneft in 2020 (2019 $785 million and 2018 $620 million). 17. Investments in associates – continued Summarized financial information for the group’s share of associates is shown below. $ million bp share 2020 2019 2018 Rosneft a Other Total Rosneft a Other Total Rosneft a Other Total Sales and other operating revenues 17,535 5,946 23,481 26,474 7,934 34,408 25,936 9,134 35,070 Profit before interest and taxation 295 276 571 3,451 788 4,239 3,730 1,150 4,880 Finance costs 372 80 452 253 87 340 550 78 628 Profit (loss) before taxation (77) 196 119 3,198 701 3,899 3,180 1,072 4,252 Taxation 51 67 118 604 315 919 584 499 1,083 Non-controlling interests 101 1 102 299 — 299 313 — 313 Profit (loss) for the year (229) 128 (101) 2,295 386 2,681 2,283 573 2,856 Other comprehensive income 336 (19) 317 113 (25) 88 412 (1) 411 Total comprehensive income 107 109 216 2,408 361 2,769 2,695 572 3,267 Non-current assets 33,754 11,449 45,203 31,862 11,504 43,366 Current assets 8,238 1,749 9,987 7,635 1,924 9,559 Total assets 41,992 13,198 55,190 39,497 13,428 52,925 Current liabilities 9,535 1,346 10,881 8,781 1,908 10,689 Non-current liabilities 18,558 4,709 23,267 15,667 4,577 20,244 Total liabilities 28,093 6,055 34,148 24,448 6,485 30,933 Net assets 13,899 7,143 21,042 15,049 6,943 21,992 Less: non-controlling interests 2,091 — 2,091 2,122 — 2,122 11,808 7,143 18,951 12,927 6,943 19,870 Group investment in associates Group share of net assets (as above) 11,808 7,143 18,951 12,927 6,943 19,870 Loans made by group companies to associates — 24 24 — 464 464 11,808 7,167 18,975 12,927 7,407 20,334 a In 2014-2019, Rosneft adopted hedge accounting in relation to a portion of highly probable future export revenue denominated in US dollars. Foreign exchange gains and losses arising on the retranslation of borrowings denominated in currencies other than the Russian rouble and designated as hedging instruments were recognized initially in other comprehensive income, and were reclassified to the income statement as the hedged revenue was recognized. During the year, bp and Reliance Industries completed the formation of a new fuels and mobility venture, Reliance BP Mobility Limited, that will operate across India under the Jio-bp brand. bp invested $1 billion to acquire a 49% stake in the company. Transactions between the group and its associates are summarized below. $ million Sales to associates 2020 2019 2018 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 855 169 1,544 243 2,064 393 $ million Purchases from associates 2020 2019 2018 Product Purchases Amount payable at Purchases Amount Purchases Amount Crude oil and oil products, natural gas, transportation tariff 4,926 1,280 9,503 1,641 14,112 2,069 In addition to the transactions shown in the table above, in 2018 bp acquired a 49% stake in LLC Kharampurneftegaz, a Rosneft subsidiary, which develops resources within the Kharampurskoe and Festivalnoye licence areas in Yamalo-Nenets in northern Russia. bp’s interest in LLC Kharampurneftegaz is accounted for as an associate. 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 relate to crude oil and oil products transactions with Rosneft. Sales to associates are related to various entities. bp has commitments amounting to $10,777 million (2019 $11,198 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 2020 was $414 million (2019 $152 million).

Other investments

Other investments	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Other investments	Other investments $ million 2020 2019 Current Non-current Current Non-current Equity investments a — 913 — 571 Contingent consideration 317 1,682 122 476 Other 16 151 47 229 333 2,746 169 1,276 a Approximately half of the group's 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 2020 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 3,079 — 3,079 Loans 929 369 — 1,298 Trade and other receivables 20 20,252 — — 20,252 Derivative financial instruments 30 — 10,049 2,698 12,747 Cash and cash equivalents 25 24,905 6,206 — 31,111 Financial liabilities Trade and other payables 22 (44,960) — — (44,960) Derivative financial instruments 30 — (8,320) (82) (8,402) Accruals (5,502) — — (5,502) Lease liabilities 28 (9,262) — — (9,262) Finance debt 26 (72,664) — — (72,664) (86,302) 11,383 2,616 (72,303) 29. Financial instruments and financial risk factors – continued $ million At 31 December 2019 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 1,445 — 1,445 Loans 906 63 — 969 Trade and other receivables 20 24,271 — — 24,271 Derivative financial instruments 30 — 9,984 483 10,467 Cash and cash equivalents 25 18,183 4,289 — 22,472 Financial liabilities Trade and other payables 22 (55,891) — — (55,891) Derivative financial instruments 30 — (8,122) (676) (8,798) Accruals (6,062) — — (6,062) Lease liabilities 28 (9,722) — — (9,722) Finance debt 26 (67,724) — — (67,724) (96,039) 7,659 (193) (88,573)

Inventories

Inventories	12 Months Ended
	Dec. 31, 2020
Inventories [Abstract]
Inventories	Inventories $ million 2020 2019 Crude oil 4,498 5,610 Natural gas 265 222 Emissions allowances a 1,297 1,193 Refined petroleum and petrochemical products 8,791 11,714 14,851 18,739 Trading inventories 292 182 15,143 18,921 Supplies 1,730 1,959 16,873 20,880 Cost of inventories expensed in the income statement 132,104 209,672 a Comparative period has been re-presented to align with the current period. The inventory valuation at 31 December 2020 is stated net of a provision of $584 million (2019 $650 million) to write down inventories to their net realizable value, of which $216 million (2019 $290 million) relates to hydrocarbon inventories. The net credit to the income statement in the year in respect of inventory net realizable value provisions was $17 million (2019 $348 million credit), of which $71 million credit (2019 $309 million credit) 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, 2020
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables	Trade and other receivables $ million 2020 2019 Current Non-current Current Non-current Financial assets Trade receivables 12,926 19 19,424 22 Amounts receivable from joint ventures and associates 339 10 672 2 Receivables related to disposals a 1,291 2,402 159 125 Other receivables 2,628 637 3,166 701 17,184 3,068 23,421 850 Non-financial assets Gulf of Mexico oil spill trust fund reimbursement asset 32 — 201 — Sales taxes and production taxes 557 504 640 538 Other receivables 175 779 180 759 764 1,283 1,021 1,297 17,948 4,351 24,442 2,147 a For further information see Note 4 - Disposals and Impairment. In both 2020 and 2019 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, other than certain receivables related to disposals, are predominantly non-interest bearing. See Note 29 for further information.

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables $ million 2020 2019 Current Non-current Current Non-current Financial liabilities Trade payables 23,157 — 30,538 — Amounts payable to joint ventures and associates 1,364 — 1,866 — Payables for capital expenditure and acquisitions 2,297 1,033 3,868 1,196 Payables related to the Gulf of Mexico oil spill 1,399 9,988 1,617 10,863 Other payables 5,041 681 5,810 133 33,258 11,702 43,699 12,192 Non-financial liabilities Sales taxes, customs duties, production taxes and social security 2,103 73 2,381 33 Other payables 653 337 749 401 2,756 410 3,130 434 36,014 12,112 46,829 12,626 Materially all of bp's trade payables have payment terms in the range of 30 to 60 days and give rise to operating cash flows. Trade and other payables, other than those relating to the Gulf of Mexico oil spill, are predominantly interest free. See Note 29 (c) for further information. Payables related to the Gulf of Mexico oil spill include amounts payable under the 2016 consent decree and settlement agreement with the United States and five Gulf coast states, including amounts payable for natural resource damages, state claims and Clean Water Act penalties. On a discounted basis the amounts included in payables related to the Gulf of Mexico oil spill for these elements of the agreements are $4,837 million payable over 12 years, $2,584 million payable over 13 years and $3,549 million payable over 12 years respectively at 31 December 2020. Reported within net cash provided by operating activities in the group cash flow statement is a net cash outflow of $1,786 million (2019 outflow of $2,694 million, 2018 outflow of $3,531 million) related to the Gulf of Mexico oil spill, which includes payments made in relation to these agreements. For 2018 payments under the 2012 agreement with the US government to resolve all federal criminal claims arising from the incident are also included. 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 2020 also include amounts payable for settled economic loss and property damage claims which are payable over a period of up to seven years.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2020
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Provisions	Provisions $ million Decommissioning Environmental Litigation and claims Emissions Other Total At 1 January 2020 15,110 1,620 1,281 919 2,021 20,951 Exchange adjustments 96 9 1 25 84 215 Increase (decrease) in existing provisions (686) 297 260 1,429 974 2,274 Write-back of unused provisions (11) (88) (12) (17) (341) (469) Unwinding of discount 369 39 18 — 11 437 Utilization (7) (246) (508) (687) (378) (1,826) Reclassified to other payables (245) — (129) — (86) (460) Reclassified as liabilities directly associated with assets held for sale (10) — — — — (10) Deletions (140) (2) (1) — (8) (151) At 31 December 2020 14,476 1,629 910 1,669 2,277 20,961 Of which – current 428 273 260 1,621 1,179 3,761 – non-current 14,048 1,356 650 48 1,098 17,200 The decommissioning provision 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. The emissions provision relates to the group’s obligation to transfer emissions allowances under relevant regulations. The provision will principally be settled through allowances already held as inventory in the group balance sheet. Included within the other category at 31 December 2020 are reinvent bp restructuring provisions for employee termination payments of $428 million. 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. In addition to the Litigation and claims narrative provided in this note, for further information see Notes 7, 9, 20, 22, 29, 33. Litigation and claims The Economic and Property Damages Settlement Agreement (EPD Settlement Agreement) with the Plaintiff's Steering Committee (PSC) provides for a court-supervised settlement programme, the Deepwater Horizon Court Supervised Settlement Programme (DHCSSP), which commenced operation on 4 June 2012. On 22 January 2021, the United States District Court for the Eastern District of Louisiana issued an order determining the completion of all claims processing operations of the DHCSSP. The Court also concluded that future issues concerning EPD Settlement Agreement claims would be time barred under the DHCSSP and the claim administrator would proceed to complete post-closure administrative wind down activities. Amounts payable for settled economic and property damage claims are reported within payables - see Note 22 for further information. A separate claims administrator was appointed to pay medical claims and to implement other aspects of the Medical Benefits Class Action Settlement. For further information on the PSC settlements, see Legal proceedings on page 226. The litigation and claims provision reflects 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, 2020
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 primary pension arrangement in the UK is 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 chairman 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. The UK plan is closed to new joiners and is currently under consultation for closure to future accrual. As at 31 December 2020, it remained open to ongoing accrual for current members. New joiners 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 2020 the committee was composed of seven bp employees appointed by the president of bp Corporation North America Inc. (the appointing officer). The Investment Committee is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as the investment policies of the plan. US employees are also eligible to participate in a defined contribution (401k) plan in which employee contributions are matched with company contributions. In the US, group companies also provide post-retirement healthcare to most retired employees and their dependants (and, in certain cases, life insurance coverage); the entitlement to these benefits is usually based on the employee remaining in service until a specified age and completion of a minimum period of service. 24. Pensions and other post-retirement benefits – continued 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 line with market practice. 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 2020 the aggregate level of contributions was $325 million (2019 $349 million and 2018 $610 million). The aggregate level of contributions in 2021 is expected to be approximately $400 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 an annual basis a schedule of contributions is agreed covering the next five years. Contractually committed funding amounted to $1,014 million at 31 December 2020, all of which relates to future service. This amount is included in the group’s committed cash flows relating to pensions and other post-retirement benefit plans as set out in the table of contractual obligations on page 307. 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 primary US pension plan in 2020 and no statutory funding requirement is expected in the next 12 months. The surplus relating to the primary US 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 2020. 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 2020. The UK plans are subject to a formal actuarial valuation every three years; valuations are required more frequently in many other countries.The most recent formal actuarial valuation of the UK pension plans was as at 31 December 2017, and a valuation as at 31 December 2020 is currently underway. A valuation of the US plan and largest Eurozone plans are carried out annually. 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 UK US Eurozone 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate for plan liabilities 1.4 2.1 2.9 2.2 3.1 4.1 1.0 1.3 2.0 Rate of increase in salaries 3.6 3.4 3.8 4.1 3.9 3.9 2.9 3.1 3.1 Rate of increase for pensions in payment 2.8 2.7 3.0 — — — 1.3 1.5 1.5 Rate of increase in deferred pensions 2.8 2.7 3.0 — — — 0.5 0.5 0.5 Inflation for plan liabilities 2.9 2.7 3.1 1.7 1.5 1.5 1.5 1.7 1.7 % Financial assumptions used to determine benefit expense UK US Eurozone 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate for plan service cost 2.1 3.0 2.6 3.2 4.2 3.6 1.8 2.5 2.4 Discount rate for plan other finance expense 2.1 2.9 2.5 3.1 4.1 3.5 1.3 2.0 1.9 Inflation for plan service cost 2.6 3.1 3.1 1.5 1.5 1.7 1.7 1.7 1.6 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. The assumptions for the rate of increase in salaries are based on the inflation assumption plus an allowance for expected long-term real salary growth. These include an allowance for promotion-related salary growth, of up to 0.8% depending on country. 24. Pensions and other post-retirement benefits – continued 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 2020 2019 2018 2020 2019 2018 2020 2019 2018 Life expectancy at age 60 for a male currently aged 60 26.9 27.3 27.4 24.7 24.9 25.1 25.7 25.7 25.6 Life expectancy at age 60 for a male currently aged 40 28.4 28.9 28.9 26.4 26.7 26.9 28.2 28.3 28.1 Life expectancy at age 60 for a female currently aged 60 28.8 28.7 28.8 27.7 28.0 28.5 29.0 29.1 29.0 Life expectancy at age 60 for a female currently aged 40 30.4 30.5 30.6 29.2 29.7 30.1 31.2 31.2 31.2 Pension plan assets are generally held in trusts, the primary objective of which is to accumulate assets sufficient to meet the obligations of the plans. The assets of the trusts are invested in a manner consistent with fiduciary obligations and principles that reflect current practices in portfolio management. A significant proportion of the assets are held in equities, which are expected to generate a higher level of return over the long term, with an acceptable level of risk. In order to provide reasonable assurance that no single security or type of security has an unwarranted impact on the total portfolio, the investment portfolios are highly diversified. The trustee’s long-term investment objective for the primary UK plan as it matures is to invest in assets whose value changes in the same way as the plan liabilities, in order to reduce the level of funding risk. To move towards this objective, the UK plan uses a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds to achieve this matching effect for the most significant plan liability assumptions of interest rate and inflation rate. This is partly funded by short-term sale and repurchase agreements, whereby the plan borrows money using existing bonds as security and which will be bought back at a specified price at an agreed future date. The funds raised are used to invest in further bonds to increase the proportion of assets which match the plan liabilities. The borrowings are shown separately in the analysis of pension plan assets in the table below. For the primary UK pension plan there is an agreement with the trustee to increase the proportion of assets with liability matching characteristics over time primarily by reducing the proportion of plan assets held as equities and increasing the proportion held as bonds. During 2020, the UK plan switched 11% of plan assets from equities to bonds (2019 2%). There is a similar agreement in place for the primary US plan, although no switches have taken place in 2019 or 2020. The current asset allocation policy for the major plans at 31 December 2020 was as follows: UK US Asset category % % Total equity (including private equity) 17 40 Bonds/cash (including LDI) 76 60 Property/real estate 7 — The amounts invested under the LDI programme by the primary UK pension plan as at 31 December 2020 were $4,217 million (2019 $4,804 million) of government-issued nominal bonds and $24,576 million (2019 $19,462 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 201. 24. Pensions and other post-retirement benefits – continued $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2020 Listed equities – developed markets 5,008 1,112 542 318 6,980 – emerging markets 418 115 68 70 671 Private equity c 2,899 1,604 — 4 4,507 Government issued nominal bonds d 4,303 1,839 1,111 616 7,869 Government issued index-linked bonds d 24,576 — 107 — 24,683 Corporate bonds d 8,906 2,398 587 279 12,170 Property e 2,553 — 110 28 2,691 Cash 1,392 267 51 163 1,873 Other 795 131 104 30 1,060 Debt (repurchase agreements) used to fund liability driven investments (9,387) — — — (9,387) 41,463 7,466 2,680 1,508 53,117 At 31 December 2019 Listed equities – developed markets 6,285 1,290 495 371 8,441 – emerging markets 1,096 124 61 64 1,345 Private equity c 2,675 1,474 — 3 4,152 Government issued nominal bonds d 4,884 2,100 959 572 8,515 Government issued index-linked bonds d 19,462 — 100 — 19,562 Corporate bonds d 6,132 2,304 569 256 9,261 Property e 2,507 — 96 27 2,630 Cash 426 289 33 93 841 Other 98 74 30 26 228 Debt (repurchase agreements) used to fund liability driven investments (7,436) — — — (7,436) 36,129 7,655 2,343 1,412 47,539 At 31 December 2018 Listed equities – developed markets 5,191 1,238 413 306 7,148 – emerging markets 950 63 65 56 1,134 Private equity c 2,792 1,495 — 4 4,291 Government issued nominal bonds d 4,263 2,072 895 533 7,763 Government issued index-linked bonds d 17,491 — 102 — 17,593 Corporate bonds d 4,606 2,184 506 243 7,539 Property e 2,311 6 57 25 2,399 Cash 376 73 42 83 574 Other 116 64 32 40 252 Debt (repurchase agreements) used to fund liability driven investments (6,011) — — — (6,011) 32,085 7,195 2,112 1,290 42,682 a Bonds held by the UK pension plans are denominated in sterling. 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. 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 valued using quoted 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. 24. Pensions and other post-retirement benefits – continued $ million 2020 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 250 292 103 38 683 Past service cost b (48) (66) 12 (20) (122) Settlement b — (23) 10 (1) (14) Operating charge relating to defined benefit plans 202 203 125 17 547 Payments to defined contribution plans 49 183 2 38 272 Total operating charge 251 386 127 55 819 Interest income on plan assets a (725) (210) (33) (40) (1,008) Interest on plan liabilities 596 289 97 59 1,041 Other finance (income) expense (129) 79 64 19 33 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 4,108 1,041 104 38 5,291 Change in financial assumptions underlying the present value of the plan liabilities (4,207) (1,178) (143) (42) (5,570) Change in demographic assumptions underlying the present value of the plan liabilities 585 29 56 (4) 666 Experience gains and losses arising on the plan liabilities 54 (101) (178) 8 (217) Remeasurements recognized in other comprehensive income 540 (209) (161) — 170 Movements in benefit obligation during the year Benefit obligation at 1 January 29,780 10,119 7,353 1,826 49,078 Exchange adjustments 1,303 — 720 64 2,087 Operating charge relating to defined benefit plans 202 203 125 17 547 Interest cost 596 289 97 59 1,041 Contributions by plan participants c 21 — 2 11 34 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Benefit payments (unfunded plans) d (8) (197) (265) (34) (504) Reclassified as assets held for sale — (1) (55) — (56) Disposals — (35) — — (35) Remeasurements 3,568 1,250 265 38 5,121 Benefit obligation at 31 December a e 34,171 10,187 8,161 1,895 54,414 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 36,129 7,655 2,343 1,412 47,539 Exchange adjustments 1,582 — 235 64 1,881 Interest income on plan assets a f 725 210 33 40 1,008 Contributions by plan participants c 21 — 2 11 34 Contributions by employers (funded plans) 189 8 99 29 325 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Reclassified as assets held for sale — (7) (55) — (62) Remeasurements f 4,108 1,041 104 38 5,291 Fair value of plan assets at 31 December g 41,463 7,466 2,680 1,508 53,117 Surplus (deficit) at 31 December 7,292 (2,721) (5,481) (387) (1,297) Represented by Asset recognized 7,567 269 59 62 7,957 Liability recognized (275) (2,990) (5,540) (449) (9,254) 7,292 (2,721) (5,481) (387) (1,297) The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 7,564 269 (109) (58) 7,666 Unfunded (272) (2,990) (5,372) (329) (8,963) 7,292 (2,721) (5,481) (387) (1,297) The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (33,899) (7,197) (2,789) (1,566) (45,451) Unfunded (272) (2,990) (5,372) (329) (8,963) (34,171) (10,187) (8,161) (1,895) (54,414) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service credits represent curtailment gains arising from restructuring programmes in the UK, US and other countries, whilst past service costs and settlements in the Eurozone represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlement costs in the US resulted from a pension risk transfer to an external carrier for a group of small benefit retirees. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $2,935 million benefits and $428 million settlements, plus $40 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $7,728 million for pension liabilities and $2,459 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $5,060 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 199. 24. Pensions and other post-retirement benefits – continued $ million 2019 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 227 263 81 38 609 Past service cost b 2 — 5 (1) 6 Settlement b — (13) 8 — (5) Operating charge relating to defined benefit plans 229 250 94 37 610 Payments to defined contribution plans 42 188 7 38 275 Total operating charge 271 438 101 75 885 Interest income on plan assets a (909) (285) (43) (46) (1,283) Interest on plan liabilities 757 387 133 69 1,346 Other finance (income) expense (152) 102 90 23 63 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,945 1,079 220 97 4,341 Change in financial assumptions underlying the present value of the plan liabilities (2,294) (1,036) (748) (92) (4,170) Change in demographic assumptions underlying the present value of the plan liabilities 136 91 3 (4) 226 Experience gains and losses arising on the plan liabilities (57) (22) 6 4 (69) Remeasurements recognized in other comprehensive income 730 112 (519) 5 328 Movements in benefit obligation during the year Benefit obligation at 1 January 26,830 9,696 6,906 1,686 45,118 Exchange adjustments 942 — (142) 26 826 Operating charge relating to defined benefit plans 229 250 94 37 610 Interest cost 757 387 133 69 1,346 Contributions by plan participants c 20 — 2 6 28 Benefit payments (funded plans) d (1,207) (830) (76) (75) (2,188) Benefit payments (unfunded plans) d (6) (205) (273) (15) (499) Reclassified as assets held for sale — (146) — — (146) Disposals — — (30) — (30) Remeasurements 2,215 967 739 92 4,013 Benefit obligation at 31 December a e 29,780 10,119 7,353 1,826 49,078 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 32,085 7,195 2,112 1,290 42,682 Exchange adjustments 1,141 — (43) 24 1,122 Interest income on plan assets a f 909 285 43 46 1,283 Contributions by plan participants c 20 — 2 6 28 Contributions by employers (funded plans) 236 4 85 24 349 Benefit payments (funded plans) d (1,207) (830) (76) (75) (2,188) Reclassified as assets held for sale — (78) — — (78) Remeasurements f 2,945 1,079 220 97 4,341 Fair value of plan assets at 31 December g 36,129 7,655 2,343 1,412 47,539 Surplus (deficit) at 31 December 6,349 (2,464) (5,010) (414) (1,539) Represented by Asset recognized 6,588 387 27 51 7,053 Liability recognized (239) (2,851) (5,037) (465) (8,592) 6,349 (2,464) (5,010) (414) (1,539) The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 6,588 387 (136) (87) 6,752 Unfunded (239) (2,851) (4,874) (327) (8,291) 6,349 (2,464) (5,010) (414) (1,539) The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (29,541) (7,268) (2,479) (1,499) (40,787) Unfunded (239) (2,851) (4,874) (327) (8,291) (29,780) (10,119) (7,353) (1,826) (49,078) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs and settlements have arisen from restructuring programmes and represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlements in the US are the result of a buy-out transaction for the pensions of a group of low value annuitants. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $2,304 million benefits and $346 million settlements, plus $37 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $7,789 million for pension liabilities and $2,330 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $4,567 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 199. 24. Pensions and other post-retirement benefits – continued $ million 2018 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 295 299 84 43 721 Past service cost b 15 — 9 4 28 Settlement — — 17 — 17 Operating charge relating to defined benefit plans 310 299 110 47 766 Payments to defined contribution plans 38 178 5 40 261 Total operating charge 348 477 115 87 1,027 Interest income on plan assets a (868) (262) (44) (45) (1,219) Interest on plan liabilities 774 369 136 67 1,346 Other finance (income) expense (94) 107 92 22 127 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets (722) (256) (69) (36) (1,083) Change in financial assumptions underlying the present value of the plan liabilities 1,770 945 14 65 2,794 Change in demographic assumptions underlying the present value of the plan liabilities 123 (9) (42) 7 79 Experience gains and losses arising on the plan liabilities 520 41 (43) 9 527 Remeasurements recognized in other comprehensive income 1,691 721 (140) 45 2,317 a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs have arisen from restructuring programmes and represent charges for special termination benefits representing the increased liability arising as a result of early retirements mostly in the UK and Eurozone. Sensitivity analysis The discount rate, inflation, salary growth 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 2020 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 2021 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 2021 (274) 198 (51) 36 (2) (11) Effect on obligation at 31 December 2020 (5,658) 7,690 (1,272) 1,556 (1,149) 1,452 Inflation rate b Effect on expense in 2021 145 (116) 10 (8) 35 (28) Effect on obligation at 31 December 2020 5,337 (4,482) 66 (55) 1,025 (870) Salary growth Effect on expense in 2021 31 (27) 12 (10) 7 (7) Effect on obligation at 31 December 2020 670 (585) 82 (69) 91 (89) 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 2021 28 5 8 Effect on obligation at 31 December 2020 1,406 150 333 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, up until 2030 and the weighted average duration of the defined benefit obligations at 31 December 2020 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2021 1,072 1,568 357 112 3,109 2022 1,086 612 346 109 2,153 2023 1,120 593 339 107 2,159 2024 1,141 575 332 108 2,156 2025 1,135 583 328 107 2,153 2026-2030 5,939 2,696 1,521 528 10,684 Years Weighted average duration 19.2 13.8 16.1 12.7 Employee costs and numbers $ million Employee costs 2020 2019 2018 Wages and salaries a 7,600 7,497 7,931 Social security costs 729 733 743 Share-based payments b 728 694 669 Pension and other post-retirement benefit costs 852 948 1,154 9,909 9,872 10,497 2020 2019 2018 Average number of employees c US Non-US Total US Non-US Total US Non-US Total Upstream 4,800 10,600 15,400 5,800 11,000 16,800 5,900 11,500 17,400 Downstream d 5,800 37,800 43,600 5,700 37,300 43,000 6,000 36,300 42,300 Other businesses and corporate e 1,800 7,300 9,100 2,100 10,600 12,700 1,900 12,100 14,000 12,400 55,700 68,100 13,600 58,900 72,500 13,800 59,900 73,700 a Includes termination costs of $1,237 million (2019 $182 million and 2018 $493 million). Reinvent bp restructuring accruals of $714 million and provisions of $428 million for employee termination payments were held at 31 December 2020. 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 19,100 (2019 18,100 and 2018 17,100) service station staff. e Includes 0 (2019 2,500 and 2018 4,000) agricultural, operational and seasonal workers in Brazil. The reduction in the average number of employees in 2020 compared to 2019 is principally a result of the reinvent bp programme and divestment activity.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents $ million 2020 2019 Cash 6,235 6,462 Triparty repos and term bank deposits 17,368 10,296 Cash equivalents (excluding triparty repos and term bank deposits) 7,508 5,714 31,111 22,472 Cash and cash equivalents comprise cash in hand; current balances with banks and similar institutions; deposits of three months or less with banks and similar institutions; money market funds and commercial paper. The carrying amounts of cash, triparty repos and term bank deposits 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 2020 includes $1,917 million (2019 $1,676 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 $3,890 million (2019 $4,678 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, 2020
Financial Instruments [Abstract]
Finance debt	Finance debt $ million 2020 2019 Current Non-current Total Current Non-current Total Borrowings 9,359 63,305 72,664 10,487 57,237 67,724 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 $8,122 million (2019 $8,166 million) and issued commercial paper of $1,004 million (2019 $2,279 million). Finance debt does not include accrued interest, which is reported within other payables. As part of actively managing its debt portfolio, during the year the group bought back $4.0 billion equivalent (2019 $nil) of euro and sterling bonds and terminated derivatives associated with the debt bought back. In addition on 18 December 2020 the group exercised its option to redeem finance debt with an outstanding aggregate principal amount of $2.0 billion on 22 January 2021. On 19 March 2021 the group bought back a further $1.9 billion equivalent of euro and sterling bonds and terminated associated derivatives. 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 2020 US dollar 3 8 39,452 2 32,891 72,343 Other currencies 6 9 178 5 143 321 39,630 33,034 72,664 2019 US dollar 4 5 25,634 3 41,871 67,505 Other currencies 6 10 183 7 36 219 25,817 41,907 67,724 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 2020, 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 2020 2019 Fair value Carrying Fair value Carrying Short-term borrowings 1,237 1,237 2,321 2,321 Long-term borrowings 74,855 71,427 67,055 65,403 Total finance debt 76,092 72,664 69,376 67,724

Capital disclosures and net deb

Capital disclosures and net debt	12 Months Ended
	Dec. 31, 2020
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. We maintain our financial framework to support the pursuit of value growth for shareholders, while ensuring a secure financial base. The group monitors capital on basis of gearing, that is, the ratio of net debt to net debt plus equity. Net debt is calculated as finance debt, as shown in the balance sheet, plus the fair value of associated derivative financial instruments that are used to hedge foreign exchange and interest rate risks relating to finance debt for which hedge accounting is applied, less cash and cash equivalents. Net debt and gearing are non-GAAP measures. bp believes these measures provide useful information to investors. Net debt enables investors to see the economic effect of finance debt, related hedges and cash and cash equivalents in total. Gearing enables investors to see how significant net debt is relative to total equity. The derivatives are reported on the balance sheet within the headings ‘Derivative financial instruments’. All components of equity are included in the denominator of the calculation. At 31 December 2020, gearing was 31.3% (2019 31.1%). $ million At 31 December 2020 2019 Finance debt 72,664 67,724 Less: fair value asset (liability) of hedges related to finance debt a 2,612 (190) 70,052 67,914 Less: cash and cash equivalents 31,111 22,472 Net debt 38,941 45,442 Total equity b 85,568 100,708 Gearing 31.3 % 31.1 % 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 $236 million (2019 liability of $601 million) are not included in the calculation of net debt shown above as hedge accounting was not applied for these instruments. b Total equity in 2020 includes perpetual hybrid bonds issued on 17 June 2020. See Note 32 for further information. 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 2020 67,724 918 9,722 290 78,654 Exchange adjustments 349 — 181 4 534 Net financing cash flow 1,589 (226) (2,442) (40) (1,119) Fair value (gains) losses 2,612 (3,734) — — (1,122) New and remeasured leases/joint operation payables — — 1,579 20 1,599 Other movements 390 77 222 (7) 682 At 31 December 2020 72,664 (2,965) 9,262 267 79,228 At 1 January 2019 65,132 1,486 667 — 67,285 Adjustment on adoption of IFRS16 — — 9,233 217 9,450 Exchange adjustments (62) — (4) 8 (58) Net financing cash flow 1,671 2 (2,372) (14) (713) Fair value (gains) losses 924 (570) — — 354 New and remeasured leases/joint operations payables — — 2,614 82 2,696 Other movements 59 — (416) (3) (360) At 31 December 2019 67,724 918 9,722 290 78,654 a Previously reported in this column were hedge accounted derivatives related to finance debt. This has been updated in 2020 as described below and comparatives provided on a consistent basis. Currency swaps include cross currency interest rate swaps. The 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
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 Upstream segment and retail service stations, oil depots and storage tanks in the Downstream 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 8 years (2019 9 years). Some leases will 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 2020 2019 Undiscounted lease liability cash flows due: Within 1 year 2,262 2,514 1 to 2 years 1,672 1,839 2 to 3 years 1,340 1,364 3 to 4 years 1,025 1,105 4 to 5 years 878 876 5 to 10 years 2,192 2,427 Over 10 years 1,515 1,174 10,884 11,299 Impact of discounting (1,622) (1,577) Lease liabilities at 31 December 9,262 9,722 Of which – current 1,933 2,067 – non-current 7,329 7,655 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 2020 is $5,309 million (2019 $5,688 million). The majority of this future commitment relates to the floating LNG vessel to service the Greater Tortue Ahmeyim project from 2023. $ million 2020 2019 Total cash outflow for amounts included in lease liabilities a 2,779 2,709 Expense for variable payments not included in the lease liability 41 67 Short-term lease expense 621 331 Additions to right-of-use assets in the period 1,714 2,542 Gain on sale and leaseback transactions 187 — a The cash outflows for amounts not included in lease liabilities approximate the income statement expense disclosed above.

Financial instruments and finan

Financial instruments and financial risk factors	12 Months Ended
	Dec. 31, 2020
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 2020 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 3,079 — 3,079 Loans 929 369 — 1,298 Trade and other receivables 20 20,252 — — 20,252 Derivative financial instruments 30 — 10,049 2,698 12,747 Cash and cash equivalents 25 24,905 6,206 — 31,111 Financial liabilities Trade and other payables 22 (44,960) — — (44,960) Derivative financial instruments 30 — (8,320) (82) (8,402) Accruals (5,502) — — (5,502) Lease liabilities 28 (9,262) — — (9,262) Finance debt 26 (72,664) — — (72,664) (86,302) 11,383 2,616 (72,303) 29. Financial instruments and financial risk factors – continued $ million At 31 December 2019 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 1,445 — 1,445 Loans 906 63 — 969 Trade and other receivables 20 24,271 — — 24,271 Derivative financial instruments 30 — 9,984 483 10,467 Cash and cash equivalents 25 18,183 4,289 — 22,472 Financial liabilities Trade and other payables 22 (55,891) — — (55,891) Derivative financial instruments 30 — (8,122) (676) (8,798) Accruals (6,062) — — (6,062) Lease liabilities 28 (9,722) — — (9,722) Finance debt 26 (67,724) — — (67,724) (96,039) 7,659 (193) (88,573) 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 gain of $367 million (2019 net loss of $129 million). Dividend income of $17 million (2019 $20 million) from investments in equity instruments classified as measured at fair value through profit or loss is presented within other income - see Note 7. 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 natural 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 group 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 group treasurer and the heads of the group finance, tax and the integrated supply and trading functions. 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 group chief executive (GCE), and via the GCE 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 integrated supply and trading function. 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 function. All other foreign exchange and interest rate activities within financial markets are performed within the integrated supply and trading function and are also underpinned by the compliance, control and risk management infrastructure common to the activities of bp’s integrated supply and trading function. 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 integrated supply and trading function 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 integrated supply and trading function 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 enters into derivatives in a well-established entrepreneurial trading operation. In addition, the group has developed a control framework aimed at managing the volatility inherent in certain of its natural 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 integrated, supply and trading function is responsible for delivering value across the overall crude, oil products, gas 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 and natural gas 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 Variance/Covariance or 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. 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. Trading activity occurring in liquid periods is 29. Financial instruments and financial risk factors – continued subject to value-at-risk and other limits for each trading activity and the aggregate of all trading activity. The board has delegated a limit of $100 million (2019 $100 million) value at risk in support of this trading activity. Alternative measures are used to monitor exposures which are outside 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 2020, the total foreign currency borrowings not swapped into US dollars amounted to $321 million (2019 $219 million). During the year the group issued 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 to 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; the exposures are in sterling, euro, Australian dollar and Korean won. At 31 December 2020 the most significant open contracts in place were for $124 million sterling (2019 $106 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 2020 was 45% of total finance debt outstanding (2019 62%). The weighted average interest rate on finance debt at 31 December 2020 was 3% (2019 3%) and the weighted average maturity of fixed rate debt was eight years (2019 five years). The group’s earnings are sensitive to changes in interest rates on the element of the group’s finance debt that has been swapped to floating rates. If the interest rates applicable to these floating rate instruments were to have changed by one percentage point on 1 January 2021, it is estimated that the group’s finance costs for 2021 would change by approximately $330 million (2019 $419 million). 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. bp is significantly exposed to benchmark interest rate components; predominantly USD LIBOR, GBP LIBOR, EURIBOR and CHF LIBOR. Following the completion of consultation processes, these financial authorities have begun to announce the timing of both benchmark transitions and continued publication of synthetic benchmarks . In October 2020 the International Swaps and Derivatives Association (ISDA) published its fallback protocol containing clauses to amend derivative contracts on the cessation of LIBOR should an entity and its counterparties adhere to the protocol. The protocol’s pricing mechanism is at fair market value and bp has signed up to the protocol as this removes transition uncertainty for any interest rate and cross-currency interest rate swap contracts of the Group without fall-back clauses. The ISDA fallback protocol is expected to increase market activity and certainty such that corporates can finalize their plans for implementation of the transition. bp continues to monitor regulatory and market developments over the course of the transition . In response to the cessation of the interbank offered rates (IBORs), bp has set up an internal working group to monitor market developments and manage the transition to alternative benchmark rates and is currently assessing the impact on contracts and arrangements that are linked to existing interest rate benchmarks, for example, borrowings, leases and derivative contracts. bp is also participating on external committees and task forces dedicated to interest rate benchmark reform. (b) Credit risk Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts due causing financial loss to the group and arises from cash and cash equivalents, derivative financial instruments and deposits with financial institutions and principally from credit exposures to customers relating to outstanding receivables. Credit exposure also exists in relation to guarantees issued by group companies under which the outstanding exposure incremental to that recognized on the balance sheet at 31 December 2020 was $1,405 million (2019 $692 million) in respect of liabilities of joint ventures and associates and $661 million (2019 $523 million) in respect of liabilities of other third parties. 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, the treasury function holds group-wide credit risk authority and oversight responsibility for exposure to banks and financial institutions. Standing credit controls and processes were augmented intra-year given heightened uncertainty from increased oil price volatility and the evolving COVID-19 pandemic. Constraints on incoming credit risks were tightened, credit reporting and frequency was enhanced from the operational to board level, and key credit risk strategies were reviewed and vetted. 29. Financial instruments and financial risk factors – continued 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 2020, the group had in place credit enhancements designed to mitigate approximately $5.4 billion (2019 $7.0 billion) of credit risk, of which substantially all relates to assets in the scope of IFRS 9's impairment requirements. Credit enhancements include standby and documentary letters of credit, bank guarantees, insurance and liens which are typically taken out with financial institutions who have investment grade credit ratings, or are liens over assets held by the counterparty of the related receivables. Reports are regularly prepared and presented to the GFRC that cover the group’s overall credit exposure and expected loss trends, exposure by segment, and overall quality of the portfolio. Management information used to monitor credit risk, which reflects the impact of credit enhancements, indicates that the risk profile of financial assets which are subject to review for impairment under IFRS 9 is as set out below. % As at 31 December 2020 2019 AAA to AA- 11 % 16 % A+ to A- 59 % 51 % BBB+ to BBB- 8 % 13 % BB+ to BB- 6 % 7 % B+ to B- 13 % 11 % CCC+ and below 3 % 2 % Movements in the impairment provision for trade and other receivables are shown in Note 21. 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 2020 Master Cash Derivative assets 14,765 (2,019) 12,746 (2,075) (386) 10,285 Derivative liabilities (10,414) 2,019 (8,395) 2,075 — (6,320) Trade and other receivables 7,667 (3,679) 3,988 (693) (122) 3,173 Trade and other payables (7,862) 3,679 (4,183) 693 — (3,490) At 31 December 2019 Derivative assets 13,191 (2,724) 10,467 (1,971) (206) 8,290 Derivative liabilities (11,445) 2,724 (8,721) 1,971 — (6,750) Trade and other receivables 10,661 (5,211) 5,450 (961) (190) 4,299 Trade and other payables (10,266) 5,211 (5,055) 961 — (4,094) 29. Financial instruments and financial risk factors – continued (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. 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 utilise 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 $11,325 million (2019 $12,175 million), allowing LCs to be issued for a maximum 24-month duration. There were also uncommitted secured LC facilities in place at 31 December 2020 for $3,460 million (2019 $4,440 million), which are secured against inventories or receivables when utilized. The facilities are held with over 25 international banks. The uncommitted secured 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 2020, $5,250 million (2019 $4,755 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- (negative outlook) and Moody’s Investors Service rating is A1 (negative outlook) and the Fitch Ratings' long-term credit rating is A (stable). During 2020, $14 billion (2019 $8 billion) of long-term taxable bonds were issued with terms ranging from two . 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 $31.1 billion at 31 December 2020 (2019 $22.5 billion), primarily invested with highly rated banks or money market funds and readily accessible at immediate and short notice. At 31 December 2020, the group had substantial amounts of undrawn borrowing facilities available, consisting of an undrawn committed $10.0 billion credit facility and $7.6 billion (2019 $7.6 billion) of standby facilities. On 1st March 2021, following an assessment of liquidity requirements, the group replaced these with new facility agreements, consisting of an undrawn committed $8.0 billion credit facility and $4.0 billion of standby facilities. The facilities are available for three and five years respectively at pre-agreed margins and 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 306. 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. The table below shows the timing of 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. As a result of the 19 March 2021 debt buy back (see Note 26 for further information) $1.9 billion equivalent of cash outflows relating to finance debt that are presented in the table with maturities of 2-8 years have occurred within one year of the balance sheet date. $ million 2020 2019 Trade and other payables a Accruals Finance Interest on finance debt Trade and other payables a Accruals Finance debt b Interest on finance debt Within one year 33,290 4,650 9,119 1,778 43,699 5,066 10,065 2,037 1 to 2 years 1,728 157 6,292 1,477 1,937 261 6,726 1,641 2 to 3 years 1,590 184 7,031 1,305 1,465 146 7,949 1,409 3 to 4 years 1,332 87 8,047 1,110 1,409 181 7,022 1,172 4 to 5 years 1,335 217 6,652 919 1,332 108 7,554 942 5 to 10 years 4,570 108 22,156 2,408 5,863 231 23,540 1,970 Over 10 years 4,419 99 10,008 1,037 3,957 69 2,497 249 48,264 5,502 69,305 10,034 59,662 6,062 65,353 9,420 a 2020 includes $14,569 million (2019 $16,129 million) in relation to the Gulf of Mexico oil spill, of which $13,160 million (2019 $14,501 million) matures in greater than one year. 29. Financial instruments and financial risk factors – continued 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 $33,704 million at 31 December 2020 (2019 $24,787 million) to be received on the same day as the related cash outflows. As a result of the termination of derivatives associated with the 19 March 2021 debt buy back (see Note 26 for further information) $1.8 billion of cash outflows that are presented in the table with maturities of 2-8 years and $1.9 billion equivalent of cash inflows on the receive legs have occurred within one year of the balance sheet date. $ million Cash outflows for derivative financial instruments at 31 December 2020 2019 Within one year 2,384 1,678 1 to 2 years 1,976 2,384 2 to 3 years 2,017 2,838 3 to 4 years 3,074 2,906 4 to 5 years 2,582 3,321 5 to 10 years 15,263 10,633 Over 10 years 4,483 2,224 31,779 25,984 For further information on our derivative financial instruments, see Note 30.

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Dec. 31, 2020
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 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 2020 2019 Fair value Fair value Fair value Fair value Derivatives held for trading Currency derivatives 858 (694) 81 (744) Oil price derivatives 1,519 (1,093) 1,918 (1,478) Natural gas price derivatives 6,406 (5,489) 6,569 (4,871) Power price derivatives 1,258 (1,037) 1,306 (952) Other derivatives 7 — 110 — 10,048 (8,313) 9,984 (8,045) Embedded derivatives Other embedded derivatives 1 (7) — (77) 1 (7) — (77) Cash flow hedges Currency forwards 4 — 1 (4) Gas price futures — — — — 4 — 1 (4) Fair value hedges Currency swaps 2,614 (82) 344 (637) Interest rate swaps 80 — 138 (35) 2,694 (82) 482 (672) 12,747 (8,402) 10,467 (8,798) Of which – current 2,992 (2,998) 4,153 (3,261) – non-current 9,755 (5,404) 6,314 (5,537) 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 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 153 9 3 2 2 689 858 Oil price derivatives 1,159 197 90 63 7 3 1,519 Natural gas price derivatives 1,210 731 596 525 476 2,868 6,406 Power price derivatives 425 223 161 107 76 266 1,258 Other derivatives — — 7 — — — 7 2,947 1,160 857 697 561 3,826 10,048 $ million 2019 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 48 23 9 1 — — 81 Oil price derivatives 1,619 114 76 53 45 11 1,918 Natural gas price derivatives 1,889 824 615 489 433 2,319 6,569 Power price derivatives 556 269 146 94 67 174 1,306 Other derivatives 33 — — 77 — — 110 4,145 1,230 846 714 545 2,504 9,984 30. Derivative financial instruments – continued Derivative liabilities held for trading have the following fair values and maturities. $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (502) (117) (11) (1) — (63) (694) Oil price derivatives (1,000) (83) (9) (1) — — (1,093) Natural gas price derivatives (1,095) (595) (479) (422) (348) (2,550) (5,489) Power price derivatives (345) (184) (126) (81) (68) (233) (1,037) (2,942) (979) (625) (505) (416) (2,846) (8,313) $ million 2019 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (166) (283) (201) (1) (23) (70) (744) Oil price derivatives (1,405) (56) (14) (2) (1) — (1,478) Natural gas price derivatives (1,070) (522) (446) (399) (363) (2,071) (4,871) Power price derivatives (395) (165) (104) (76) (51) (161) (952) (3,036) (1,026) (765) (478) (438) (2,302) (8,045) 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 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 48 9 15 3 5 1 81 Level 2 3,342 858 367 212 100 709 5,588 Level 3 739 546 552 520 493 3,548 6,398 4,129 1,413 934 735 598 4,258 12,067 Less: netting by counterparty (1,182) (253) (77) (38) (37) (432) (2,019) 2,947 1,160 857 697 561 3,826 10,048 Fair value of derivative liabilities Level 1 (55) (9) (13) (3) (5) (1) (86) Level 2 (3,577) (809) (263) (136) (41) (79) (4,905) Level 3 (492) (414) (426) (404) (407) (3,198) (5,341) (4,124) (1,232) (702) (543) (453) (3,278) (10,332) Less: netting by counterparty 1,182 253 77 38 37 432 2,019 (2,942) (979) (625) (505) (416) (2,846) (8,313) Net fair value 5 181 232 192 145 980 1,735 $ million 2019 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 63 6 2 — 2 1 74 Level 2 5,344 1,014 439 210 120 42 7,169 Level 3 779 501 485 540 452 2,708 5,465 6,186 1,521 926 750 574 2,751 12,708 Less: netting by counterparty (2,041) (291) (80) (36) (29) (247) (2,724) 4,145 1,230 846 714 545 2,504 9,984 Fair value of derivative liabilities Level 1 (49) (8) (4) (1) (2) (1) (65) Level 2 (4,522) (932) (458) (146) (113) (101) (6,272) Level 3 (506) (377) (383) (367) (352) (2,447) (4,432) (5,077) (1,317) (845) (514) (467) (2,549) (10,769) Less: netting by counterparty 2,041 291 80 36 29 247 2,724 (3,036) (1,026) (765) (478) (438) (2,302) (8,045) Net fair value 1,109 204 81 236 107 202 1,939 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 and other Total Fair value contracts at 1 January 2020 71 28 (125) 110 84 Gains (losses) recognized in the income statement 250 184 162 (66) 530 Sales — — — (32) (32) Settlements (135) (22) (189) — (346) Transfers out of level 3 5 (43) (21) (1) (60) Net fair value of contracts at 31 December 2020 191 147 (173) 11 176 Deferred day-one gains (losses) 881 Derivative asset (liability) 1,057 $ million Oil Natural gas Power Other Total Fair value contracts at 1 January 2019 23 (13) (148) 107 (31) Gains (losses) recognized in the income statement 128 82 244 2 456 Gains (losses) recognized in other comprehensive income — — (18) — (18) Settlements (79) (21) (179) — (279) Transfers out of level 3 (1) (20) (24) 1 (44) Net fair value of contracts at 31 December 2019 71 28 (125) 110 84 Deferred day-one gains (losses) 949 Derivative asset (liability) 1,033 The amount recognized in the income statement for the year relating to level 3 held-for-trading derivatives still held at 31 December 2020 was a $315-million gain (2019 $250-million gain related to derivatives still held at 31 December 2019). 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 $2,808 million. 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. 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. Gains and losses on these contracts are included within production and manufacturing expenses in the income statement. The change in the unrealized value of these contracts was a net gain of $829 million (2019 $160 million net gain and 2018 $351 million net loss), however 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 2020, 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. 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 30. Derivative financial instruments – continued • 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 (i.e. sterling/US dollar, Korean won/US dollar). 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 2020 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 4 (4) — Commodity price risk Highly probable forecast sales 78 (78) — At 31 December 2019 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure (1) 1 — Commodity price risk Highly probable forecast sales (100) 100 — 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 2020 $ million $ million $ million mmBtu Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 4 — 162 Commodity price risk Highly probable forecast sales — — (175) At 31 December 2019 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 1 (4) 150 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 2020 and 2019 relating to highly probably forecast capital expenditure matures within 12 months of the relevant balance sheet date. Of the nominal amount of hedging instruments at 31 December 2020 relating to highly probably forecast sales 135 mmBtu matures within 12 months and 40 mmBtu within one to two years. 30. Derivative financial instruments – continued 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 2020 2019 At 31 December Forecast capital expenditure Forecast sales Forecast capital expenditure Sterling/US dollar 1.35 1.35 Euro/US dollar — 1.11 Korean won/US dollar 1,174.47 1,115.66 Henry Hub $/mmBtu 2.88 Fair value hedges At 31 December 2020, the group held interest rate and cross-currency interest rate swap contracts as fair value hedges of the interest rate risk and foreign currency risk arising from group fixed rate debt issuances. Note 29 outlines the group’s approach to interest rate and foreign currency exchange risk management. The interest rate swaps are used to convert US dollar denominated fixed rate borrowings into floating rate debt. The cross-currency interest rate swaps are used to convert sterling, euro, Swiss franc, Canadian dollar and Norwegian krone denominated fixed rate borrowings into US dollar floating rate debt. The group manages all risks derived from debt issuance, such as credit risk, however, the group applies hedge accounting only to certain components of interest rate and foreign currency risk in order to minimize hedge ineffectiveness. The interest rate and foreign currency exposures are identified and hedged on an instrument-by-instrument basis. For interest rate exposures, the group designates as a fair value hedge the benchmark interest rate component only. This is an observable and reliably measurable component of interest rate risk. All of the fair value hedge accounting relationships currently in place are directly affected by the interest rate benchmark reform which will replace interbank offered rates (IBORs) with alternative benchmark rates as they all manage interest rate risk. The Group is significantly exposed to benchmark interest rate components; predominantly USD LIBOR, GBP LIBOR, EURIBOR and CHF LIBOR. The nominal amounts of the applicable hedging instruments represent the extent of the risk exposure bp manages for financial derivatives designated in fair value hedge relationships that is directly affected by the interest rate benchmark reform. These are disclosed in the table below. 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. However, the temporary reliefs provided by IFRS 9 allow bp to assume that in the event that significant uncertainty around the reform arises: • the interest rate benchmark component of fair value hedges only needs to be assessed as separately identifiable at initial designation; and • the interest rate benchmark is not altered for the purposes of assessing the economic relationship between the hedged item and the hedging instrument for fair value hedges. Judgement will be required to determine when the uncertainty arising from interest rate benchmark reform is no longer present and when the temporary reliefs no longer apply. However, at 31 December 2020 the reliefs apply and bp continues to monitor regulatory and market developments as it manages the contractual transition. For foreign currency exposures, the group excludes from the designation the foreign currency basis spread component implicit in the cross-currency interest rate swaps. This is separately calculated at hedge designation, is recognized in other comprehensive income over the life of the hedge and amortized to the income statement on a straight-line basis, in accordance with the group’s policy on costs of hedging. 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 2020 Fair value hedges Interest rate risk on finance debt (258) 258 — Interest rate and foreign currency risk on finance debt (2,743) 2,549 194 At 31 December 2019 Fair value hedges Interest rate risk on finance debt (764) 737 27 Interest rate and foreign currency risk on finance debt (336) 286 50 30. Derivative financial instruments – continued 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 2020 Assets Liabilities Fair value hedges Interest rate risk on finance debt 80 — 4,104 Interest rate and foreign currency risk on finance debt 2,614 (82) 23,313 At 31 December 2019 Fair value hedges Interest rate risk on finance debt 138 (35) 13,442 Interest rate and foreign currency risk on finance debt 344 (637) 21,296 All hedging instruments are presented within derivative financial instruments on the group balance sheet. Ineffectiveness arising on fair value hedges is included within the production and manufacturing expenses section of the income statement. 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 2020 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 2,705 996 — 227 — 176 — 4,104 Interest rate and foreign currency risk on finance debt 737 1,056 2,039 3,175 2,804 8,587 4,915 23,313 At 31 December 2019 Fair value hedges Interest rate risk on finance debt 3,000 2,576 4,039 1,200 206 2,421 — 13,442 Interest rate and foreign currency risk on finance debt 882 672 1,400 2,777 3,109 10,216 2,240 21,296 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 2020 2019 Interest rate swaps Cross-currency interest rate swaps Interest rate swaps Cross-currency interest rate swaps Interest rate 0.58 % 1.88 % 2.36 % 3.27 % Sterling/US dollar 1.33 1.32 Euro/US dollar 1.14 1.15 Canadian dollar/US dollar 0.78 0.87 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 2020 Assets Liabilities Assets Liabilities Discontinued hedges Fair value hedges Interest rate risk on finance debt — (4,196) — (81) (775) Interest rate and foreign currency risk on finance debt — (23,253) — (938) — At 31 December 2019 Fair value hedges Interest rate risk on finance debt — (13,441) — (100) (714) Interest rate and foreign currency risk on finance debt — (21,240) — (525) — The hedged item for all fair value hedges is presented within finance debt on the group balance sheet. 30. Derivative financial instruments – continued Movement in reserves related to hedge accounting The table below provides a reconciliation of the cash flow hedge and costs of hedging reserves on a pre-tax basis by risk category. The signage convention of this table is consistent with that presented in Note 32. $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2020 (1) — (651) (170) (822) Recognized in other comprehensive income Cash flow hedges marked to market 7 78 — — 85 Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — (37) — — (37) Costs of hedging marked to market — — — 42 42 Costs of hedging reclassified to the income statement — — — 22 22 7 41 — 64 112 Cash flow hedges transferred to the balance sheet 6 — — — 6 At 31 December 2020 12 41 (651) (106) (704) $ 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 2019 (21) (6) (651) (223) (901) Recognized in other comprehensive income Cash flow hedges marked to market (3) (100) — — (103) Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — 106 — — 106 Costs of hedging marked to market — — — (4) (4) Costs of hedging reclassified to the income statement — — — 57 57 (3) 6 — 53 56 Cash flow hedges transferred to the balance sheet 23 — — — 23 At 31 December 2019 (1) — (651) (170) (822) a See Note 32 for further information on the cash flow hedge reserve relating to the purchase of equity. Substantially all of the cash flow hedge reserve balances and all of the amounts reclassified from the cash flow hedge reserve into profit or loss during the year relate to continuing hedge relationships. Amounts deferred in the cash flow hedge reserve that have been reclassified to profit or loss are presented in sales and other operating revenues in the income statement. Costs of hedging relates to the foreign currency basis spreads of hedging instruments used to hedge the group's interest rate and foreign currency risk on debt which is a time-period related item.

Called-up share capital

Called-up share capital	12 Months Ended
	Dec. 31, 2020
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: 2020 2019 2018 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 21,535,840 5,383 21,525,464 5,381 21,288,193 5,322 Issue of new shares for the scrip dividend programme — — 208,927 52 195,305 49 Issue of new shares for employee share-based payment plans 34,000 9 37,400 9 92,168 23 Issue of new shares – other — — — — — — Repurchase of ordinary share capital (120,058) (30) (235,951) (59) (50,202) (13) At 31 December 21,449,782 5,362 21,535,840 5,383 21,525,464 5,381 5,383 5,404 5,402 a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference shares. Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each. In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference shares, plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the preference shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over par value. During 2020 the company repurchased 120 million ordinary shares for a total consideration of $776 million, including transaction costs of $4 million, as part of the share repurchase programme announced on 31 October 2017. All shares purchased were for cancellation. The repurchased shares represented 0.6% of ordinary share capital. The number of shares in issue is reduced when shares are repurchased. Treasury shares a 2020 2019 2018 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,296,856 323 1,426,265 356 1,482,072 370 Purchases for settlement of employee share plans — — 1,118 — 757 — Issue of new shares for employee share-based payment plans 34,116 9 37,400 9 92,168 23 Shares re-issued for employee share-based payment plans (143,322) (36) (167,927) (42) (148,732) (37) At 31 December 1,187,650 296 1,296,856 323 1,426,265 356 Of which – shares held in treasury by bp 1,105,157 275 1,163,077 290 1,264,732 316 – shares held in ESOP trusts 82,491 21 133,707 33 161,518 40 – shares held by bp’s US share plan administrator b 2 — 72 — 15 — 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 at 1 January represents the maximum number of shares held in treasury by bp during the year, representing 5.4% (2019 5.9% and 2018 6.9%) of the called-up ordinary share capital of the company. During 2020, the movement in shares held in treasury by bp represented less than 0.3% (2019 less than 0.5% and 2018 less than 1.0%) of the ordinary share capital of the company. Capital and reserves Share Share Capital Merger Total share capital At 1 January 2020 5,404 12,417 1,498 27,206 46,525 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (30) — 30 — — Share-based payments, net of tax b 9 167 — — 176 Share of equity-accounted entities’ changes in equity, net of tax c — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2020 5,383 12,584 1,528 27,206 46,701 At 31 December 2018 5,402 12,305 1,439 27,206 46,352 Adjustment on adoption of IFRS 16, net of tax — — — — — At 1 January 2019 5,402 12,305 1,439 27,206 46,352 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends 52 (52) — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (59) — 59 — — Share-based payments, net of tax b 9 164 — — 173 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Transactions involving non-controlling interests, net of tax e — — — — — At 31 December 2019 5,404 12,417 1,498 27,206 46,525 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to a non-controlling interest transaction entered into by Rosneft. d Principally relates to the sale of interests in our UK and New Zealand retail property portfolio, for which proceeds of $0.5 billion and $0.2 billion were received respectively. e Principally relates to the sale of a 49% interest in bp's retail property portfolio in Australia. 32. Capital and reserves – continued $ million Treasury Foreign Available- Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (14,412) (6,495) — (752) (160) (912) 73,706 98,412 — 2,296 100,708 — — — — — — (20,305) (20,305) 256 (680) (20,729) — (2,224) — — — — — (2,224) — 37 (2,187) — — — 31 60 91 — 91 — — 91 — — — — — — 312 312 — — 312 — — — — — — 71 71 — — 71 — — — — — — 65 65 — — 65 — — — 7 — 7 — 7 — — 7 — (2,224) — 38 60 98 (19,857) (21,983) 256 (643) (22,370) — — — — — — (6,367) (6,367) — (238) (6,605) — — — 6 — 6 — 6 — — 6 — — — — — — (776) (776) — — (776) 1,188 — — — — — (638) 726 — — 726 — — — — — — 1,341 1,341 — — 1,341 — — — — — — (48) (48) 11,909 — 11,861 — — — — — — — — (89) — (89) — — — — — — 3 3 — — 3 — — — — — — (64) (64) — 827 763 (13,224) (8,719) — (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 (15,767) (8,902) — (777) (210) (987) 78,748 99,444 — 2,104 101,548 — — — — — — (329) (329) — (1) (330) (15,767) (8,902) — (777) (210) (987) 78,419 99,115 — 2,103 101,218 — — — — — — 4,026 4,026 — 164 4,190 — 2,407 — — — — — 2,407 — 9 2,416 — — — 5 50 55 — 55 — — 55 — — — — — — 82 82 — — 82 — — — — — — (64) (64) — — (64) — — — — — — 171 171 — — 171 — — — (3) — (3) — (3) — — (3) — 2,407 — 2 50 52 4,215 6,674 — 173 6,847 — — — — — — (6,929) (6,929) — (213) (7,142) — — — 23 — 23 — 23 — — 23 — — — — — — (1,511) (1,511) — — (1,511) 1,355 — — — — — (809) 719 — — 719 — — — — — — 5 5 — — 5 — — — — — — 316 316 — 233 549 (14,412) (6,495) — (752) (160) (912) 73,706 98,412 — 2,296 100,708 32. Capital and reserves – continued Share Share Capital Merger Total share capital At 31 December 2017 5,343 12,147 1,426 27,206 46,122 Adjustment on adoption of IFRS 9, net of tax — — — — — At 1 January 2018 5,343 12,147 1,426 27,206 46,122 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends 49 (49) — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (13) — 13 — — Share-based payments, net of tax b 23 207 — — 230 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Transactions involving non-controlling interests, net of tax — — — — — At 31 December 2018 5,402 12,305 1,439 27,206 46,352 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. 32. Capital and reserves – continued $ million Treasury Foreign Available- Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (16,958) (5,156) 17 (760) — (743) 75,226 98,491 — 1,913 100,404 — — (17) — (37) (54) (126) (180) — — (180) (16,958) (5,156) — (760) (37) (797) 75,100 98,311 — 1,913 100,224 — — — — — — 9,383 9,383 — 195 9,578 — (3,746) — — — — — (3,746) — (41) (3,787) — — — (6) (173) (179) — (179) — — (179) — — — — — — 417 417 — — 417 — — — — — — 7 7 — — 7 — — — — — — 1,599 1,599 — — 1,599 — — — (37) — (37) — (37) — — (37) — (3,746) — (43) (173) (216) 11,406 7,444 — 154 7,598 — — — — — — (6,699) (6,699) — (170) (6,869) — — — 26 — 26 — 26 — — 26 — — — — — — (355) (355) — — (355) 1,191 — — — — — (718) 703 — — 703 — — — — — — 14 14 — — 14 — — — — — — — — — 207 207 (15,767) (8,902) — (777) (210) (987) 78,748 99,444 — 2,104 101,548 . 32. Capital and reserves – continued Share capital The balance on the share capital account represents the aggregate nominal value of all ordinary and preference shares in issue, including treasury shares. Share premium account The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary and preference shares. Capital redemption reserve The balance on the capital redemption reserve represents the aggregate nominal value of all the ordinary shares repurchased and cancelled. Merger reserve The balance on the merger reserve represents the fair value of the consideration given in excess of the nominal value of the ordinary shares issued in an acquisition made by the issue of shares. Treasury shares Treasury shares represent bp shares repurchased and available for specific and limited purposes. For accounting purposes shares held in Employee Share Ownership Plans (ESOPs) and bp’s US share plan administrator to meet the future requirements of the employee share-based payment plans are treated in the same manner as treasury shares and are, therefore, included in the financial statements as treasury shares. The ESOPs are funded by the group and have waived their rights to dividends in respect of such shares held for future awards. Until such time as the shares held by the ESOPs vest unconditionally to employees, the amount paid for those shares is shown as a reduction in shareholders’ equity. Assets and liabilities of the ESOPs are recognized as assets and liabilities of the group. Foreign currency translation reserve The foreign currency translation reserve records exchange differences arising from the translation of the financial statements of foreign operations. Upon disposal of foreign operations, the related accumulated exchange differences are reclassified to the income statement. Available-for-sale investments This reserve recorded the changes in fair value of investments classified as available-for-sale under IAS 39 except for impairment losses, foreign exchange gains or losses, or changes arising from revised estimates of future cash flows. On adoption of IFRS 9 the balance in this reserve was transferred to the profit and loss account reserve. Under the new standard the group recognizes fair value gains and losses on these investments in profit or loss. 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. It includes $651 million relating to the acquisition of an 18.5% interest in Rosneft in 2013 which will only be reclassified to the income statement if the investment in Rosneft is either sold or impaired. 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. Prior to the group’s adoption of IFRS 9 changes in the fair value of such foreign currency basis spreads were recognized in profit or loss. On adoption of the new standard a transfer from the profit and loss account reserve to the costs of hedging reserve was made in order to reflect the opening reserves position for relevant hedging instruments existing on transition. For further information on the accounting for costs of hedging see Note 1 - Derivative financial instruments and hedging activities. Profit and loss account The balance held on this reserve is the accumulated retained profits of the group. Non-controlling interests Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid bonds issued by BP Capital Markets PLC, a group subsidiary, on 17 June 2020 in euro, sterling and US dollars for a US dollar equivalent amount of $11.9 billion. The hybrid bonds include redemption options exercisable at the group’s discretion from June 2025 to March 2030 (the first ‘call date’), on specified dates thereafter, or in the event of specific circumstances (such as a change in IFRS or tax regime) as set out in the individual terms of each issue. Coupons are fixed for an initial period up to dates from September 2025 to June 2030 at rates of 3.25% to 4.875% and reset to rates determined by the contractual terms of each instrument on certain dates thereafter. The contractual terms of the hybrid bonds allow the group to defer coupon payments and the repayment of principal indefinitely, however their terms and conditions stipulate that any deferred payments must be made in the event of an announcement of an ordinary share or parity equity dividend distribution or certain share repurchases or redemptions. 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 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 2020 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (2,196) 9 (2,187) Cash flow hedges (including reclassifications) 41 (10) 31 Costs of hedging (including reclassifications) 64 (4) 60 Share of items relating to equity-accounted entities, net of tax 312 — 312 Other — 71 71 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 170 (105) 65 Cash flow hedges that will subsequently be transferred to the balance sheet 7 — 7 Other comprehensive income (1,602) (39) (1,641) $ million 2019 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 2,418 (2) 2,416 Cash flow hedges (including reclassifications) 6 (1) 5 Costs of hedging (including reclassifications) 53 (3) 50 Share of items relating to equity-accounted entities, net of tax 82 — 82 Other — (64) (64) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 328 (157) 171 Cash flow hedges that will subsequently be transferred to the balance sheet (3) — (3) Other comprehensive income 2,884 (227) 2,657 $ million 2018 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (3,771) (16) (3,787) Cash flow hedges (including reclassifications) (6) — (6) Costs of hedging (including reclassifications) (186) 13 (173) Share of items relating to equity-accounted entities, net of tax 417 — 417 Other — 7 7 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 2,317 (718) 1,599 Cash flow hedges that will subsequently be transferred to the balance sheet (37) — (37) Other comprehensive income (1,266) (714) (1,980)

Capital and reserves

Capital and reserves	12 Months Ended
	Dec. 31, 2020
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: 2020 2019 2018 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 21,535,840 5,383 21,525,464 5,381 21,288,193 5,322 Issue of new shares for the scrip dividend programme — — 208,927 52 195,305 49 Issue of new shares for employee share-based payment plans 34,000 9 37,400 9 92,168 23 Issue of new shares – other — — — — — — Repurchase of ordinary share capital (120,058) (30) (235,951) (59) (50,202) (13) At 31 December 21,449,782 5,362 21,535,840 5,383 21,525,464 5,381 5,383 5,404 5,402 a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference shares. Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each. In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference shares, plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the preference shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over par value. During 2020 the company repurchased 120 million ordinary shares for a total consideration of $776 million, including transaction costs of $4 million, as part of the share repurchase programme announced on 31 October 2017. All shares purchased were for cancellation. The repurchased shares represented 0.6% of ordinary share capital. The number of shares in issue is reduced when shares are repurchased. Treasury shares a 2020 2019 2018 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,296,856 323 1,426,265 356 1,482,072 370 Purchases for settlement of employee share plans — — 1,118 — 757 — Issue of new shares for employee share-based payment plans 34,116 9 37,400 9 92,168 23 Shares re-issued for employee share-based payment plans (143,322) (36) (167,927) (42) (148,732) (37) At 31 December 1,187,650 296 1,296,856 323 1,426,265 356 Of which – shares held in treasury by bp 1,105,157 275 1,163,077 290 1,264,732 316 – shares held in ESOP trusts 82,491 21 133,707 33 161,518 40 – shares held by bp’s US share plan administrator b 2 — 72 — 15 — 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 at 1 January represents the maximum number of shares held in treasury by bp during the year, representing 5.4% (2019 5.9% and 2018 6.9%) of the called-up ordinary share capital of the company. During 2020, the movement in shares held in treasury by bp represented less than 0.3% (2019 less than 0.5% and 2018 less than 1.0%) of the ordinary share capital of the company. Capital and reserves Share Share Capital Merger Total share capital At 1 January 2020 5,404 12,417 1,498 27,206 46,525 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (30) — 30 — — Share-based payments, net of tax b 9 167 — — 176 Share of equity-accounted entities’ changes in equity, net of tax c — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2020 5,383 12,584 1,528 27,206 46,701 At 31 December 2018 5,402 12,305 1,439 27,206 46,352 Adjustment on adoption of IFRS 16, net of tax — — — — — At 1 January 2019 5,402 12,305 1,439 27,206 46,352 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends 52 (52) — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (59) — 59 — — Share-based payments, net of tax b 9 164 — — 173 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Transactions involving non-controlling interests, net of tax e — — — — — At 31 December 2019 5,404 12,417 1,498 27,206 46,525 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to a non-controlling interest transaction entered into by Rosneft. d Principally relates to the sale of interests in our UK and New Zealand retail property portfolio, for which proceeds of $0.5 billion and $0.2 billion were received respectively. e Principally relates to the sale of a 49% interest in bp's retail property portfolio in Australia. 32. Capital and reserves – continued $ million Treasury Foreign Available- Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (14,412) (6,495) — (752) (160) (912) 73,706 98,412 — 2,296 100,708 — — — — — — (20,305) (20,305) 256 (680) (20,729) — (2,224) — — — — — (2,224) — 37 (2,187) — — — 31 60 91 — 91 — — 91 — — — — — — 312 312 — — 312 — — — — — — 71 71 — — 71 — — — — — — 65 65 — — 65 — — — 7 — 7 — 7 — — 7 — (2,224) — 38 60 98 (19,857) (21,983) 256 (643) (22,370) — — — — — — (6,367) (6,367) — (238) (6,605) — — — 6 — 6 — 6 — — 6 — — — — — — (776) (776) — — (776) 1,188 — — — — — (638) 726 — — 726 — — — — — — 1,341 1,341 — — 1,341 — — — — — — (48) (48) 11,909 — 11,861 — — — — — — — — (89) — (89) — — — — — — 3 3 — — 3 — — — — — — (64) (64) — 827 763 (13,224) (8,719) — (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 (15,767) (8,902) — (777) (210) (987) 78,748 99,444 — 2,104 101,548 — — — — — — (329) (329) — (1) (330) (15,767) (8,902) — (777) (210) (987) 78,419 99,115 — 2,103 101,218 — — — — — — 4,026 4,026 — 164 4,190 — 2,407 — — — — — 2,407 — 9 2,416 — — — 5 50 55 — 55 — — 55 — — — — — — 82 82 — — 82 — — — — — — (64) (64) — — (64) — — — — — — 171 171 — — 171 — — — (3) — (3) — (3) — — (3) — 2,407 — 2 50 52 4,215 6,674 — 173 6,847 — — — — — — (6,929) (6,929) — (213) (7,142) — — — 23 — 23 — 23 — — 23 — — — — — — (1,511) (1,511) — — (1,511) 1,355 — — — — — (809) 719 — — 719 — — — — — — 5 5 — — 5 — — — — — — 316 316 — 233 549 (14,412) (6,495) — (752) (160) (912) 73,706 98,412 — 2,296 100,708 32. Capital and reserves – continued Share Share Capital Merger Total share capital At 31 December 2017 5,343 12,147 1,426 27,206 46,122 Adjustment on adoption of IFRS 9, net of tax — — — — — At 1 January 2018 5,343 12,147 1,426 27,206 46,122 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends 49 (49) — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (13) — 13 — — Share-based payments, net of tax b 23 207 — — 230 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Transactions involving non-controlling interests, net of tax — — — — — At 31 December 2018 5,402 12,305 1,439 27,206 46,352 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. 32. Capital and reserves – continued $ million Treasury Foreign Available- Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (16,958) (5,156) 17 (760) — (743) 75,226 98,491 — 1,913 100,404 — — (17) — (37) (54) (126) (180) — — (180) (16,958) (5,156) — (760) (37) (797) 75,100 98,311 — 1,913 100,224 — — — — — — 9,383 9,383 — 195 9,578 — (3,746) — — — — — (3,746) — (41) (3,787) — — — (6) (173) (179) — (179) — — (179) — — — — — — 417 417 — — 417 — — — — — — 7 7 — — 7 — — — — — — 1,599 1,599 — — 1,599 — — — (37) — (37) — (37) — — (37) — (3,746) — (43) (173) (216) 11,406 7,444 — 154 7,598 — — — — — — (6,699) (6,699) — (170) (6,869) — — — 26 — 26 — 26 — — 26 — — — — — — (355) (355) — — (355) 1,191 — — — — — (718) 703 — — 703 — — — — — — 14 14 — — 14 — — — — — — — — — 207 207 (15,767) (8,902) — (777) (210) (987) 78,748 99,444 — 2,104 101,548 . 32. Capital and reserves – continued Share capital The balance on the share capital account represents the aggregate nominal value of all ordinary and preference shares in issue, including treasury shares. Share premium account The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary and preference shares. Capital redemption reserve The balance on the capital redemption reserve represents the aggregate nominal value of all the ordinary shares repurchased and cancelled. Merger reserve The balance on the merger reserve represents the fair value of the consideration given in excess of the nominal value of the ordinary shares issued in an acquisition made by the issue of shares. Treasury shares Treasury shares represent bp shares repurchased and available for specific and limited purposes. For accounting purposes shares held in Employee Share Ownership Plans (ESOPs) and bp’s US share plan administrator to meet the future requirements of the employee share-based payment plans are treated in the same manner as treasury shares and are, therefore, included in the financial statements as treasury shares. The ESOPs are funded by the group and have waived their rights to dividends in respect of such shares held for future awards. Until such time as the shares held by the ESOPs vest unconditionally to employees, the amount paid for those shares is shown as a reduction in shareholders’ equity. Assets and liabilities of the ESOPs are recognized as assets and liabilities of the group. Foreign currency translation reserve The foreign currency translation reserve records exchange differences arising from the translation of the financial statements of foreign operations. Upon disposal of foreign operations, the related accumulated exchange differences are reclassified to the income statement. Available-for-sale investments This reserve recorded the changes in fair value of investments classified as available-for-sale under IAS 39 except for impairment losses, foreign exchange gains or losses, or changes arising from revised estimates of future cash flows. On adoption of IFRS 9 the balance in this reserve was transferred to the profit and loss account reserve. Under the new standard the group recognizes fair value gains and losses on these investments in profit or loss. 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. It includes $651 million relating to the acquisition of an 18.5% interest in Rosneft in 2013 which will only be reclassified to the income statement if the investment in Rosneft is either sold or impaired. 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. Prior to the group’s adoption of IFRS 9 changes in the fair value of such foreign currency basis spreads were recognized in profit or loss. On adoption of the new standard a transfer from the profit and loss account reserve to the costs of hedging reserve was made in order to reflect the opening reserves position for relevant hedging instruments existing on transition. For further information on the accounting for costs of hedging see Note 1 - Derivative financial instruments and hedging activities. Profit and loss account The balance held on this reserve is the accumulated retained profits of the group. Non-controlling interests Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid bonds issued by BP Capital Markets PLC, a group subsidiary, on 17 June 2020 in euro, sterling and US dollars for a US dollar equivalent amount of $11.9 billion. The hybrid bonds include redemption options exercisable at the group’s discretion from June 2025 to March 2030 (the first ‘call date’), on specified dates thereafter, or in the event of specific circumstances (such as a change in IFRS or tax regime) as set out in the individual terms of each issue. Coupons are fixed for an initial period up to dates from September 2025 to June 2030 at rates of 3.25% to 4.875% and reset to rates determined by the contractual terms of each instrument on certain dates thereafter. The contractual terms of the hybrid bonds allow the group to defer coupon payments and the repayment of principal indefinitely, however their terms and conditions stipulate that any deferred payments must be made in the event of an announcement of an ordinary share or parity equity dividend distribution or certain share repurchases or redemptions. 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 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 2020 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (2,196) 9 (2,187) Cash flow hedges (including reclassifications) 41 (10) 31 Costs of hedging (including reclassifications) 64 (4) 60 Share of items relating to equity-accounted entities, net of tax 312 — 312 Other — 71 71 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 170 (105) 65 Cash flow hedges that will subsequently be transferred to the balance sheet 7 — 7 Other comprehensive income (1,602) (39) (1,641) $ million 2019 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 2,418 (2) 2,416 Cash flow hedges (including reclassifications) 6 (1) 5 Costs of hedging (including reclassifications) 53 (3) 50 Share of items relating to equity-accounted entities, net of tax 82 — 82 Other — (64) (64) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 328 (157) 171 Cash flow hedges that will subsequently be transferred to the balance sheet (3) — (3) Other comprehensive income 2,884 (227) 2,657 $ million 2018 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (3,771) (16) (3,787) Cash flow hedges (including reclassifications) (6) — (6) Costs of hedging (including reclassifications) (186) 13 (173) Share of items relating to equity-accounted entities, net of tax 417 — 417 Other — 7 7 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 2,317 (718) 1,599 Cash flow hedges that will subsequently be transferred to the balance sheet (37) — (37) Other comprehensive income (1,266) (714) (1,980)

Contingent liabilities and lega

Contingent liabilities and legal proceedings	12 Months Ended
	Dec. 31, 2020
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 2020 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 oil and natural gas production 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. While the amounts associated with decommissioning provisions reverting to the group could be significant and 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. In one current case in the US, the owner of facilities has filed for bankruptcy and submitted a proposed restructuring plan. It is considered possible that certain decommissioning costs associated with some of these facilities may in the future revert to bp in relation to assets previously disposed. No provision has been recognised and no reliable estimate of this potential exposure is available, however any amount which may revert is not expected to have a material impact on the group’s financial position. Furthermore, as described in Provisions and contingencies within Note 1, decommissioning provisions associated with downstream facilities are not generally recognized as the potential obligations cannot be measured given their indeterminate settlement dates. 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 further 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. Economic and Property Damages Settlement On 22 January 2021, the United States District Court for the Eastern District of Louisiana issued an order determining the completion of all claims processing operations of the court supervised settlement programme. That settlement programme had been established to administer claims pursuant to the Economic and Property Damages Settlement (EPD Settlement) which was entered into with the plaintiffs’ steering committee (PSC) acting on behalf of individual and business plaintiffs in the multi-district litigation proceedings in 2012 to resolve certain economic and property damage claims. The Court also ordered that all future issues concerning EPD Settlement claims would be considered time barred under the settlement programme and that the claims administrator should proceed to complete post-closure administrative wind down activities. Medical Benefits Class Action Settlement In 2012 the Medical Benefits Class Action Settlement (Medical Settlement) was entered into with the PSC. It involves payments to qualifying class members based on a matrix for certain Specified Physical Conditions (SPCs), as well as a 21-year Periodic Medical Consultation Program (PMCP) for qualifying class members. As of 31 December 2020, 1 claim remained pending determination. In total, 27,603 claims (comprising 22,833 SPC claims and 4,770 PMCP claims) have been approved for compensation totalling approximately $67 million and 9,623 claims have been denied. The Medical Settlement also includes provisions regarding class members pursuing claims for later-manifested physical conditions (LMPCs). In order to seek compensation from bp for an LMPC, class members must file a notice with the Medical Claims Administrator within 4 years after the date of first diagnosis of the LMPC. As of 31 December 2020, there were 612 pending lawsuits brought by class members claiming LMPCs. Other civil complaints – economic loss Nearly all economic loss and property damage claims from individuals and businesses that either opted out of the EPD Settlement and/or were excluded from that settlement have been settled or dismissed. The claims of 10 US-resident private plaintiffs remain in the multi-district litigation proceedings in federal district court in New Orleans. Those claims have been scheduled for a process of discovery and dispositive motions which is expected to conclude around mid-2021. 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. In 2019, the federal district court in New Orleans determined in a series of proceedings that 923 plaintiffs had post-explosion clean-up, medical monitoring and personal injury claims that complied with the court’s prior order to show cause why their claims should not be dismissed. As a result of several subsequent dismissals, approximately 881 plaintiffs’ claims remained as of 31 December 2020. On 23 February 2021, the district court issued a Case Management Order announcing its intent to sever the personal injury cases from the multi-district litigation proceedings and staying the litigation of any punitive damages claims until plaintiffs can establish a right to compensatory damages. The district court also stated that the order severing and re-allotting these cases is forthcoming. Most cases will remain in the federal district court in New Orleans and be re-allotted among the judges of that court. Individual securities litigation In October 2020, bp engaged with the plaintiffs in a mediation of all remaining multi-district litigation proceedings in federal district court in Houston. 28 such actions on behalf of 115 plaintiffs remained pending on 31 December 2020. The mediation resulted in settlements of all these cases and settlement agreements have now been executed with all plaintiffs. 33. Contingent liabilities and legal proceedings – continued Canadian class actions Following various legal proceedings, a plaintiff seeking to assert claims under Canadian law against bp on behalf of a class of Canadian residents who allegedly suffered losses because of their purchase of bp ordinary shares and ADSs appealed the motion to dismiss the case in its entirety granted on 8 November 2019. On 20 January 2021, the Court of Appeal affirmed that dismissal. Non-US government lawsuits On 18 October 2012, before a Mexican Federal District Court located in Mexico City, a class action complaint was filed against BP America Production Company (BPAPC) and other bp subsidiaries. On 27 June 2018, bp answered the complaint by seeking dismissal on various grounds including that no oil reached Mexican waters or land and there was no economic or environmental harm in Mexico. There has been no material development in these proceedings during 2020 and up to the date of publication of this BP Annual Report and Form 20-F 2020 in 2021. On 3 December 2015 and 29 March 2016, Acciones Colectivas de Sinaloa (ACS) filed two class actions (which have since been consolidated) in a Mexican Federal District Court on behalf of several Mexican states against BPXP, BPAPC, and other purported bp subsidiaries. In these class actions, plaintiffs seek an order requiring the bp defendants to repair the damage to the Gulf of Mexico, to pay penalties, and to compensate plaintiffs for damage to property, to health and for economic loss. BPXP and BPAPC opposed class certification and sought dismissal, principally on the basis that no oil reached Mexican waters or land and there was no economic or environmental harm in Mexico. The court certified the class on 25 September 2019 and bp appealed that decision including by way of constitutional challenge (amparo). The amparo action was denied on 8 October 2020 and on 18 January 2021, bp’s appeal of that ruling was also denied. Class notification procedures have not yet been finally determined. 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. 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. On 11 July 2016 the FERC issued an Order affirming the initial decision and directing bp to pay a civil penalty of $20.16 million and to disgorge $207,169 in unjust profits. On 10 August 2016, bp filed a request for rehearing with the FERC. On 17 December 2020, the FERC denied the rehearing request, sustaining the prior decision and ordering payment of the penalty and disgorgement amounts. bp has complied with the order but strongly disagrees with the FERC’s decision and is pursuing an appeal to the US Court of Appeals. Lead paint matters Since 1987, Atlantic Richfield Company (Atlantic Richfield), a subsidiary « of bp, has been named as a co-defendant in numerous lawsuits brought in the US alleging injury to persons and property caused by lead pigment in paint. The majority of the lawsuits have been abandoned or dismissed against Atlantic Richfield. Atlantic Richfield is named in these lawsuits as alleged successor to International Smelting and Refining and another company that manufactured lead pigment during the period 1920-1946. The plaintiffs include individuals and governmental entities. Several of the lawsuits purport to be class actions. The lawsuits seek various remedies including compensation to lead-poisoned children, cost to find and remove lead paint from buildings, medical monitoring and screening programmes, public warning and education of lead hazards, reimbursement of government healthcare costs and special education for lead-poisoned citizens and punitive damages. No lawsuit against Atlantic Richfield has been settled nor has Atlantic Richfield been subject to a final adverse judgment in any proceeding. The amounts claimed and, if such suits were successful, the costs of implementing the remedies sought in the various cases could be substantial. While it is not possible to predict the outcome of these legal actions, Atlantic Richfield believes that it has valid defences. It intends to defend such actions vigorously and believes that the incurrence of liability is remote. Consequently, bp believes that the impact of these lawsuits on the group’s results, financial position or liquidity will not be material. Climate change BP p.l.c., BP America Inc. and BP Products North America Inc. are co-defendants with other oil and gas companies in multiple lawsuits brought in various state and federal courts on behalf of various governmental and private parties. The lawsuits generally assert claims under a variety of legal theories seeking to hold the defendant companies responsible for impacts allegedly caused by and/or relating to climate change and seek remedies including payment of money and other forms of equitable relief. If such suits were successful, the cost of the remedies sought in the various cases could be substantial. All of these lawsuits remain at relatively early stages and while it is not possible to predict the outcome of these legal actions, BP believes that it has valid defences, and it intends to defend such actions vigorously . Louisiana Coastal restoration Six coastal parishes and the State of Louisiana have filed over 40 separate lawsuits in state courts in Louisiana against various oil and gas companies seeking damages for coastal erosion. bp entities are defendants in 17 of these cases. The lawsuits allege that the defendants' historical operations in oil fields within the Louisiana onshore coastal zone failed to comply with state permits and/or were conducted without the required coastal use permits. The plaintiffs seek unspecified statutory penalties and damages, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. In addition, four private landowners have filed separate claims in the state courts in Jefferson and Plaquemines Parishes of Louisiana for restoration damages related to alleged impacts to their marshlands associated with historic oil field operations. bp entities are defendants in two of these private landowner cases. All of these lawsuits remain at relatively early stages and while it is not possible to predict the outcome of these legal actions, bp believes that it has valid defences, and it intends to defend such actions vigorously.

Remuneration of senior manageme

Remuneration of senior management and non-executive directors	12 Months Ended
	Dec. 31, 2020
Related Party [Abstract]
Remuneration of senior management and non-executive directors	Remuneration of senior management and non-executive directors Remuneration of directors $ million 2020 2019 2018 Total for all directors Emoluments 6 9 8 Amounts received under incentive schemes a 14 20 16 Total 20 29 24 a Excludes amounts relating to past directors. Emoluments These amounts comprise fees paid to the non-executive chairman 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. Pension contributions During 2020 one executive director participated in a UK final salary pension plan in respect of service prior to 1 April 2011. During 2020, one executive director participated in retirement savings plans established for US employees and in a US defined benefit pension plan in respect of service prior to 1 September 2016. Further information Full details of individual directors’ remuneration are given in the Directors’ remuneration report on page 103. See also Related-party transactions on page 326. Remuneration of directors and senior management $ million 2020 2019 2018 Total for all senior management and non-executive directors Short-term employee benefits 17 30 25 Pensions and other post-retirement benefits 2 2 2 Share-based payments 52 32 32 Termination benefits 8 — — Total 79 64 59 Senior management comprises members of the leadership team, see pages 78-79 for further information. Short-term employee benefits These amounts comprise fees and benefits paid to the non-executive chairman 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.

Employee costs and numbers

Employee costs and numbers	12 Months Ended
	Dec. 31, 2020
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 primary pension arrangement in the UK is 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 chairman 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. The UK plan is closed to new joiners and is currently under consultation for closure to future accrual. As at 31 December 2020, it remained open to ongoing accrual for current members. New joiners 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 2020 the committee was composed of seven bp employees appointed by the president of bp Corporation North America Inc. (the appointing officer). The Investment Committee is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as the investment policies of the plan. US employees are also eligible to participate in a defined contribution (401k) plan in which employee contributions are matched with company contributions. In the US, group companies also provide post-retirement healthcare to most retired employees and their dependants (and, in certain cases, life insurance coverage); the entitlement to these benefits is usually based on the employee remaining in service until a specified age and completion of a minimum period of service. 24. Pensions and other post-retirement benefits – continued 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 line with market practice. 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 2020 the aggregate level of contributions was $325 million (2019 $349 million and 2018 $610 million). The aggregate level of contributions in 2021 is expected to be approximately $400 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 an annual basis a schedule of contributions is agreed covering the next five years. Contractually committed funding amounted to $1,014 million at 31 December 2020, all of which relates to future service. This amount is included in the group’s committed cash flows relating to pensions and other post-retirement benefit plans as set out in the table of contractual obligations on page 307. 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 primary US pension plan in 2020 and no statutory funding requirement is expected in the next 12 months. The surplus relating to the primary US 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 2020. 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 2020. The UK plans are subject to a formal actuarial valuation every three years; valuations are required more frequently in many other countries.The most recent formal actuarial valuation of the UK pension plans was as at 31 December 2017, and a valuation as at 31 December 2020 is currently underway. A valuation of the US plan and largest Eurozone plans are carried out annually. 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 UK US Eurozone 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate for plan liabilities 1.4 2.1 2.9 2.2 3.1 4.1 1.0 1.3 2.0 Rate of increase in salaries 3.6 3.4 3.8 4.1 3.9 3.9 2.9 3.1 3.1 Rate of increase for pensions in payment 2.8 2.7 3.0 — — — 1.3 1.5 1.5 Rate of increase in deferred pensions 2.8 2.7 3.0 — — — 0.5 0.5 0.5 Inflation for plan liabilities 2.9 2.7 3.1 1.7 1.5 1.5 1.5 1.7 1.7 % Financial assumptions used to determine benefit expense UK US Eurozone 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate for plan service cost 2.1 3.0 2.6 3.2 4.2 3.6 1.8 2.5 2.4 Discount rate for plan other finance expense 2.1 2.9 2.5 3.1 4.1 3.5 1.3 2.0 1.9 Inflation for plan service cost 2.6 3.1 3.1 1.5 1.5 1.7 1.7 1.7 1.6 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. The assumptions for the rate of increase in salaries are based on the inflation assumption plus an allowance for expected long-term real salary growth. These include an allowance for promotion-related salary growth, of up to 0.8% depending on country. 24. Pensions and other post-retirement benefits – continued 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 2020 2019 2018 2020 2019 2018 2020 2019 2018 Life expectancy at age 60 for a male currently aged 60 26.9 27.3 27.4 24.7 24.9 25.1 25.7 25.7 25.6 Life expectancy at age 60 for a male currently aged 40 28.4 28.9 28.9 26.4 26.7 26.9 28.2 28.3 28.1 Life expectancy at age 60 for a female currently aged 60 28.8 28.7 28.8 27.7 28.0 28.5 29.0 29.1 29.0 Life expectancy at age 60 for a female currently aged 40 30.4 30.5 30.6 29.2 29.7 30.1 31.2 31.2 31.2 Pension plan assets are generally held in trusts, the primary objective of which is to accumulate assets sufficient to meet the obligations of the plans. The assets of the trusts are invested in a manner consistent with fiduciary obligations and principles that reflect current practices in portfolio management. A significant proportion of the assets are held in equities, which are expected to generate a higher level of return over the long term, with an acceptable level of risk. In order to provide reasonable assurance that no single security or type of security has an unwarranted impact on the total portfolio, the investment portfolios are highly diversified. The trustee’s long-term investment objective for the primary UK plan as it matures is to invest in assets whose value changes in the same way as the plan liabilities, in order to reduce the level of funding risk. To move towards this objective, the UK plan uses a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds to achieve this matching effect for the most significant plan liability assumptions of interest rate and inflation rate. This is partly funded by short-term sale and repurchase agreements, whereby the plan borrows money using existing bonds as security and which will be bought back at a specified price at an agreed future date. The funds raised are used to invest in further bonds to increase the proportion of assets which match the plan liabilities. The borrowings are shown separately in the analysis of pension plan assets in the table below. For the primary UK pension plan there is an agreement with the trustee to increase the proportion of assets with liability matching characteristics over time primarily by reducing the proportion of plan assets held as equities and increasing the proportion held as bonds. During 2020, the UK plan switched 11% of plan assets from equities to bonds (2019 2%). There is a similar agreement in place for the primary US plan, although no switches have taken place in 2019 or 2020. The current asset allocation policy for the major plans at 31 December 2020 was as follows: UK US Asset category % % Total equity (including private equity) 17 40 Bonds/cash (including LDI) 76 60 Property/real estate 7 — The amounts invested under the LDI programme by the primary UK pension plan as at 31 December 2020 were $4,217 million (2019 $4,804 million) of government-issued nominal bonds and $24,576 million (2019 $19,462 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 201. 24. Pensions and other post-retirement benefits – continued $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2020 Listed equities – developed markets 5,008 1,112 542 318 6,980 – emerging markets 418 115 68 70 671 Private equity c 2,899 1,604 — 4 4,507 Government issued nominal bonds d 4,303 1,839 1,111 616 7,869 Government issued index-linked bonds d 24,576 — 107 — 24,683 Corporate bonds d 8,906 2,398 587 279 12,170 Property e 2,553 — 110 28 2,691 Cash 1,392 267 51 163 1,873 Other 795 131 104 30 1,060 Debt (repurchase agreements) used to fund liability driven investments (9,387) — — — (9,387) 41,463 7,466 2,680 1,508 53,117 At 31 December 2019 Listed equities – developed markets 6,285 1,290 495 371 8,441 – emerging markets 1,096 124 61 64 1,345 Private equity c 2,675 1,474 — 3 4,152 Government issued nominal bonds d 4,884 2,100 959 572 8,515 Government issued index-linked bonds d 19,462 — 100 — 19,562 Corporate bonds d 6,132 2,304 569 256 9,261 Property e 2,507 — 96 27 2,630 Cash 426 289 33 93 841 Other 98 74 30 26 228 Debt (repurchase agreements) used to fund liability driven investments (7,436) — — — (7,436) 36,129 7,655 2,343 1,412 47,539 At 31 December 2018 Listed equities – developed markets 5,191 1,238 413 306 7,148 – emerging markets 950 63 65 56 1,134 Private equity c 2,792 1,495 — 4 4,291 Government issued nominal bonds d 4,263 2,072 895 533 7,763 Government issued index-linked bonds d 17,491 — 102 — 17,593 Corporate bonds d 4,606 2,184 506 243 7,539 Property e 2,311 6 57 25 2,399 Cash 376 73 42 83 574 Other 116 64 32 40 252 Debt (repurchase agreements) used to fund liability driven investments (6,011) — — — (6,011) 32,085 7,195 2,112 1,290 42,682 a Bonds held by the UK pension plans are denominated in sterling. 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. 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 valued using quoted 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. 24. Pensions and other post-retirement benefits – continued $ million 2020 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 250 292 103 38 683 Past service cost b (48) (66) 12 (20) (122) Settlement b — (23) 10 (1) (14) Operating charge relating to defined benefit plans 202 203 125 17 547 Payments to defined contribution plans 49 183 2 38 272 Total operating charge 251 386 127 55 819 Interest income on plan assets a (725) (210) (33) (40) (1,008) Interest on plan liabilities 596 289 97 59 1,041 Other finance (income) expense (129) 79 64 19 33 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 4,108 1,041 104 38 5,291 Change in financial assumptions underlying the present value of the plan liabilities (4,207) (1,178) (143) (42) (5,570) Change in demographic assumptions underlying the present value of the plan liabilities 585 29 56 (4) 666 Experience gains and losses arising on the plan liabilities 54 (101) (178) 8 (217) Remeasurements recognized in other comprehensive income 540 (209) (161) — 170 Movements in benefit obligation during the year Benefit obligation at 1 January 29,780 10,119 7,353 1,826 49,078 Exchange adjustments 1,303 — 720 64 2,087 Operating charge relating to defined benefit plans 202 203 125 17 547 Interest cost 596 289 97 59 1,041 Contributions by plan participants c 21 — 2 11 34 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Benefit payments (unfunded plans) d (8) (197) (265) (34) (504) Reclassified as assets held for sale — (1) (55) — (56) Disposals — (35) — — (35) Remeasurements 3,568 1,250 265 38 5,121 Benefit obligation at 31 December a e 34,171 10,187 8,161 1,895 54,414 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 36,129 7,655 2,343 1,412 47,539 Exchange adjustments 1,582 — 235 64 1,881 Interest income on plan assets a f 725 210 33 40 1,008 Contributions by plan participants c 21 — 2 11 34 Contributions by employers (funded plans) 189 8 99 29 325 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Reclassified as assets held for sale — (7) (55) — (62) Remeasurements f 4,108 1,041 104 38 5,291 Fair value of plan assets at 31 December g 41,463 7,466 2,680 1,508 53,117 Surplus (deficit) at 31 December 7,292 (2,721) (5,481) (387) (1,297) Represented by Asset recognized 7,567 269 59 62 7,957 Liability recognized (275) (2,990) (5,540) (449) (9,254) 7,292 (2,721) (5,481) (387) (1,297) The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 7,564 269 (109) (58) 7,666 Unfunded (272) (2,990) (5,372) (329) (8,963) 7,292 (2,721) (5,481) (387) (1,297) The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (33,899) (7,197) (2,789) (1,566) (45,451) Unfunded (272) (2,990) (5,372) (329) (8,963) (34,171) (10,187) (8,161) (1,895) (54,414) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service credits represent curtailment gains arising from restructuring programmes in the UK, US and other countries, whilst past service costs and settlements in the Eurozone represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlement costs in the US resulted from a pension risk transfer to an external carrier for a group of small benefit retirees. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $2,935 million benefits and $428 million settlements, plus $40 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $7,728 million for pension liabilities and $2,459 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $5,060 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 199. 24. Pensions and other post-retirement benefits – continued $ million 2019 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 227 263 81 38 609 Past service cost b 2 — 5 (1) 6 Settlement b — (13) 8 — (5) Operating charge relating to defined benefit plans 229 250 94 37 610 Payments to defined contribution plans 42 188 7 38 275 Total operating charge 271 438 101 75 885 Interest income on plan assets a (909) (285) (43) (46) (1,283) Interest on plan liabilities 757 387 133 69 1,346 Other finance (income) expense (152) 102 90 23 63 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,945 1,079 220 97 4,341 Change in financial assumptions underlying the present value of the plan liabilities (2,294) (1,036) (748) (92) (4,170) Change in demographic assumptions underlying the present value of the plan liabilities 136 91 3 (4) 226 Experience gains and losses arising on the plan liabilities (57) (22) 6 4 (69) Remeasurements recognized in other comprehensive income 730 112 (519) 5 328 Movements in benefit obligation during the year Benefit obligation at 1 January 26,830 9,696 6,906 1,686 45,118 Exchange adjustments 942 — (142) 26 826 Operating charge relating to defined benefit plans 229 250 94 37 610 Interest cost 757 387 133 69 1,346 Contributions by plan participants c 20 — 2 6 28 Benefit payments (funded plans) d (1,207) (830) (76) (75) (2,188) Benefit payments (unfunded plans) d (6) (205) (273) (15) (499) Reclassified as assets held for sale — (146) — — (146) Disposals — — (30) — (30) Remeasurements 2,215 967 739 92 4,013 Benefit obligation at 31 December a e 29,780 10,119 7,353 1,826 49,078 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 32,085 7,195 2,112 1,290 42,682 Exchange adjustments 1,141 — (43) 24 1,122 Interest income on plan assets a f 909 285 43 46 1,283 Contributions by plan participants c 20 — 2 6 28 Contributions by employers (funded plans) 236 4 85 24 349 Benefit payments (funded plans) d (1,207) (830) (76) (75) (2,188) Reclassified as assets held for sale — (78) — — (78) Remeasurements f 2,945 1,079 220 97 4,341 Fair value of plan assets at 31 December g 36,129 7,655 2,343 1,412 47,539 Surplus (deficit) at 31 December 6,349 (2,464) (5,010) (414) (1,539) Represented by Asset recognized 6,588 387 27 51 7,053 Liability recognized (239) (2,851) (5,037) (465) (8,592) 6,349 (2,464) (5,010) (414) (1,539) The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 6,588 387 (136) (87) 6,752 Unfunded (239) (2,851) (4,874) (327) (8,291) 6,349 (2,464) (5,010) (414) (1,539) The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (29,541) (7,268) (2,479) (1,499) (40,787) Unfunded (239) (2,851) (4,874) (327) (8,291) (29,780) (10,119) (7,353) (1,826) (49,078) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs and settlements have arisen from restructuring programmes and represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlements in the US are the result of a buy-out transaction for the pensions of a group of low value annuitants. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $2,304 million benefits and $346 million settlements, plus $37 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $7,789 million for pension liabilities and $2,330 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $4,567 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 199. 24. Pensions and other post-retirement benefits – continued $ million 2018 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 295 299 84 43 721 Past service cost b 15 — 9 4 28 Settlement — — 17 — 17 Operating charge relating to defined benefit plans 310 299 110 47 766 Payments to defined contribution plans 38 178 5 40 261 Total operating charge 348 477 115 87 1,027 Interest income on plan assets a (868) (262) (44) (45) (1,219) Interest on plan liabilities 774 369 136 67 1,346 Other finance (income) expense (94) 107 92 22 127 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets (722) (256) (69) (36) (1,083) Change in financial assumptions underlying the present value of the plan liabilities 1,770 945 14 65 2,794 Change in demographic assumptions underlying the present value of the plan liabilities 123 (9) (42) 7 79 Experience gains and losses arising on the plan liabilities 520 41 (43) 9 527 Remeasurements recognized in other comprehensive income 1,691 721 (140) 45 2,317 a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs have arisen from restructuring programmes and represent charges for special termination benefits representing the increased liability arising as a result of early retirements mostly in the UK and Eurozone. Sensitivity analysis The discount rate, inflation, salary growth 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 2020 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 2021 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 2021 (274) 198 (51) 36 (2) (11) Effect on obligation at 31 December 2020 (5,658) 7,690 (1,272) 1,556 (1,149) 1,452 Inflation rate b Effect on expense in 2021 145 (116) 10 (8) 35 (28) Effect on obligation at 31 December 2020 5,337 (4,482) 66 (55) 1,025 (870) Salary growth Effect on expense in 2021 31 (27) 12 (10) 7 (7) Effect on obligation at 31 December 2020 670 (585) 82 (69) 91 (89) 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 2021 28 5 8 Effect on obligation at 31 December 2020 1,406 150 333 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, up until 2030 and the weighted average duration of the defined benefit obligations at 31 December 2020 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2021 1,072 1,568 357 112 3,109 2022 1,086 612 346 109 2,153 2023 1,120 593 339 107 2,159 2024 1,141 575 332 108 2,156 2025 1,135 583 328 107 2,153 2026-2030 5,939 2,696 1,521 528 10,684 Years Weighted average duration 19.2 13.8 16.1 12.7 Employee costs and numbers $ million Employee costs 2020 2019 2018 Wages and salaries a 7,600 7,497 7,931 Social security costs 729 733 743 Share-based payments b 728 694 669 Pension and other post-retirement benefit costs 852 948 1,154 9,909 9,872 10,497 2020 2019 2018 Average number of employees c US Non-US Total US Non-US Total US Non-US Total Upstream 4,800 10,600 15,400 5,800 11,000 16,800 5,900 11,500 17,400 Downstream d 5,800 37,800 43,600 5,700 37,300 43,000 6,000 36,300 42,300 Other businesses and corporate e 1,800 7,300 9,100 2,100 10,600 12,700 1,900 12,100 14,000 12,400 55,700 68,100 13,600 58,900 72,500 13,800 59,900 73,700 a Includes termination costs of $1,237 million (2019 $182 million and 2018 $493 million). Reinvent bp restructuring accruals of $714 million and provisions of $428 million for employee termination payments were held at 31 December 2020. 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 19,100 (2019 18,100 and 2018 17,100) service station staff. e Includes 0 (2019 2,500 and 2018 4,000) agricultural, operational and seasonal workers in Brazil. The reduction in the average number of employees in 2020 compared to 2019 is principally a result of the reinvent bp programme and divestment activity.

Auditor_s remuneration

Auditor’s remuneration	12 Months Ended
	Dec. 31, 2020
Additional information [abstract]
Auditor's remuneration	Auditor’s remuneration $ million Fees 2020 2019 2018 The audit of the company annual accounts a 30 32 25 The audit of accounts of subsidiaries of the company 11 11 10 Total audit 41 43 35 Audit-related assurance services b 11 4 4 Total audit and audit-related assurance services 52 47 39 Non-audit and other assurance services 1 1 2 Services relating to bp pension plans 1 1 1 54 49 42 a Fees in respect of the audit of the accounts of BP p.l.c. including the group’s consolidated financial statements. b Includes interim reviews and audit of internal control over financial reporting and non-statutory audit services. 2020 fees include audit fees relating to the Petrochemicals disposal. With effect from 2018, following a competitive tender process, Deloitte LLP (Deloitte) was appointed as auditor of the Company, replacing Ernst & Young LLP (EY). 2020 includes $0.5 million of additional fees for 2019. 2019 includes $3.6 million of additional fees for 2018. In addition to the amounts shown in the table above, in 2018 $0.75 million of additional fees were paid to EY in respect of their audit for 2017. 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 2020 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 $54 million (2019 $49 million and 2018 $42 million) is required to be presented as follows: audit $41 million (2019 $43 million and 2018 $35 million); other audit-related $11 million (2019 $4 million and 2018 $4 million); tax $nil (2019 $nil and 2018 $nil); and all other fees $2 million (2019 $2 million and 2018 $3 million).

Subsidiaries, joint arrangement

Subsidiaries, joint arrangements and associates	12 Months Ended
	Dec. 31, 2020
Interest In Other Entities [Abstract]
Subsidiaries, joint arrangements and associates	Subsidiaries, joint arrangements and associates The more important subsidiaries and associates of the group at 31 December 2020 and the group percentage of ordinary share capital (to nearest whole number) are set out below. There are no individually significant incorporated joint arrangements. 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 100 England & Wales Investment holding BP Exploration Operating Company 100 England & Wales Exploration and production *BP Global Investments 100 England & Wales Investment holding *BP International 100 England & Wales Integrated oil operations BP Oil International 100 England & Wales Integrated oil operations *Burmah Castrol 100 Scotland Lubricants Angola BP Exploration (Angola) 100 England & Wales Exploration and production Azerbaijan BP Exploration (Caspian Sea) 100 England & Wales Exploration and production BP Exploration (Azerbaijan) 100 England & Wales Exploration and production Canada *BP Holdings Canada 100 England & Wales Investment holding Egypt BP Exploration (Delta) 100 England & Wales Exploration and production Germany BP Europa SE 100 Germany Refining and marketing India BP Exploration (Alpha) 100 England & Wales Exploration and production Trinidad & Tobago BP Trinidad and Tobago 70 US Exploration and production UK BP Capital Markets 100 England & Wales Finance US *BP Holdings North America 100 England & Wales Investment holding Atlantic Richfield Company 100 US Exploration and production, refining and marketing BP America 100 US BP America Production Company 100 US BP Company North America 100 US BP Corporation North America 100 US BP Products North America 100 US Standard Oil Company 100 US BP Capital Markets America 100 US Finance Associates % Country of Principal activities Russia Rosneft Oil Company 19.75 Russia Integrated oil operations

Condensed consolidating informa

Condensed consolidating information on certain US subsidiaries	12 Months Ended
	Dec. 31, 2020
Disclosure Of Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed consolidating information on certain US subsidiaries	Condensed consolidating information on certain US subsidiariesOn 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.

Significant accounting polici_2

Significant accounting policies, judgements, estimates and assumptions (Policies)	12 Months Ended
	Dec. 31, 2020
Corporate Information And Statement Of IFRS Compliance [Abstract]
Authorization of financial statements and statement of compliance with International Financial Reporting Standards and Basis of preparation	Authorization of financial statements and statement of compliance with International Financial Reporting Standards The consolidated financial statements of BP p.l.c and its subsidiaries (collectively referred to as bp or the group) for the year ended 31 December 2020 were approved and signed by the chief executive officer and chairman on 22 March 2021 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 International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS adopted pursuant to Regulation (EC) No 1606/2002 as it applies in 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 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. As a result of the UK's withdrawal from the EU, with effect for periods starting subsequent to the year ended 31 December 2020, the consolidated financial statements will also be prepared in accordance with UK-adopted international accounting standards. There were no differences between IFRS as adopted by the EU and UK-adopted international accounting standards as at 1 January 2021. The UK’s withdrawal from the EU has not had and is not expected to have a significant impact on the consolidated financial statements. The significant accounting policies and accounting judgements, estimates and assumptions of the group are set out below. Basis of preparation The consolidated financial statements have been prepared on a going concern basis and in accordance with IFRS and IFRS Interpretations Committee (IFRIC) interpretations issued and effective for the year ended 31 December 2020. The accounting policies that follow have been consistently applied to all years presented, except where otherwise indicated. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest million dollars ($ million), except where otherwise indicated.
Use of judgements, estimates and assumptions	Significant accounting policies: use of judgements, estimates and assumptions Inherent in the application of many of the accounting policies used in preparing the consolidated financial statements is the need for bp management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual outcomes could differ from the estimates and assumptions used. The accounting judgements and estimates that have a significant impact on the results of the group are set out in boxed text below, and should be read in conjunction with the information provided in the Notes on financial statements. The areas requiring the most significant judgement and estimation in the preparation of the consolidated financial statements are: accounting for the investment in Rosneft; 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; and pensions and other post-retirement benefits. Judgements and estimates, not all of which are significant, made in assessing the impact of the COVID-19 pandemic, and climate change and the transition to a lower carbon economy on the consolidated financial statements are also set out in boxed text below. Where an estimate has a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year this is specifically noted within the boxed text. Judgements and estimates made in assessing the impact of climate change and the transition to a lower carbon economy Climate change and the transition to a lower carbon economy were considered in preparing the consolidated financial statements. These may have significant impacts on the currently reported amounts of the group’s assets and liabilities discussed below and on similar assets and liabilities that may be recognized in the future. 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 downwards during 2020 and the period covered extended to 2050. The revised assumptions sit within the range of external forecasts considered by management and are broadly in line with a range of transition paths consistent with the goals of the Paris climate change agreement. 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. Impairments were recognized during 2020 on certain Upstream oil and gas properties as a result of the lower price assumptions. See note 4 for further information. No material impairments were recognized on Downstream assets. 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. Headroom on goodwill balances was reduced, however the recoverable amount exceeds the carrying amount. See note 14 for further information including sensitivity analysis on the assumptions used to test goodwill for impairment. 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 lower price assumptions and work to develop bp’s new strategy resulted in a review of the recoverability of exploration and appraisal intangible assets during 2020. Certain intangible assets were subsequently written-off. See significant judgement: exploration and appraisal intangible assets and note 8 for further information. The revised long-term price assumptions for investment appraisal (see page 28) help create a framework that seeks to help ensure that currently unsanctioned future capital expenditure on property plant and equipment, and exploration and appraisal intangibles, is aligned with bp’s new strategy. 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, the significant majority of bp’s existing Upstream oil and natural gas properties are likely to be fully depreciated within the next 10 years and, as outlined in bp's new strategy, oil and natural gas production will remain an important part of bp’s business activities over that period. Similarly, for Downstream refineries, demand for refined products is expected to remain strong over the remaining useful life of existing assets. 1. Significant accounting policies, judgements, estimates and assumptions – continued 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 and therefore the useful lives of future capital expenditure may, however, be different. See significant accounting policy: property, plant and equipment for more information. Provisions: decommissioning The energy transition may bring forward the decommissioning of oil and gas industry assets thereby increasing the present value of associated decommissioning provisions. The majority of bp’s Upstream oil and gas properties are expected to start decommissioning within the next two decades and management does not expect any reasonable change in the expected timeframe to have a material effect on the Upstream decommissioning provisions, assuming cash flows remain unchanged. Decommissioning cost estimates are based on the known regulatory and external environment. These cost estimates may change in the future, including as a result of the transition to a lower carbon economy. For Downstream refineries, decommissioning provisions are generally not recognized as the associated obligations have indeterminate settlement dates, typically driven by the cessation of manufacturing. Management will continue to review facts and circumstances to assess if decommissioning provisions need to be recognized. S ee significant judgements and estimates: provisions for further information. Judgements and estimates made in assessing the impact of the COVID-19 pandemic and the 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 COVID-19 pandemic and current economic environment. Going concern Forecast liquidity has been assessed under a number of stressed scenarios, including a significant decline in oil prices over the 12-month period. Reverse stress tests performed indicated that the group will continue to operate as a going concern for at least 12 months from the date of approval of the consolidated financial statements even if the Brent price fell to zero. No material uncertainties over going concern or significant judgements or estimates in the assessment were identified. See also Note 29 Financial instruments and financial risk factors – Liquidity risk 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 impact was determined not to be significant and the post-tax impairment discount rate and nominal provisions discount rate were unchanged from 2019. Pre-tax impairment discount rates and post-tax premiums for certain higher-risk countries were changed but this did not have a material impact. See significant judgements and estimates: recoverability of asset carrying values and provisions for further information. Oil and natural gas price assumptions The price assumptions used in value-in-use impairment testing were revised downwards during the year, in part due to lower demand for oil and natural gas. Material impairment charges and exploration write-offs were recognized in the Upstream segment as a consequence of these price assumption changes. See significant judgements and estimates: recoverability of asset carrying values and exploration and appraisal intangible assets for further information. Demand constraints for refined products during the year did not result in any material impairment charges on Downstream refinery assets. Pensions and other post-retirement benefits The volatility in the financial markets during 2020 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. Impairment of financial assets measured at amortized cost The current economic environment and future credit risk outlook were considered in updating the estimate of expected credit loss allowances on financial assets measured at amortized cost. Whilst credit risk increased relative to 31 December 2019, there was also a significant reduction in the group's trade and other receivables balance. Therefore, the total expected credit loss allowances recognized as at 31 December 2020 did not significantly increase. Management does not consider the calculation of expected credit loss allowances to be a significant accounting estimate. See note 21 and 29 for further information. Income taxes The carrying amounts of the group’s deferred tax assets were reviewed and updated to the extent that there are changes in the probability of sufficient taxable profits being available to utilize the reported deferred tax assets. Management does not consider the measurement of deferred tax assets to be a significant accounting estimate. See significant accounting policy: income taxes and Note 9 for further information.
Basis of consolidation	Basis of consolidationThe consolidated group financial statements consolidate the financial statements of BP p.l.c. and its subsidiaries drawn up to 31 December each year. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control, including when control is obtained via potential voting rights, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid bonds issued by a subsidiary and for which the group has the unconditional right to avoid transferring cash or another financial asset to the bondholders. Profit or loss attributable to bp shareholders is adjusted to reflect the coupon related to these hybrid bonds whether or not such distribution has been deferred.
Business combinations and goodwill	Interests in other entities Business combinations and goodwill Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are recognized at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognized for any non-controlling interest and the acquisition-date fair values of any previously held interest in the acquiree over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. The amount recognized for any non-controlling interest is measured at the present ownership's proportionate share in 1. Significant accounting policies, judgements, estimates and assumptions – continued 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 Upstream segment, are conducted through joint operations. bp recognizes, on a line-by-line basis in the consolidated financial statements, its share of the assets, liabilities and expenses of these joint operations incurred jointly with the other partners, along with the group’s income from the sale of its share of the output and any liabilities and expenses that the group has incurred in relation to the joint operation. 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. Significant judgement: investment in Rosneft 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 Rosneft Oil Company (Rosneft), a Russian 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 Rosneft'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 Rosneft'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 policies. 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 owns 19.75% of the voting shares of Rosneft. Rosneft’s largest shareholder is Rosneftegaz JSC (Rosneftegaz), which is wholly owned by the Russian government. At 31 December 2020, Rosneftegaz held 40.4% (2019 50% plus one share) of the voting shares of Rosneft . IFRS identifies several indicators that may provide evidence of significant influence, including representation on the board of directors of the investee and participation in policy-making processes. bp’s group chief executive, Bernard Looney, was approved as a member of the board of directors of Rosneft in June 2020 as one of bp’s two nominated directors. bp’s other nominated director, Bob Dudley, has been a member of the Rosneft board since 2013. He is also chairman of the Rosneft board’s Strategic and Sustainable Development Committee. bp also holds the voting rights at general meetings of shareholders conferred by its 19.75% stake in Rosneft. Transactions by Rosneft in its own shares during the year have increased bp’s economic interest in Rosneft to 22.03% (2019 19.75%). bp's management considers, therefore, that the group has significant influence over Rosneft, as defined by IFRS. 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 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. The group assesses investments in equity-accounted entities for impairment whenever there is objective evidence that the investment is impaired. 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.
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 group chief executive, 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. For information on changes to bp's segmental reporting see ‘Change in segmentation from 1 January 2021’ below. 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 Downstream. 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	1. Significant accounting policies, judgements, estimates and assumptions – continued Foreign currency translation In individual subsidiaries, joint ventures and associates, transactions in foreign currencies are initially recorded in the functional currency of those entities at the spot exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the income statement, unless hedge accounting is applied. Non-monetary items, other than those measured at fair value, are not retranslated subsequent to initial recognition. In the consolidated financial statements, the assets and liabilities of non-US dollar functional currency subsidiaries, joint ventures, associates, and related goodwill, are translated into US dollars at the spot exchange rate on the balance sheet date. The results and cash flows of non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars using average rates of exchange. In the consolidated financial statements, exchange adjustments arising when the opening net assets and the profits for the year retained by non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars are recognized in a separate component of equity and reported in other comprehensive income. Exchange gains and losses arising on long-term intra-group foreign currency borrowings used to finance the group’s non-US dollar investments are also reported in other comprehensive income if the borrowings form part of the net investment in the subsidiary, joint venture or associate. On disposal or for certain partial disposals of a non-US dollar functional currency subsidiary, joint venture or associate, the related accumulated exchange gains and losses recognized in equity are reclassified from equity to the income statement.
Non-current assets held for sale	Non-current assets held for sale Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Significant non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale, and actions required to complete the plan of sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Property, plant and equipment and intangible assets are not depreciated or amortized 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, computer software, 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, appraisal and development expenditure Oil and natural gas exploration, appraisal and development 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. Significant accounting policies, judgements, estimates and assumptions – continued Development expenditure 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 as described below in the accounting policy for property, plant and equipment. 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. As a result of the revised price assumptions detailed in Significant judgements and estimates: recoverability of asset carrying values below and a review of bp’s long-term strategic plan, management reviewed bp’s exploration prospects and the carrying value of the associated intangible assets. The outcome of the review resulted in revised judgements over management's expectations to extract value from certain prospects, thereby leading to material write-offs of the associated exploration and appraisal intangible assets in 2020. The carrying amount of capitalized costs and further information on the write-offs 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. 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 231, which is unaudited. Details on bp’s proved reserves and production compliance and governance processes are provided on page 312. The 2020 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 231. 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 are as follows: Land improvements 15 to 25 years Buildings 20 to 50 years Refineries 20 to 30 years Petrochemicals plants 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, and goodwill The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may not be recoverable; for example, changes in the group’s business plans, plans to dispose rather than retain assets, changes in the group’s assumptions about commodity prices, low plant utilization, evidence of physical damage or, for oil and gas assets, significant downward revisions of estimated reserves or increases in estimated future development expenditure or decommissioning costs. If any such indication of impairment exists, the group makes an estimate of the asset’s or CGU’s recoverable amount. Individual assets are grouped into CGUs for impairment assessment purposes at the lowest level at which there are identifiable cash flows that are largely independent of the cash flows 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, 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, 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 that are not 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. In limited circumstances where recent market transactions are not available for reference, discounted cash flow techniques are applied. 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 recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset 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 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 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. 1. Significant accounting policies, judgements, estimates and assumptions – continued Significant judgements and estimates: recoverability of asset carrying values Determination as to whether, and by how much, an asset, CGU, or group of CGUs containing goodwill is impaired involves management estimates on highly uncertain matters such as the effects of inflation and deflation on operating expenses, discount rates, capital expenditure, 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 and refined products. Judgement is required when determining the appropriate grouping of assets into a CGU or the appropriate grouping of CGUs for impairment testing purposes. For example, individual oil and gas properties may form separate CGUs whilst certain oil and gas properties with shared infrastructure may be grouped together to form a single CGU. Alternative groupings of assets or CGUs may result in a different outcome from impairment testing. See Note 14 for details on how these groupings have been determined in relation to the impairment testing of goodwill. As described above, the recoverable amount of an asset is the higher of its value in use and its fair value less costs of disposal. Fair value less costs of disposal may be determined based on expected sales proceeds or similar recent market transaction data. Details of impairment charges and reversals recognized in the income statement are provided in Note 4 and details on the carrying amounts of assets are shown in Note 12, Note 14 and Note 15. The estimates for assumptions made in impairment tests in 2020 relating to discount rates and oil and gas properties are discussed below. Changes in the economic environment or other facts and circumstances may necessitate revisions to these assumptions and could result in a material change to the carrying values of the group's assets within the next financial year. Discount rates For discounted cash flow calculations, future cash flows are adjusted for risks specific to the CGU. Value-in-use calculations are typically discounted using a pre-tax discount rate based upon the cost of funding the group derived from an established model, adjusted to a pre-tax basis and incorporating a market participant capital structure and country risk premiums. Fair value less costs of disposal discounted cash flow calculations use the post-tax discount rate. The discount rates applied in impairment tests are reassessed each year and in 2020 , the post-tax discount rate was 6% (2019 6% ) . Where the CGU is located in a country that was judged to be higher risk an additional premium of 1% to 3% was reflected in the post-tax discount rate (2019 1% to 4% ). 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 typically ranged from 7% to 15% (2019 7% to 13% ) depending on the risk premium and applicable tax rate in the geographic location of the CGU. Oil and natural gas properties For Upstream oil and natural gas properties, expected future cash flows are estimated using management’s best estimate of future oil and natural gas prices, and production and reserves volumes. 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 2020, the group identified Upstream oil and gas properties with carrying amounts totalling $45,027 million (2019 $25,092 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. The investment appraisal price assumptions are recommended by the senior vice president economic & energy insights after considering a range of external prices, and supply and demand forecasts under 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 forecasts and scenarios considered include those where those goals are met as well as those where they are not met. bp sees the prospect of an enduring impact on the global economy as a result of the COVID-19 pandemic, with the potential for weaker demand for energy for a sustained period. bp’s management also expects 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 revised its price assumptions for value-in-use impairment testing, lowering them compared to those used in 2019 and extending the period covered to 2050. These price assumptions are derived from the central case investment appraisal assumptions (see page 28). A summary of the group’s revised price assumptions, in real 2020 terms, is provided below. The assumptions represent management’s best estimate of future prices, which sit within the range of external forecasts considered as appropriate for the purpose. They are considered by bp to be broadly in line with a range of transition paths consistent with the Paris climate goals. However, they do not correspond to any specific Paris-consistent scenario. An inflation rate of 2% (2019 2% ) is applied to determine the price assumptions in nominal terms. 2021 2025 2030 2040 2050 Brent oil ($/bbl) 50 50 60 60 50 Henry Hub gas ($/mmBtu) 3.00 3.00 3.00 3.00 2.75 1. Significant accounting policies, judgements, estimates and assumptions – continued Material impairment charges were recognized in 2020 following the downward revision of the price assumptions. See Note 4 for further information. The long-term price assumptions used to determine recoverable amount based on value-in-use impairments tests in 2019 were $70 per barrel for Brent and $4 per mmBtu for Henry Hub gas, both in 2015 prices. These long-term prices were applied from 2025 and 2032 respectively inflated for the remaining life of the asset. The price assumptions used in 2019 over the periods to 2025 and 2032 were set such that there was a linear progression from our best estimate of 2020 prices to the long-term assumptions. The majority of bp’s reserves and resources that support the carrying value of the group’s existing oil and gas properties are expected to be produced over the next 10 years. Oil prices fell 35% in 2020 from 2019 due to trade tensions, a macroeconomic downturn and a slowdown in oil demand, reflecting the impact of the COVID-19 pandemic. OPEC+ production restraint, unplanned outages, and sanctions on Venezuela and Iran kept prices from falling further. bp's long-term assumption for oil prices is higher than the 2020 price average, based on the judgement that current price levels would not encourage sufficient investment to meet global oil demand sustainably in the longer term, especially given the financial requirements of key low-cost oil producing economies. US gas prices dropped by around 20% in 2020 compared to 2019. Henry Hub gas prices were already low in early 2020 due to mild weather. The drop in demand from the second quarter onward as a result of the COVID-19 pandemic as well as significant US LNG shut-ins contributed to prices remaining below $2/mmBtu during the second and third quarters, despite a record consumption in the power sector and the drop in natural gas production. Prices recovered in the fourth quarter due to the seasonal gas demand increase and the strong recovery in US LNG exports. bp's long-term price assumption for US gas reflects the fact that over the coming decades US gas production increases with an increasing proportion of production being used as feedstock to supply expanding LNG exports, while in the longer-term falling gas consumption and declining demand for global LNG exports leads to increasing competitive pressure on US gas 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 A change in revenue from Upstream oil and gas properties can arise either due to changes in oil and natural gas prices, changes in oil and natural gas production, or a combination of the two. Management tested the impact of a change in revenue cash flows in value-in-use impairment testing arising from changes in price assumptions and/or production volumes up to a combined effect on revenue of 10% in all future years. Revenue reductions of this magnitude in isolation could indicatively lead to a reduction in the carrying amount of bp’s Upstream oil and gas properties in the range of $6-7 billion , which is approximately 5-6% of the net book value of property, plant and equipment as at 31 December 2020. Revenue increases of this magnitude in isolation could indicatively lead to an increase in the carrying amount of bp’s Upstream oil and gas properties in the range of $4-5 billion , which is approximately 3-4% of the net book value of property, plant and equipment as at 31 December 2020. This potential increase in the carrying amount would arise due to reversals of previously recognized impairments. 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 above sensitivity analyses therefore do not reflect a linear relationship between revenue and value that can be extrapolated. The interdependency of these inputs and risk factors plus the diverse characteristics of our 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. If the discount rate was one percentage point highe r across all tests performed, the impairment charge recognized in 2020 would have been approximately $2.4 billion higher. If the discount rate was one percentage point lower, the impairment charge recognized would have been approximately $2.7 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 approximately $12.5 billion on its balance sheet (2019 $11.9 billion ), principally relating to the Atlantic Richfield, Burmah Castrol, Devon Energy and Reliance transactions. Sensitivities and additional information relating to impairment testing of goodwill in the Upstream segment 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 determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses. Net realizable value is determined by reference to prices existing at the balance sheet date, adjusted where the sale of inventories after the reporting period gives evidence about their net realizable value at the end of the period. Inventories held for short-term trading purposes are stated at fair value less costs to sell and any changes in fair value are recognized in the income statement. Supplies are valued at the lower of cost on a weighted average basis and net realizable value.
Leases	Leases Agreements that convey the right to control the use of an identified asset for a period of time in exchange for consideration are accounted for as leases. The right to control is conveyed if bp has both the right to obtain substantially all of the economic benefits from, and the right to direct the use of, the identified asset throughout the period of use. An asset is identified if it is explicitly or implicitly specified by the agreement and any substitution rights held by the lessor over the asset are not considered substantive. Agreements that convey the right to control the use of an intangible asset including rights to explore for or use hydrocarbons are not accounted for as leases. See significant accounting policy: intangible assets. A lease liability is recognized on the balance sheet on the lease commencement date at the present value of future lease payments over the lease term. The discount rate applied is the rate implicit in the lease if readily determinable, otherwise an incremental borrowing rate is used. 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. 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. 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 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. 1. Significant accounting policies, judgements, estimates and assumptions – continued 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 recognise fair value gains and losses in other comprehensive income. Derivatives designated as hedging instruments in an effective hedge Derivatives designated as hedging instruments in an effective hedge are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation is described below in the accounting policy for derivative financial instruments and hedging activities. Cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and generally have a maturity of three months or less from the date of acquisition. Cash equivalents are classified as financial assets measured at amortized cost or, in the case of certain money market funds, fair value through profit or loss. Impairment of financial assets measured at amortized cost The group assesses on a forward-looking basis the expected credit losses associated with financial assets classified as 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 direct 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 assesses 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. 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 because 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. 1. Significant accounting policies, judgements, estimates and assumptions – continued 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 contract term can be valued using observable market data at which point any remaining deferred gain or loss is recognized in the income statement. Changes in valuation subsequent to the initial valuation at inception of a contract are recognized immediately in the income statement. For the purpose of hedge accounting, hedges are classified as: • Fair value hedges when hedging exposure to changes in the fair value of a recognized asset or liability. • Cash flow hedges when hedging exposure to variability in cash flows that is attributable to either a particular risk associated with a recognized asset or liability or a highly probable forecast transaction. Hedge relationships are formally designated and documented at inception, together with the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the existence at inception of an economic relationship and subsequent measurement of the hedging instrument's effectiveness in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk, the hedge ratio and sources of hedge ineffectiveness. Hedges meeting the criteria for hedge accounting are accounted for as follows: Fair value hedges The change in fair value of a hedging derivative is recognized in profit or loss. The change in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the carrying value of the hedged item and is also recognized in profit or loss, where it offsets. The group applies fair value hedge accounting when hedging interest rate risk and certain currency risks on fixed rate finance debt. Fair value hedge accounting is discontinued only when the hedging relationship or a part thereof ceases to meet the qualifying criteria. This includes when the risk management objective changes or when the hedging instrument is sold, terminated or exercised. The accumulated adjustment to the carrying amount of a hedged item at such time is then amortized prospectively to profit or loss as finance interest expense over the hedged item's remaining period to maturity. Cash flow hedges The effective portion of the gain or loss on a cash flow hedging instrument is reported in other comprehensive income, while the ineffective portion is recognized in profit or loss. Amounts reported in other comprehensive income are reclassified to the income statement when the hedged transaction affects profit or loss. Where the hedged item is a highly probably forecast transaction that results in the recognition of a non-financial asset or liability, such as a forecast foreign currency transaction for the purchase of property, plant and equipment, the amounts recognized within other comprehensive income are transferred to the initial carrying amount of the non-financial asset or liability. Where the hedged item is an equity investment, the amounts recognized in other comprehensive income remain in the separate component of equity until the hedged cash flows affect profit or loss. 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
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. 1. Significant accounting policies, judgements, estimates and assumptions – continued 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. For more information, including the carrying amounts of level 3 derivatives, see Note 30. 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 so are accounted for on an accruals basis, rather than as a derivative.
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 2.5% (2019 2.5%). 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 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 the 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 utilisation 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 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 integrated supply and trading function, then they are recognized on the balance sheet as inventory. 1. Significant accounting policies, judgements, estimates and assumptions – continued Restructuring provisions The reinvent bp programme, expected to reduce headcount by around 10,000 positions, has resulted in recognition of provisions 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. 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 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. The group has assessed that no material decommissioning provisions should be recognized as at 31 December 2020 (2019 no material provisions) for assets sold to third parties where the sale transferred the decommissioning obligation to the new owner. 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. 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. 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 2020 was 2.5% (2019 2.5%), 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 18 years (2019 18 years) and 6 years (2019 6 years) respectively. Costs at future prices are determined by applying an inflation rate of 1.5% (2019 1.5%) to decommissioning costs and 2% (2019 2%) for all other provisions. A lower rate is applied to decommissioning as certain costs are expected to remain fixed at current or past prices. 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 0.5 percentage point decrease in the nominal discount rate applied could increase the group’s provision balances by approximately $1.3 billion (2019 $1.4 billion). The pre-tax impact on the group income statement would be a charge of approximately $0.5 billion. The discounting impact on the group's Upstream decommissioning provisions of a two-year change in the timing of expected future decommissioning expenditures would not be material. Management currently does not consider a change of greater than two years to be reasonably possible in the next financial year. If all expected future decommissioning expenditures were 10% higher, the group's Upstream decommissioning provisions would increase by approximately $1.4 billion and a pre-tax charge of approximately $0.5 billion would be recognized. As described in Note 33, the group is subject to claims and actions for which no provisions have been recognized. The facts and circumstances relating to particular cases are evaluated regularly in determining whether a provision relating to a specific litigation should be recognized or revised. Accordingly, significant management judgement relating to provisions and contingent liabilities is required, since the outcome of litigation is difficult to predict.
Employee benefits and Pensions and other post-retirement benefits	Employee benefits Wages, salaries, bonuses, social security contributions, paid annual leave and sick leave are accrued in the period in which the associated services are rendered by employees of the group. Deferred bonus arrangements that have a vesting date more than 12 months after the balance sheet date are valued on an actuarial basis using the projected unit credit method and amortized on a straight-line basis over the service period until the award vests. The accounting policies for share-based payments and for pensions and other post-retirement benefits are described below. Pensions and other post-retirement benefits The cost of providing benefits under the group’s defined benefit plans is determined separately for each plan using the projected unit credit method, which attributes entitlement to benefits to the current period to determine current service cost and to the current and prior periods to determine the present value of the defined benefit obligation. Past service costs, resulting from either a plan amendment or a curtailment (a reduction in future obligations as a result of a material reduction in the plan membership), are recognized immediately when the company becomes committed to a change. Net interest expense relating to pensions and other post-retirement benefits, which is recognized in the income statement, represents the net change in present value of plan obligations and the value of plan assets resulting from the passage of time, and is determined by applying the discount rate to the present value of the benefit obligation at the start of the year, and to the fair value of plan assets at the start of the year, taking into account expected changes in the obligation or plan assets during the year. Remeasurements of the defined benefit liability and asset, comprising actuarial gains and losses, and the return on plan assets (excluding amounts included in net interest described above) are recognized within other comprehensive income in the period in which they occur and are not subsequently reclassified to profit and loss. The defined benefit pension plan surplus or deficit recognized on the balance sheet for each plan comprises the difference between the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds) and the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information and, in the case of quoted securities, is the published bid price. Defined benefit pension plan surpluses are only recognized to the extent they are recoverable, either by way of a refund from the plan or reductions in future contributions to the plan. Contributions to defined contribution plans are recognized in the income statement in the period in which they become payable. Significant estimate: pensions and other post-retirement benefits Accounting for defined benefit pensions and other post-retirement benefits involves making significant estimates when measuring the group's pension plan surpluses and deficits. These estimates require assumptions to be made about many uncertainties. Pensions and other post-retirement benefit assumptions are reviewed by management at the end of each year. These assumptions are used to determine the projected benefit obligation at the year end and hence the surpluses and deficits recorded on the group's balance sheet, and pension and other post-retirement benefit expense for the following year. The assumptions that are the most significant to the amounts reported are the discount rate, inflation rate, salary growth and mortality levels. Assumptions about these variables are based on the environment in each country. The assumptions used vary from year to year, with resultant effects on future net income and net assets. Changes to some of these assumptions, in particular the discount rate and inflation rate, could result in material changes to the carrying amounts of the group's pension and other post-retirement benefit obligations within the next financial year, in particular for the UK, US and Eurozone plans. Any differences between these assumptions and the actual outcome will also affect future net income and net assets. The values ascribed to these assumptions and a sensitivity analysis of the impact of changes in the assumptions on the benefit expense and obligation used are provided in Note 24.
Share-based payments	Share-based payments Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments on the date on which they are granted and is recognized as an expense over the vesting period, which ends on the date on which the employees become fully entitled to the award. A corresponding credit is recognized within equity. Fair value is determined by using an appropriate, widely used, valuation model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the company (market conditions). Non-vesting conditions, such as the condition that employees contribute to a savings-related plan, are taken into account in the grant-date fair value, and failure to meet a non-vesting condition, where this is within the control of the employee is treated as a cancellation and any remaining unrecognized cost is expensed. For other equity-settled share-based payment transactions, the goods or services received and the corresponding increase in equity are measured at the fair value of the goods or services received unless their fair value cannot be reliably estimated. If the fair value of the goods and services received cannot be reliably estimated, the transaction is measured by reference to the fair value of the equity instruments granted. 1. Significant accounting policies, judgements, estimates and assumptions – continued Cash-settled transactions The cost of cash-settled transactions is recognized as an expense over the vesting period, measured by reference to the fair value of the corresponding liability which is recognized on the balance sheet. The liability is remeasured at fair value at each balance sheet date until settlement, with changes in fair value recognized in the income statement.
Income taxes	Income taxes Income tax expense represents the sum of current tax and deferred tax. Income tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case the related tax is recognized in other comprehensive income or directly in equity. Current tax is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it is determined in accordance with the rules established by the applicable taxation authorities. It therefore excludes items of income or expense that are taxable or deductible in other periods as well as items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences except: • Where the deferred tax liability arises on the initial recognition of goodwill. • Where the deferred tax liability arises on the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. • 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. 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 and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. 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. 1. Significant accounting policies, judgements, estimates and assumptions – continued 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 Management do not assess there to be a significant risk of a material change to the group’s tax provisioning or recognition of deferred tax assets within the next financial year, however the tax position remains inherently uncertain and therefore subject to change. To the extent that actual outcomes differ from management’s estimates, income tax charges or credits, and changes in current and deferred tax assets or liabilities, may arise in future periods. For more information see Note 9 and Note 33. Judgement is also required when determining whether a particular tax is an income tax or another type of tax (for example a production 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. No new significant judgements were made in 2020 in this regard.
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. Certain forward contracts entered into by the group that result in physical delivery of products such as crude oil, natural gas and refined products are required to be accounted for as derivative financial instruments. Revenue recognized relating to such contracts when physical delivery occurs is measured at the contractual transaction price plus the carrying amount of the related derivative at the date of settlement and presented as other operating revenues. Changes in the fair value of derivative assets and liabilities prior to physical delivery are also classified as other operating revenues. See also Other significant accounting policy changes - IFRIC agenda decision on IFRS 9 'Financial instruments' below. 1. Significant accounting policies, judgements, estimates and assumptions – continued Where forward sale and purchase contracts for oil, natural gas or power have been determined to be for short-term trading purposes, the associated sales and purchases are reported net within sales and other operating revenues whether or not physical delivery has occurred. Physical exchanges with counterparties in the same line of business in order to facilitate sales to customers are reported net, as are sales and purchases made with a common counterparty, as part of an arrangement similar to a physical exchange. Where the group acts as agent on behalf of a third party to procure or market energy commodities, any associated fee income is recognized but no purchase or sale is recorded. Interest income is recognized as the interest accrues (using the effective interest rate, that is, the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset). Dividend income from investments is recognized when the shareholders’ right to receive the payment is established. Contract asset and contract liability balances are included within amounts presented for trade receivables and other payables respectively.
Finance costs	Finance costs Finance costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets until such time as the assets are substantially ready for their intended use. All other finance costs are recognized in the income statement in the period in which they are incurred.
Updates to significant accounting policies	Updates to significant accounting policies Impact of new International Financial Reporting Standards bp adopted ‘Interest Rate Benchmark Reform – Phase I – Amendments to IFRS 9 ‘Financial instruments’ and IFRS 7 ‘Financial instruments: Disclosures’’ with effect from 1 January 2020 . There are no other new or amended standards or interpretations adopted during the year that have a significant impact on the consolidated financial statements. 'Interest Rate Benchmark Reform – Phase I’ 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. This first phase of amendments to IFRS 9 provide temporary relief from applying specific hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reforms. 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 have been 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. See Note 29 Financial instruments and financial risk factors - interest rate risk and Note 30 Derivative financial instruments - Fair value hedges for further information. Impact of new International Financial Reporting Standards - Not yet adopted The following pronouncements from the IASB have not been adopted by the group in these financial statements as they will only become effective for future financial reporting periods. There are no other standards, amendments or interpretations in issue but not yet adopted that the directors anticipate will have a material effect on the reported income or net assets of the group. IFRS 17 ' Insurance Contracts' IFRS 17 'Insurance Contracts' provides a new general model for accounting for contracts where the issuer accepts significant insurance risk from another party and agrees to compensate that party if a future uncertain event adversely affects them. IFRS 17 replaces IFRS 4 'Insurance Contracts' and will be effective for bp for the financial reporting period commencing 1 January 2023. The standard has not yet been endorsed by the UK and the EU. bp's assessment of the impact of IFRS 17 is at an initial stage but it is not expected to have a significant effect on future financial reporting. ‘Interest Rate Benchmark Reform – Phase II’ Amendments to IFRS 9, IFRS 7, IFRS 4 and IFRS 16 ‘Leases’ were issued by the IASB in August 2020 to provide practical expedients and reliefs in relation to modifications of financial instruments and leases that arise from transition from IBORs to RFRs. Phase II also provides further reliefs to hedge accounting requirements. These amendments were effective for bp from 1 January 2021. The amendments have been endorsed by the UK and by the EU. bp’s working group on interest rate benchmark reform is monitoring and managing the transition to alternative benchmark rates and is currently assessing the impact on contracts and arrangements that are linked to existing interest rate benchmarks for example, borrowings, leases and derivative contracts. bp is also participating on external committees and task forces dedicated to interest rate benchmark reform. Other changes to significant accounting policies Physically settled derivative contracts In March 2019, 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 routinely enters into transactions for the sale and purchase of commodities that are physically settled and meet the definition of a derivative financial instrument. 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. 1. Significant accounting policies, judgements, estimates and assumptions – continued bp 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 1 January 2020. Revenues from physically settled derivative sales contracts are no longer presented together with revenue from contracts with customers. In these financial statements 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 as set out below. $ million 2019 (previously reported) 2019 (re-presented – see note 6) Presentational adjustments 2018 (previously reported) 2018 (re-presented – see note 6) Presentational adjustments Crude oil 62,130 9,141 52,989 65,276 10,331 54,945 Oil products 180,528 102,408 78,120 195,466 108,515 86,951 Natural gas, LNG and NGLs 20,167 18,909 1,258 21,745 20,494 1,251 Non-oil products and other revenues from contracts with customers 13,254 12,169 1,085 13,768 12,489 1,279 Revenue from contracts with customers 276,079 142,627 133,452 296,255 151,829 144,426 Other operating revenues 2,318 135,770 (133,452) 2,501 146,927 (144,426) Total sales and other operating revenues 278,397 278,397 — 298,756 298,756 — Voluntary changes to significant accounting policies - not yet adopted Net presentation of revenues and purchases relating to physically settled derivative contracts from 1 January 2021 As described above, bp routinely enters into transactions for the sale and purchase of commodities that are physically settled and meet the definition of a derivative financial instrument. These contracts are within the scope of IFRS 9 and as such, prior to settlement, changes in the fair value of these derivative contracts are presented as gains and losses within other operating revenues. The group currently presents revenues and purchases for such contracts on a gross basis in the group income statement upon physical settlement. These transactions have historically represented a substantial portion of the revenues and purchases reported in the group’s consolidated financial statements. The change in strategic direction of the group supported by organisational changes to implement the strategy from 1 January 2021, results in the group determining that the revenue and corresponding purchases relating to such transactions should be presented net as gains or losses within other operating revenues. Additionally the group’s trading activity has continued to evolve over time from one of capturing third party physical trades to provide flow assurance to one with increasing levels of optimisation, taking advantage of price volatility and fluctuations in demand and supply, which will continue under the new strategy, further supporting the change in presentation. The new presentation provides reliable and more relevant information for users of the accounts as the group’s revenue recognition will be more closely aligned with its assessment of ‘Scope 3’ emissions from its products, its ‘Net Zero’ ambition and how management monitors and manages performance of such contracts. Comparative information for Sales and other operating revenues and purchases for 2019 and 2020 will be restated and will be presented under the new policy alongside group’s 2021 financial information. Change in segmentation During the first quarter of 2021, the group's reportable segments changed consistent with a change in the way that resources are allocated and performance is assessed by the chief operating decision maker, who for bp is the group chief executive, from that date. From the first quarter of 2021, the group's reportable are gas & low carbon energy, oil production & operations, customers & products, and Rosneft. At 31 December 2020, the group's reportable segments were Upstream, Downstream and Rosneft. Gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas trading activities and the group's renewables businesses, including biofuels, solar and wind. Gas producing regions were previously in the Upstream segment. The group's renewables businesses were previously part of 'Other businesses and corporate'. Oil production & operations comprises regions with upstream activities that predominantly produce crude oil. These activities were previously in the Upstream segment. Customers & products comprises the group's convenience and mobility business, which manages the sale of fuels to wholesale and retail customers, convenience products, aviation fuels, and Castrol lubricants; and refining, supply and trading. The petrochemicals business will also be reported in restated comparative information as part of the customers and products segment up to its sale in December 2020. The customers & products segment is, therefore, substantially unchanged from the former Downstream segment with the exception of the Petrochemicals disposal. The Rosneft segment is unchanged and continues to include equity-accounted earnings from the group's investment in Rosneft. The segment measure of profit or loss continues to be replacement cost profit or loss before interest and tax, which reflects the replacement cost of supplies by excluding from profit or loss before interest and tax inventory holding gains and losses. See Note 5 for further information. In the group's financial reporting for 2021, comparative information for 2019 and 2020 will be restated to reflect the changes in reportable segments. Reporting under the new segment structure will begin with the first quarter 2021 interim financial statements. Segmental information presented in these financial statements is based on the segment structure as at 31 December 2020.

Significant accounting polici_3

Significant accounting policies, judgements, estimates and assumptions (Tables)	12 Months Ended
	Dec. 31, 2020
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 are as follows: Land improvements 15 to 25 years Buildings 20 to 50 years Refineries 20 to 30 years Petrochemicals plants 20 to 30 years Pipelines 10 to 50 years Service stations 15 years Office equipment 3 to 10 years Fixtures and fittings 5 to 15 years $ million Land and land improvements Buildings Oil and gas properties a Plant, machinery and equipment Fittings, fixtures and office equipment Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2020 3,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 Exchange adjustments 219 6 — 801 33 8 603 1,670 Additions 101 63 6,922 1,539 586 49 864 10,124 Acquisitions 89 — — 35 5 9 376 514 Transfers from intangible assets — — 605 — — — — 605 Reclassified as assets held for sale — — (1,425) — — — — (1,425) Deletions (146) (281) (6,131) (6,185) (738) (491) (261) (14,233) At 31 December 2020 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Depreciation - owned PP&E At 1 January 2020 581 697 124,766 21,527 2,006 2,744 4,865 157,186 Exchange adjustments 35 6 — 424 26 9 379 879 Charge for the year 113 46 10,068 1,312 170 77 740 12,526 Impairment losses 8 9 11,705 744 2 4 3 12,475 Impairment reversals — (1) (83) — — (5) — (89) Reclassified as assets held for sale — — (326) — — — — (326) Deletions (45) (126) (5,579) (3,976) (359) (448) (201) (10,734) At 31 December 2020 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Owned PP&E - net book amount at 31 December 2020 3,180 579 73,772 22,883 573 668 4,490 106,145 Right-of-use assets - net book amount at 31 December 2020 b — 1,254 77 792 21 2,855 3,692 8,691 Total PP&E - net book amount at 31 December 2020 3,180 1,833 73,849 23,675 594 3,523 8,182 114,836 Cost - owned PP&E At 1 January 2019 3,562 1,502 232,684 45,721 2,747 10,183 8,866 305,265 Exchange adjustments (22) 5 — (158) 15 (3) (69) (232) Additions 88 93 13,237 2,433 172 274 644 16,941 Acquisitions 51 — — — — — 8 59 Transfers from intangible assets — — 1,885 — — — — 1,885 Reclassified as assets held for sale (26) — (22,602) — (76) (6,708) — (29,412) Deletions (44) (178) (10,852) (1,272) (326) (272) (755) (13,699) At 31 December 2019 3,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 Depreciation - owned PP&E At 1 January 2019 626 697 133,687 20,512 2,041 7,819 5,146 170,528 Exchange adjustments (4) 5 — (63) 12 (3) (45) (98) Charge for the year 44 59 13,012 1,705 168 173 420 15,581 Impairment losses 1 1 5,871 64 1 404 4 6,346 Impairment reversals — — (129) — — (2) — (131) Reclassified as assets held for sale — — (17,764) — (69) (5,478) — (23,311) Deletions (86) (65) (9,911) (691) (147) (169) (660) (11,729) At 31 December 2019 581 697 124,766 21,527 2,006 2,744 4,865 157,186 Owned PP&E - net book amount at 31 December 2019 3,028 725 89,586 25,197 526 730 3,829 123,621 Right-of-use assets - net book amount at 31 December 2019 b — 1,196 128 1,241 16 3,385 3,055 9,021 Total PP&E - net book amount at 31 December 2019 3,028 1,921 89,714 26,438 542 4,115 6,884 132,642 Assets under construction included above At 31 December 2020 17,259 At 31 December 2019 23,897 Depreciation charge for the year on right-of-use assets 2020 192 43 637 10 829 579 2,290 2019 220 31 671 9 784 526 2,241 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 $284 million (2019 $653 million) of drilling rig right-of-use assets and $2,521 million (2019 $2,929 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.
Summary of sales and other operating revenues, change in presentation	In addition, bp chose to change its presentation of revenues from physically settled derivative sales contracts from 1 January 2020. Revenues from physically settled derivative sales contracts are no longer presented together with revenue from contracts with customers. In these financial statements 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 as set out below. $ million 2019 (previously reported) 2019 (re-presented – see note 6) Presentational adjustments 2018 (previously reported) 2018 (re-presented – see note 6) Presentational adjustments Crude oil 62,130 9,141 52,989 65,276 10,331 54,945 Oil products 180,528 102,408 78,120 195,466 108,515 86,951 Natural gas, LNG and NGLs 20,167 18,909 1,258 21,745 20,494 1,251 Non-oil products and other revenues from contracts with customers 13,254 12,169 1,085 13,768 12,489 1,279 Revenue from contracts with customers 276,079 142,627 133,452 296,255 151,829 144,426 Other operating revenues 2,318 135,770 (133,452) 2,501 146,927 (144,426) Total sales and other operating revenues 278,397 278,397 — 298,756 298,756 —

Non-current assets held for s_2

Non-current assets held for sale (Tables)	12 Months Ended
	Dec. 31, 2020
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 2020 and 2019, which are all in the Upstream segment, are set out in the table below. $ million 2020 2019 Property, plant and equipment 1,099 6,359 Goodwill 199 — Intangible assets — 610 Investments in associates — 43 Inventories — 318 Trade and other receivables 28 135 Assets classified as held for sale 1,326 7,465 Trade and other payables (36) (33) Lease liabilities — (280) Provisions (10) (1,012) Defined benefit pension plan and other post-retirement benefit plan deficits — (68) Liabilities directly associated with assets classified as held for sale (46) (1,393)

Disposals and impairment (Table

Disposals and impairment (Tables)	12 Months Ended
	Dec. 31, 2020
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 2020 2019 2018 Gains on sale of businesses and fixed assets Upstream 360 143 437 Downstream 2,320 50 15 Other businesses and corporate 194 — 4 2,874 193 456 $ million 2020 2019 2018 Losses on sale of businesses and fixed assets, and closures Upstream 383 415 707 Downstream 296 57 59 Other businesses and corporate 2 887 11 681 1,359 777 Impairment losses Upstream 12,917 6,752 400 Downstream 840 65 12 Other businesses and corporate 32 30 254 13,789 6,847 666 Impairment reversals Upstream (86) (131) (580) Downstream — — (2) Other businesses and corporate (3) — (1) (89) (131) (583) Impairment and losses on sale of businesses and fixed assets, and closures 14,381 8,075 860
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 2020 2019 2018 Proceeds from disposals of fixed assets 491 500 940 Proceeds from disposals of businesses, net of cash disposed 4,989 1,701 1,911 5,480 2,201 2,851 By business Upstream 1,175 2,048 2,145 Downstream 3,959 152 120 Other businesses and corporate 346 1 586 5,480 2,201 2,851
Summary financial information relating to the sale of business	$ million 2020 2019 2018 Alaska Petrochemicals Other Total Non-current assets 5,143 2,592 1,357 9,092 1,653 3,274 Current assets 693 846 — 1,539 507 173 Non-current liabilities (923) (178) (538) (1,639) (257) (250) Current liabilities (344) (425) (13) (782) (108) (97) Total carrying amount of net assets disposed 4,569 2,835 806 8,210 1,795 3,100 Recycling of foreign exchange on disposal — (331) 3 (328) 880 — Costs on disposal (6) (25) 44 13 190 3 4,563 2,479 853 7,895 2,865 3,103 Gains (losses) on sale of businesses 260 2,414 (104) 2,570 (1,190) (221) Total consideration 4,823 4,893 749 10,465 1,675 2,882 Non-cash consideration (219) — — (219) (938) (282) Consideration received (receivable) a (4,257) (1,005) 5 (5,257) 964 (689) Proceeds from the sale of businesses, net of cash disposed b 347 3,888 754 4,989 1,701 1,911 a In 2019 $633 million relates to deposits received in advance of the disposal of our Alaska business and certain assets in our BPX business. b Proceeds are stated net of cash and cash equivalents disposed of $101 million (2019 $30 million and 2018 $15 million).

Segmental analysis (Tables)

Segmental analysis (Tables)	12 Months Ended
	Dec. 31, 2020
Operating Segments [Abstract]
Summary of financial information, by segment	$ million 2020 By business Upstream Downstream Rosneft Other Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 34,197 162,974 — 1,716 (18,521) 180,366 Less: sales and other operating revenues between segments (17,130) (158) — (1,233) 18,521 — Third party sales and other operating revenues 17,067 162,816 — 483 — 180,366 Earnings from joint ventures and associates – after interest and tax (268) 214 (229) (120) — (403) Segment results Replacement cost profit (loss) before interest and taxation (21,547) 3,418 (149) (683) 89 (18,872) Inventory holding gains (losses) a 17 (2,796) (89) — — (2,868) Profit (loss) before interest and taxation (21,530) 622 (238) (683) 89 (21,740) Finance costs (3,115) Net finance expense relating to pensions and other post-retirement benefits (33) Profit before taxation (24,888) Other income statement items Depreciation, depletion and amortization US 3,772 1,359 — 63 — 5,194 Non-US 7,447 1,631 — 617 — 9,695 Charges for provisions, net of write-back of unused provisions, including change in discount rate 56 1,903 — 543 — 2,502 Segment assets Investments in joint ventures and associates 10,749 3,671 11,808 1,109 — 27,337 Additions to non-current assets b 8,743 5,359 — 655 — 14,757 a See explanation of inventory holding gains and losses on page 180. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. $ million 2019 By business Upstream Downstream Rosneft Other businesses and corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 54,501 250,897 — 1,788 (28,789) 278,397 Less: sales and other operating revenues between segments (27,034) (973) — (782) 28,789 — Third party sales and other operating revenues 27,467 249,924 — 1,006 — 278,397 Earnings from joint ventures and associates – after interest and tax 603 374 2,295 (15) — 3,257 Segment results Replacement cost profit (loss) before interest and taxation 4,917 6,502 2,316 (2,771) 75 11,039 Inventory holding gains (losses) a (8) 685 (10) — — 667 Profit (loss) before interest and taxation 4,909 7,187 2,306 (2,771) 75 11,706 Finance costs (3,489) Net finance expense relating to pensions and other post-retirement benefits (63) Profit before taxation 8,154 Other income statement items Depreciation, depletion and amortization US 4,672 1,335 — 55 — 6,062 Non-US 9,560 1,586 — 572 — 11,718 Charges for provisions, net of write-back of unused provisions, including change in discount rate 118 507 — 560 — 1,185 Segment assets Investments in joint ventures and associates 12,196 3,609 12,927 1,593 — 30,325 Additions to non-current assets b 16,254 4,014 — 2,345 — 22,613 a See explanation of inventory holding gains and losses on page 180. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 5. Segmental analysis – continued $ million 2018 By business Upstream Downstream Rosneft Other businesses and corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 56,399 270,689 — 1,678 (30,010) 298,756 Less: sales and other operating revenues between segments (28,565) (574) — (871) 30,010 — Third party sales and other operating revenues 27,834 270,115 — 807 — 298,756 Earnings from joint ventures and associates – after interest and tax 951 589 2,283 (70) — 3,753 Segment results Replacement cost profit (loss) before interest and taxation 14,328 6,940 2,221 (3,521) 211 20,179 Inventory holding gains (losses) a (6) (862) 67 — — (801) Profit (loss) before interest and taxation 14,322 6,078 2,288 (3,521) 211 19,378 Finance costs (2,528) Net finance expense relating to pensions and other post-retirement benefits (127) Profit before taxation 16,723 Other income statement items Depreciation, depletion and amortization US 4,211 900 — 59 — 5,170 Non-US 8,907 1,177 — 203 — 10,287 Charges for provisions, net of write-back of unused provisions, including change in discount rate 355 834 — 1,557 — 2,746 Segment assets Investments in joint ventures and associates 12,785 2,772 10,074 689 — 26,320 Additions to non-current assets b c 24,266 3,609 — 477 — 28,352 a See explanation of inventory holding gains and losses on page 180. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. c Amounts have been restated to include acquisitions.
Disclosure of geographical areas	$ million 2020 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 55,611 124,755 180,366 Other income statement items Production and similar taxes 57 638 695 Non-current assets Non-current assets b c 52,493 108,786 161,279 a Non-US region includes UK $42,729 million b Non-US region includes UK $19,583 million c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. $ million 2019 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 89,334 189,063 278,397 Other income statement items Production and similar taxes 315 1,232 1,547 Non-current assets Non-current assets b c 57,757 133,398 191,155 a Non-US region includes UK $63,194 million. b Non-US region includes UK $22,881 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 2018 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 98,066 200,690 298,756 Other income statement items Production and similar taxes 369 1,167 1,536 Non-current assets Non-current assets b c 68,188 124,060 192,248 a Non-US region includes UK $65,630 million. b Non-US region includes UK $19,426 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, 2020
Revenue [abstract]
Summary of revenue from contracts with customers, by product	$ million 2020 2019 2018 Crude oil 5,048 9,141 10,331 Oil products 63,564 102,408 108,515 Natural gas, LNG and NGLs 12,726 18,909 20,494 Non-oil products and other revenues from contracts with customers 9,840 12,169 12,489 Revenue from contracts with customers 91,178 142,627 151,829 Other operating revenues a 89,188 135,770 146,927 Total sales and other operating revenues 180,366 278,397 298,756

Income statement analysis (Tabl

Income statement analysis (Tables)	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Summary of finance income and finance costs	$ million 2020 2019 2018 Interest and other income Interest income from Financial assets measured at amortized cost 215 371 421 Financial assets measured at fair value through profit or loss 25 49 39 Other income 423 349 313 663 769 773 Currency exchange losses charged to the income statement a 38 37 368 Expenditure on research and development 332 364 429 Costs relating to the Gulf of Mexico oil spill (pre-interest and tax) b 255 319 714 Finance costs Interest expense on lease liabilities c 337 379 51 Interest expense on other liabilities measured at amortized cost d 2,166 2,410 2,147 Capitalized at 2.75% (2019 3.50% and 2018 3.56%) e (345) (374) (419) Unwinding of discount on provisions f 437 505 210 Unwinding of discount on other payables measured at amortized cost 520 569 539 3,115 3,489 2,528 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 Interest payable on lease liabilities in 2018 comparative period relates to leases previously classified as finance leases under IAS 17. d 2020 includes a loss of $158 million associated with the buyback of finance debt. e Tax relief on capitalized interest is approximately $83 million (2019 $51 million and 2018 $55 million). f From 1 July 2018, the group changed its method of discounting and unwinding provisions from using real rates to using nominal rates.

Exploration for and evaluatio_2

Exploration for and evaluation of oil and natural gas resources (Tables)	12 Months Ended
	Dec. 31, 2020
Exploration For And Evaluation Of Mineral Resources [Abstract]
Detailed information about exploration and evaluation assets	$ million 2020 2019 2018 Exploration and evaluation costs Exploration expenditure written off a 9,920 631 1,085 Other exploration costs 360 333 360 Exploration expense for the year 10,280 964 1,445 Impairment losses 156 2 137 Intangible assets – exploration and appraisal expenditure b c 4,113 14,091 15,989 Liabilities 71 73 60 Net assets 4,042 14,018 15,929 Cash used in operating activities 360 333 360 Cash used in investing activities 674 1,215 1,119 a 2020 includes $2,643 million in the Gulf of Mexico primarily relating to the Paleogene assets, $2,539 million in Canada primarily relating to Terre de Grace, $2,141 million in Brazil, $952 million in Egypt and $832 million in Angola. 2018 included $447 million in the deepwater Gulf of Mexico principally relating to licence expiries. For further information see Upstream – Exploration on page . b 2019 includes approximately $2.5 billion relating to Canadian oil sands. c Amount capitalized at 31 December 2020 relates to assets in various regions. The largest of these is $0.7 billion capitalised in the Middle East region.

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes [Abstract]
Disclosure of major components of tax expense (income)	Tax on profit $ million 2020 2019 2018 Current tax Charge for the year 2,095 5,316 6,217 Adjustment in respect of prior years a 50 (68) (221) 2,145 5,248 5,996 Deferred tax b Origination and reversal of temporary differences in the current year (7,826) (1,190) 907 Adjustment in respect of prior years 1,522 (94) 242 (6,304) (1,284) 1,149 Tax charge (credit) on profit or loss (4,159) 3,964 7,145 a The adjustments in respect of prior years reflect the reassessment of the current tax balances for prior years in light of changes in facts and circumstances during the year. b Origination and reversal of temporary differences in the current year include the impact of tax rate changes on deferred tax balances. The adjustments in respect of prior years reflect the reassessment of deferred tax balances for prior periods in light of all other changes in facts and circumstances during the year; 2020 includes charges for the reassessment of deferred tax asset recognition in light of revisions to price assumptions.
Disclosure of reconciliation of items affected by overall tax credit	9. Taxation – continued $ million 2020 2019 2018 Profit (loss) before taxation (24,888) 8,154 16,723 Tax charge (credit) on profit or loss (4,159) 3,964 7,145 Effective tax rate 17% 49% 43% % Tax rate computed at the weighted average statutory rate a 31 52 43 Increase (decrease) resulting from Tax reported in equity-accounted entities — (7) (5) Adjustments in respect of prior years (6) (2) — Deferred tax not recognized (3) (2) 1 Tax incentives for investment 1 (3) (2) Foreign exchange (1) 1 3 Items not deductible for tax purposes (3) 4 1 Other (2) 6 2 Effective tax rate 17 49 43 a 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.
Disclosure of deferred tax in the income statement and the balance sheet by category of temporary difference	$ million Analysis of movements during the year in the net deferred tax (asset) liability 2020 2019 At 31 December 5,190 6,106 Adjustment on adoption of IFRS 16 — (75) At 1 January 5,190 6,031 Exchange adjustments 55 72 Credit for the year in the income statement (6,304) (1,284) Charge for the year in other comprehensive income 48 233 Charge for the year in equity 154 37 Acquisitions and disposals (56) 101 At 31 December (913) 5,190 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 a Balance sheet 2020 2019 2018 2020 2019 Deferred tax liability Depreciation (7,295) (1,436) (1,297) 15,361 22,627 Pension plan surpluses 69 (31) 65 2,691 2,290 Derivative financial instruments 33 29 (36) 63 29 Other taxable temporary differences (32) 159 (57) 1,562 1,496 (7,225) (1,279) (1,325) 19,677 26,442 Deferred tax asset Depreciation (849) — — (849) — Lease liabilities 286 264 8 (1,122) (1,380) Pension plan and other post-retirement benefit plan deficits 2 62 (6) (1,548) (1,367) Decommissioning, environmental and other provisions 438 (472) 1,505 (7,155) (7,579) Derivative financial instruments — 63 (31) (25) (24) Tax credits 310 (336) 123 (3,652) (3,964) Loss carry forward 543 12 559 (5,319) (5,834) Other deductible temporary differences 191 402 316 (920) (1,104) 921 (5) 2,474 (20,590) (21,252) Net deferred tax charge (credit) and net deferred tax (asset) liability b (6,304) (1,284) 1,149 (913) 5,190 Of which – deferred tax liabilities 6,831 9,750 – deferred tax assets 7,744 4,560 a The 2018 income statement is impacted by the reduction in US federal corporate income tax rate from 35% to 21%, effective from 1 January 2018. b Included within the net deferred tax (asset) liability is a deferred tax asset balance of $5,471 million (2019 $5,526 million) related to the Gulf of Mexico oil spill. 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 2020 2019 Unused US state tax losses a 2.4 2.3 Unused tax losses – other jurisdictions b 6.0 3.5 Unused tax credits 26.9 25.4 of which – arising in the UK c 23.0 21.5 – arising in the US d 3.9 3.9 Deductible temporary differences e 46.1 40.4 Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities 0.8 1.5 a For 2020 these losses expire in the period 2021-2040 with applicable tax rates ranging from 3% to 10%. b 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 For 2020 the US unused tax credits expire in the period 2021-2030. e The majority comprises fixed asset temporary differences in the UK. 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 2020 2019 2018 Current tax benefit relating to the utilization of previously unrecognized deferred tax assets 46 272 83 Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets 11 96 — Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets — 364 112 Deferred tax expense arising from the write-down of a previously recognized deferred tax asset 1,622 73 169

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2020
Interim Financial Reporting [Abstract]
Disclosure of dividends announced and paid	Pence per share Cents per share $ million 2020 2019 2018 2020 2019 2018 2020 2019 2018 Dividends announced and paid in cash Preference shares 1 1 1 Ordinary shares March 8.1558 7.7382 7.1691 10.50 10.25 10.00 2,102 1,435 1,828 June 8.3421 8.0655 7.4435 10.50 10.25 10.00 2,119 1,779 1,727 September 4.0433 8.3475 7.9296 5.25 10.25 10.25 1,059 1,656 1,409 December 3.9169 7.8250 8.0251 5.25 10.25 10.25 1,059 2,075 1,734 24.4581 31.9762 30.5673 31.50 41.00 40.50 6,340 6,946 6,699 Dividend announced, paid in March 2021 5.25 1,067 The details of the scrip dividends issued are shown in the table below. 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 2020 dividend expected to be paid on 26 March 2021. 2020 2019 2018 Number of shares issued (thousand) — 208,927 195,305 Value of shares issued ($ million) — 1,387 1,381

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings per share [abstract]
Summary of earnings per share	Cents per share Per ordinary share 2020 2019 2018 Basic earnings per share (100.42) 19.84 46.98 Diluted earnings per share (100.42) 19.73 46.67 Dollars per share Per American Depositary Share (ADS) a 2020 2019 2018 Basic earnings per share (6.03) 1.19 2.82 Diluted earnings per share (6.03) 1.18 2.80 $ million 2020 2019 2018 Profit attributable to bp shareholders (20,305) 4,026 9,383 Less: dividend requirements on preference shares 1 1 1 Profit for the year attributable to bp ordinary shareholders (20,306) 4,025 9,382 Shares thousand 2020 2019 2018 Basic weighted average number of ordinary shares 20,221,514 20,284,859 19,970,215 Potential dilutive effect of ordinary shares issuable under employee share-based payment plans — 114,811 132,278 Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share 20,221,514 20,399,670 20,102,493 Shares thousand 2020 2019 2018 Basic weighted average number of ordinary shares – ADS equivalent 3,370,252 3,380,809 3,328,369 Potential dilutive effect of ordinary shares (ADS equivalent) issuable under employee share-based payment plans — 19,136 22,046 Weighted average number of ordinary shares (ADS equivalent) outstanding used to calculate diluted earnings per share 3,370,252 3,399,945 3,350,415
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 2020 2019 Number of options a b thousand Weighted average Number of options a b thousand Weighted average Outstanding 28,171 3.79 17,112 4.91 Exercisable 1,874 5.02 1,067 3.97 Dilutive effect 2,497 n/a 3,990 n/a a Numbers of options shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). b At 31 December 2020 the quoted market price of one bp ordinary share was £2.55 (2019 £4.72). 11. Earnings per share – continued Share plans 2020 2019 Number of shares a Number of shares a Vesting thousand thousand Within one year 87,517 91,105 1 to 2 years 85,720 89,939 2 to 3 years 147,097 80,844 3 to 4 years 749 725 Over 4 years 349 576 321,432 263,189 Dilutive effect 104,068 92,343 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, 2020
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 are as follows: Land improvements 15 to 25 years Buildings 20 to 50 years Refineries 20 to 30 years Petrochemicals plants 20 to 30 years Pipelines 10 to 50 years Service stations 15 years Office equipment 3 to 10 years Fixtures and fittings 5 to 15 years $ million Land and land improvements Buildings Oil and gas properties a Plant, machinery and equipment Fittings, fixtures and office equipment Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2020 3,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 Exchange adjustments 219 6 — 801 33 8 603 1,670 Additions 101 63 6,922 1,539 586 49 864 10,124 Acquisitions 89 — — 35 5 9 376 514 Transfers from intangible assets — — 605 — — — — 605 Reclassified as assets held for sale — — (1,425) — — — — (1,425) Deletions (146) (281) (6,131) (6,185) (738) (491) (261) (14,233) At 31 December 2020 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Depreciation - owned PP&E At 1 January 2020 581 697 124,766 21,527 2,006 2,744 4,865 157,186 Exchange adjustments 35 6 — 424 26 9 379 879 Charge for the year 113 46 10,068 1,312 170 77 740 12,526 Impairment losses 8 9 11,705 744 2 4 3 12,475 Impairment reversals — (1) (83) — — (5) — (89) Reclassified as assets held for sale — — (326) — — — — (326) Deletions (45) (126) (5,579) (3,976) (359) (448) (201) (10,734) At 31 December 2020 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Owned PP&E - net book amount at 31 December 2020 3,180 579 73,772 22,883 573 668 4,490 106,145 Right-of-use assets - net book amount at 31 December 2020 b — 1,254 77 792 21 2,855 3,692 8,691 Total PP&E - net book amount at 31 December 2020 3,180 1,833 73,849 23,675 594 3,523 8,182 114,836 Cost - owned PP&E At 1 January 2019 3,562 1,502 232,684 45,721 2,747 10,183 8,866 305,265 Exchange adjustments (22) 5 — (158) 15 (3) (69) (232) Additions 88 93 13,237 2,433 172 274 644 16,941 Acquisitions 51 — — — — — 8 59 Transfers from intangible assets — — 1,885 — — — — 1,885 Reclassified as assets held for sale (26) — (22,602) — (76) (6,708) — (29,412) Deletions (44) (178) (10,852) (1,272) (326) (272) (755) (13,699) At 31 December 2019 3,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 Depreciation - owned PP&E At 1 January 2019 626 697 133,687 20,512 2,041 7,819 5,146 170,528 Exchange adjustments (4) 5 — (63) 12 (3) (45) (98) Charge for the year 44 59 13,012 1,705 168 173 420 15,581 Impairment losses 1 1 5,871 64 1 404 4 6,346 Impairment reversals — — (129) — — (2) — (131) Reclassified as assets held for sale — — (17,764) — (69) (5,478) — (23,311) Deletions (86) (65) (9,911) (691) (147) (169) (660) (11,729) At 31 December 2019 581 697 124,766 21,527 2,006 2,744 4,865 157,186 Owned PP&E - net book amount at 31 December 2019 3,028 725 89,586 25,197 526 730 3,829 123,621 Right-of-use assets - net book amount at 31 December 2019 b — 1,196 128 1,241 16 3,385 3,055 9,021 Total PP&E - net book amount at 31 December 2019 3,028 1,921 89,714 26,438 542 4,115 6,884 132,642 Assets under construction included above At 31 December 2020 17,259 At 31 December 2019 23,897 Depreciation charge for the year on right-of-use assets 2020 192 43 637 10 829 579 2,290 2019 220 31 671 9 784 526 2,241 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 $284 million (2019 $653 million) of drilling rig right-of-use assets and $2,521 million (2019 $2,929 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.

Goodwill and impairment revie_2

Goodwill and impairment review of goodwill (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible Assets [Abstract]
Disclosure of reconciliation of goodwill	$ million 2020 2019 Cost At 1 January 12,865 12,815 Exchange adjustments 184 79 Acquisitions and other additions a 632 26 Reclassified as assets held for sale (199) — Deletions (389) (55) At 31 December 13,093 12,865 Impairment losses At 1 January 997 611 Exchange adjustments 1 — Impairment losses for the year 1 386 Deletions (386) — At 31 December 613 997 Net book amount at 31 December 12,480 11,868 Net book amount at 1 January 11,868 12,204 a 2020 principally relates to an acquisition in the US Fuels business. Impairment review of goodwill $ million Goodwill at 31 December 2020 2019 Upstream 7,765 7,958 Downstream 4,660 3,904 Other businesses and corporate 55 6 12,480 11,868
Schedule of goodwill	$ million 2020 2019 Goodwill 7,765 7,958 Excess of recoverable amount over carrying amount 31,749 93,250 $ million 2020 2019 Lubricants US Fuels European Fuels Other Total Lubricants US Fuels European Fuels Other Total Goodwill 2,865 606 913 276 4,660 2,779 — 858 267 3,904

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible Assets [Abstract]
Disclosure of detailed information about intangible assets	$ million 2020 2019 Exploration and appraisal expenditure a Other intangibles Total Exploration and appraisal expenditure a Other intangibles Total Cost At 1 January 15,306 4,900 20,206 17,053 4,504 21,557 Exchange adjustments — 138 138 — 2 2 Acquisitions — 318 318 — 35 35 Additions 703 645 1,348 1,268 457 1,725 Transfers to property, plant and equipment (605) — (605) (1,885) — (1,885) Reclassified as assets held for sale — — — (671) — (671) Deletions (987) (379) (1,366) (459) (98) (557) At 31 December 14,417 5,622 20,039 15,306 4,900 20,206 Amortization At 1 January 1,215 3,452 4,667 1,064 3,209 4,273 Exchange adjustments — 93 93 — 4 4 Exploration expenditure written off 9,920 — 9,920 631 — 631 Charge for the year — 372 372 — 331 331 Impairment losses 156 9 165 2 2 4 Reclassified as assets held for sale — — — (61) — (61) Deletions (987) (284) (1,271) (421) (94) (515) At 31 December 10,304 3,642 13,946 1,215 3,452 4,667 Net book amount at 31 December 4,113 1,980 6,093 14,091 1,448 15,539 Net book amount at 1 January 14,091 1,448 15,539 15,989 1,295 17,284 a For further information see Intangible assets within Note 1 and Note 8.

Investments in joint ventures_2

Investments in joint ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Separate Financial Statements [Abstract]
Summarized financial information relating to the group's share of joint ventures	The following table provides aggregated summarized financial information relating to the group’s share of joint ventures. $ million 2020 2019 a 2018 Sales and other operating revenues 10,545 14,139 13,258 Profit before interest and taxation (151) 976 1,396 Finance costs 201 109 85 Profit before taxation (352) 867 1,311 Taxation (51) 289 414 Non-controlling interest 1 2 — Profit for the year (302) 576 897 Other comprehensive income (5) (6) 6 Total comprehensive income (307) 570 903 Non-current assets 12,646 13,457 Current assets 3,424 3,738 Total assets 16,070 17,195 Current liabilities 2,644 2,514 Non-current liabilities 5,023 4,676 Total liabilities 7,667 7,190 Net assets 8,403 10,005 Less: non-controlling interests 39 49 8,364 9,956 Group investment in joint ventures Group share of net assets (as above) 8,364 9,956 Loans made by group companies to joint ventures (2) 35 8,362 9,991 a 2019 has been restated to include non-controlling interest
Summarized financial information of joint ventures	Transactions between the group and its joint ventures are summarized below. $ million Sales to joint ventures 2020 2019 2018 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 2,974 180 4,884 431 4,603 251 $ million Purchases from joint ventures 2020 2019 2018 Product Purchases Amount payable at Purchases Amount Purchases Amount LNG, crude oil and oil products, natural gas, refinery operating costs, plant processing fees 959 84 1,812 225 1,336 300

Investments in associates (Tabl

Investments in associates (Tables)	12 Months Ended
	Dec. 31, 2020
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. $ million Income statement Balance sheet Earnings from associates Investments in associates 2020 2019 2018 2020 2019 Rosneft (229) 2,295 2,283 11,808 12,927 Other associates 128 386 573 7,167 7,407 (101) 2,681 2,856 18,975 20,334 The following table provides summarized financial information relating to Rosneft. 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 adjusts 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 2020 2019 2018 Sales and other operating revenues 82,786 134,046 131,322 Profit before interest and taxation 1,270 17,473 18,886 Finance costs 1,742 1,281 2,785 Profit (loss) before taxation (472) 16,192 16,101 Taxation 208 3,058 2,957 Non-controlling interests 482 1,514 1,585 Profit (loss) for the year (1,162) 11,620 11,559 Other comprehensive income 1,653 572 2,086 Total comprehensive income 491 12,192 13,645 Non-current assets 175,978 161,327 Current assets 42,459 38,657 Total assets 218,437 199,984 Current liabilities 49,781 44,459 Non-current liabilities 96,727 79,327 Total liabilities 146,508 123,786 Net assets 71,929 76,198 Less: non-controlling interests 10,897 10,744 61,032 65,454 Transactions between the group and its associates are summarized below. $ million Sales to associates 2020 2019 2018 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 855 169 1,544 243 2,064 393 $ million Purchases from associates 2020 2019 2018 Product Purchases Amount payable at Purchases Amount Purchases Amount Crude oil and oil products, natural gas, transportation tariff 4,926 1,280 9,503 1,641 14,112 2,069
Summarized financial information of associates	17. Investments in associates – continued Summarized financial information for the group’s share of associates is shown below. $ million bp share 2020 2019 2018 Rosneft a Other Total Rosneft a Other Total Rosneft a Other Total Sales and other operating revenues 17,535 5,946 23,481 26,474 7,934 34,408 25,936 9,134 35,070 Profit before interest and taxation 295 276 571 3,451 788 4,239 3,730 1,150 4,880 Finance costs 372 80 452 253 87 340 550 78 628 Profit (loss) before taxation (77) 196 119 3,198 701 3,899 3,180 1,072 4,252 Taxation 51 67 118 604 315 919 584 499 1,083 Non-controlling interests 101 1 102 299 — 299 313 — 313 Profit (loss) for the year (229) 128 (101) 2,295 386 2,681 2,283 573 2,856 Other comprehensive income 336 (19) 317 113 (25) 88 412 (1) 411 Total comprehensive income 107 109 216 2,408 361 2,769 2,695 572 3,267 Non-current assets 33,754 11,449 45,203 31,862 11,504 43,366 Current assets 8,238 1,749 9,987 7,635 1,924 9,559 Total assets 41,992 13,198 55,190 39,497 13,428 52,925 Current liabilities 9,535 1,346 10,881 8,781 1,908 10,689 Non-current liabilities 18,558 4,709 23,267 15,667 4,577 20,244 Total liabilities 28,093 6,055 34,148 24,448 6,485 30,933 Net assets 13,899 7,143 21,042 15,049 6,943 21,992 Less: non-controlling interests 2,091 — 2,091 2,122 — 2,122 11,808 7,143 18,951 12,927 6,943 19,870 Group investment in associates Group share of net assets (as above) 11,808 7,143 18,951 12,927 6,943 19,870 Loans made by group companies to associates — 24 24 — 464 464 11,808 7,167 18,975 12,927 7,407 20,334 a In 2014-2019, Rosneft adopted hedge accounting in relation to a portion of highly probable future export revenue denominated in US dollars. Foreign exchange gains and losses arising on the retranslation of borrowings denominated in currencies other than the Russian rouble and designated as hedging instruments were recognized initially in other comprehensive income, and were reclassified to the income statement as the hedged revenue was recognized.

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Schedule of other investments	$ million 2020 2019 Current Non-current Current Non-current Equity investments a — 913 — 571 Contingent consideration 317 1,682 122 476 Other 16 151 47 229 333 2,746 169 1,276 a Approximately half of the group's equity investments are unlisted.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Inventories [Abstract]
Summary of inventory	$ million 2020 2019 Crude oil 4,498 5,610 Natural gas 265 222 Emissions allowances a 1,297 1,193 Refined petroleum and petrochemical products 8,791 11,714 14,851 18,739 Trading inventories 292 182 15,143 18,921 Supplies 1,730 1,959 16,873 20,880 Cost of inventories expensed in the income statement 132,104 209,672

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of trade and other receivables	$ million 2020 2019 Current Non-current Current Non-current Financial assets Trade receivables 12,926 19 19,424 22 Amounts receivable from joint ventures and associates 339 10 672 2 Receivables related to disposals a 1,291 2,402 159 125 Other receivables 2,628 637 3,166 701 17,184 3,068 23,421 850 Non-financial assets Gulf of Mexico oil spill trust fund reimbursement asset 32 — 201 — Sales taxes and production taxes 557 504 640 538 Other receivables 175 779 180 759 764 1,283 1,021 1,297 17,948 4,351 24,442 2,147

Valuation and qualifying accoun

Valuation and qualifying accounts (Tables)	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Summary of valuation and qualifying accounts	$ million 2020 2019 2018 Trade and other receivables Fixed asset Trade and other receivables Fixed asset Trade and other receivables Fixed asset At 1 January – IAS 39 509 249 416 235 335 314 Adjustment on adoption of IFRS 9 — — — — 115 (85) At 1 January – IFRS 9 509 249 416 235 450 229 Charged to costs and expenses 214 103 206 28 30 10 Charged to other accounts a 2 — (2) — (12) (1) Deductions (170) (166) (111) (14) (52) (3) At 31 December 555 186 509 249 416 235 a Principally exchange adjustments.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Schedule of trade and other payables	$ million 2020 2019 Current Non-current Current Non-current Financial liabilities Trade payables 23,157 — 30,538 — Amounts payable to joint ventures and associates 1,364 — 1,866 — Payables for capital expenditure and acquisitions 2,297 1,033 3,868 1,196 Payables related to the Gulf of Mexico oil spill 1,399 9,988 1,617 10,863 Other payables 5,041 681 5,810 133 33,258 11,702 43,699 12,192 Non-financial liabilities Sales taxes, customs duties, production taxes and social security 2,103 73 2,381 33 Other payables 653 337 749 401 2,756 410 3,130 434 36,014 12,112 46,829 12,626

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2020
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 2020 15,110 1,620 1,281 919 2,021 20,951 Exchange adjustments 96 9 1 25 84 215 Increase (decrease) in existing provisions (686) 297 260 1,429 974 2,274 Write-back of unused provisions (11) (88) (12) (17) (341) (469) Unwinding of discount 369 39 18 — 11 437 Utilization (7) (246) (508) (687) (378) (1,826) Reclassified to other payables (245) — (129) — (86) (460) Reclassified as liabilities directly associated with assets held for sale (10) — — — — (10) Deletions (140) (2) (1) — (8) (151) At 31 December 2020 14,476 1,629 910 1,669 2,277 20,961 Of which – current 428 273 260 1,621 1,179 3,761 – non-current 14,048 1,356 650 48 1,098 17,200

Pensions and other post-retir_2

Pensions and other post-retirement benefits (Tables)	12 Months Ended
	Dec. 31, 2020
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 UK US Eurozone 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate for plan liabilities 1.4 2.1 2.9 2.2 3.1 4.1 1.0 1.3 2.0 Rate of increase in salaries 3.6 3.4 3.8 4.1 3.9 3.9 2.9 3.1 3.1 Rate of increase for pensions in payment 2.8 2.7 3.0 — — — 1.3 1.5 1.5 Rate of increase in deferred pensions 2.8 2.7 3.0 — — — 0.5 0.5 0.5 Inflation for plan liabilities 2.9 2.7 3.1 1.7 1.5 1.5 1.5 1.7 1.7 % Financial assumptions used to determine benefit expense UK US Eurozone 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate for plan service cost 2.1 3.0 2.6 3.2 4.2 3.6 1.8 2.5 2.4 Discount rate for plan other finance expense 2.1 2.9 2.5 3.1 4.1 3.5 1.3 2.0 1.9 Inflation for plan service cost 2.6 3.1 3.1 1.5 1.5 1.7 1.7 1.7 1.6 Years Mortality assumptions UK US Eurozone 2020 2019 2018 2020 2019 2018 2020 2019 2018 Life expectancy at age 60 for a male currently aged 60 26.9 27.3 27.4 24.7 24.9 25.1 25.7 25.7 25.6 Life expectancy at age 60 for a male currently aged 40 28.4 28.9 28.9 26.4 26.7 26.9 28.2 28.3 28.1 Life expectancy at age 60 for a female currently aged 60 28.8 28.7 28.8 27.7 28.0 28.5 29.0 29.1 29.0 Life expectancy at age 60 for a female currently aged 40 30.4 30.5 30.6 29.2 29.7 30.1 31.2 31.2 31.2
Disclosure of fair value of plan assets	The current asset allocation policy for the major plans at 31 December 2020 was as follows: UK US Asset category % % Total equity (including private equity) 17 40 Bonds/cash (including LDI) 76 60 Property/real estate 7 — 24. Pensions and other post-retirement benefits – continued $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2020 Listed equities – developed markets 5,008 1,112 542 318 6,980 – emerging markets 418 115 68 70 671 Private equity c 2,899 1,604 — 4 4,507 Government issued nominal bonds d 4,303 1,839 1,111 616 7,869 Government issued index-linked bonds d 24,576 — 107 — 24,683 Corporate bonds d 8,906 2,398 587 279 12,170 Property e 2,553 — 110 28 2,691 Cash 1,392 267 51 163 1,873 Other 795 131 104 30 1,060 Debt (repurchase agreements) used to fund liability driven investments (9,387) — — — (9,387) 41,463 7,466 2,680 1,508 53,117 At 31 December 2019 Listed equities – developed markets 6,285 1,290 495 371 8,441 – emerging markets 1,096 124 61 64 1,345 Private equity c 2,675 1,474 — 3 4,152 Government issued nominal bonds d 4,884 2,100 959 572 8,515 Government issued index-linked bonds d 19,462 — 100 — 19,562 Corporate bonds d 6,132 2,304 569 256 9,261 Property e 2,507 — 96 27 2,630 Cash 426 289 33 93 841 Other 98 74 30 26 228 Debt (repurchase agreements) used to fund liability driven investments (7,436) — — — (7,436) 36,129 7,655 2,343 1,412 47,539 At 31 December 2018 Listed equities – developed markets 5,191 1,238 413 306 7,148 – emerging markets 950 63 65 56 1,134 Private equity c 2,792 1,495 — 4 4,291 Government issued nominal bonds d 4,263 2,072 895 533 7,763 Government issued index-linked bonds d 17,491 — 102 — 17,593 Corporate bonds d 4,606 2,184 506 243 7,539 Property e 2,311 6 57 25 2,399 Cash 376 73 42 83 574 Other 116 64 32 40 252 Debt (repurchase agreements) used to fund liability driven investments (6,011) — — — (6,011) 32,085 7,195 2,112 1,290 42,682 a Bonds held by the UK pension plans are denominated in sterling. 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. 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 valued using quoted 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.
Disclosure of net defined benefit liability (asset)	$ million 2020 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 250 292 103 38 683 Past service cost b (48) (66) 12 (20) (122) Settlement b — (23) 10 (1) (14) Operating charge relating to defined benefit plans 202 203 125 17 547 Payments to defined contribution plans 49 183 2 38 272 Total operating charge 251 386 127 55 819 Interest income on plan assets a (725) (210) (33) (40) (1,008) Interest on plan liabilities 596 289 97 59 1,041 Other finance (income) expense (129) 79 64 19 33 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 4,108 1,041 104 38 5,291 Change in financial assumptions underlying the present value of the plan liabilities (4,207) (1,178) (143) (42) (5,570) Change in demographic assumptions underlying the present value of the plan liabilities 585 29 56 (4) 666 Experience gains and losses arising on the plan liabilities 54 (101) (178) 8 (217) Remeasurements recognized in other comprehensive income 540 (209) (161) — 170 Movements in benefit obligation during the year Benefit obligation at 1 January 29,780 10,119 7,353 1,826 49,078 Exchange adjustments 1,303 — 720 64 2,087 Operating charge relating to defined benefit plans 202 203 125 17 547 Interest cost 596 289 97 59 1,041 Contributions by plan participants c 21 — 2 11 34 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Benefit payments (unfunded plans) d (8) (197) (265) (34) (504) Reclassified as assets held for sale — (1) (55) — (56) Disposals — (35) — — (35) Remeasurements 3,568 1,250 265 38 5,121 Benefit obligation at 31 December a e 34,171 10,187 8,161 1,895 54,414 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 36,129 7,655 2,343 1,412 47,539 Exchange adjustments 1,582 — 235 64 1,881 Interest income on plan assets a f 725 210 33 40 1,008 Contributions by plan participants c 21 — 2 11 34 Contributions by employers (funded plans) 189 8 99 29 325 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Reclassified as assets held for sale — (7) (55) — (62) Remeasurements f 4,108 1,041 104 38 5,291 Fair value of plan assets at 31 December g 41,463 7,466 2,680 1,508 53,117 Surplus (deficit) at 31 December 7,292 (2,721) (5,481) (387) (1,297) Represented by Asset recognized 7,567 269 59 62 7,957 Liability recognized (275) (2,990) (5,540) (449) (9,254) 7,292 (2,721) (5,481) (387) (1,297) The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 7,564 269 (109) (58) 7,666 Unfunded (272) (2,990) (5,372) (329) (8,963) 7,292 (2,721) (5,481) (387) (1,297) The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (33,899) (7,197) (2,789) (1,566) (45,451) Unfunded (272) (2,990) (5,372) (329) (8,963) (34,171) (10,187) (8,161) (1,895) (54,414) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service credits represent curtailment gains arising from restructuring programmes in the UK, US and other countries, whilst past service costs and settlements in the Eurozone represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlement costs in the US resulted from a pension risk transfer to an external carrier for a group of small benefit retirees. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $2,935 million benefits and $428 million settlements, plus $40 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $7,728 million for pension liabilities and $2,459 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $5,060 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 199. 24. Pensions and other post-retirement benefits – continued $ million 2019 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 227 263 81 38 609 Past service cost b 2 — 5 (1) 6 Settlement b — (13) 8 — (5) Operating charge relating to defined benefit plans 229 250 94 37 610 Payments to defined contribution plans 42 188 7 38 275 Total operating charge 271 438 101 75 885 Interest income on plan assets a (909) (285) (43) (46) (1,283) Interest on plan liabilities 757 387 133 69 1,346 Other finance (income) expense (152) 102 90 23 63 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,945 1,079 220 97 4,341 Change in financial assumptions underlying the present value of the plan liabilities (2,294) (1,036) (748) (92) (4,170) Change in demographic assumptions underlying the present value of the plan liabilities 136 91 3 (4) 226 Experience gains and losses arising on the plan liabilities (57) (22) 6 4 (69) Remeasurements recognized in other comprehensive income 730 112 (519) 5 328 Movements in benefit obligation during the year Benefit obligation at 1 January 26,830 9,696 6,906 1,686 45,118 Exchange adjustments 942 — (142) 26 826 Operating charge relating to defined benefit plans 229 250 94 37 610 Interest cost 757 387 133 69 1,346 Contributions by plan participants c 20 — 2 6 28 Benefit payments (funded plans) d (1,207) (830) (76) (75) (2,188) Benefit payments (unfunded plans) d (6) (205) (273) (15) (499) Reclassified as assets held for sale — (146) — — (146) Disposals — — (30) — (30) Remeasurements 2,215 967 739 92 4,013 Benefit obligation at 31 December a e 29,780 10,119 7,353 1,826 49,078 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 32,085 7,195 2,112 1,290 42,682 Exchange adjustments 1,141 — (43) 24 1,122 Interest income on plan assets a f 909 285 43 46 1,283 Contributions by plan participants c 20 — 2 6 28 Contributions by employers (funded plans) 236 4 85 24 349 Benefit payments (funded plans) d (1,207) (830) (76) (75) (2,188) Reclassified as assets held for sale — (78) — — (78) Remeasurements f 2,945 1,079 220 97 4,341 Fair value of plan assets at 31 December g 36,129 7,655 2,343 1,412 47,539 Surplus (deficit) at 31 December 6,349 (2,464) (5,010) (414) (1,539) Represented by Asset recognized 6,588 387 27 51 7,053 Liability recognized (239) (2,851) (5,037) (465) (8,592) 6,349 (2,464) (5,010) (414) (1,539) The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 6,588 387 (136) (87) 6,752 Unfunded (239) (2,851) (4,874) (327) (8,291) 6,349 (2,464) (5,010) (414) (1,539) The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (29,541) (7,268) (2,479) (1,499) (40,787) Unfunded (239) (2,851) (4,874) (327) (8,291) (29,780) (10,119) (7,353) (1,826) (49,078) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs and settlements have arisen from restructuring programmes and represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlements in the US are the result of a buy-out transaction for the pensions of a group of low value annuitants. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $2,304 million benefits and $346 million settlements, plus $37 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $7,789 million for pension liabilities and $2,330 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $4,567 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 199. 24. Pensions and other post-retirement benefits – continued $ million 2018 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 295 299 84 43 721 Past service cost b 15 — 9 4 28 Settlement — — 17 — 17 Operating charge relating to defined benefit plans 310 299 110 47 766 Payments to defined contribution plans 38 178 5 40 261 Total operating charge 348 477 115 87 1,027 Interest income on plan assets a (868) (262) (44) (45) (1,219) Interest on plan liabilities 774 369 136 67 1,346 Other finance (income) expense (94) 107 92 22 127 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets (722) (256) (69) (36) (1,083) Change in financial assumptions underlying the present value of the plan liabilities 1,770 945 14 65 2,794 Change in demographic assumptions underlying the present value of the plan liabilities 123 (9) (42) 7 79 Experience gains and losses arising on the plan liabilities 520 41 (43) 9 527 Remeasurements recognized in other comprehensive income 1,691 721 (140) 45 2,317 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.
Disclosure of sensitivity analysis for actuarial assumptions	A one-percentage point change, in isolation, in certain assumptions as at 31 December 2020 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 2021 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 2021 (274) 198 (51) 36 (2) (11) Effect on obligation at 31 December 2020 (5,658) 7,690 (1,272) 1,556 (1,149) 1,452 Inflation rate b Effect on expense in 2021 145 (116) 10 (8) 35 (28) Effect on obligation at 31 December 2020 5,337 (4,482) 66 (55) 1,025 (870) Salary growth Effect on expense in 2021 31 (27) 12 (10) 7 (7) Effect on obligation at 31 December 2020 670 (585) 82 (69) 91 (89) 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 2021 28 5 8 Effect on obligation at 31 December 2020 1,406 150 333
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, up until 2030 and the weighted average duration of the defined benefit obligations at 31 December 2020 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2021 1,072 1,568 357 112 3,109 2022 1,086 612 346 109 2,153 2023 1,120 593 339 107 2,159 2024 1,141 575 332 108 2,156 2025 1,135 583 328 107 2,153 2026-2030 5,939 2,696 1,521 528 10,684 Years Weighted average duration 19.2 13.8 16.1 12.7

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Schedule of cash and cash equivalents	$ million 2020 2019 Cash 6,235 6,462 Triparty repos and term bank deposits 17,368 10,296 Cash equivalents (excluding triparty repos and term bank deposits) 7,508 5,714 31,111 22,472

Finance debt (Tables)

Finance debt (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Disclosure of detailed information about borrowings	$ million 2020 2019 Current Non-current Total Current Non-current Total Borrowings 9,359 63,305 72,664 10,487 57,237 67,724 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 2020 US dollar 3 8 39,452 2 32,891 72,343 Other currencies 6 9 178 5 143 321 39,630 33,034 72,664 2019 US dollar 4 5 25,634 3 41,871 67,505 Other currencies 6 10 183 7 36 219 25,817 41,907 67,724
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 2020 2019 Fair value Carrying Fair value Carrying Short-term borrowings 1,237 1,237 2,321 2,321 Long-term borrowings 74,855 71,427 67,055 65,403 Total finance debt 76,092 72,664 69,376 67,724

Capital disclosures and net d_2

Capital disclosures and net debt (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of the net debt ratio	At 31 December 2020, gearing was 31.3% (2019 31.1%). $ million At 31 December 2020 2019 Finance debt 72,664 67,724 Less: fair value asset (liability) of hedges related to finance debt a 2,612 (190) 70,052 67,914 Less: cash and cash equivalents 31,111 22,472 Net debt 38,941 45,442 Total equity b 85,568 100,708 Gearing 31.3 % 31.1 % 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 $236 million (2019 liability of $601 million) are not included in the calculation of net debt shown above as hedge accounting was not applied for these instruments. b Total equity in 2020 includes perpetual hybrid bonds issued on 17 June 2020. See Note 32 for further information.
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 2020 67,724 918 9,722 290 78,654 Exchange adjustments 349 — 181 4 534 Net financing cash flow 1,589 (226) (2,442) (40) (1,119) Fair value (gains) losses 2,612 (3,734) — — (1,122) New and remeasured leases/joint operation payables — — 1,579 20 1,599 Other movements 390 77 222 (7) 682 At 31 December 2020 72,664 (2,965) 9,262 267 79,228 At 1 January 2019 65,132 1,486 667 — 67,285 Adjustment on adoption of IFRS16 — — 9,233 217 9,450 Exchange adjustments (62) — (4) 8 (58) Net financing cash flow 1,671 2 (2,372) (14) (713) Fair value (gains) losses 924 (570) — — 354 New and remeasured leases/joint operations payables — — 2,614 82 2,696 Other movements 59 — (416) (3) (360) At 31 December 2019 67,724 918 9,722 290 78,654 a Previously reported in this column were hedge accounted derivatives related to finance debt. This has been updated in 2020 as described below and comparatives provided on a consistent basis. Currency swaps include cross currency interest rate swaps.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
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 2020 2019 Undiscounted lease liability cash flows due: Within 1 year 2,262 2,514 1 to 2 years 1,672 1,839 2 to 3 years 1,340 1,364 3 to 4 years 1,025 1,105 4 to 5 years 878 876 5 to 10 years 2,192 2,427 Over 10 years 1,515 1,174 10,884 11,299 Impact of discounting (1,622) (1,577) Lease liabilities at 31 December 9,262 9,722 Of which – current 1,933 2,067 – non-current 7,329 7,655
Disclosure of quantitative information about right-of-use assets [text block]	$ million 2020 2019 Total cash outflow for amounts included in lease liabilities a 2,779 2,709 Expense for variable payments not included in the lease liability 41 67 Short-term lease expense 621 331 Additions to right-of-use assets in the period 1,714 2,542 Gain on sale and leaseback transactions 187 —

Financial instruments and fin_2

Financial instruments and financial risk factors (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Disclosure of financial assets	Other investments $ million 2020 2019 Current Non-current Current Non-current Equity investments a — 913 — 571 Contingent consideration 317 1,682 122 476 Other 16 151 47 229 333 2,746 169 1,276 a Approximately half of the group's 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 2020 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 3,079 — 3,079 Loans 929 369 — 1,298 Trade and other receivables 20 20,252 — — 20,252 Derivative financial instruments 30 — 10,049 2,698 12,747 Cash and cash equivalents 25 24,905 6,206 — 31,111 Financial liabilities Trade and other payables 22 (44,960) — — (44,960) Derivative financial instruments 30 — (8,320) (82) (8,402) Accruals (5,502) — — (5,502) Lease liabilities 28 (9,262) — — (9,262) Finance debt 26 (72,664) — — (72,664) (86,302) 11,383 2,616 (72,303) 29. Financial instruments and financial risk factors – continued $ million At 31 December 2019 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 1,445 — 1,445 Loans 906 63 — 969 Trade and other receivables 20 24,271 — — 24,271 Derivative financial instruments 30 — 9,984 483 10,467 Cash and cash equivalents 25 18,183 4,289 — 22,472 Financial liabilities Trade and other payables 22 (55,891) — — (55,891) Derivative financial instruments 30 — (8,122) (676) (8,798) Accruals (6,062) — — (6,062) Lease liabilities 28 (9,722) — — (9,722) Finance debt 26 (67,724) — — (67,724) (96,039) 7,659 (193) (88,573)
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 2020 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 3,079 — 3,079 Loans 929 369 — 1,298 Trade and other receivables 20 20,252 — — 20,252 Derivative financial instruments 30 — 10,049 2,698 12,747 Cash and cash equivalents 25 24,905 6,206 — 31,111 Financial liabilities Trade and other payables 22 (44,960) — — (44,960) Derivative financial instruments 30 — (8,320) (82) (8,402) Accruals (5,502) — — (5,502) Lease liabilities 28 (9,262) — — (9,262) Finance debt 26 (72,664) — — (72,664) (86,302) 11,383 2,616 (72,303) 29. Financial instruments and financial risk factors – continued $ million At 31 December 2019 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 18 — 1,445 — 1,445 Loans 906 63 — 969 Trade and other receivables 20 24,271 — — 24,271 Derivative financial instruments 30 — 9,984 483 10,467 Cash and cash equivalents 25 18,183 4,289 — 22,472 Financial liabilities Trade and other payables 22 (55,891) — — (55,891) Derivative financial instruments 30 — (8,122) (676) (8,798) Accruals (6,062) — — (6,062) Lease liabilities 28 (9,722) — — (9,722) Finance debt 26 (67,724) — — (67,724) (96,039) 7,659 (193) (88,573)
Analysis of credit exposures using external credit grading system	Management information used to monitor credit risk, which reflects the impact of credit enhancements, indicates that the risk profile of financial assets which are subject to review for impairment under IFRS 9 is as set out below. % As at 31 December 2020 2019 AAA to AA- 11 % 16 % A+ to A- 59 % 51 % BBB+ to BBB- 8 % 13 % BB+ to BB- 6 % 7 % B+ to B- 13 % 11 % CCC+ and below 3 % 2 %
Disclosure of offsetting of financial assets	Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet. Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and collateral received or pledged, are also presented in the table to show the total net exposure of the group. $ million Gross amounts of recognized financial assets (liabilities) Amounts Net amounts Related amounts not set off Net amount At 31 December 2020 Master Cash Derivative assets 14,765 (2,019) 12,746 (2,075) (386) 10,285 Derivative liabilities (10,414) 2,019 (8,395) 2,075 — (6,320) Trade and other receivables 7,667 (3,679) 3,988 (693) (122) 3,173 Trade and other payables (7,862) 3,679 (4,183) 693 — (3,490) At 31 December 2019 Derivative assets 13,191 (2,724) 10,467 (1,971) (206) 8,290 Derivative liabilities (11,445) 2,724 (8,721) 1,971 — (6,750) Trade and other receivables 10,661 (5,211) 5,450 (961) (190) 4,299 Trade and other payables (10,266) 5,211 (5,055) 961 — (4,094)
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 2020 Master Cash Derivative assets 14,765 (2,019) 12,746 (2,075) (386) 10,285 Derivative liabilities (10,414) 2,019 (8,395) 2,075 — (6,320) Trade and other receivables 7,667 (3,679) 3,988 (693) (122) 3,173 Trade and other payables (7,862) 3,679 (4,183) 693 — (3,490) At 31 December 2019 Derivative assets 13,191 (2,724) 10,467 (1,971) (206) 8,290 Derivative liabilities (11,445) 2,724 (8,721) 1,971 — (6,750) Trade and other receivables 10,661 (5,211) 5,450 (961) (190) 4,299 Trade and other payables (10,266) 5,211 (5,055) 961 — (4,094)
Disclosure of detailed information of maturities of trade and other payables, accrued expenses, finance debt, and Interest	The table below shows the timing of 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. As a result of the 19 March 2021 debt buy back (see Note 26 for further information) $1.9 billion equivalent of cash outflows relating to finance debt that are presented in the table with maturities of 2-8 years have occurred within one year of the balance sheet date. $ million 2020 2019 Trade and other payables a Accruals Finance Interest on finance debt Trade and other payables a Accruals Finance debt b Interest on finance debt Within one year 33,290 4,650 9,119 1,778 43,699 5,066 10,065 2,037 1 to 2 years 1,728 157 6,292 1,477 1,937 261 6,726 1,641 2 to 3 years 1,590 184 7,031 1,305 1,465 146 7,949 1,409 3 to 4 years 1,332 87 8,047 1,110 1,409 181 7,022 1,172 4 to 5 years 1,335 217 6,652 919 1,332 108 7,554 942 5 to 10 years 4,570 108 22,156 2,408 5,863 231 23,540 1,970 Over 10 years 4,419 99 10,008 1,037 3,957 69 2,497 249 48,264 5,502 69,305 10,034 59,662 6,062 65,353 9,420 a 2020 includes $14,569 million (2019 $16,129 million) in relation to the Gulf of Mexico oil spill, of which $13,160 million (2019 $14,501 million) matures in greater than one year.
Disclosure of maturity analysis for derivative financial liabilities	The table below shows the timing of cash outflows for derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk, whether or not hedge accounting is applied, based upon contractual payment dates. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to associated derivatives could be accelerated from the profile provided. The amounts reflect the gross settlement amount where the pay leg of a derivative will be settled separately from the receive leg, as in the case of cross-currency swaps hedging non-US dollar finance debt or hybrid bonds. The swaps are with high investment-grade counterparties and therefore the settlement-day risk exposure is considered to be negligible. Not shown in the table are the gross settlement amounts (inflows) for the receive leg of derivatives that are settled separately from the pay leg, which amount to $33,704 million at 31 December 2020 (2019 $24,787 million) to be received on the same day as the related cash outflows. As a result of the termination of derivatives associated with the 19 March 2021 debt buy back (see Note 26 for further information) $1.8 billion of cash outflows that are presented in the table with maturities of 2-8 years and $1.9 billion equivalent of cash inflows on the receive legs have occurred within one year of the balance sheet date. $ million Cash outflows for derivative financial instruments at 31 December 2020 2019 Within one year 2,384 1,678 1 to 2 years 1,976 2,384 2 to 3 years 2,017 2,838 3 to 4 years 3,074 2,906 4 to 5 years 2,582 3,321 5 to 10 years 15,263 10,633 Over 10 years 4,483 2,224 31,779 25,984 For further information on our derivative financial instruments, see Note 30. Derivative liabilities held for trading have the following fair values and maturities. $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (502) (117) (11) (1) — (63) (694) Oil price derivatives (1,000) (83) (9) (1) — — (1,093) Natural gas price derivatives (1,095) (595) (479) (422) (348) (2,550) (5,489) Power price derivatives (345) (184) (126) (81) (68) (233) (1,037) (2,942) (979) (625) (505) (416) (2,846) (8,313) $ million 2019 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (166) (283) (201) (1) (23) (70) (744) Oil price derivatives (1,405) (56) (14) (2) (1) — (1,478) Natural gas price derivatives (1,070) (522) (446) (399) (363) (2,071) (4,871) Power price derivatives (395) (165) (104) (76) (51) (161) (952) (3,036) (1,026) (765) (478) (438) (2,302) (8,045)

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
	Dec. 31, 2020
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 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 2020 2019 Fair value Fair value Fair value Fair value Derivatives held for trading Currency derivatives 858 (694) 81 (744) Oil price derivatives 1,519 (1,093) 1,918 (1,478) Natural gas price derivatives 6,406 (5,489) 6,569 (4,871) Power price derivatives 1,258 (1,037) 1,306 (952) Other derivatives 7 — 110 — 10,048 (8,313) 9,984 (8,045) Embedded derivatives Other embedded derivatives 1 (7) — (77) 1 (7) — (77) Cash flow hedges Currency forwards 4 — 1 (4) Gas price futures — — — — 4 — 1 (4) Fair value hedges Currency swaps 2,614 (82) 344 (637) Interest rate swaps 80 — 138 (35) 2,694 (82) 482 (672) 12,747 (8,402) 10,467 (8,798) Of which – current 2,992 (2,998) 4,153 (3,261) – non-current 9,755 (5,404) 6,314 (5,537) 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 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 48 9 15 3 5 1 81 Level 2 3,342 858 367 212 100 709 5,588 Level 3 739 546 552 520 493 3,548 6,398 4,129 1,413 934 735 598 4,258 12,067 Less: netting by counterparty (1,182) (253) (77) (38) (37) (432) (2,019) 2,947 1,160 857 697 561 3,826 10,048 Fair value of derivative liabilities Level 1 (55) (9) (13) (3) (5) (1) (86) Level 2 (3,577) (809) (263) (136) (41) (79) (4,905) Level 3 (492) (414) (426) (404) (407) (3,198) (5,341) (4,124) (1,232) (702) (543) (453) (3,278) (10,332) Less: netting by counterparty 1,182 253 77 38 37 432 2,019 (2,942) (979) (625) (505) (416) (2,846) (8,313) Net fair value 5 181 232 192 145 980 1,735 $ million 2019 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 63 6 2 — 2 1 74 Level 2 5,344 1,014 439 210 120 42 7,169 Level 3 779 501 485 540 452 2,708 5,465 6,186 1,521 926 750 574 2,751 12,708 Less: netting by counterparty (2,041) (291) (80) (36) (29) (247) (2,724) 4,145 1,230 846 714 545 2,504 9,984 Fair value of derivative liabilities Level 1 (49) (8) (4) (1) (2) (1) (65) Level 2 (4,522) (932) (458) (146) (113) (101) (6,272) Level 3 (506) (377) (383) (367) (352) (2,447) (4,432) (5,077) (1,317) (845) (514) (467) (2,549) (10,769) Less: netting by counterparty 2,041 291 80 36 29 247 2,724 (3,036) (1,026) (765) (478) (438) (2,302) (8,045) Net fair value 1,109 204 81 236 107 202 1,939
Derivative assets held for trading fair value, and maturities	Derivative assets held for trading have the following fair values and maturities. $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 153 9 3 2 2 689 858 Oil price derivatives 1,159 197 90 63 7 3 1,519 Natural gas price derivatives 1,210 731 596 525 476 2,868 6,406 Power price derivatives 425 223 161 107 76 266 1,258 Other derivatives — — 7 — — — 7 2,947 1,160 857 697 561 3,826 10,048 $ million 2019 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 48 23 9 1 — — 81 Oil price derivatives 1,619 114 76 53 45 11 1,918 Natural gas price derivatives 1,889 824 615 489 433 2,319 6,569 Power price derivatives 556 269 146 94 67 174 1,306 Other derivatives 33 — — 77 — — 110 4,145 1,230 846 714 545 2,504 9,984
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 $33,704 million at 31 December 2020 (2019 $24,787 million) to be received on the same day as the related cash outflows. As a result of the termination of derivatives associated with the 19 March 2021 debt buy back (see Note 26 for further information) $1.8 billion of cash outflows that are presented in the table with maturities of 2-8 years and $1.9 billion equivalent of cash inflows on the receive legs have occurred within one year of the balance sheet date. $ million Cash outflows for derivative financial instruments at 31 December 2020 2019 Within one year 2,384 1,678 1 to 2 years 1,976 2,384 2 to 3 years 2,017 2,838 3 to 4 years 3,074 2,906 4 to 5 years 2,582 3,321 5 to 10 years 15,263 10,633 Over 10 years 4,483 2,224 31,779 25,984 For further information on our derivative financial instruments, see Note 30. Derivative liabilities held for trading have the following fair values and maturities. $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (502) (117) (11) (1) — (63) (694) Oil price derivatives (1,000) (83) (9) (1) — — (1,093) Natural gas price derivatives (1,095) (595) (479) (422) (348) (2,550) (5,489) Power price derivatives (345) (184) (126) (81) (68) (233) (1,037) (2,942) (979) (625) (505) (416) (2,846) (8,313) $ million 2019 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (166) (283) (201) (1) (23) (70) (744) Oil price derivatives (1,405) (56) (14) (2) (1) — (1,478) Natural gas price derivatives (1,070) (522) (446) (399) (363) (2,071) (4,871) Power price derivatives (395) (165) (104) (76) (51) (161) (952) (3,036) (1,026) (765) (478) (438) (2,302) (8,045)
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 and other Total Fair value contracts at 1 January 2020 71 28 (125) 110 84 Gains (losses) recognized in the income statement 250 184 162 (66) 530 Sales — — — (32) (32) Settlements (135) (22) (189) — (346) Transfers out of level 3 5 (43) (21) (1) (60) Net fair value of contracts at 31 December 2020 191 147 (173) 11 176 Deferred day-one gains (losses) 881 Derivative asset (liability) 1,057 $ million Oil Natural gas Power Other Total Fair value contracts at 1 January 2019 23 (13) (148) 107 (31) Gains (losses) recognized in the income statement 128 82 244 2 456 Gains (losses) recognized in other comprehensive income — — (18) — (18) Settlements (79) (21) (179) — (279) Transfers out of level 3 (1) (20) (24) 1 (44) Net fair value of contracts at 31 December 2019 71 28 (125) 110 84 Deferred day-one gains (losses) 949 Derivative asset (liability) 1,033
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 2020 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 4 (4) — Commodity price risk Highly probable forecast sales 78 (78) — At 31 December 2019 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure (1) 1 — Commodity price risk Highly probable forecast sales (100) 100 — 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 2020 $ million $ million $ million mmBtu Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 4 — 162 Commodity price risk Highly probable forecast sales — — (175) At 31 December 2019 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 1 (4) 150 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 2020 and 2019 relating to highly probably forecast capital expenditure matures within 12 months of the relevant balance sheet date. Of the nominal amount of hedging instruments at 31 December 2020 relating to highly probably forecast sales 135 mmBtu matures within 12 months and 40 mmBtu within one to two years. 30. Derivative financial instruments – continued 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 2020 2019 At 31 December Forecast capital expenditure Forecast sales Forecast capital expenditure Sterling/US dollar 1.35 1.35 Euro/US dollar — 1.11 Korean won/US dollar 1,174.47 1,115.66 Henry Hub $/mmBtu 2.88 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 2020 Fair value hedges Interest rate risk on finance debt (258) 258 — Interest rate and foreign currency risk on finance debt (2,743) 2,549 194 At 31 December 2019 Fair value hedges Interest rate risk on finance debt (764) 737 27 Interest rate and foreign currency risk on finance debt (336) 286 50 30. Derivative financial instruments – continued 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 2020 Assets Liabilities Fair value hedges Interest rate risk on finance debt 80 — 4,104 Interest rate and foreign currency risk on finance debt 2,614 (82) 23,313 At 31 December 2019 Fair value hedges Interest rate risk on finance debt 138 (35) 13,442 Interest rate and foreign currency risk on finance debt 344 (637) 21,296 All hedging instruments are presented within derivative financial instruments on the group balance sheet. Ineffectiveness arising on fair value hedges is included within the production and manufacturing expenses section of the income statement. 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 2020 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 2,705 996 — 227 — 176 — 4,104 Interest rate and foreign currency risk on finance debt 737 1,056 2,039 3,175 2,804 8,587 4,915 23,313 At 31 December 2019 Fair value hedges Interest rate risk on finance debt 3,000 2,576 4,039 1,200 206 2,421 — 13,442 Interest rate and foreign currency risk on finance debt 882 672 1,400 2,777 3,109 10,216 2,240 21,296 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 2020 2019 Interest rate swaps Cross-currency interest rate swaps Interest rate swaps Cross-currency interest rate swaps Interest rate 0.58 % 1.88 % 2.36 % 3.27 % Sterling/US dollar 1.33 1.32 Euro/US dollar 1.14 1.15 Canadian dollar/US dollar 0.78 0.87 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 2020 Assets Liabilities Assets Liabilities Discontinued hedges Fair value hedges Interest rate risk on finance debt — (4,196) — (81) (775) Interest rate and foreign currency risk on finance debt — (23,253) — (938) — At 31 December 2019 Fair value hedges Interest rate risk on finance debt — (13,441) — (100) (714) Interest rate and foreign currency risk on finance debt — (21,240) — (525) — The hedged item for all fair value hedges is presented within finance debt on the group balance sheet. 30. Derivative financial instruments – continued Movement in reserves related to hedge accounting The table below provides a reconciliation of the cash flow hedge and costs of hedging reserves on a pre-tax basis by risk category. The signage convention of this table is consistent with that presented in Note 32. $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2020 (1) — (651) (170) (822) Recognized in other comprehensive income Cash flow hedges marked to market 7 78 — — 85 Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — (37) — — (37) Costs of hedging marked to market — — — 42 42 Costs of hedging reclassified to the income statement — — — 22 22 7 41 — 64 112 Cash flow hedges transferred to the balance sheet 6 — — — 6 At 31 December 2020 12 41 (651) (106) (704) $ 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 2019 (21) (6) (651) (223) (901) Recognized in other comprehensive income Cash flow hedges marked to market (3) (100) — — (103) Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — 106 — — 106 Costs of hedging marked to market — — — (4) (4) Costs of hedging reclassified to the income statement — — — 57 57 (3) 6 — 53 56 Cash flow hedges transferred to the balance sheet 23 — — — 23 At 31 December 2019 (1) — (651) (170) (822) a See Note 32 for further information on the cash flow hedge reserve relating to the purchase of equity.

Called-up share capital (Tables

Called-up share capital (Tables)	12 Months Ended
	Dec. 31, 2020
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: 2020 2019 2018 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 21,535,840 5,383 21,525,464 5,381 21,288,193 5,322 Issue of new shares for the scrip dividend programme — — 208,927 52 195,305 49 Issue of new shares for employee share-based payment plans 34,000 9 37,400 9 92,168 23 Issue of new shares – other — — — — — — Repurchase of ordinary share capital (120,058) (30) (235,951) (59) (50,202) (13) At 31 December 21,449,782 5,362 21,535,840 5,383 21,525,464 5,381 5,383 5,404 5,402 a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference shares. Treasury shares a 2020 2019 2018 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,296,856 323 1,426,265 356 1,482,072 370 Purchases for settlement of employee share plans — — 1,118 — 757 — Issue of new shares for employee share-based payment plans 34,116 9 37,400 9 92,168 23 Shares re-issued for employee share-based payment plans (143,322) (36) (167,927) (42) (148,732) (37) At 31 December 1,187,650 296 1,296,856 323 1,426,265 356 Of which – shares held in treasury by bp 1,105,157 275 1,163,077 290 1,264,732 316 – shares held in ESOP trusts 82,491 21 133,707 33 161,518 40 – shares held by bp’s US share plan administrator b 2 — 72 — 15 — 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, 2020
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 2020 5,404 12,417 1,498 27,206 46,525 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (30) — 30 — — Share-based payments, net of tax b 9 167 — — 176 Share of equity-accounted entities’ changes in equity, net of tax c — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2020 5,383 12,584 1,528 27,206 46,701 At 31 December 2018 5,402 12,305 1,439 27,206 46,352 Adjustment on adoption of IFRS 16, net of tax — — — — — At 1 January 2019 5,402 12,305 1,439 27,206 46,352 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends 52 (52) — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (59) — 59 — — Share-based payments, net of tax b 9 164 — — 173 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Transactions involving non-controlling interests, net of tax e — — — — — At 31 December 2019 5,404 12,417 1,498 27,206 46,525 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to a non-controlling interest transaction entered into by Rosneft. d Principally relates to the sale of interests in our UK and New Zealand retail property portfolio, for which proceeds of $0.5 billion and $0.2 billion were received respectively. e Principally relates to the sale of a 49% interest in bp's retail property portfolio in Australia. 32. Capital and reserves – continued $ million Treasury Foreign Available- Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (14,412) (6,495) — (752) (160) (912) 73,706 98,412 — 2,296 100,708 — — — — — — (20,305) (20,305) 256 (680) (20,729) — (2,224) — — — — — (2,224) — 37 (2,187) — — — 31 60 91 — 91 — — 91 — — — — — — 312 312 — — 312 — — — — — — 71 71 — — 71 — — — — — — 65 65 — — 65 — — — 7 — 7 — 7 — — 7 — (2,224) — 38 60 98 (19,857) (21,983) 256 (643) (22,370) — — — — — — (6,367) (6,367) — (238) (6,605) — — — 6 — 6 — 6 — — 6 — — — — — — (776) (776) — — (776) 1,188 — — — — — (638) 726 — — 726 — — — — — — 1,341 1,341 — — 1,341 — — — — — — (48) (48) 11,909 — 11,861 — — — — — — — — (89) — (89) — — — — — — 3 3 — — 3 — — — — — — (64) (64) — 827 763 (13,224) (8,719) — (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 (15,767) (8,902) — (777) (210) (987) 78,748 99,444 — 2,104 101,548 — — — — — — (329) (329) — (1) (330) (15,767) (8,902) — (777) (210) (987) 78,419 99,115 — 2,103 101,218 — — — — — — 4,026 4,026 — 164 4,190 — 2,407 — — — — — 2,407 — 9 2,416 — — — 5 50 55 — 55 — — 55 — — — — — — 82 82 — — 82 — — — — — — (64) (64) — — (64) — — — — — — 171 171 — — 171 — — — (3) — (3) — (3) — — (3) — 2,407 — 2 50 52 4,215 6,674 — 173 6,847 — — — — — — (6,929) (6,929) — (213) (7,142) — — — 23 — 23 — 23 — — 23 — — — — — — (1,511) (1,511) — — (1,511) 1,355 — — — — — (809) 719 — — 719 — — — — — — 5 5 — — 5 — — — — — — 316 316 — 233 549 (14,412) (6,495) — (752) (160) (912) 73,706 98,412 — 2,296 100,708 32. Capital and reserves – continued Share Share Capital Merger Total share capital At 31 December 2017 5,343 12,147 1,426 27,206 46,122 Adjustment on adoption of IFRS 9, net of tax — — — — — At 1 January 2018 5,343 12,147 1,426 27,206 46,122 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends 49 (49) — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (13) — 13 — — Share-based payments, net of tax b 23 207 — — 230 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Transactions involving non-controlling interests, net of tax — — — — — At 31 December 2018 5,402 12,305 1,439 27,206 46,352 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. 32. Capital and reserves – continued $ million Treasury Foreign Available- Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (16,958) (5,156) 17 (760) — (743) 75,226 98,491 — 1,913 100,404 — — (17) — (37) (54) (126) (180) — — (180) (16,958) (5,156) — (760) (37) (797) 75,100 98,311 — 1,913 100,224 — — — — — — 9,383 9,383 — 195 9,578 — (3,746) — — — — — (3,746) — (41) (3,787) — — — (6) (173) (179) — (179) — — (179) — — — — — — 417 417 — — 417 — — — — — — 7 7 — — 7 — — — — — — 1,599 1,599 — — 1,599 — — — (37) — (37) — (37) — — (37) — (3,746) — (43) (173) (216) 11,406 7,444 — 154 7,598 — — — — — — (6,699) (6,699) — (170) (6,869) — — — 26 — 26 — 26 — — 26 — — — — — — (355) (355) — — (355) 1,191 — — — — — (718) 703 — — 703 — — — — — — 14 14 — — 14 — — — — — — — — — 207 207 (15,767) (8,902) — (777) (210) (987) 78,748 99,444 — 2,104 101,548 .
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 2020 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (2,196) 9 (2,187) Cash flow hedges (including reclassifications) 41 (10) 31 Costs of hedging (including reclassifications) 64 (4) 60 Share of items relating to equity-accounted entities, net of tax 312 — 312 Other — 71 71 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 170 (105) 65 Cash flow hedges that will subsequently be transferred to the balance sheet 7 — 7 Other comprehensive income (1,602) (39) (1,641) $ million 2019 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 2,418 (2) 2,416 Cash flow hedges (including reclassifications) 6 (1) 5 Costs of hedging (including reclassifications) 53 (3) 50 Share of items relating to equity-accounted entities, net of tax 82 — 82 Other — (64) (64) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 328 (157) 171 Cash flow hedges that will subsequently be transferred to the balance sheet (3) — (3) Other comprehensive income 2,884 (227) 2,657 $ million 2018 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (3,771) (16) (3,787) Cash flow hedges (including reclassifications) (6) — (6) Costs of hedging (including reclassifications) (186) 13 (173) Share of items relating to equity-accounted entities, net of tax 417 — 417 Other — 7 7 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 2,317 (718) 1,599 Cash flow hedges that will subsequently be transferred to the balance sheet (37) — (37) Other comprehensive income (1,266) (714) (1,980)

Remuneration of senior manage_2

Remuneration of senior management and non-executive directors (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party [Abstract]
Remuneration of directors and senior management	Remuneration of directors $ million 2020 2019 2018 Total for all directors Emoluments 6 9 8 Amounts received under incentive schemes a 14 20 16 Total 20 29 24 a Excludes amounts relating to past directors. Remuneration of directors and senior management $ million 2020 2019 2018 Total for all senior management and non-executive directors Short-term employee benefits 17 30 25 Pensions and other post-retirement benefits 2 2 2 Share-based payments 52 32 32 Termination benefits 8 — — Total 79 64 59

Employee costs and numbers (Tab

Employee costs and numbers (Tables)	12 Months Ended
	Dec. 31, 2020
Additional information [abstract]
Employee costs and average number of employees	$ million Employee costs 2020 2019 2018 Wages and salaries a 7,600 7,497 7,931 Social security costs 729 733 743 Share-based payments b 728 694 669 Pension and other post-retirement benefit costs 852 948 1,154 9,909 9,872 10,497 2020 2019 2018 Average number of employees c US Non-US Total US Non-US Total US Non-US Total Upstream 4,800 10,600 15,400 5,800 11,000 16,800 5,900 11,500 17,400 Downstream d 5,800 37,800 43,600 5,700 37,300 43,000 6,000 36,300 42,300 Other businesses and corporate e 1,800 7,300 9,100 2,100 10,600 12,700 1,900 12,100 14,000 12,400 55,700 68,100 13,600 58,900 72,500 13,800 59,900 73,700 a Includes termination costs of $1,237 million (2019 $182 million and 2018 $493 million). Reinvent bp restructuring accruals of $714 million and provisions of $428 million for employee termination payments were held at 31 December 2020. 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 19,100 (2019 18,100 and 2018 17,100) service station staff. e Includes 0 (2019 2,500 and 2018 4,000) agricultural, operational and seasonal workers in Brazil. The reduction in the average number of employees in 2020 compared to 2019 is principally a result of the reinvent bp programme and divestment activity.

Auditor_s remuneration (Tables)

Auditor’s remuneration (Tables)	12 Months Ended
	Dec. 31, 2020
Additional information [abstract]
Summary of auditor's remuneration	$ million Fees 2020 2019 2018 The audit of the company annual accounts a 30 32 25 The audit of accounts of subsidiaries of the company 11 11 10 Total audit 41 43 35 Audit-related assurance services b 11 4 4 Total audit and audit-related assurance services 52 47 39 Non-audit and other assurance services 1 1 2 Services relating to bp pension plans 1 1 1 54 49 42 a Fees in respect of the audit of the accounts of BP p.l.c. including the group’s consolidated financial statements. b Includes interim reviews and audit of internal control over financial reporting and non-statutory audit services. 2020 fees include audit fees relating to the Petrochemicals disposal.

Subsidiaries, joint arrangeme_2

Subsidiaries, joint arrangements and associates (Tables)	12 Months Ended
	Dec. 31, 2020
Interest In Other Entities [Abstract]
Disclosure of interests in subsidiaries, joint arrangements, and associates	The more important subsidiaries and associates of the group at 31 December 2020 and the group percentage of ordinary share capital (to nearest whole number) are set out below. There are no individually significant incorporated joint arrangements. 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 100 England & Wales Investment holding BP Exploration Operating Company 100 England & Wales Exploration and production *BP Global Investments 100 England & Wales Investment holding *BP International 100 England & Wales Integrated oil operations BP Oil International 100 England & Wales Integrated oil operations *Burmah Castrol 100 Scotland Lubricants Angola BP Exploration (Angola) 100 England & Wales Exploration and production Azerbaijan BP Exploration (Caspian Sea) 100 England & Wales Exploration and production BP Exploration (Azerbaijan) 100 England & Wales Exploration and production Canada *BP Holdings Canada 100 England & Wales Investment holding Egypt BP Exploration (Delta) 100 England & Wales Exploration and production Germany BP Europa SE 100 Germany Refining and marketing India BP Exploration (Alpha) 100 England & Wales Exploration and production Trinidad & Tobago BP Trinidad and Tobago 70 US Exploration and production UK BP Capital Markets 100 England & Wales Finance US *BP Holdings North America 100 England & Wales Investment holding Atlantic Richfield Company 100 US Exploration and production, refining and marketing BP America 100 US BP America Production Company 100 US BP Company North America 100 US BP Corporation North America 100 US BP Products North America 100 US Standard Oil Company 100 US BP Capital Markets America 100 US Finance Associates % Country of Principal activities Russia Rosneft Oil Company 19.75 Russia Integrated oil operations

Significant accounting polici_4

Significant accounting policies, judgements, estimates and assumptions - Significant judgement: accounting for interests in other entities (Details) - Rosneft - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of associates [line items]
Voting shares held in associate	19.75%
Proportion of Economic Interest in Associate	22.03%	19.75%
JSC Rosneftegaz
Disclosure of associates [line items]
Voting shares held in associate	40.40%	50.00%
Number of shares owned in addition to proportion of voting shares owned (in shares)		1

Significant accounting polici_5

Significant accounting policies, judgements, estimates and assumptions - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2020
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] | Computer software
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	5 years

Significant accounting polici_6

Significant accounting policies, judgements, estimates and assumptions - Summary of useful lives of property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2020
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
Petrochemicals plants | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	20 years
Petrochemicals plants | 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_7

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, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)usd_per_bbl	Dec. 31, 2020USD ($)usd_per_mmBtu	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)usd_per_bbl	Dec. 31, 2019USD ($)usd_per_mmBtu
Disclosure of impairment loss and reversal of impairment loss [line items]
Discount rate used to determine recoverable costs, fair value less costs of disposal	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%
Carrying amount of oil and gas properties	$ 114,836	$ 114,836	$ 114,836	$ 114,836	$ 132,642	$ 132,642	$ 132,642
Nominal Inflation Rate Used in Determining Price Assumptions		2.00%			2.00%
Long-term price assumptions used in current measurement of fair value less costs of disposal						70	4
Goodwill	$ 12,480	$ 12,480	$ 12,480	$ 12,480	$ 11,868	$ 11,868	$ 11,868
Bottom of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Premium added to discount rate	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Discount rate used in current estimate of value in use	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%
Top of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Premium added to discount rate	3.00%	3.00%	3.00%	3.00%	4.00%	4.00%	4.00%
Discount rate used in current estimate of value in use	15.00%	15.00%	15.00%	15.00%	13.00%	13.00%	13.00%
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			50	3
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			50	3
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			60	3
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			60	3
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	2.75
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	$ 45,027	$ 45,027	$ 45,027	$ 45,027	$ 25,092	$ 25,092	$ 25,092
Oil and gas properties
Disclosure of impairment loss and reversal of impairment loss [line items]
Carrying amount of oil and gas properties	73,849	$ 73,849	$ 73,849	$ 73,849	$ 89,714	$ 89,714	$ 89,714
Percentage of headroom (less than or equal to)		20.00%
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	(6,000)
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		5.00%
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	(7,000)
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		6.00%
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	4,000
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		3.00%
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	5,000
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		4.00%
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	2,400
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	$ (2,700)

Significant accounting polici_8

Significant accounting policies, judgements, estimates and assumptions - Provisions and contingencies, decommissioning, environmental expenditures and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of other provisions [line items]
Nominal discount rate	2.50%	2.50%
Provisions, discounted cash flow, nominal interest rate	2.50%	2.50%
Liabilities for decommissioning costs, weighted average recognition period	18 years	18 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%
Change In nominal interest rate	50.00%
Reduction to provision through change in discount rate	$ 1,300	$ 1,400
Increase (Decrease) Through Change In Discount Rate, Other Provisions, Impact On Income Statement	$ (500)
Provision For Costs Other Than Decommissioning, Nominal Rate Of Inflation	2.00%	2.00%
Ten Percentage Point Increase
Disclosure of other provisions [line items]
Increase (decrease) in provision for decommissioning costs, as result of increased expense	$ 1,400
Increase (decrease) future decommissioning expenditure, impact on income statement	$ (500)

Significant accounting polici_9

Significant accounting policies, judgements, estimates and assumptions - Updates to significant accounting policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 91,178	$ 142,627	$ 151,829
Other revenue	89,188	135,770	146,927
Sales and other operating revenues	180,366	278,397	298,756
Revision of Prior Period, Adjustment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		133,452	144,426
Other revenue		(133,452)	(144,426)
Sales and other operating revenues		0	0
Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		276,079	296,255
Other revenue		2,318	2,501
Sales and other operating revenues		278,397	298,756
Crude oil
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	5,048	9,141	10,331
Crude oil | Revision of Prior Period, Adjustment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		52,989	54,945
Crude oil | Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		62,130	65,276
Oil products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	63,564	102,408	108,515
Oil products | Revision of Prior Period, Adjustment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		78,120	86,951
Oil products | Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		180,528	195,466
Natural gas, LNG and NGLs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	12,726	18,909	20,494
Natural gas, LNG and NGLs | Revision of Prior Period, Adjustment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		1,258	1,251
Natural gas, LNG and NGLs | Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		20,167	21,745
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	$ 9,840	12,169	12,489
Non-oil products and other revenues from contracts with customers | Revision of Prior Period, Adjustment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		1,085	1,279
Non-oil products and other revenues from contracts with customers | Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		$ 13,254	$ 13,768

Non-current assets held for s_3

Non-current assets held for sale - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets and liabilities held for sale [Line Items]
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	$ 1,326	$ 7,465
Liabilities included in disposal groups classified as held for sale	46	1,393
Contingent consideration receivable relating to disposals	1,999	598	$ 893
Trade and other receivables	$ 4,351	$ 2,147
Proportion of reimbursement rights	30.00%
proportion of participating interest classified as held for sale	20.00%
Hilcorp Energy
Assets and liabilities held for sale [Line Items]
Consideration paid (received)	$ 800
Trade and other receivables	2,100
INEOS
Assets and liabilities held for sale [Line Items]
Consideration Receivable On Completion of Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses	3,600
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
Portion of consideration paid (received) consisting of cash and cash equivalents	1,000
BP Exploration (Alaska)
Assets and liabilities held for sale [Line Items]
Contingent consideration receivable relating to disposals	1,722
BP Exploration (Alaska) | Hilcorp Energy
Assets and liabilities held for sale [Line Items]
Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses, Receivable, Current	5,600
Petrochemicals
Assets and liabilities held for sale [Line Items]
Trade and other payables	100
Block 61
Assets and liabilities held for sale [Line Items]
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	1,298
Liabilities included in disposal groups classified as held for sale	$ 10
Ownership percentage in subsidiary	60.00%
Block 61 | PTT Exploration and Production Public Company Limited
Assets and liabilities held for sale [Line Items]
Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses, Receivable, Current	$ 2,600
Consideration Receivable On Completion of Sale Of Property, Plant And Equipment, And Losing Control Of Subsidiaries Or Other Businesses	2,450
Contingent consideration receivable relating to disposals	$ 140
Trans Alaska Pipeline System (TAPS) [Member]
Assets and liabilities held for sale [Line Items]
Proportion of ownership interest in associate	49.00%

Non-current assets held for s_4

Non-current assets held for sale (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets and liabilities held for sale [Line Items]
Property, plant and equipment	$ 114,836	$ 132,642
Goodwill	12,480	11,868
Intangible assets	6,093	15,539	$ 17,284
Investments in associates	18,975	20,334
Inventories	16,873	20,880
Trade and other receivables	17,948	24,442
Trade and other current payables	(36,014)	(46,829)
Lease liabilities	(9,262)	(9,722)
Current provisions	(3,761)	(2,453)
Defined benefit pension plan and other post-retirement benefit plan deficits	(9,254)	(8,592)
Liabilities included in disposal groups classified as held for sale	(46)	(1,393)
Non-current assets held for sale [member]
Assets and liabilities held for sale [Line Items]
Property, plant and equipment	1,099	6,359
Goodwill	199	0
Intangible assets	0	610
Investments in associates	0	43
Inventories	0	318
Trade and other receivables	28	135
Trade and other current payables	(36)	(33)
Lease liabilities	0	(280)
Current provisions	(10)	(1,012)
Defined benefit pension plan and other post-retirement benefit plan deficits	$ 0	$ 68

Business combinations and oth_2

Business combinations and other significant transactions - Business combinations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Identifiable assets acquired (liabilities assumed)		$ 617
Non-controlling interest in acquiree recognised at acquisition date		$ 574
Petrohawk Energy Corporation
Disclosure of detailed information about business combination [line items]
Cash consideration for acquisition	$ (3,480)

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, 2020	Dec. 31, 2019	Dec. 31, 2018
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	$ 2,874	$ 193	$ 456
Losses on sale of businesses and fixed assets, and closures	681	1,359	777
Impairment losses	13,789	6,847	666
Impairment reversals	(89)	(131)	(583)
Impairment and losses on sale of businesses and fixed assets, and closures	14,381	8,075	860
Upstream
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	360	143	437
Losses on sale of businesses and fixed assets, and closures	383	415	707
Impairment losses	12,917	6,752	400
Impairment reversals	(86)	(131)	(580)
Downstream
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	2,320	50	15
Losses on sale of businesses and fixed assets, and closures	296	57	59
Impairment losses	840	65	12
Impairment reversals	0	0	(2)
Other businesses and 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	194	0	4
Losses on sale of businesses and fixed assets, and closures	2	887	11
Impairment losses	32	30	254
Impairment reversals	$ (3)	$ 0	$ (1)

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposals of fixed assets	$ 491	$ 500	$ 940
Proceeds from disposals of businesses, net of cash disposed	4,989	1,701	1,911
Proceeds from disposal of fixed assets and businesses, net of cash disposed	5,480	2,201	2,851
Upstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposal of fixed assets and businesses, net of cash disposed	1,175	2,048	2,145
Downstream
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	3,959	152	120
Other businesses and 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	$ 346	$ 1	$ 586

Disposals and impairment - Narr

Disposals and impairment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	$ 4,989	$ 1,701	$ 1,911
Deferred consideration relating to the disposals, receivable within one year	1,291	159	35
Deferred consideration relating to the disposals, receivable after one year	2,402	125	304
Contingent consideration receivable relating to disposals	1,999	598	893
Gains on sale of businesses and fixed assets	2,874	193	456
Losses on sale of businesses and fixed assets, and closures	681	1,359	777
Impairment losses	13,789	6,847	666
Reversal of impairment loss	89	131	583
Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	360	143	437
Gains on disposal, relating to fair value movements on deferred and contingent consideration	166
Losses on sale of businesses and fixed assets, and closures	383	415	707
Loss on likely disposal of exploration asset	120
Impairment losses	12,917	6,752	400
Impairment loss recognised in profit or loss, goodwill		355
Reversal of impairment loss	86	131	580
Recoverable amount of asset or cash-generating unit	13,200
Upstream | North Sea
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	2,796
Upstream | US
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures	78
Impairment losses	2,744
Upstream | Trinidad and Tobago
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	2,416
Upstream | Mauritania & Senegal
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	1,909
Upstream | India
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	1,313
Upstream | Canada
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	865
Downstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	2,320	50	15
Losses on sale of businesses and fixed assets, and closures	296	57	59
Impairment losses	840	65	12
Reversal of impairment loss	0	0	2
Other businesses and corporate
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	194	0	4
Losses on sale of businesses and fixed assets, and closures	2	887	11
Impairment losses	32	30	254
Reversal of impairment loss	3	0	1
Petrochemicals
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	3,888
Gains on sale of businesses and fixed assets	2,300
Alaska | Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	939
BP Exploration (Alaska)
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	347
BP Exploration (Alaska) | Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	130
Losses on sale of businesses and fixed assets, and closures		171
Impairment losses		1,264
North Sea | Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures	134
Bruce, Keith and Devinick [Member] | Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures		191
Magnus Field | Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures			335
Schiehallion | Upstream | North Sea
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	1,181
Greater Kuparuk Area | Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures			221
Kwinana | Downstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures			$ 229
Tortue | Upstream | Mauritania & Senegal
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	1,909
KGD6 | Upstream | India
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	1,313
Mahogany | Upstream | Trinidad and Tobago
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	1,044
Cassia | Upstream | Trinidad and Tobago
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	960
BPX Energy [Member] | Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	1,011	$ 4,703
ETAP | Upstream | North Sea
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	747
Sunrise | Upstream | Canada
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	$ 742

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	$ 194,672	$ 213,135
Current assets	72,982	82,059
Non-current liabilities	(122,287)	(120,891)
Current liabilities	(59,799)	(73,595)
Net assets	85,568	100,708
Recycling of foreign exchange on disposal	(38)	(37)	$ (368)
Proceeds from the sale of businesses, net of cash disposed	4,989	1,701	1,911
Discontinued operations [member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	9,092	1,653	3,274
Current assets	1,539	507	173
Non-current liabilities	(1,639)	(257)	(250)
Current liabilities	(782)	(108)	(97)
Net assets	8,210	1,795	3,100
Recycling of foreign exchange on disposal	(328)	880	0
Costs on disposal	13	190	3
Total carrying amount of net assets disposed, including foreign exchange and cost of disposal	7,895	2,865	3,103
Gains (losses) on sale of businesses	2,570	(1,190)	(221)
Total consideration	10,465	1,675	2,882
Non-cash consideration	(219)	(938)	(282)
Consideration received (receivable)	(5,257)	964	(689)
Proceeds from the sale of businesses, net of cash disposed	4,989	1,701	1,911
Cash and cash equivalents disposed of	101	30	$ 15
BP Exploration (Alaska)
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from the sale of businesses, net of cash disposed	347
BP Exploration (Alaska) | Discontinued operations [member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	5,143
Current assets	693
Non-current liabilities	(923)
Current liabilities	(344)
Net assets	4,569
Recycling of foreign exchange on disposal	0
Costs on disposal	(6)
Total carrying amount of net assets disposed, including foreign exchange and cost of disposal	4,563
Gains (losses) on sale of businesses	260
Total consideration	4,823
Non-cash consideration	(219)
Consideration received (receivable)	(4,257)	$ 633
Proceeds from the sale of businesses, net of cash disposed	347
Petrochemicals
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from the sale of businesses, net of cash disposed	3,888
Petrochemicals | Discontinued operations [member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	2,592
Current assets	846
Non-current liabilities	(178)
Current liabilities	(425)
Net assets	2,835
Recycling of foreign exchange on disposal	(331)
Costs on disposal	(25)
Total carrying amount of net assets disposed, including foreign exchange and cost of disposal	2,479
Gains (losses) on sale of businesses	2,414
Total consideration	4,893
Non-cash consideration	0
Consideration received (receivable)	(1,005)
Proceeds from the sale of businesses, net of cash disposed	3,888
Other | Discontinued operations [member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	1,357
Current assets	0
Non-current liabilities	(538)
Current liabilities	(13)
Net assets	806
Recycling of foreign exchange on disposal	3
Costs on disposal	44
Total carrying amount of net assets disposed, including foreign exchange and cost of disposal	853
Gains (losses) on sale of businesses	(104)
Total consideration	749
Non-cash consideration	0
Consideration received (receivable)	5
Proceeds from the sale of businesses, net of cash disposed	$ 754

Segmental analysis - Narrative

Segmental analysis - Narrative (Details)	12 Months Ended
	Dec. 31, 2020segment
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment revenues
Sales and other operating revenues	$ 180,366	$ 278,397	$ 298,756
Less: sales and other operating revenues between segments	0	0	0
Third party sales and other operating revenues	180,366	278,397	298,756
Earnings from joint ventures and associates – after interest and tax	(403)	3,257	3,753
Segment results
Replacement cost profit (loss) before interest and taxation	(18,872)	11,039	20,179
Inventory holding gains (losses)	(2,868)	667	(801)
Profit (loss) before interest and taxation	(21,740)	11,706	19,378
Finance costs	(3,115)	(3,489)	(2,528)
Net finance expense relating to pensions and other post-retirement benefits	(33)	(63)	(127)
Profit (loss) before taxation	(24,888)	8,154	16,723
Other income statement items
Depreciation, depletion and amortization	14,889	17,780	15,457
Charges for provisions, net of write-back of unused provisions, including change in discount rate	2,502	1,185	2,746
Segment assets
Investments in joint ventures and associates	27,337	30,325	26,320
Additions to non-current assets	14,757	22,613	28,352
US
Segment revenues
Third party sales and other operating revenues	55,611	89,334	98,066
Other income statement items
Depreciation, depletion and amortization	5,194	6,062	5,170
Non-US
Segment revenues
Third party sales and other operating revenues	124,755	189,063	200,690
Other income statement items
Depreciation, depletion and amortization	9,695	11,718	10,287
Operating segments | Upstream
Segment revenues
Sales and other operating revenues	34,197	54,501	56,399
Less: sales and other operating revenues between segments	(17,130)	(27,034)	(28,565)
Third party sales and other operating revenues	17,067	27,467	27,834
Earnings from joint ventures and associates – after interest and tax	(268)	603	951
Segment results
Replacement cost profit (loss) before interest and taxation	(21,547)	4,917	14,328
Inventory holding gains (losses)	17	(8)	(6)
Profit (loss) before interest and taxation	(21,530)	4,909	14,322
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	56	118	355
Segment assets
Investments in joint ventures and associates	10,749	12,196	12,785
Additions to non-current assets	8,743	16,254	24,266
Operating segments | Upstream | US
Other income statement items
Depreciation, depletion and amortization	3,772	4,672	4,211
Operating segments | Upstream | Non-US
Other income statement items
Depreciation, depletion and amortization	7,447	9,560	8,907
Operating segments | Downstream
Segment revenues
Sales and other operating revenues	162,974	250,897	270,689
Less: sales and other operating revenues between segments	(158)	(973)	(574)
Third party sales and other operating revenues	162,816	249,924	270,115
Earnings from joint ventures and associates – after interest and tax	214	374	589
Segment results
Replacement cost profit (loss) before interest and taxation	3,418	6,502	6,940
Inventory holding gains (losses)	(2,796)	685	(862)
Profit (loss) before interest and taxation	622	7,187	6,078
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	1,903	507	834
Segment assets
Investments in joint ventures and associates	3,671	3,609	2,772
Additions to non-current assets	5,359	4,014	3,609
Operating segments | Downstream | US
Other income statement items
Depreciation, depletion and amortization	1,359	1,335	900
Operating segments | Downstream | Non-US
Other income statement items
Depreciation, depletion and amortization	1,631	1,586	1,177
Operating segments | Rosneft
Segment revenues
Sales and other operating revenues	0	0	0
Less: sales and other operating revenues between segments	0	0	0
Third party sales and other operating revenues	0	0	0
Earnings from joint ventures and associates – after interest and tax	(229)	2,295	2,283
Segment results
Replacement cost profit (loss) before interest and taxation	(149)	2,316	2,221
Inventory holding gains (losses)	(89)	(10)	67
Profit (loss) before interest and taxation	(238)	2,306	2,288
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	11,808	12,927	10,074
Additions to non-current assets	0	0	0
Operating segments | Rosneft | US
Other income statement items
Depreciation, depletion and amortization	0	0	0
Operating segments | Rosneft | Non-US
Other income statement items
Depreciation, depletion and amortization	0	0	0
Consolidation adjustment and eliminations
Segment revenues
Sales and other operating revenues	(18,521)	(28,789)	(30,010)
Less: sales and other operating revenues between segments	18,521	28,789	30,010
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	89	75	211
Inventory holding gains (losses)	0	0	0
Profit (loss) before interest and taxation	89	75	211
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 and corporate
Segment revenues
Sales and other operating revenues	1,716	1,788	1,678
Less: sales and other operating revenues between segments	(1,233)	(782)	(871)
Third party sales and other operating revenues	483	1,006	807
Earnings from joint ventures and associates – after interest and tax	(120)	(15)	(70)
Segment results
Replacement cost profit (loss) before interest and taxation	(683)	(2,771)	(3,521)
Inventory holding gains (losses)	0	0	0
Profit (loss) before interest and taxation	(683)	(2,771)	(3,521)
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	543	560	1,557
Segment assets
Investments in joint ventures and associates	1,109	1,593	689
Additions to non-current assets	655	2,345	477
Other businesses and corporate | US
Other income statement items
Depreciation, depletion and amortization	63	55	59
Other businesses and corporate | Non-US
Other income statement items
Depreciation, depletion and amortization	$ 617	$ 572	$ 203

Segmental analysis - Results _2

Segmental analysis - Results by Geographical Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of geographical areas [line items]
Sales and other operating revenues	$ 180,366	$ 278,397	$ 298,756
Production and similar taxes	695	1,547	1,536
Replacement cost profit (loss) before interest and taxation	(18,872)	11,039	20,179
Non-current assets	161,279	191,155	192,248
US
Disclosure of geographical areas [line items]
Sales and other operating revenues	55,611	89,334	98,066
Production and similar taxes	57	315	369
Non-current assets	52,493	57,757	68,188
Non-US
Disclosure of geographical areas [line items]
Sales and other operating revenues	124,755	189,063	200,690
Production and similar taxes	638	1,232	1,167
Non-current assets	108,786	133,398	124,060
United Kingdom
Disclosure of geographical areas [line items]
Sales and other operating revenues	42,729	63,194	65,630
Non-current assets	$ 19,583	$ 22,881	$ 19,426

Sales and other operating rev_3

Sales and other operating revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 91,178	$ 142,627	$ 151,829
Other revenue	89,188	135,770	146,927
Sales and other operating revenues	180,366	278,397	298,756
Crude oil
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	5,048	9,141	10,331
Oil products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	63,564	102,408	108,515
Natural gas, LNG and NGLs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	12,726	18,909	20,494
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	$ 9,840	$ 12,169	$ 12,489

Income statement analysis - Sum

Income statement analysis - Summary of non-operating income and expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest and other income
Other income	$ 423	$ 349	$ 313
Finance income	663	769	773
Currency exchange losses charged to the income statementa	38	37	368
Expenditure on research and development	332	364	429
Finance costs
Interest payable on lease liabilities	337	379	51
Interest costs capitalised	(345)	(374)	(419)
Expense due to unwinding of discount on provisions	437	505	210
Expense Due To Unwinding Of Other Payables Measured At Amortized Cost	520	569	539
Finance costs	$ 3,115	$ 3,489	$ 2,528
Capitalisation rate of borrowing costs eligible for capitalisation	2.75%	3.50%	3.56%
Tax relief on capitalized interest	$ 83	$ 51	$ 55
Interest Expense, Repayment Of Borrowings	158
Measured at amortized cost
Interest and other income
Interest income from	215	371	421
Financial assets at fair value, class [member]
Interest and other income
Interest income from	25	49	39
Financial liabilities at amortised cost, class [member]
Finance costs
Interest payable on other liabilities measured at amortized cost	2,166	2,410	2,147
Gulf of Mexico Oil Spill
Interest and other income
Costs relating to Gulf of Mexico oil spill, pre-interest and tax	$ 255	$ 319	$ 714

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Exploration and evaluation costs
Exploration expenditure written off	$ 9,920	$ 631	$ 1,085
Exploration expense	10,280	964	1,445
Intangible assets	6,093	15,539	17,284
Exploration expenditure written off	9,920	631	1,085
Exploration and appraisal expenditure
Exploration and evaluation costs
Intangible assets	4,113	14,091	15,989
Upstream
Exploration and evaluation costs
Exploration expenditure written off	9,920	631	1,085
Other exploration costs	360	333	360
Exploration expense	10,280	964	1,445
Liabilities	71	73	60
Net assets	4,042	14,018	15,929
Cash used in operating activities	360	333	360
Cash used in investing activities	674	1,215	1,119
Exploration expenditure written off	9,920	631	1,085
Upstream | Exploration and appraisal expenditure
Exploration and evaluation costs
Impairment losses	156	2	137
Intangible assets	4,113	14,091	15,989
Upstream | Gulf of Mexico | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off	2,643		447
Exploration expenditure written off	2,643		$ 447
Upstream | Canada | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off	2,539
Intangible assets		$ 2,500
Exploration expenditure written off	2,539
Upstream | Brazil | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off	2,141
Exploration expenditure written off	2,141
Upstream | Egypt | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off	952
Exploration expenditure written off	952
Upstream | Angola | Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off	832
Exploration expenditure written off	832
Upstream | Middle East
Exploration and evaluation costs
Intangible assets	$ 700

Taxation - Disclosure of major

Taxation - Disclosure of major components of tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax
Charge for the year	$ 2,095	$ 5,316	$ 6,217
Adjustment in respect of prior yearsa	50	(68)	(221)
Current tax	2,145	5,248	5,996
Deferred tax
Origination and reversal of temporary differences in the current year	(7,826)	(1,190)	907
Adjustment in respect of prior years	1,522	(94)	242
Deferred tax expense (income) recognised in profit or loss	(6,304)	(1,284)	1,149
Tax charge (credit) on profit or loss	$ (4,159)	$ 3,964	$ 7,145

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax charge (credit) recognized within other comprehensive income	$ 39	$ 227	$ 714
Tax recognized directly in equity	154	37	$ 17
Deferred tax assets	7,744	4,560
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	7,659	2,421
US
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	3,906	$ 2,421
India
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	707
Australia
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	637
Trinidad and Tobago
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	$ 588

Taxation - Disclosure of reconc

Taxation - Disclosure of reconciliation of items affected by overall tax credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Profit (loss) before taxation	$ (24,888)	$ 8,154	$ 16,723
Tax charge (credit) on profit or loss	$ (4,159)	$ 3,964	$ 7,145
Effective tax rate	17.00%	49.00%	43.00%
Tax rate computed at the weighted average statutory rate	31.00%	52.00%	43.00%
Increase (decrease) resulting from
Tax reported in equity-accounted entities	0	(0.07)	(0.05)
Adjustments in respect of prior years	(6.00%)	(2.00%)	0.00%
Deferred tax not recognized	(0.03)	(0.02)	0.01
Tax incentives for investment	0.01	(0.03)	(0.02)
Foreign exchange	(1.00%)	1.00%	3.00%
Items not deductible for tax purposes	(3.00%)	4.00%	1.00%
Other	(2.00%)	6.00%	2.00%

Taxation - Disclosure of moveme

Taxation - Disclosure of movement in net deferred tax liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019	Jan. 01, 2018
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax liability, beginning of period	$ 5,190	$ 6,106
Adjustment on adoption of IFRS 16				$ 0	$ (75)
Exchange adjustments	55	72
Credit for the year in the income statement	(6,304)	(1,284)	$ 1,149
Charge for the year in other comprehensive income	48	233
Charge for the year in equity	154	37
Acquisitions and disposals	(56)	101
Net deferred tax liability, end of period	$ (913)	$ 5,190	$ 6,106

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, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019	Jan. 01, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	$ (6,304)	$ (1,284)	$ 1,149
Balance sheet
Deferred tax liability	6,831	9,750
Deferred tax asset	(7,744)	(4,560)
Deferred tax liability (asset)	(913)	5,190	6,106	$ 5,190	$ 6,031
Before Offset Amount
Balance sheet
Deferred tax liability	19,677	26,442
Deferred tax asset	(20,590)	(21,252)
Before Offset Amount | Temporary Differences, Deferred Tax Liability
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	(7,225)	(1,279)	(1,325)
Before Offset Amount | Depreciation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	(7,295)	(1,436)	(1,297)
Balance sheet
Deferred tax liability	15,361	22,627
Before Offset Amount | Pension plan surpluses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	69	(31)	65
Balance sheet
Deferred tax liability	2,691	2,290
Before Offset Amount | Derivative financial instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	33	29	(36)
Balance sheet
Deferred tax liability	63	29
Before Offset Amount | Other taxable temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	(32)	159	(57)
Balance sheet
Deferred tax liability	1,562	1,496
Before Offset Amount | Temporary Differences, Deferred Tax Assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	921	(5)	2,474
Before Offset Amount | Depreciation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	(849)	0	0
Balance sheet
Deferred tax asset	(849)	0
Before Offset Amount | Lease Liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	286	264	8
Balance sheet
Deferred tax asset	(1,122)	(1,380)
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]
Credit for the year in the income statement	2	62	(6)
Balance sheet
Deferred tax asset	(1,548)	(1,367)
Before Offset Amount | Decommissioning, environmental and other provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	438	(472)	1,505
Balance sheet
Deferred tax asset	(7,155)	(7,579)
Before Offset Amount | Derivative financial instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	0	63	(31)
Balance sheet
Deferred tax asset	(25)	(24)
Before Offset Amount | Tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	310	(336)	123
Balance sheet
Deferred tax asset	(3,652)	(3,964)
Before Offset Amount | Loss carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	543	12	559
Balance sheet
Deferred tax asset	(5,319)	(5,834)
Before Offset Amount | Other deductible temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Credit for the year in the income statement	191	402	$ 316
Balance sheet
Deferred tax asset	(920)	(1,104)
Gulf of Mexico Oil Spill
Balance sheet
Deferred tax asset	$ (5,471)	$ (5,526)

Taxation - Disclosure of tempor

Taxation - Disclosure of temporary differences, unused tax credits and unused tax losses (Details) - USD ($) $ in Billions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax credits for which no deferred tax asset recognised	$ 26.9	$ 25.4
Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities	0.8	1.5
Fixed Asset Related Temporary Differences [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible temporary differences	46.1	40.4
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	23	21.5
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	2.4	2.3
Unused tax credits for which no deferred tax asset recognised	$ 3.9	3.9
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	3.00%
Internal Revenue Service (IRS) | US Tax Authority | Top of range [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate computed at the weighted average statutory ratea	10.00%
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	$ 6	$ 3.5

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Abstract]
Current tax benefit relating to the utilization of previously unrecognized deferred tax assets	$ 46	$ 272	$ 83
Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets	11	96	0
Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets	0	364	112
Deferred tax expense arising from the write-down of a previously recognized deferred tax asset	$ 1,622	$ 73	$ 169

Dividends - Narrative (Details)

Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of classes of share capital [line items]
Current dividend payables	$ 50	$ 22
Ordinary Shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in USD per share)	$ 0.0525
American Depositary Share
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in USD per share)	$ 0.315

Dividends - Schedule of dividen

Dividends - Schedule of dividends announced and paid (Details) $ / shares in Units, $ in Millions	3 Months Ended																								12 Months Ended
	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2020£ / shares	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2020£ / shares	Jun. 30, 2020USD ($)$ / shares	Jun. 30, 2020£ / shares	Mar. 31, 2020USD ($)$ / shares	Mar. 31, 2020£ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2019£ / shares	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2019£ / shares	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2019£ / shares	Mar. 31, 2019USD ($)$ / shares	Mar. 31, 2019£ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2018£ / shares	Sep. 30, 2018USD ($)$ / shares	Sep. 30, 2018£ / shares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2018£ / shares	Mar. 31, 2018USD ($)$ / shares	Mar. 31, 2018£ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2020£ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2019£ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2018£ / shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in Pence and USD per share) | (per share)	$ 0.0525	£ 0.039169	$ 0.0525	£ 0.040433	$ 0.1050	£ 0.083421	$ 0.1050	£ 0.081558	$ 0.1025	£ 0.078250	$ 0.1025	£ 0.083475	$ 0.1025	£ 0.080655	$ 0.1025	£ 0.077382	$ 0.1025	£ 0.080251	$ 0.1025	£ 0.079296	$ 0.1000	£ 0.074435	$ 0.1000	£ 0.071691	$ 0.3150	£ 0.244581	$ 0.4100	£ 0.319762	$ 0.4050	£ 0.305673
Dividend paid per ordinary share	$ 1,059		$ 1,059		$ 2,119		$ 2,102		$ 2,075		$ 1,656		$ 1,779		$ 1,435		$ 1,734		$ 1,409		$ 1,727		$ 1,828		$ 6,340		$ 6,946		$ 6,699
Preference shares
Disclosure of classes of share capital [line items]
Dividends paid, other than ordinary shares																									$ 1		$ 1		$ 1
Ordinary Shares
Disclosure of classes of share capital [line items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ / shares																									$ 0.0525
Subsequent Event
Disclosure of classes of share capital [line items]
Dividend paid per ordinary share							$ 1,067

Dividends - Schedule of scrip d

Dividends - Schedule of scrip dividends issued (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interim Financial Reporting [Abstract]
Number of shares issued (in shares)	0	208,927	195,305
Value of shares issued	$ 0	$ 1,387	$ 1,381

Earnings per share - Earnings p

Earnings per share - Earnings per share, basic and diluted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Ordinary Shares
Earnings per share [line items]
Basic earnings (loss) per share (USD per share)	$ (1.0042)	$ 0.1984	$ 0.4698
Diluted earnings (loss) per share (USD per share)	(1.0042)	0.1973	0.4667
American Depositary Share
Earnings per share [line items]
Basic earnings (loss) per share (USD per share)	(6.03)	1.19	2.82
Diluted earnings (loss) per share (USD per share)	$ (6.03)	$ 1.18	$ 2.80

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings per share [line items]
bp shareholders	$ (20,305)	$ 4,026	$ 9,383
Less: dividend requirements on preference shares	1	1	1
Profit for the year attributable to bp ordinary shareholders	$ (20,306)	$ 4,025	$ 9,382
Ordinary Shares
Earnings per share [line items]
Basic weighted average number of ordinary shares (in shares)	20,221,514	20,284,859	19,970,215
Potential dilutive effect of ordinary shares issuable under employee share-based payment plans (in shares)	0	114,811	132,278
Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share (in shares)	20,221,514	20,399,670	20,102,493
American Depositary Share
Earnings per share [line items]
Basic weighted average number of ordinary shares (in shares)	3,370,252	3,380,809	3,328,369
Potential dilutive effect of ordinary shares issuable under employee share-based payment plans (in shares)	0	19,136	22,046
Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share (in shares)	3,370,252	3,399,945	3,350,415

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	2 Months Ended	12 Months Ended
	Feb. 25, 2021	Dec. 31, 2020
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)		20,264,027,711
Ordinary Shares | Subsequent Event
Earnings per share [line items]
Net increase in the number of ordinary shares outstanding (in shares)	66,249,231
Decrease in number of ordinary shares outstanding (in shares)	29,718,486

Earnings per share - Dilutive e

Earnings per share - Dilutive effect of share options (Details)	12 Months Ended
	Dec. 31, 2020shares$ / shares	Dec. 31, 2019shares$ / shares	Dec. 31, 2020shares£ / shares	Dec. 31, 2019shares£ / 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			£ 2.55	£ 4.72
Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding (in shares)	28,171,000	17,112,000	28,171,000	17,112,000
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ / shares	$ 3.79	$ 4.91
Number of options exercisable (in shares)	1,874,000	1,067,000	1,874,000	1,067,000
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares	$ 5.02	$ 3.97
Dilutive effect (in shares)	2,497,000	3,990,000

Earnings per share - Dilutive_2

Earnings per share - Dilutive effect of share units (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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)	87,517,000	91,105,000
Number of equity instruments other than options, expected to vest within two years (in shares)	85,720,000	89,939,000
Number of equity instruments other than options, expected to vest within three years (in shares)	147,097,000	80,844,000
Number of equity instruments other than options, expected to vest within four years (in shares)	749,000	725,000
Number of equity instruments other than options, expected to vest over four years (in shares)	349,000	576,000
Number of equity instruments other than options, expected to vest (in shares)	321,432,000	263,189,000
Dilutive effect (in shares)	104,068,000	92,343,000

Property, plant and equipment -

Property, plant and equipment - Summary of property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	$ 132,642
Ending balance, property, plant and equipment	114,836	$ 132,642
Land and land improvements
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,028
Ending balance, property, plant and equipment	3,180	3,028
Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	1,921
Ending balance, property, plant and equipment	1,833	1,921
Oil and gas properties
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	89,714
Ending balance, property, plant and equipment	73,849	89,714
Plant, Machinery & Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	26,438
Ending balance, property, plant and equipment	23,675	26,438
Fixtures, fittings and office equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	542
Ending balance, property, plant and equipment	594	542
Transportation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	4,115
Ending balance, property, plant and equipment	3,523	4,115
Oil depots, storage tanks and service stations
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	6,884
Ending balance, property, plant and equipment	8,182	6,884
Assets under construction
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	23,897
Ending balance, property, plant and equipment	17,259	23,897
Property plant and equipment not subject to operating leases
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	123,621
Ending balance, property, plant and equipment	106,145	123,621
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	280,807	305,265
Exchange adjustments	1,670	(232)
Additions	10,124	16,941
Acquisitions	514	59
Transfers from intangible assets	605	1,885
Reclassified as assets held for sale	1,425	29,412
Deletions	(14,233)	(13,699)
Ending balance, property, plant and equipment	278,062	280,807
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	(157,186)	(170,528)
Exchange adjustments	(879)	98
Charge for the year	12,526	15,581
Reclassified as assets held for sale	(326)	(23,311)
Impairment losses	12,475	6,346
Impairment reversals	(89)	(131)
Deletions	10,734	11,729
Ending balance, property, plant and equipment	(171,917)	(157,186)
Property plant and equipment not subject to operating leases | Land and land improvements
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,028
Ending balance, property, plant and equipment	3,180	3,028
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	3,609	3,562
Exchange adjustments	219	(22)
Additions	101	88
Acquisitions	89	51
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	26
Deletions	(146)	(44)
Ending balance, property, plant and equipment	3,872	3,609
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	(581)	(626)
Exchange adjustments	(35)	4
Charge for the year	113	44
Reclassified as assets held for sale	0	0
Impairment losses	8	1
Impairment reversals	0	0
Deletions	45	86
Ending balance, property, plant and equipment	(692)	(581)
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	725
Ending balance, property, plant and equipment	579	725
Property plant and equipment not subject to operating leases | Buildings | Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	1,422	1,502
Exchange adjustments	6	5
Additions	63	93
Acquisitions	0	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions	(281)	(178)
Ending balance, property, plant and equipment	1,210	1,422
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	(697)	(697)
Exchange adjustments	(6)	(5)
Charge for the year	46	59
Reclassified as assets held for sale	0	0
Impairment losses	9	1
Impairment reversals	(1)	0
Deletions	126	65
Ending balance, property, plant and equipment	(631)	(697)
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	89,586
Ending balance, property, plant and equipment	73,772	89,586
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	214,352	232,684
Exchange adjustments	0	0
Additions	6,922	13,237
Acquisitions	0	0
Transfers from intangible assets	605	1,885
Reclassified as assets held for sale	1,425	22,602
Deletions	(6,131)	(10,852)
Ending balance, property, plant and equipment	214,323	214,352
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	(124,766)	(133,687)
Exchange adjustments	0	0
Charge for the year	10,068	13,012
Reclassified as assets held for sale	(326)	(17,764)
Impairment losses	11,705	5,871
Impairment reversals	(83)	(129)
Deletions	5,579	9,911
Ending balance, property, plant and equipment	(140,551)	(124,766)
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	25,197
Ending balance, property, plant and equipment	22,883	25,197
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	46,724	45,721
Exchange adjustments	801	(158)
Additions	1,539	2,433
Acquisitions	35	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions	(6,185)	(1,272)
Ending balance, property, plant and equipment	42,914	46,724
Property plant and equipment not subject to operating leases | Plant, Machinery & Equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(21,527)	(20,512)
Exchange adjustments	(424)	63
Charge for the year	1,312	1,705
Reclassified as assets held for sale	0	0
Impairment losses	744	64
Impairment reversals	0	0
Deletions	3,976	691
Ending balance, property, plant and equipment	(20,031)	(21,527)
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	526
Ending balance, property, plant and equipment	573	526
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	2,532	2,747
Exchange adjustments	33	15
Additions	586	172
Acquisitions	5	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	76
Deletions	(738)	(326)
Ending balance, property, plant and equipment	2,418	2,532
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	(2,006)	(2,041)
Exchange adjustments	(26)	(12)
Charge for the year	170	168
Reclassified as assets held for sale	0	(69)
Impairment losses	2	1
Impairment reversals	0	0
Deletions	359	147
Ending balance, property, plant and equipment	(1,845)	(2,006)
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	730
Ending balance, property, plant and equipment	668	730
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	3,474	10,183
Exchange adjustments	8	(3)
Additions	49	274
Acquisitions	9	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	6,708
Deletions	(491)	(272)
Ending balance, property, plant and equipment	3,049	3,474
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	(2,744)	(7,819)
Exchange adjustments	(9)	3
Charge for the year	77	173
Reclassified as assets held for sale	0	(5,478)
Impairment losses	4	404
Impairment reversals	(5)	(2)
Deletions	448	169
Ending balance, property, plant and equipment	(2,381)	(2,744)
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	3,829
Ending balance, property, plant and equipment	4,490	3,829
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	8,694	8,866
Exchange adjustments	603	(69)
Additions	864	644
Acquisitions	376	8
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions	(261)	(755)
Ending balance, property, plant and equipment	10,276	8,694
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	(4,865)	(5,146)
Exchange adjustments	(379)	45
Charge for the year	740	420
Reclassified as assets held for sale	0	0
Impairment losses	3	4
Impairment reversals	0	0
Deletions	201	660
Ending balance, property, plant and equipment	(5,786)	(4,865)
Property, plant and equipment subject to operating leases [member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	9,021
Ending balance, property, plant and equipment	8,691	9,021
Property, plant and equipment subject to operating leases [member] | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	2,290	2,241
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	1,196
Ending balance, property, plant and equipment	1,254	1,196
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	192	220
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	128
Ending balance, property, plant and equipment	77	128
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	43	31
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	1,241
Ending balance, property, plant and equipment	792	1,241
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	637	671
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	653
Ending balance, property, plant and equipment	284	653
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	16
Ending balance, property, plant and equipment	21	16
Property, plant and equipment subject to operating leases [member] | Fixtures, fittings and office equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	10	9
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	3,385
Ending balance, property, plant and equipment	2,855	3,385
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	829	784
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	2,929
Ending balance, property, plant and equipment	2,521	2,929
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	3,055
Ending balance, property, plant and equipment	3,692	3,055
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	$ 579	$ 526

Capital commitments (Details)

Capital commitments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Associates
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	$ 183	$ 787	$ 1,227
Joint ventures
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	1,087	77	25
Contractual capital commitments, attributable to owners of parent	900	1,024	619
Property plant and equipment not subject to operating leases
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	$ 8,009	$ 11,382	$ 8,319

Goodwill and impairment revie_3

Goodwill and impairment review of goodwill - Disclosure of reconciliation of goodwill (Details) - Goodwill - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	$ 11,868,000,000	$ 12,204,000,000
Intangible assets and goodwill, end of period	12,480,000,000	11,868,000,000
Carrying amount
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	12,865,000,000	12,815,000,000
Exchange adjustments	184,000,000	79,000,000
Acquisitions and other additionsa	632,000,000	26,000,000
Reclassified as assets held for sale	(199,000,000)	0
Disposals and retirements, intangible assets and goodwill	(389,000,000)	(55,000,000)
Intangible assets and goodwill, end of period	13,093,000,000	12,865,000,000
Accumulated impairment
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	(997,000,000)	(611,000,000)
Exchange adjustments	(1,000,000)	0
Impairment loss recognised in profit or loss, goodwill	(1,000,000)	(386,000,000)
Disposals and retirements, intangible assets and goodwill	386,000,000	0
Intangible assets and goodwill, end of period	$ (613,000,000)	$ (997,000,000)

Goodwill and impairment revie_4

Goodwill and impairment review of goodwill - Disclosure of goodwill by segment (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Upstream
Disclosure of detailed information about intangible assets [line items]
Excess of recoverable amount over carrying amount	$ 31,749	$ 93,250
Goodwill
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	12,480	11,868	$ 12,204
Goodwill | Upstream
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	7,765	7,958
Goodwill | Downstream
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	4,660	3,904
Goodwill | Downstream | Lubricants
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	2,865	2,779
Goodwill | Downstream | US fuels
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	606	0
Goodwill | Downstream | European fuels
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	913	858
Goodwill | Downstream | Other Products
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	276	267
Goodwill | Other businesses and corporate
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	$ 55	$ 6

Goodwill and impairment revie_5

Goodwill and impairment review of goodwill - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)MMBoe	Dec. 31, 2019USD ($)MMBoe
Disclosure of detailed information about intangible assets [line items]
Goodwill impairment related to expected divestments | $	$ 0	$ 386
Estimated Percentage Change in Revenue due to Adverse Impact on Goodwill Headroom	21.00%
Upstream
Disclosure of detailed information about intangible assets [line items]
Period used in testing for goodwill impairment	15 years
Estimated production volumes by which unit's recoverable amount exceeds its carrying amount for the next 15 years | MMBoe	877	829
Downstream
Disclosure of detailed information about intangible assets [line items]
Period used in determining value in use for cash-generating units	10 years
Downstream | Lubricants
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	2.80%
Downstream | Top of range [member]
Disclosure of detailed information about intangible assets [line items]
Period over which cash flows for cash generating unit is derived	5 years
Goodwill | Weighted average
Disclosure of detailed information about intangible assets [line items]
Discount rate used in current estimate of value in use	11.00%	12.00%

Intangible assets - Schedule of

Intangible assets - Schedule of intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	$ 15,539	$ 17,284
Exploration expenditure written off	9,920	631	$ 1,085
Intangible assets, end of period	6,093	15,539	17,284
Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	20,206	21,557
Exchange adjustments	138	2
Acquisitions	318	35
Additions	1,348	1,725
Transfers to property, plant and equipment	(605)	(1,885)
Reclassified as assets held for sale	0	671
Deletions	1,366	557
Intangible assets, end of period	20,039	20,206	21,557
Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(4,667)	(4,273)
Exchange adjustments	(93)	(4)
Exploration expenditure written off	9,920	631
Charge for the year	372	331
Impairment losses	165	4
Reclassified as assets held for sale	0	(61)
Deletions	(1,271)	(515)
Intangible assets, end of period	(13,946)	(4,667)	(4,273)
Exploration and appraisal expenditure
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	14,091	15,989
Intangible assets, end of period	4,113	14,091	15,989
Exploration and appraisal expenditure | Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	15,306	17,053
Exchange adjustments	0	0
Acquisitions	0	0
Additions	703	1,268
Transfers to property, plant and equipment	(605)	(1,885)
Reclassified as assets held for sale	0	671
Deletions	987	459
Intangible assets, end of period	14,417	15,306	17,053
Exploration and appraisal expenditure | Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(1,215)	(1,064)
Exchange adjustments	0	0
Exploration expenditure written off	9,920	631
Charge for the year	0	0
Impairment losses	156	2
Reclassified as assets held for sale	0	(61)
Deletions	(987)	(421)
Intangible assets, end of period	(10,304)	(1,215)	(1,064)
Other intangibles
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	1,448	1,295
Intangible assets, end of period	1,980	1,448	1,295
Other intangibles | Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	4,900	4,504
Exchange adjustments	138	2
Acquisitions	318	35
Additions	645	457
Transfers to property, plant and equipment	0	0
Reclassified as assets held for sale	0	0
Deletions	379	98
Intangible assets, end of period	5,622	4,900	4,504
Other intangibles | Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(3,452)	(3,209)
Exchange adjustments	(93)	(4)
Exploration expenditure written off	0	0
Charge for the year	372	331
Impairment losses	9	2
Reclassified as assets held for sale	0	0
Deletions	(284)	(94)
Intangible assets, end of period	$ (3,642)	$ (3,452)	$ (3,209)

Investments in joint ventures -

Investments in joint ventures - Summarized financial information relating to joint ventures (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Disclosure of joint ventures [line items]
Sales and other operating revenues		$ 183,500		$ 282,616		$ 303,738
Profit (loss) before interest and taxation		(21,740)		11,706		19,378
Finance costs		3,115		3,489		2,528
Profit (loss) before taxation		(24,888)		8,154		16,723
Taxation		(4,159)		3,964		7,145
Non-controlling interests		(424)		164		195
Profit (loss) for the year	[1]	(20,729)		4,190		9,578
Other comprehensive income	[1]	(1,641)		2,657		(1,980)
Total comprehensive income		(22,370)	[2]	6,847	[2]	7,598	[1]
Non-current assets		194,672		213,135
Current assets		72,982		82,059
Total assets		267,654		295,194
Current liabilities		59,799		73,595
Non-current liabilities		122,287		120,891
Total liabilities		182,086		194,486
Net assets		85,568		100,708
Non-controlling interests		14,318		2,296
bp shareholders’ equity		71,250		98,412
Investments in joint ventures accounted for using equity method		8,362		9,991
Joint ventures
Disclosure of joint ventures [line items]
Sales and other operating revenues		10,545		14,139		13,258
Profit (loss) before interest and taxation		(151)		976		1,396
Finance costs		201		109		85
Profit (loss) before taxation		(352)		867		1,311
Taxation		(51)		289		414
Non-controlling interests		1		2		0
Profit (loss) for the year		(302)		576		897
Other comprehensive income		(5)		(6)		6
Total comprehensive income		(307)		570		$ 903
Non-current assets		12,646		13,457
Current assets		3,424		3,738
Total assets		16,070		17,195
Current liabilities		2,644		2,514
Non-current liabilities		5,023		4,676
Total liabilities		7,667		7,190
Net assets		8,403		10,005
Non-controlling interests		39		49
bp shareholders’ equity		8,364		9,956
Loans made by group companies to joint ventures		(2)		35
Investments in joint ventures accounted for using equity method		$ 8,362		$ 9,991
[1]	See Note 32 for further information.
[2]	See Note 32 for further information.

Investments in joint ventures_3

Investments in joint ventures - Transactions between group and its joint ventures (Details) - Joint ventures - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sales to joint ventures
Sales to related parties	$ 2,974	$ 4,884	$ 4,603
Related party receivable	180	431	251
Purchases from joint ventures
Purchases of goods, related party	959	1,812	1,336
Related party payables	$ 84	$ 225	$ 300

Investments in joint ventures_4

Investments in joint ventures - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of joint ventures [line items]
Impairment and losses on sale of businesses and fixed assets	$ 14,381	$ 8,075	$ 860
Joint ventures
Disclosure of joint ventures [line items]
Provision for doubtful debts	0
Doubtful debt provision, expense	0
Impairment and losses on sale of businesses and fixed assets	433	(25)
Joint ventures | Upstream
Disclosure of joint ventures [line items]
Impairment and losses on sale of businesses and fixed assets	$ 336	$ (25)
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 associates - Sum

Investments in associates - Summarized aggregate financial information of associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of associates [line items]
Earnings from associates – after interest and tax	$ (101)	$ 2,681	$ 2,856
Investments in associates	18,975	20,334
Rosneft
Disclosure of associates [line items]
Earnings from associates – after interest and tax	(229)	2,295	2,283
Investments in associates	11,808	12,927
Other associates
Disclosure of associates [line items]
Earnings from associates – after interest and tax	128	386	573
Investments in associates	7,167	7,407
Associates
Disclosure of associates [line items]
Earnings from associates – after interest and tax	(101)	2,681	$ 2,856
Investments in associates	$ 18,975	$ 20,334

Investments in associates - Nar

Investments in associates - Narrative (Details)	Dec. 28, 2020	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)	Dec. 31, 2014	Dec. 31, 2020£ / shares	Dec. 31, 2019£ / shares
Disclosure of associates [line items]
Quoted market price (usd per share) | £ / shares						£ 2.55	£ 4.72
Value of investments in associates based on economic interest		$ 13,167,000,000
Purchase of interests in associates		1,138,000,000	$ 304,000,000	$ 1,013,000,000
Impairment and losses on sale of businesses and fixed assets		$ 14,381,000,000	$ 8,075,000,000	860,000,000
Rosneft
Disclosure of associates [line items]
Voting shares held in associate		19.75%
Quoted market price (usd per share) | $ / shares		$ 5.64	$ 7.21
Investments in associates with quoted price		$ 11,804,000,000	$ 15,090,000,000
Proportion of Economic Interest in Associate		22.03%	19.75%
Dividends received		$ 480,000,000	$ 785,000,000	$ 620,000,000
Proportion of ownership interest in associate		19.75%			18.50%
Associates
Disclosure of associates [line items]
Provision for doubtful debts		$ 0
Doubtful debt provision, expense		0
Commitments in relations to contracts with associates		10,777,000,000	11,198,000,000
Impairment and losses on sale of businesses and fixed assets		$ 414,000,000	$ 152,000,000
Associates | Bottom of range [member]
Disclosure of associates [line items]
Term of receivables		30 days
Associates | Top of range [member]
Disclosure of associates [line items]
Term of receivables		45 days
Reliance BP Mobility Limited
Disclosure of associates [line items]
Purchase of interests in associates		$ 1,000,000,000
Proportion of ownership interest in associate		49.00%
LLC Kharampurneftegaz
Disclosure of associates [line items]
Proportion of ownership interest in associate		49.00%
Rosneft
Disclosure of associates [line items]
Consideration received equivalent to proportion of voting rights held in associate		0.096
Rosneft | LLC Vostok Oil
Disclosure of associates [line items]
Voting shares held in associate	10.00%
Rosneft | JSC Taimyrneftegaz
Disclosure of associates [line items]
Voting shares held in associate	100.00%
Rosneft | LLC Taimyrburservis
Disclosure of associates [line items]
Voting shares held in associate	100.00%
JSC Rosneftegaz | Rosneft
Disclosure of associates [line items]
Voting shares held in associate		40.40%	50.00%
Number of shares owned in addition to proportion of voting shares owned (in shares) | shares			1

Investments in associates - S_2

Investments in associates - Summarized financial information relating to associates (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Disclosure of associates [line items]
Sales and other operating revenues		$ 183,500		$ 282,616		$ 303,738
Profit (loss) before interest and taxation		(21,740)		11,706		19,378
Finance costs		3,115		3,489		2,528
Profit (loss) before taxation		(24,888)		8,154		16,723
Taxation		(4,159)		3,964		7,145
Non-controlling interests		(424)		164		195
Profit for the year		(20,305)		4,026		9,383
Other comprehensive income	[1]	(1,641)		2,657		(1,980)
Total comprehensive income		(22,370)	[2]	6,847	[2]	7,598	[1]
Non-current assets		194,672		213,135
Current assets		72,982		82,059
Total assets		267,654		295,194
Current liabilities		59,799		73,595
Non-current liabilities		122,287		120,891
Total liabilities		182,086		194,486
Net assets		85,568		100,708
Less: non-controlling interests		14,318		2,296
bp shareholders’ equity		71,250		98,412
Group investment in associates		18,975		20,334
Rosneft
Disclosure of associates [line items]
Sales and other operating revenues		17,535		26,474		25,936
Profit (loss) before interest and taxation		295		3,451		3,730
Finance costs		372		253		550
Profit (loss) before taxation		(77)		3,198		3,180
Taxation		51		604		584
Non-controlling interests		101		299		313
Profit for the year		(229)		2,295		2,283
Other comprehensive income		336		113		412
Total comprehensive income		107		2,408		2,695
Non-current assets		33,754		31,862
Current assets		8,238		7,635
Total assets		41,992		39,497
Current liabilities		9,535		8,781
Non-current liabilities		18,558		15,667
Total liabilities		28,093		24,448
Net assets		13,899		15,049
Less: non-controlling interests		2,091		2,122
bp shareholders’ equity		11,808		12,927
Loans made by group companies to associates		0		0
Group investment in associates		11,808		12,927
Other associates
Disclosure of associates [line items]
Sales and other operating revenues		5,946		7,934		9,134
Profit (loss) before interest and taxation		276		788		1,150
Finance costs		80		87		78
Profit (loss) before taxation		196		701		1,072
Taxation		67		315		499
Non-controlling interests		1		0		0
Profit for the year		128		386		573
Other comprehensive income		(19)		(25)		(1)
Total comprehensive income		109		361		572
Non-current assets		11,449		11,504
Current assets		1,749		1,924
Total assets		13,198		13,428
Current liabilities		1,346		1,908
Non-current liabilities		4,709		4,577
Total liabilities		6,055		6,485
Net assets		7,143		6,943
Less: non-controlling interests		0		0
bp shareholders’ equity		7,143		6,943
Loans made by group companies to associates		24		464
Group investment in associates		7,167		7,407
Associates
Disclosure of associates [line items]
Sales and other operating revenues		23,481		34,408		35,070
Profit (loss) before interest and taxation		571		4,239		4,880
Finance costs		452		340		628
Profit (loss) before taxation		119		3,899		4,252
Taxation		118		919		1,083
Non-controlling interests		102		299		313
Profit for the year		(101)		2,681		2,856
Other comprehensive income		317		88		411
Total comprehensive income		216		2,769		3,267
Non-current assets		45,203		43,366
Current assets		9,987		9,559
Total assets		55,190		52,925
Current liabilities		10,881		10,689
Non-current liabilities		23,267		20,244
Total liabilities		34,148		30,933
Net assets		21,042		21,992
Less: non-controlling interests		2,091		2,122
bp shareholders’ equity		18,951		19,870
Loans made by group companies to associates		24		464
Group investment in associates		18,975		20,334
Rosneft
Disclosure of associates [line items]
Sales and other operating revenues		82,786		134,046		131,322
Profit (loss) before interest and taxation		1,270		17,473		18,886
Finance costs		1,742		1,281		2,785
Profit (loss) before taxation		(472)		16,192		16,101
Taxation		208		3,058		2,957
Non-controlling interests		482		1,514		1,585
Profit for the year		(1,162)		11,620		11,559
Other comprehensive income		1,653		572		2,086
Total comprehensive income		491		12,192		$ 13,645
Non-current assets		175,978		161,327
Current assets		42,459		38,657
Total assets		218,437		199,984
Current liabilities		49,781		44,459
Non-current liabilities		96,727		79,327
Total liabilities		146,508		123,786
Net assets		71,929		76,198
Less: non-controlling interests		10,897		10,744
bp shareholders’ equity		$ 61,032		$ 65,454
[1]	See Note 32 for further information.
[2]	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, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of associates [line items]
Sales to related parties	$ 855	$ 1,544	$ 2,064
Related party receivable	169	243	393
Purchases of goods, related party	4,926	9,503	14,112
Related party payables	$ 1,280	$ 1,641	$ 2,069

Other investments - Schedule of

Other investments - Schedule of other investments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Other current investments	$ 333	$ 169
Other non-current investments	2,746	1,276
Contingent consideration receivable relating to disposals	1,999	598	$ 893
Other investments	333	169
Other investments	2,746	1,276
Other investments
Disclosure of financial assets [line items]
Other current investments	0	0
Other non-current investments	913	571
Other investments	0	0
Other investments	913	571
Other
Disclosure of financial assets [line items]
Other current investments	16	47
Other non-current investments	151	229
Other investments	16	47
Other investments	151	229
Contingent consideration [member]
Disclosure of financial assets [line items]
Other current investments	317	122
Other non-current investments	1,682	476
Other investments	317	122
Other investments	$ 1,682	$ 476

Inventories - Schedule of inven

Inventories - Schedule of inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventories [Abstract]
Crude oil	$ 4,498	$ 5,610
Natural gas	265	222
Emission allowances	1,297	1,193
Refined petroleum and petrochemical products	8,791	11,714
Total current inventories	14,851	18,739
Trading inventories	292	182
Current inventories arising from extractive activities and current production supplies	15,143	18,921
Supplies	1,730	1,959
Total current inventories	16,873	20,880
Cost of inventories expensed in the income statement	$ 132,104	$ 209,672	$ 229,878

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Write down provision to net realizable value	$ 584	$ 650
Net charge to income statement	17	348
Hydrocarbon Inventories
Disclosure of financial assets [line items]
Write down provision to net realizable value	216	290
Net charge to income statement	$ 71	$ 309

Trade and other receivables - S

Trade and other receivables - Summary of trade and other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current
Current trade receivables	$ 12,926	$ 19,424
Current receivables due from related parties	339	672
Non-Current Receivables Related To Disposals	2,402	125
Current Receivables Related To Disposals	1,291	159
Other current receivables	2,628	3,166
Trade and other current receivables financial assets	17,184	23,421
Non-current
Non-current trade receivables	19	22
Non-current receivables due from related parties	10	2
Other non-current receivables	637	701
Trade and other non-current receivables financial assets	3,068	850
Current
Current portion of reimbursement asset	32	201
Current portion of sales taxes and production taxes	557	640
Other current receivables non-financial asset	175	180
Trade and other current receivables non-financial assets	764	1,021
Non-current
Non-current portion of reimbursement asset	0	0
Non-current portion of sales taxes and production taxes	504	538
Other non-current receivables non-finance asset	779	759
Trade and other non-current receivables non-financial assets	1,283	1,297
Trade and other current receivables	17,948	24,442
Trade and other non-current receivables	$ 4,351	$ 2,147

Valuation and qualifying acco_2

Valuation and qualifying accounts - Schedule of valuation and qualifying accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2018
Changes in other provisions [abstract]
Allowance account for cash and cash equivalents				$ 11	$ 11
Not credit-impaired
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	$ (95)	$ (89)
Valuation allowances and reserves, end of period	(99)	(95)	$ (89)
Valuation Allowances And Reserves, Balance 1	(95)	(89)	(89)	(99)	(95)
Credit impaired
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	414	327
Valuation allowances and reserves, end of period	456	414	327
Valuation Allowances And Reserves, Balance 1	414	327	327	456	414
Trade and other receivables
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	509	416	335
Adjustment on adoption of IFRS 9						$ 115
Charged to costs and expenses	214	206	30
Exchange adjustments	2	(2)	(12)
Deductions	(170)	(111)	(52)
Valuation allowances and reserves, end of period	555	509	416
Valuation Allowances And Reserves, Balance 1	509	509	416	555	509	450
Fixed asset investments
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	249	235	314
Adjustment on adoption of IFRS 9						(85)
Charged to costs and expenses	103	28	10
Exchange adjustments	0	0	(1)
Deductions	(166)	(14)	(3)
Valuation allowances and reserves, end of period	186	249	235
Valuation Allowances And Reserves, Balance 1	$ 186	$ 235	$ 235	$ 186	$ 249	$ 229

Trade and other payables - Sche

Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current
Current trade payables	$ 23,157	$ 30,538
Current payables to related parties	1,364	1,866
Current payables for capital expenditure and acquisitions	2,297	3,868
Current payables related to the Gulf of Mexico oil spill	1,399	1,617
Other current payables	5,041	5,810
Trade and other current payables financial liabilities	33,258	43,699
Non-current
Non-current trade payables	0	0
Non-current payables to related parties	0	0
Non-current payables for capital expenditure and acquisitionsa	1,033	1,196
Non-current payables related to the Gulf of Mexico oil spill	9,988	10,863
Other non-current payables	681	133
Trade and other noncurrent payables financial liabilities	11,702	12,192
Current
Current sales taxes, customs duties, production taxes and social security	2,103	2,381
Other current payables non-financial liabilities	653	749
Trade and other current payables non-financial liabilities	2,756	3,130
Trade and other current payables	36,014	46,829
Non-current
Non-current sales taxes, customs duties, production taxes and social security	73	33
Other non-current payables non-financial liabilities	337	401
Trade and other non-current payables non-financial liabilities	410	434
Trade and other non-current payables	$ 12,112	$ 12,626

Trade and other payables - Narr

Trade and other payables - Narrative (Details) - Gulf of Mexico Oil Spill $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)participant	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
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	$ 1,786	$ (2,694)	$ 3,531
Natural Resource Damages
Disclosure of financial liabilities [line items]
Other payables	4,837
State Claims
Disclosure of financial liabilities [line items]
Other payables	2,584
Clean Water Act Penalties
Disclosure of financial liabilities [line items]
Other payables	$ 3,549

Provisions - Schedule of provis

Provisions - Schedule of provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	$ 20,951
Exchange adjustments	215
Increase (decrease) in existing provisions	2,274
Write-back of unused provisions	(469)
Unwinding of discount	437
Utilization	(1,826)
Reclassified to other payables	(460)
Reclassified as liabilities directly associated with assets held for sale	(10)
Deletions	(151)
Ending balance, provisions	20,961
Current provisions	3,761	$ 2,453
Non-current provisions	17,200	$ 18,498
Decommissioning
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	15,110
Exchange adjustments	96
Increase (decrease) in existing provisions	(686)
Write-back of unused provisions	(11)
Unwinding of discount	369
Utilization	(7)
Reclassified to other payables	(245)
Reclassified as liabilities directly associated with assets held for sale	(10)
Deletions	(140)
Ending balance, provisions	14,476
Current provisions	428
Non-current provisions	14,048
Environmental
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	1,620
Exchange adjustments	9
Increase (decrease) in existing provisions	297
Write-back of unused provisions	(88)
Unwinding of discount	39
Utilization	(246)
Reclassified to other payables	0
Reclassified as liabilities directly associated with assets held for sale	0
Deletions	(2)
Ending balance, provisions	1,629
Current provisions	273
Non-current provisions	1,356
Litigation And Claims
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	1,281
Exchange adjustments	1
Increase (decrease) in existing provisions	260
Write-back of unused provisions	(12)
Unwinding of discount	18
Utilization	(508)
Reclassified to other payables	(129)
Reclassified as liabilities directly associated with assets held for sale	0
Deletions	(1)
Ending balance, provisions	910
Current provisions	260
Non-current provisions	650
Emissions
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	919
Exchange adjustments	25
Increase (decrease) in existing provisions	1,429
Write-back of unused provisions	(17)
Unwinding of discount	0
Utilization	(687)
Reclassified to other payables	0
Reclassified as liabilities directly associated with assets held for sale	0
Deletions	0
Ending balance, provisions	1,669
Current provisions	1,621
Non-current provisions	48
Other provisions
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	2,021
Exchange adjustments	84
Increase (decrease) in existing provisions	974
Write-back of unused provisions	(341)
Unwinding of discount	11
Utilization	(378)
Reclassified to other payables	(86)
Reclassified as liabilities directly associated with assets held for sale	0
Deletions	(8)
Ending balance, provisions	2,277
Current provisions	1,179
Non-current provisions	$ 1,098

Provisions - Narrative (Details

Provisions - Narrative (Details) $ in Millions	Dec. 31, 2020USD ($)
Disclosure of other provisions [line items]
Provision for Termination Payment	$ 428

Pensions and other post-retir_3

Pensions and other post-retirement benefits - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)directorparticipantchairman	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Disclosure of defined benefit plans [line items]
Percentage of allowance for promotion-related salary growth (up to)	0.80%
Funded
Disclosure of defined benefit plans [line items]
Aggregate contributions	$ 325	$ 349	$ 610
Expected aggregate contributions	$ 400
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
Contractually committed funding for future services	$ 1,014
Percentage of plan asset transfers from equity to bonds investment instrument	11.00%	2.00%
United Kingdom | Government issued nominal bondsd
Disclosure of defined benefit plans [line items]
Government issued nominal bonds under liability driven investments LDI	$ 4,217	$ 4,804
United Kingdom | Government issued index-linked bondsd
Disclosure of defined benefit plans [line items]
Index linked bonds under liability driven investments	$ 24,576	$ 19,462
US
Disclosure of defined benefit plans [line items]
Number of companies employees serving as investment committee members (employee) | participant	7

Pensions and other post-retir_4

Pensions and other post-retirement benefits - Details of assumptions used to estimate benefit obligations (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United Kingdom
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	1.40%	2.10%	2.90%
Rate of increase in salaries	3.60%	3.40%	3.80%
Rate of increase for pensions in payment	2.80%	2.70%	3.00%
Rate of increase in deferred pensions	2.80%	2.70%	3.00%
Inflation for plan liabilities	2.90%	2.70%	3.10%
Discount rate for plan service cost	2.10%	3.00%	2.60%
Discount rate for plan other finance expense	2.10%	2.90%	2.50%
Inflation for plan service cost	2.60%	3.10%	3.10%
US
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	2.20%	3.10%	4.10%
Rate of increase in salaries	4.10%	3.90%	3.90%
Rate of increase for pensions in payment	0.00%	0.00%	0.00%
Rate of increase in deferred pensions	0.00%	0.00%	0.00%
Inflation for plan liabilities	1.70%	1.50%	1.50%
Discount rate for plan service cost	3.20%	4.20%	3.60%
Discount rate for plan other finance expense	3.10%	4.10%	3.50%
Inflation for plan service cost	1.50%	1.50%	1.70%
Eurozone
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	1.00%	1.30%	2.00%
Rate of increase in salaries	2.90%	3.10%	3.10%
Rate of increase for pensions in payment	1.30%	1.50%	1.50%
Rate of increase in deferred pensions	0.50%	0.50%	0.50%
Inflation for plan liabilities	1.50%	1.70%	1.70%
Discount rate for plan service cost	1.80%	2.50%	2.40%
Discount rate for plan other finance expense	1.30%	2.00%	1.90%
Inflation for plan service cost	1.70%	1.70%	1.60%

Pensions and other post-retir_5

Pensions and other post-retirement benefits - Summary of mortality assumptions (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Life expectancy at age 60 for a male currently aged 60 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	26.9	27.3	27.4
Life expectancy at age 60 for a male currently aged 60 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	24.7	24.9	25.1
Life expectancy at age 60 for a male currently aged 60 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	25.7	25.7	25.6
Life expectancy at age 60 for a male currently aged 40 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.4	28.9	28.9
Life expectancy at age 60 for a male currently aged 40 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	26.4	26.7	26.9
Life expectancy at age 60 for a male currently aged 40 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.2	28.3	28.1
Life expectancy at age 60 for a female currently aged 60 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.8	28.7	28.8
Life expectancy at age 60 for a female currently aged 60 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	27.7	28	28.5
Life expectancy at age 60 for a female currently aged 60 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	29	29.1	29
Life expectancy at age 60 for a female currently aged 40 | United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	30.4	30.5	30.6
Life expectancy at age 60 for a female currently aged 40 | US
Disclosure of defined benefit plans [line items]
Mortality assumptions	29.2	29.7	30.1
Life expectancy at age 60 for a female currently aged 40 | Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	31.2	31.2	31.2

Pensions and other post-retir_6

Pensions and other post-retirement benefits - Current asset allocation (Details)	Dec. 31, 2020
United Kingdom
Disclosure of fair value of plan assets [line items]
Total equity (including private equity)	17.00%
Bonds/cash (including LDI)	76.00%
Property/real estate	7.00%
US
Disclosure of fair value of plan assets [line items]
Total equity (including private equity)	40.00%
Bonds/cash (including LDI)	60.00%
Property/real estate	0.00%

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value of plan assets [line items]
Property	$ 2,691	$ 2,630	$ 2,399
Cash	1,873	841	574
Other	1,060	228	252
Debt (repurchase agreements) used to fund liability driven investments	(9,387)	(7,436)	(6,011)
Asset recognized	53,117	47,539	42,682
Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	6,980	8,441	7,148
Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	671	1,345	1,134
Private equity
Disclosure of fair value of plan assets [line items]
Equity	4,507	4,152	4,291
Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	7,869	8,515	7,763
Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	24,683	19,562	17,593
Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	12,170	9,261	7,539
United Kingdom
Disclosure of fair value of plan assets [line items]
Property	2,553	2,507	2,311
Cash	1,392	426	376
Other	795	98	116
Debt (repurchase agreements) used to fund liability driven investments	(9,387)	(7,436)	(6,011)
Asset recognized	41,463	36,129	32,085
United Kingdom | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	5,008	6,285	5,191
United Kingdom | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	418	1,096	950
United Kingdom | Private equity
Disclosure of fair value of plan assets [line items]
Equity	2,899	2,675	2,792
United Kingdom | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	4,303	4,884	4,263
United Kingdom | Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	24,576	19,462	17,491
United Kingdom | Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	8,906	6,132	4,606
US
Disclosure of fair value of plan assets [line items]
Property	0	0	6
Cash	267	289	73
Other	131	74	64
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	7,466	7,655	7,195
US | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	1,112	1,290	1,238
US | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	115	124	63
US | Private equity
Disclosure of fair value of plan assets [line items]
Equity	1,604	1,474	1,495
US | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	1,839	2,100	2,072
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	2,398	2,304	2,184
Eurozone
Disclosure of fair value of plan assets [line items]
Property	110	96	57
Cash	51	33	42
Other	104	30	32
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	2,680	2,343	2,112
Eurozone | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	542	495	413
Eurozone | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	68	61	65
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	1,111	959	895
Eurozone | Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	107	100	102
Eurozone | Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	587	569	506
Other
Disclosure of fair value of plan assets [line items]
Property	28	27	25
Cash	163	93	83
Other	30	26	40
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	1,508	1,412	1,290
Other | Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	318	371	306
Other | Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	70	64	56
Other | Private equity
Disclosure of fair value of plan assets [line items]
Equity	4	3	4
Other | Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	616	572	533
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	$ 279	$ 256	$ 243

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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Analysis of the amount charged to profit or loss
Current service cost	$ 683	$ 609	$ 721
Past service cost	(122)	6	28
Settlement	(14)	(5)	17
Operating charge relating to defined benefit plans	547	610	766
Post-employment benefit expense, defined contribution plans	272	275	261
Employee Benefit, Expense	819	885	1,027
Interest income on plan assets	(1,008)	(1,283)	(1,219)
Interest cost	1,041	1,346	1,346
Other finance (income) expense	33	63	127
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	5,291	4,341	(1,083)
Change in financial assumptions underlying the present value of the plan liabilities	(5,570)	(4,170)	2,794
Change in demographic assumptions underlying the present value of the plan liabilities	666	226	79
Experience gains and losses arising on the plan liabilities	(217)	(69)	527
Remeasurements recognized in other comprehensive income (liabilities) assets	170	328	2,317
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	547	610	766
Interest Expense, Net Defined Benefit Liability	1,041	1,346	1,346
Interest income on plan assets	(1,008)	(1,283)	(1,219)
Remeasurements recognized in other comprehensive income (liabilities) assets	170	328	2,317
Surplus (deficit) at 31 December				$ (1,297)	$ (1,539)
Surplus (deficit) in plan, asset recognized				7,957	7,053
Surplus (deficit) in plan, liability recognized				(9,254)	(8,592)
Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	325	349	610
Surplus (deficit) at 31 December				7,666	6,752
Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December				(8,963)	(8,291)
Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	(547)	(610)
Interest cost	1,041	1,346
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(5,121)	(4,013)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(49,078)	(45,118)
Exchange adjustments (liabilities) assets	2,087	826
Operating charge relating to defined benefit plans	(547)	(610)
Interest Expense, Net Defined Benefit Liability	1,041	1,346
Contributions by plan participants (liabilities) assets	(34)	(28)
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	(56)	(146)
Disposals of (benefit obligations) and fair value of plan asset	35	(30)
Remeasurements recognized in other comprehensive income (liabilities) assets	(5,121)	(4,013)
Net defined benefit liability (asset), end of period	(54,414)	(49,078)	(45,118)
Net defined benefit liability (asset)	49,078	49,078	45,118	54,414	49,078
Settlement payments in respect of net defined benefit liabilities (assets)	2,935	2,304
Payments in respect of settlements, net defined benefit liability (asset)	428	346
Expenses incurred for administration of the benefits	40	37
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	(40,787)
Benefit payments (liabilities) assets	(2,899)	(2,188)
Net defined benefit liability (asset), end of period	(45,451)	(40,787)
Net defined benefit liability (asset)	40,787	40,787		45,451	40,787
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	(8,291)
Benefit payments (liabilities) assets	(504)	(499)
Net defined benefit liability (asset), end of period	(8,963)	(8,291)
Net defined benefit liability (asset)	8,291	8,291		8,963	8,291
Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(1,008)	(1,283)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	5,291	4,341
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	47,539	42,682
Exchange adjustments (liabilities) assets	(1,881)	(1,122)
Interest income on plan assets	(1,008)	(1,283)
Contributions by plan participants (liabilities) assets	34	28
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	(62)	(78)
Remeasurements recognized in other comprehensive income (liabilities) assets	5,291	4,341
Net defined benefit liability (asset), end of period	53,117	47,539	42,682
Surplus (deficit) at 31 December				(1,297)	(1,539)
Net defined benefit liability (asset)	(53,117)	(42,682)	(42,682)	(53,117)	(47,539)
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)	325	349
Benefit payments (liabilities) assets	2,899	2,188
United Kingdom
Analysis of the amount charged to profit or loss
Current service cost	250	227	295
Past service cost	(48)	2	15
Settlement	0	0	0
Operating charge relating to defined benefit plans	202	229	310
Post-employment benefit expense, defined contribution plans	49	42	38
Employee Benefit, Expense	251	271	348
Interest income on plan assets	(725)	(909)	(868)
Interest cost	596	757	774
Other finance (income) expense	(129)	(152)	(94)
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	4,108	2,945	(722)
Change in financial assumptions underlying the present value of the plan liabilities	(4,207)	(2,294)	1,770
Change in demographic assumptions underlying the present value of the plan liabilities	585	136	123
Experience gains and losses arising on the plan liabilities	54	(57)	520
Remeasurements recognized in other comprehensive income (liabilities) assets	540	730	1,691
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	202	229	310
Interest Expense, Net Defined Benefit Liability	596	757	774
Interest income on plan assets	(725)	(909)	(868)
Remeasurements recognized in other comprehensive income (liabilities) assets	540	730	1,691
Surplus (deficit) at 31 December				7,292	6,349
Surplus (deficit) in plan, asset recognized				7,567	6,588
Surplus (deficit) in plan, liability recognized				(275)	(239)
United Kingdom | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December				7,564	6,588
United Kingdom | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December				(272)	(239)
United Kingdom | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	(202)	(229)
Interest cost	596	757
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(3,568)	(2,215)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(29,780)	(26,830)
Exchange adjustments (liabilities) assets	1,303	942
Operating charge relating to defined benefit plans	(202)	(229)
Interest Expense, Net Defined Benefit Liability	596	757
Contributions by plan participants (liabilities) assets	(21)	(20)
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	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(3,568)	(2,215)
Net defined benefit liability (asset), end of period	(34,171)	(29,780)	(26,830)
Net defined benefit liability (asset)	29,780	29,780	26,830	34,171	29,780
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	(29,541)
Benefit payments (liabilities) assets	(1,291)	(1,207)
Net defined benefit liability (asset), end of period	(33,899)	(29,541)
Net defined benefit liability (asset)	29,541	29,541		33,899	29,541
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	(239)
Benefit payments (liabilities) assets	(8)	(6)
Net defined benefit liability (asset), end of period	(272)	(239)
Net defined benefit liability (asset)	239	239		272	239
United Kingdom | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(725)	(909)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	4,108	2,945
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	36,129	32,085
Exchange adjustments (liabilities) assets	(1,582)	(1,141)
Interest income on plan assets	(725)	(909)
Contributions by plan participants (liabilities) assets	21	20
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0	0
Remeasurements recognized in other comprehensive income (liabilities) assets	4,108	2,945
Net defined benefit liability (asset), end of period	41,463	36,129	32,085
Surplus (deficit) at 31 December				7,292	6,349
Net defined benefit liability (asset)	(41,463)	(32,085)	(32,085)	(41,463)	(36,129)
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)	189	236
Benefit payments (liabilities) assets	1,291	1,207
US
Analysis of the amount charged to profit or loss
Current service cost	292	263	299
Past service cost	(66)	0	0
Settlement	(23)	(13)	0
Operating charge relating to defined benefit plans	203	250	299
Post-employment benefit expense, defined contribution plans	183	188	178
Employee Benefit, Expense	386	438	477
Interest income on plan assets	(210)	(285)	(262)
Interest cost	289	387	369
Other finance (income) expense	79	102	107
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	1,041	1,079	(256)
Change in financial assumptions underlying the present value of the plan liabilities	(1,178)	(1,036)	945
Change in demographic assumptions underlying the present value of the plan liabilities	29	91	(9)
Experience gains and losses arising on the plan liabilities	(101)	(22)	41
Remeasurements recognized in other comprehensive income (liabilities) assets	(209)	112	721
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	203	250	299
Interest Expense, Net Defined Benefit Liability	289	387	369
Interest income on plan assets	(210)	(285)	(262)
Remeasurements recognized in other comprehensive income (liabilities) assets	(209)	112	721
Surplus (deficit) at 31 December				(2,721)	(2,464)
Surplus (deficit) in plan, asset recognized				269	387
Surplus (deficit) in plan, liability recognized				(2,990)	(2,851)
US | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December				269	387
US | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December				(2,990)	(2,851)
US | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	(203)	(250)
Interest cost	289	387
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,250)	(967)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(10,119)	(9,696)
Exchange adjustments (liabilities) assets	0	0
Operating charge relating to defined benefit plans	(203)	(250)
Interest Expense, Net Defined Benefit Liability	289	387
Contributions by plan participants (liabilities) assets	0	0
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	(1)	(146)
Disposals of (benefit obligations) and fair value of plan asset	35	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,250)	(967)
Net defined benefit liability (asset), end of period	(10,187)	(10,119)	(9,696)
Net defined benefit liability (asset)	10,187	9,696	9,696	10,187	10,119
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	(7,789)
Net defined benefit liability (asset), end of period	(7,728)	(7,789)
Net defined benefit liability (asset)	7,789	7,789		7,728	7,789
US | Accrued benefit obligation | Postemployment retirement benefits
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,330)
Net defined benefit liability (asset), end of period	(2,459)	(2,330)
Net defined benefit liability (asset)	2,330	2,330		2,459	2,330
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	(7,268)
Benefit payments (liabilities) assets	(1,441)	(830)
Net defined benefit liability (asset), end of period	(7,197)	(7,268)
Net defined benefit liability (asset)	7,268	7,268		7,197	7,268
US | Accrued benefit obligation | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,851)
Benefit payments (liabilities) assets	(197)	(205)
Net defined benefit liability (asset), end of period	(2,990)	(2,851)
Net defined benefit liability (asset)	2,851	2,851		2,990	2,851
US | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(210)	(285)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	1,041	1,079
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	7,655	7,195
Exchange adjustments (liabilities) assets	0	0
Interest income on plan assets	(210)	(285)
Contributions by plan participants (liabilities) assets	0	0
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	(7)	(78)
Remeasurements recognized in other comprehensive income (liabilities) assets	1,041	1,079
Net defined benefit liability (asset), end of period	7,466	7,655	7,195
Surplus (deficit) at 31 December				(2,721)	(2,464)
Net defined benefit liability (asset)	(7,655)	(7,655)	(7,195)	(7,466)	(7,655)
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)	8	4
Benefit payments (liabilities) assets	1,441	830
Eurozone
Analysis of the amount charged to profit or loss
Current service cost	103	81	84
Past service cost	12	5	9
Settlement	10	8	17
Operating charge relating to defined benefit plans	125	94	110
Post-employment benefit expense, defined contribution plans	2	7	5
Employee Benefit, Expense	127	101	115
Interest income on plan assets	(33)	(43)	(44)
Interest cost	97	133	136
Other finance (income) expense	64	90	92
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	104	220	(69)
Change in financial assumptions underlying the present value of the plan liabilities	(143)	(748)	14
Change in demographic assumptions underlying the present value of the plan liabilities	56	3	(42)
Experience gains and losses arising on the plan liabilities	(178)	6	(43)
Remeasurements recognized in other comprehensive income (liabilities) assets	(161)	(519)	(140)
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	125	94	110
Interest Expense, Net Defined Benefit Liability	97	133	136
Interest income on plan assets	(33)	(43)	(44)
Remeasurements recognized in other comprehensive income (liabilities) assets	(161)	(519)	(140)
Surplus (deficit) at 31 December				(5,481)	(5,010)
Surplus (deficit) in plan, asset recognized				59	27
Surplus (deficit) in plan, liability recognized				(5,540)	(5,037)
Eurozone | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December				(109)	(136)
Eurozone | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December				(5,372)	(4,874)
Eurozone | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	(125)	(94)
Interest cost	97	133
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(265)	(739)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(7,353)	(6,906)
Exchange adjustments (liabilities) assets	720	(142)
Operating charge relating to defined benefit plans	(125)	(94)
Interest Expense, Net Defined Benefit Liability	97	133
Contributions by plan participants (liabilities) assets	(2)	(2)
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	(55)	0
Disposals of (benefit obligations) and fair value of plan asset	0	(30)
Remeasurements recognized in other comprehensive income (liabilities) assets	(265)	(739)
Net defined benefit liability (asset), end of period	(8,161)	(7,353)	(6,906)
Net defined benefit liability (asset)	7,353	7,353	6,906	8,161	7,353
Eurozone | Accrued benefit obligation | Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,479)
Benefit payments (liabilities) assets	(81)	(76)
Net defined benefit liability (asset), end of period	(2,789)	(2,479)
Net defined benefit liability (asset)	2,479	2,479		2,789	2,479
Eurozone | Accrued benefit obligation | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(4,874)
Benefit payments (liabilities) assets	(265)	(273)
Net defined benefit liability (asset), end of period	(5,372)	(4,874)
Net defined benefit liability (asset)	4,874	4,874		5,372	4,874
Eurozone | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(33)	(43)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	104	220
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	2,343	2,112
Exchange adjustments (liabilities) assets	(235)	43
Interest income on plan assets	(33)	(43)
Contributions by plan participants (liabilities) assets	2	2
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	(55)	0
Remeasurements recognized in other comprehensive income (liabilities) assets	104	220
Net defined benefit liability (asset), end of period	2,680	2,343	2,112
Surplus (deficit) at 31 December				(5,481)	(5,010)
Net defined benefit liability (asset)	(2,343)	(2,343)	(2,112)	(2,680)	(2,343)
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)	99	85
Benefit payments (liabilities) assets	81	76
Other
Analysis of the amount charged to profit or loss
Current service cost	38	38	43
Past service cost	(20)	(1)	4
Settlement	(1)	0	0
Operating charge relating to defined benefit plans	17	37	47
Post-employment benefit expense, defined contribution plans	38	38	40
Employee Benefit, Expense	55	75	87
Interest income on plan assets	(40)	(46)	(45)
Interest cost	59	69	67
Other finance (income) expense	19	23	22
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	38	97	(36)
Change in financial assumptions underlying the present value of the plan liabilities	(42)	(92)	65
Change in demographic assumptions underlying the present value of the plan liabilities	(4)	(4)	7
Experience gains and losses arising on the plan liabilities	8	4	9
Remeasurements recognized in other comprehensive income (liabilities) assets	0	5	45
Movements in benefit obligation and fair value of plan assets during the year
Operating charge relating to defined benefit plans	17	37	47
Interest Expense, Net Defined Benefit Liability	59	69	67
Interest income on plan assets	(40)	(46)	(45)
Remeasurements recognized in other comprehensive income (liabilities) assets	0	5	45
Surplus (deficit) at 31 December				(387)	(414)
Surplus (deficit) in plan, asset recognized				62	51
Surplus (deficit) in plan, liability recognized				(449)	(465)
Other | Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December				(58)	(87)
Other | Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December				(329)	(327)
Other | Accrued benefit obligation
Analysis of the amount charged to profit or loss
Operating charge relating to defined benefit plans	(17)	(37)
Interest cost	59	69
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(38)	(92)
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(1,826)	(1,686)
Exchange adjustments (liabilities) assets	64	26
Operating charge relating to defined benefit plans	(17)	(37)
Interest Expense, Net Defined Benefit Liability	59	69
Contributions by plan participants (liabilities) assets	(11)	(6)
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	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(38)	(92)
Net defined benefit liability (asset), end of period	(1,895)	(1,826)	(1,686)
Net defined benefit liability (asset)	1,895	1,686	1,686	1,895	1,826
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	(1,499)
Benefit payments (liabilities) assets	(86)	(75)
Net defined benefit liability (asset), end of period	(1,566)	(1,499)
Net defined benefit liability (asset)	1,499	1,499		1,566	1,499
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	(327)
Benefit payments (liabilities) assets	(34)	(15)
Net defined benefit liability (asset), end of period	(329)	(327)
Net defined benefit liability (asset)	327	327		329	327
Other | Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(40)	(46)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	38	97
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	1,412	1,290
Exchange adjustments (liabilities) assets	(64)	(24)
Interest income on plan assets	(40)	(46)
Contributions by plan participants (liabilities) assets	11	6
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)	0	0
Remeasurements recognized in other comprehensive income (liabilities) assets	38	97
Net defined benefit liability (asset), end of period	1,508	1,412	1,290
Surplus (deficit) at 31 December				(387)	(414)
Net defined benefit liability (asset)	(1,508)	(1,290)	$ (1,290)	(1,508)	(1,412)
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)	29	24
Benefit payments (liabilities) assets	86	75
Germany | Accrued benefit obligation
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(4,567)
Net defined benefit liability (asset), end of period	(5,060)	(4,567)
Net defined benefit liability (asset)	$ 4,567	$ 4,567		$ 5,060	$ 4,567

Pensions and other post-retir_9

Pensions and other post-retirement benefits - Sensitivity analysis and actuarial assumptions (Details) $ in Millions	Dec. 31, 2020USD ($)
United Kingdom | Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2021, Increase	$ (274)
Effect on pension and other post-retirement benefit expense in 2021, Decrease	198
Effect on pension and other post-retirement benefit obligation at 31, December 2020, Increase	(5,658)
Effect on pension and other post-retirement benefit obligation at 31 December 2020, Decrease	7,690
United Kingdom | Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2021, Increase	145
Effect on pension and other post-retirement benefit expense in 2021, Decrease	(116)
Effect on pension and other post-retirement benefit obligation at 31, December 2020, Increase	5,337
Effect on pension and other post-retirement benefit obligation at 31 December 2020, Decrease	(4,482)
United Kingdom | Salary growth
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2021, Increase	31
Effect on pension and other post-retirement benefit expense in 2021, Decrease	(27)
Effect on pension and other post-retirement benefit obligation at 31, December 2020, Increase	670
Effect on pension and other post-retirement benefit obligation at 31 December 2020, Decrease	(585)
US | Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2021, Increase	(51)
Effect on pension and other post-retirement benefit expense in 2021, Decrease	36
Effect on pension and other post-retirement benefit obligation at 31, December 2020, Increase	(1,272)
Effect on pension and other post-retirement benefit obligation at 31 December 2020, Decrease	1,556
US | Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2021, Increase	10
Effect on pension and other post-retirement benefit expense in 2021, Decrease	(8)
Effect on pension and other post-retirement benefit obligation at 31, December 2020, Increase	66
Effect on pension and other post-retirement benefit obligation at 31 December 2020, Decrease	(55)
US | Salary growth
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2021, Increase	12
Effect on pension and other post-retirement benefit expense in 2021, Decrease	(10)
Effect on pension and other post-retirement benefit obligation at 31, December 2020, Increase	82
Effect on pension and other post-retirement benefit obligation at 31 December 2020, Decrease	(69)
Eurozone | Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2021, Increase	(2)
Effect on pension and other post-retirement benefit expense in 2021, Decrease	(11)
Effect on pension and other post-retirement benefit obligation at 31, December 2020, Increase	(1,149)
Effect on pension and other post-retirement benefit obligation at 31 December 2020, Decrease	1,452
Eurozone | Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2021, Increase	35
Effect on pension and other post-retirement benefit expense in 2021, Decrease	(28)
Effect on pension and other post-retirement benefit obligation at 31, December 2020, Increase	1,025
Effect on pension and other post-retirement benefit obligation at 31 December 2020, Decrease	(870)
Eurozone | Salary growth
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2021, Increase	7
Effect on pension and other post-retirement benefit expense in 2021, Decrease	(7)
Effect on pension and other post-retirement benefit obligation at 31, December 2020, Increase	91
Effect on pension and other post-retirement benefit obligation at 31 December 2020, Decrease	$ (89)

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, 2020USD ($)
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	1,406
US
Disclosure of defined benefit plans [line items]
Increase (Decrease) In Defined Benefit Plan Expense Due To Reasonably Possible Increase In Actuarial Assumption	5
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	150
Eurozone
Disclosure of defined benefit plans [line items]
Increase (Decrease) In Defined Benefit Plan Expense Due To Reasonably Possible Increase In Actuarial Assumption	8
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 333

Pensions and other post-reti_11

Pensions and other post-retirement benefits - Expected future benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 3,109
Expected Future Benefit Payment, Year Two	2,153
Expected Future Benefit Payment, Year Three	2,159
Expected Future Benefit Payment, Year Four	2,156
Expected Future Benefit Payment, Year Five	2,153
Expected Future Benefit Payment, Years Thereafter	10,684
United Kingdom
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	1,072
Expected Future Benefit Payment, Year Two	1,086
Expected Future Benefit Payment, Year Three	1,120
Expected Future Benefit Payment, Year Four	1,141
Expected Future Benefit Payment, Year Five	1,135
Expected Future Benefit Payment, Years Thereafter	$ 5,939
Weighted average duration of defined benefit obligation	19 years 2 months 12 days
US
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 1,568
Expected Future Benefit Payment, Year Two	612
Expected Future Benefit Payment, Year Three	593
Expected Future Benefit Payment, Year Four	575
Expected Future Benefit Payment, Year Five	583
Expected Future Benefit Payment, Years Thereafter	$ 2,696
Weighted average duration of defined benefit obligation	13 years 9 months 18 days
Eurozone
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 357
Expected Future Benefit Payment, Year Two	346
Expected Future Benefit Payment, Year Three	339
Expected Future Benefit Payment, Year Four	332
Expected Future Benefit Payment, Year Five	328
Expected Future Benefit Payment, Years Thereafter	$ 1,521
Weighted average duration of defined benefit obligation	16 years 1 month 6 days
Other
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 112
Expected Future Benefit Payment, Year Two	109
Expected Future Benefit Payment, Year Three	107
Expected Future Benefit Payment, Year Four	108
Expected Future Benefit Payment, Year Five	107
Expected Future Benefit Payment, Years Thereafter	$ 528
Weighted average duration of defined benefit obligation	12 years 8 months 12 days

Cash and cash equivalents - Sch

Cash and cash equivalents - Schedule of cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
Subclassifications of assets, liabilities and equities [abstract]
Cash	$ 6,235	$ 6,462
Triparty repos and term bank deposits	17,368	10,296
Cash equivalents (excluding triparty repos and term bank deposits)	7,508	5,714
Total cash and cash equivalents	$ 31,111	$ 22,472	$ 22,468	$ 25,575

Cash and cash equivalents - Nar

Cash and cash equivalents - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
Disclosure of geographical areas [line items]
Restricted cash and cash equivalents	$ 1,917	$ 1,676
Cash and cash equivalents	31,111	22,472	$ 22,468	$ 25,575
Non-UK Countries
Disclosure of geographical areas [line items]
Cash and cash equivalents	$ 3,890	$ 4,678

Finance debt - Summary of curre

Finance debt - Summary of current and non-current borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 9,359	$ 10,487
Non-current finance debt	63,305	57,237
Total	72,664	67,724
Borrowings
Disclosure of detailed information about borrowings [line items]
Current finance debt	9,359	10,487
Non-current finance debt	63,305	57,237
Total	$ 72,664	$ 67,724

Finance debt - Narrative (Detai

Finance debt - Narrative (Details) - USD ($) $ in Millions	Mar. 19, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Current finance debt		$ 9,359	$ 10,487
Repayments of borrowings, classified as financing activities		2,000
Euro and sterling bonds
Disclosure of detailed information about borrowings [line items]
Repayments of bonds, notes and debentures		4,000	0
Euro and sterling bonds | Subsequent Event
Disclosure of detailed information about borrowings [line items]
Repayments of bonds, notes and debentures	$ 1,900
Carrying amount | Within one year | Long-Term Borrowings, Excluding Finance Lease Liabilities
Disclosure of detailed information about borrowings [line items]
Current finance debt		8,122	8,166
Carrying amount | Within one year | Commercial Papers
Disclosure of detailed information about borrowings [line items]
Current finance debt		$ 1,004	$ 2,279

Finance debt - Summary of weigh

Finance debt - Summary of weighted average interest rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 72,664	$ 67,724
Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	39,630	25,817
Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	33,034	41,907
US dollar
Disclosure of detailed information about borrowings [line items]
Total borrowings	72,343	67,505
US dollar | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	39,452	25,634
US dollar | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 32,891	$ 41,871
US dollar | Weighted average | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	3.00%	4.00%
Weighted average time for which rate is fixed Years	8 years	5 years
US dollar | Weighted average | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	2.00%	3.00%
Other currencies
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 321	$ 219
Other currencies | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	178	183
Other currencies | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 143	$ 36
Other currencies | Weighted average | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	6.00%	6.00%
Weighted average time for which rate is fixed Years	9 years	10 years
Other currencies | Weighted average | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	5.00%	7.00%

Finance debt - Summary of fair

Finance debt - Summary of fair value and carrying value of borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Short-term borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	$ 1,237	$ 2,321
Financial liabilities	1,237	2,321
Long-term borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	74,855	67,055
Financial liabilities	71,427	65,403
Borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	76,092	69,376
Financial liabilities	$ 72,664	$ 67,724

Capital disclosures and net d_3

Capital disclosures and net debt - Disclosure of the net debt ratio (Details) $ in Millions	Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)		Dec. 31, 2018USD ($)		Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
Disclosure of detailed information about hedges [line items]
Finance debt	$ 72,664		$ 67,724
Less: fair value asset (liability) of hedges related to finance debta	2,612		(190)
Debt, net of hedging instruments	70,052		67,914
Less: cash and cash equivalents	31,111		22,472		$ 22,468		$ 25,575
Net debt	38,941		45,442
Equity	$ 85,568	[1]	$ 100,708	[1]	$ 101,548	[1]		$ 100,404
Gearing	0.313		0.311
Debt Hedges | Derivatives
Disclosure of detailed information about hedges [line items]
Financial liabilities at fair value through profit or loss	$ 236		$ 601
[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, 2020	Dec. 31, 2019
Disclosure of detailed information about hedges [line items]
Finance debt at beginning of year	$ 67,724
Hedge accounted derivatives at beginning of year	190
Lease liabilities	9,722
Liabilities arising from financing activities at beginning of year	78,654	$ 67,285
Effect of adjustment on adoption of IFRS 16 on finance debt		9,450
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	534	(58)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(1,119)	(713)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	(1,122)	354
Increase through new leases, liabilities arising from financing activities	1,599	2,696
Increase (decrease) through other changes, liabilities arising from financing activities	682	(360)
Finance debt at end of year	72,664	67,724
Hedge accounted derivatives at end of year	(2,612)	190
Lease liabilities	9,262	9,722
Liabilities arising from financing activities at beginning of year	79,228	78,654
Finance debt	67,724	67,724
Financial instruments designated as hedging instruments, at fair value	190	190
Lease liabilities	9,722
Liabilities arising from financing activities	78,654	78,654
Effect of adjustment on adoption of IFRS 16 on finance debt		9,450
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	534	(58)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(1,119)	(713)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	(1,122)	354
Increase through new leases, liabilities arising from financing activities	1,599	2,696
Increase (decrease) through other changes, liabilities arising from financing activities	682	(360)
Borrowings
Disclosure of detailed information about hedges [line items]
Finance debt at beginning of year	67,724	65,132
Effect of adjustment on adoption of IFRS 16 on finance debt		0
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	349	(62)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	1,589	1,671
Increase (decrease) through changes in fair values, liabilities arising from financing activities	2,612	924
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	390	59
Finance debt at end of year	72,664	67,724
Finance debt	67,724	67,724
Effect of adjustment on adoption of IFRS 16 on finance debt		0
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	349	(62)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	1,589	1,671
Increase (decrease) through changes in fair values, liabilities arising from financing activities	2,612	924
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	390	59
Currency derivatives
Disclosure of detailed information about hedges [line items]
Hedge accounted derivatives at beginning of year	918	1,486
Effect of adjustment on adoption of IFRS 16 on finance debt		0
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	(226)	2
Increase (decrease) through changes in fair values, liabilities arising from financing activities	(3,734)	(570)
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	77	0
Hedge accounted derivatives at end of year	(2,965)	918
Financial instruments designated as hedging instruments, at fair value	(2,965)	1,486
Effect of adjustment on adoption of IFRS 16 on finance debt		0
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	(226)	2
Increase (decrease) through changes in fair values, liabilities arising from financing activities	(3,734)	(570)
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	77	0
Lease liabilities
Disclosure of detailed information about hedges [line items]
Lease liabilities	9,722	667
Effect of adjustment on adoption of IFRS 16 on finance debt		9,233
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	181	(4)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(2,442)	(2,372)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	1,579	2,614
Increase (decrease) through other changes, liabilities arising from financing activities	222	(416)
Lease liabilities	9,262	9,722
Lease liabilities	9,722	667
Effect of adjustment on adoption of IFRS 16 on finance debt		9,233
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	181	(4)
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(2,442)	(2,372)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	1,579	2,614
Increase (decrease) through other changes, liabilities arising from financing activities	222	(416)
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	290	0
Effect of adjustment on adoption of IFRS 16 on finance debt		217
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	4	8
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(40)	(14)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	20	82
Increase (decrease) through other changes, liabilities arising from financing activities	(7)	(3)
Net partner (receivable) payable for joint operation leases at end of year	267	290
Net partner (receivable) payable for joint operation leases	290	290
Effect of adjustment on adoption of IFRS 16 on finance debt		217
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	4	8
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(40)	(14)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	20	82
Increase (decrease) through other changes, liabilities arising from financing activities	$ (7)	$ (3)

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Undiscounted operating lease payments for future commitments for leases not yet commenced [Abstract]
Weighted-average remaining lease term (years)	8 years	9 years
Undiscounted operating lease payment for future commitments for leases not yet commenced	$ 5,309	$ 5,688

Leases - Disclosure of maturity

Leases - Disclosure of maturity analysis of operating lease payments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	$ 10,884	$ 11,299
Effect Of Lease Discounting	(1,622)	(1,577)
Lease liabilities	9,262	9,722
Current lease liabilities	1,933	2,067
Non-current lease liabilities	7,329	7,655
Within one year
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	2,262	2,514
1 to 2 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,672	1,839
2 to 3 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,340	1,364
3 to 4 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,025	1,105
4 to 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	878	876
5 to 10 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	2,192	2,427
Over 10 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	$ 1,515	$ 1,174

Leases - Disclosure of quantita

Leases - Disclosure of quantitative information about right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Total cash outflow for amounts included in lease liabilities	$ 2,779	$ 2,709
Expense for variable payments not included in the lease liability	41	67
Short-term lease expense	621	331
Additions to right-of-use assets in the period	1,714	2,542
Gains (losses) arising from sale and leaseback transactions	$ 187	$ 0

Financial instruments and fin_3

Financial instruments and financial risk factors - Schedule of financial assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial liabilities
Financial assets (liabilities)	$ (72,303)	$ (88,573)
Trade and other payables
Financial liabilities
Financial liabilities	(48,264)	(59,662)
Derivatives
Financial liabilities
Financial liabilities	(8,402)	(8,798)
Accruals
Financial liabilities
Financial liabilities	(5,502)	(6,062)
Lease liabilities
Financial liabilities
Financial liabilities	(9,262)	(9,722)
Borrowings
Financial liabilities
Financial liabilities	(72,664)	(67,724)
Other financial assets
Financial assets
Financial assets	3,079	1,445
Loans
Financial assets
Financial assets	1,298	969
Trade and other receivables
Financial assets
Financial assets	20,252	24,271
Derivatives
Financial assets
Financial assets	12,747	10,467
Cash and cash equivalents
Financial assets
Financial assets	31,111	22,472
Designated as measured at fair value through other comprehensive income
Financial liabilities
Financial assets (liabilities)	(86,302)	(96,039)
Designated as measured at fair value through other comprehensive income | Trade and other payables
Financial liabilities
Financial liabilities	(44,960)	(55,891)
Designated as measured at fair value through other comprehensive income | Accruals
Financial liabilities
Financial liabilities	(5,502)
Financial assets (liabilities)		(6,062)
Designated as measured at fair value through other comprehensive income | Lease liabilities
Financial liabilities
Financial liabilities	(9,262)	(9,722)
Designated as measured at fair value through other comprehensive income | Borrowings
Financial liabilities
Financial liabilities	(72,664)	(67,724)
Financial liabilities at fair value through profit or loss, category | Derivatives
Financial liabilities
Financial liabilities	(8,320)	(8,122)
Derivative hedging instruments
Financial liabilities
Financial assets (liabilities)		(193)
Derivative hedging instruments | Derivatives
Financial liabilities
Financial liabilities	(82)	676
Measured at amortized cost | Loans
Financial assets
Financial assets	929	906
Measured at amortized cost | Trade and other receivables
Financial assets
Financial assets	20,252	24,271
Measured at amortized cost | Cash and cash equivalents
Financial assets
Financial assets	24,905	18,183
Mandatorily measured at fair value through profit or loss
Financial liabilities
Financial assets (liabilities)	11,383	7,659
Mandatorily measured at fair value through profit or loss | Other financial assets
Financial assets
Financial assets	3,079	1,445
Mandatorily measured at fair value through profit or loss | Loans
Financial assets
Financial assets	369	63
Mandatorily measured at fair value through profit or loss | Derivatives
Financial assets
Financial assets	10,049	9,984
Mandatorily measured at fair value through profit or loss | Cash and cash equivalents
Financial assets
Financial assets	6,206	4,289
Derivative hedging instruments
Financial liabilities
Financial assets (liabilities)	2,616
Derivative hedging instruments | Derivatives
Financial assets
Financial assets	$ 2,698	$ 483

Financial instruments and fin_4

Financial instruments and financial risk factors - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)bank	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 01, 2021USD ($)	Jan. 01, 2018USD ($)
Disclosure of detailed information about financial instruments [line items]
Net gain (loss) related to other assets and liabilities classified as measured at fair value	$ 367	$ (129)
Dividends recognised for investments in equity instruments designated as measured at fair value through profit or loss	17	20
Proceeds from long-term financing	14,736	8,597	$ 9,038
Issue of perpetual hybrid bonds	11,861
Cash and cash equivalents	31,111	22,472	$ 22,468		$ 25,575
Non-controlling interests, hybrid bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Issue of perpetual hybrid bonds	11,909
Commodity price risk | Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Board's delegated value at risk limit	100	100
Currency risk
Disclosure of detailed information about financial instruments [line items]
Borrowings not swapped	$ 321	219
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	$ 124	$ 106
Currency risk | Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Board's delegated value at risk limit	$ 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	45.00%	62.00%
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, amount	$ 330	$ 419
Interest rate risk | Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings excluding leases, weighted average maturity period	8 years	5 years
Interest rate risk | Weighted average | Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Weighted average interest rate	3.00%	3.00%
Credit risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ 5,400	$ 7,000
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	661	523
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	1,405	692
Liquidity risk
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	31,100	22,500
Liquidity risk | Non-controlling interests, hybrid bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Issue of perpetual hybrid bonds	11,900
Liquidity risk | Committed Letter Of Credit Facilities [Member]
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity	11,325	12,175
Trade payables	5,250	4,755
Liquidity risk | Secured Letter Of Credit Facilities
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity	3,460	4,440
Liquidity risk | Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Proceeds from long-term financing	14,000	8,000
Liquidity risk | Standby Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity	7,600	7,600
Liquidity risk | Standby Credit Facility | Subsequent Event
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity				$ 4,000
Liquidity risk | Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity	$ 10,000
Liquidity risk | Credit Facility | Subsequent Event
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity				$ 8,000
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	25
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	30 years
Liquidity risk | Bottom of range [member] | Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Borrowings, maturity term	2 years
Currency and interest rate risk
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, undiscounted cash flows	$ 33,704	$ 24,787

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, 2020	Dec. 31, 2019
AAA to AA-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	11.00%	16.00%
A+ to A-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	59.00%	51.00%
BBB+ to BBB-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	8.00%	13.00%
BB+ to BB-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	6.00%	7.00%
B+ to B-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	13.00%	11.00%
CCC+ and below
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	3.00%	2.00%

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, 2020	Dec. 31, 2019
Derivatives
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative assets	$ 14,765	$ 13,191
Less: netting by counterparty	(2,019)	(2,724)
Net amounts presented on the balance sheet	12,746	10,467
Related amounts not set off in the balance sheet
Master netting arrangements	(2,075)	(1,971)
Cash collateral (received) pledged	(386)	(206)
Net asset amount	10,285	8,290
Trade and other receivables
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative assets	7,667	10,661
Less: netting by counterparty	(3,679)	(5,211)
Net amounts presented on the balance sheet	3,988	5,450
Related amounts not set off in the balance sheet
Master netting arrangements	(693)	(961)
Cash collateral (received) pledged	(122)	(190)
Net asset amount	3,173	4,299
Derivatives
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative liabilities	(10,414)	(11,445)
Less: netting by counterparty	2,019	2,724
Net amounts presented on the balance sheet	(8,395)	(8,721)
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract]
Master netting arrangements	2,075	1,971
Cash collateral (received) pledged	0	0
Net amount	(6,320)	(6,750)
Trade and other payables
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative liabilities	(7,862)	(10,266)
Less: netting by counterparty	3,679	5,211
Net amounts presented on the balance sheet	(4,183)	(5,055)
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract]
Master netting arrangements	693	961
Cash collateral (received) pledged	0	0
Net amount	$ (3,490)	$ (4,094)

Financial instruments and fin_7

Financial instruments and financial risk factors - Schedule of timing of cash outflows (Details) - USD ($) $ in Millions	Mar. 19, 2021	Dec. 31, 2020	Dec. 31, 2019
Euro and sterling bonds
Disclosure of detailed information about financial instruments [line items]
Repayments of bonds, notes and debentures		$ 4,000	$ 0
Subsequent Event | Euro and sterling bonds
Disclosure of detailed information about financial instruments [line items]
Repayments of bonds, notes and debentures	$ 1,900
Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		48,264	59,662
Trade and other payables | Gulf of Mexico Oil Spill
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		14,569	16,129
Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		5,502	6,062
Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		69,305	65,353
Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		10,034	9,420
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		13,160	14,501
Within one year | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		33,290	43,699
Within one year | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		4,650	5,066
Within one year | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		9,119	10,065
Within one year | Finance debt | Subsequent Event | Euro and sterling bonds
Disclosure of detailed information about financial instruments [line items]
Repayments of bonds, notes and debentures	$ 1,900
Within one year | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		1,778	2,037
1 to 2 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		1,728	1,937
1 to 2 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		157	261
1 to 2 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		6,292	6,726
1 to 2 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		1,477	1,641
2 to 3 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		1,590	1,465
2 to 3 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		184	146
2 to 3 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		7,031	7,949
2 to 3 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		1,305	1,409
3 to 4 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		1,332	1,409
3 to 4 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		87	181
3 to 4 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		8,047	7,022
3 to 4 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		1,110	1,172
4 to 5 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		1,335	1,332
4 to 5 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		217	108
4 to 5 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		6,652	7,554
4 to 5 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		919	942
5 to 10 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		4,570	5,863
5 to 10 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		108	231
5 to 10 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		22,156	23,540
5 to 10 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		2,408	1,970
Over 10 years | Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		4,419	3,957
Over 10 years | Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		99	69
Over 10 years | Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		10,008	2,497
Over 10 years | Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		$ 1,037	$ 249

Financial instruments and fin_8

Financial instruments and financial risk factors - Schedule of future cash outflows for derivative instruments (Details) - USD ($) $ in Millions	Mar. 19, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows		$ 31,779	$ 25,984
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, undiscounted cash flows		33,704	24,787
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows		2,384	1,678
Within one year | Subsequent Event
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 1,800
Within one year | Subsequent Event | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, undiscounted cash flows	$ 1,900
1 to 2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows		1,976	2,384
2 to 3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows		2,017	2,838
3 to 4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows		3,074	2,906
4 to 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows		2,582	3,321
5 to 10 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows		15,263	10,633
Over 10 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows		$ 4,483	$ 2,224

Derivative financial instrume_3

Derivative financial instruments - Summary of fair value of derivative instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 10,048	$ 9,984
Derivatives held for trading, Fair value liabilities	(8,313)	(8,045)
Embedded derivatives, Fair value assets	1	0
Embedded derivative, Fair value liabilities	(7)	(77)
Fair value asset	12,747	10,467
Fair value liability	(8,402)	(8,798)
Current derivatives, Fair value assets	2,992	4,153
Current derivatives, Fair value liabilities	(2,998)	(3,261)
Non-current derivatives, Fair value assets	9,755	6,314
Non-current derivatives, Fair value liabilities	(5,404)	(5,537)
Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	4	1
Hedges, Fair value liability	0	(4)
Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	2,694	482
Hedges, Fair value liability	(82)	(672)
Currency forwards | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	4	1
Hedges, Fair value liability	0	(4)
Gas price futures | Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	0
Hedges, Fair value liability	0	0
Currency swaps | Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	2,614	344
Hedges, Fair value liability	(82)	(637)
Interest rate swaps | Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	80	138
Hedges, Fair value liability	0	(35)
Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	858	81
Derivatives held for trading, Fair value liabilities	(694)	(744)
Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,519	1,918
Derivatives held for trading, Fair value liabilities	(1,093)	(1,478)
Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	6,406	6,569
Derivatives held for trading, Fair value liabilities	(5,489)	(4,871)
Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,258	1,306
Derivatives held for trading, Fair value liabilities	(1,037)	(952)
Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	7	110
Derivatives held for trading, Fair value liabilities	0	0
Embedded derivatives, Fair value assets	1	0
Embedded derivative, Fair value liabilities	$ (7)	$ (77)

Derivative financial instrume_4

Derivative financial instruments - Summary of maturities of derivative assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 10,048	$ 9,984
Derivative liabilities held for trading	(8,313)	(8,045)
Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	858	81
Derivative liabilities held for trading	(694)	(744)
Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,519	1,918
Derivative liabilities held for trading	(1,093)	(1,478)
Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	6,406	6,569
Derivative liabilities held for trading	(5,489)	(4,871)
Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,258	1,306
Derivative liabilities held for trading	(1,037)	(952)
Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	7	110
Derivative liabilities held for trading	0	0
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,947	4,145
Derivative liabilities held for trading	(2,942)	(3,036)
Within one year | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	153	48
Derivative liabilities held for trading	(502)	(166)
Within one year | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,159	1,619
Derivative liabilities held for trading	(1,000)	(1,405)
Within one year | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,210	1,889
Derivative liabilities held for trading	(1,095)	(1,070)
Within one year | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	425	556
Derivative liabilities held for trading	(345)	(395)
Within one year | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	33
1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,160	1,230
Derivative liabilities held for trading	(979)	(1,026)
1-2 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	9	23
Derivative liabilities held for trading	(117)	(283)
1-2 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	197	114
Derivative liabilities held for trading	(83)	(56)
1-2 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	731	824
Derivative liabilities held for trading	(595)	(522)
1-2 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	223	269
Derivative liabilities held for trading	(184)	(165)
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	857	846
Derivative liabilities held for trading	(625)	(765)
2-3 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	3	9
Derivative liabilities held for trading	(11)	(201)
2-3 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	90	76
Derivative liabilities held for trading	(9)	(14)
2-3 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	596	615
Derivative liabilities held for trading	(479)	(446)
2-3 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	161	146
Derivative liabilities held for trading	(126)	(104)
2-3 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	7	0
3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	697	714
Derivative liabilities held for trading	(505)	(478)
3-4 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2	1
Derivative liabilities held for trading	(1)	(1)
3-4 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	63	53
Derivative liabilities held for trading	(1)	(2)
3-4 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	525	489
Derivative liabilities held for trading	(422)	(399)
3-4 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	107	94
Derivative liabilities held for trading	(81)	(76)
3-4 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	77
4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	561	545
Derivative liabilities held for trading	(416)	(438)
4-5 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2	0
Derivative liabilities held for trading	0	(23)
4-5 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	7	45
Derivative liabilities held for trading	0	(1)
4-5 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	476	433
Derivative liabilities held for trading	(348)	(363)
4-5 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	76	67
Derivative liabilities held for trading	(68)	(51)
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	3,826	2,504
Derivative liabilities held for trading	(2,846)	(2,302)
Over 5 years | Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	689	0
Derivative liabilities held for trading	(63)	(70)
Over 5 years | Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	3	11
Derivative liabilities held for trading	0	0
Over 5 years | Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,868	2,319
Derivative liabilities held for trading	(2,550)	(2,071)
Over 5 years | Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	266	174
Derivative liabilities held for trading	(233)	(161)
Over 5 years | Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 0	$ 0

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, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	$ 10,048	$ 9,984
Derivatives held for trading, Fair value liabilities	(8,313)	(8,045)
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	2,947	4,145
Derivatives held for trading, Fair value liabilities	(2,942)	(3,036)
1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,160	1,230
Derivatives held for trading, Fair value liabilities	(979)	(1,026)
2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	857	846
Derivatives held for trading, Fair value liabilities	(625)	(765)
3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	697	714
Derivatives held for trading, Fair value liabilities	(505)	(478)
4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	561	545
Derivatives held for trading, Fair value liabilities	(416)	(438)
Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	3,826	2,504
Derivatives held for trading, Fair value liabilities	(2,846)	(2,302)
Derivatives held for trading
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	10,048	9,984
Derivative assets held for trading, before netting	12,067	12,708
Less: netting by counterparty	(2,019)	(2,724)
Derivatives held for trading, Fair value liabilities	(8,313)	(8,045)
Derivative financial liabilities held for trading, before netting	(10,332)	(10,769)
Less: netting by counterparty	2,019	2,724
Net fair value	1,735	1,939
Derivatives held for trading | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	81	74
Derivatives held for trading, Fair value liabilities	(86)	(65)
Derivatives held for trading | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	5,588	7,169
Derivatives held for trading, Fair value liabilities	(4,905)	(6,272)
Derivatives held for trading | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	6,398	5,465
Derivatives held for trading, Fair value liabilities	(5,341)	(4,432)
Derivatives held for trading | Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	2,947	4,145
Derivative assets held for trading, before netting	4,129	6,186
Less: netting by counterparty	(1,182)	(2,041)
Derivatives held for trading, Fair value liabilities	(2,942)	(3,036)
Derivative financial liabilities held for trading, before netting	(4,124)	(5,077)
Less: netting by counterparty	1,182	2,041
Net fair value	5	1,109
Derivatives held for trading | Within one year | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	48	63
Derivatives held for trading, Fair value liabilities	(55)	(49)
Derivatives held for trading | Within one year | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	3,342	5,344
Derivatives held for trading, Fair value liabilities	(3,577)	(4,522)
Derivatives held for trading | Within one year | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	739	779
Derivatives held for trading, Fair value liabilities	(492)	(506)
Derivatives held for trading | 1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,160	1,230
Derivative assets held for trading, before netting	1,413	1,521
Less: netting by counterparty	(253)	(291)
Derivatives held for trading, Fair value liabilities	(979)	(1,026)
Derivative financial liabilities held for trading, before netting	(1,232)	(1,317)
Less: netting by counterparty	253	291
Net fair value	181	204
Derivatives held for trading | 1-2 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	9	6
Derivatives held for trading, Fair value liabilities	(9)	(8)
Derivatives held for trading | 1-2 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	858	1,014
Derivatives held for trading, Fair value liabilities	(809)	(932)
Derivatives held for trading | 1-2 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	546	501
Derivatives held for trading, Fair value liabilities	(414)	(377)
Derivatives held for trading | 2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	857	846
Derivative assets held for trading, before netting	934	926
Less: netting by counterparty	(77)	(80)
Derivatives held for trading, Fair value liabilities	(625)	(765)
Derivative financial liabilities held for trading, before netting	(702)	(845)
Less: netting by counterparty	77	80
Net fair value	232	81
Derivatives held for trading | 2-3 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	15	2
Derivatives held for trading, Fair value liabilities	(13)	(4)
Derivatives held for trading | 2-3 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	367	439
Derivatives held for trading, Fair value liabilities	(263)	(458)
Derivatives held for trading | 2-3 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	552	485
Derivatives held for trading, Fair value liabilities	(426)	(383)
Derivatives held for trading | 3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	697	714
Derivative assets held for trading, before netting	735	750
Less: netting by counterparty	(38)	(36)
Derivatives held for trading, Fair value liabilities	(505)	(478)
Derivative financial liabilities held for trading, before netting	(543)	(514)
Less: netting by counterparty	38	36
Net fair value	192	236
Derivatives held for trading | 3-4 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	3	0
Derivatives held for trading, Fair value liabilities	(3)	(1)
Derivatives held for trading | 3-4 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	212	210
Derivatives held for trading, Fair value liabilities	(136)	(146)
Derivatives held for trading | 3-4 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	520	540
Derivatives held for trading, Fair value liabilities	(404)	(367)
Derivatives held for trading | 4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	561	545
Derivative assets held for trading, before netting	598	574
Less: netting by counterparty	(37)	(29)
Derivatives held for trading, Fair value liabilities	(416)	(438)
Derivative financial liabilities held for trading, before netting	(453)	(467)
Less: netting by counterparty	37	29
Net fair value	145	107
Derivatives held for trading | 4-5 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	5	2
Derivatives held for trading, Fair value liabilities	(5)	(2)
Derivatives held for trading | 4-5 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	100	120
Derivatives held for trading, Fair value liabilities	(41)	(113)
Derivatives held for trading | 4-5 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	493	452
Derivatives held for trading, Fair value liabilities	(407)	(352)
Derivatives held for trading | Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	3,826	2,504
Derivative assets held for trading, before netting	4,258	2,751
Less: netting by counterparty	(432)	(247)
Derivatives held for trading, Fair value liabilities	(2,846)	(2,302)
Derivative financial liabilities held for trading, before netting	(3,278)	(2,549)
Less: netting by counterparty	432	247
Net fair value	980	202
Derivatives held for trading | Over 5 years | Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1	1
Derivatives held for trading, Fair value liabilities	(1)	(1)
Derivatives held for trading | Over 5 years | Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	709	42
Derivatives held for trading, Fair value liabilities	(79)	(101)
Derivatives held for trading | Over 5 years | Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	3,548	2,708
Derivatives held for trading, Fair value liabilities	$ (3,198)	$ (2,447)

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, 2020	Dec. 31, 2019
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	$ 100,708
Net assets, end of period	85,568	$ 100,708
Level 3
Reconciliation of changes in fair value measurement, assets [abstract]
Deferred day-one gains (losses)	881	949
Derivative asset (liability)	1,057	1,033
Level 3 | Derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	84	(31)
Gains (losses) recognized in the income statement	530	456
Gains (losses) recognised in other comprehensive income on financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently		(18)
Sales, fair value measurement, assets	(32)
Settlements	(346)	(279)
Transfers out of level 3	(60)	(44)
Net assets, end of period	176	84
Level 3 | Derivatives | Oil price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	71	23
Gains (losses) recognized in the income statement	250	128
Gains (losses) recognised in other comprehensive income on financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently		0
Sales, fair value measurement, assets	0
Settlements	(135)	(79)
Transfers out of level 3	5	(1)
Net assets, end of period	191	71
Level 3 | Derivatives | Natural gas price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	28	(13)
Gains (losses) recognized in the income statement	184	82
Gains (losses) recognised in other comprehensive income on financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently		0
Sales, fair value measurement, assets	0
Settlements	(22)	(21)
Transfers out of level 3	(43)	(20)
Net assets, end of period	147	28
Level 3 | Derivatives | Power price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	(125)	(148)
Gains (losses) recognized in the income statement	162	244
Gains (losses) recognised in other comprehensive income on financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently		(18)
Sales, fair value measurement, assets	0
Settlements	(189)	(179)
Transfers out of level 3	(21)	(24)
Net assets, end of period	(173)	(125)
Level 3 | Derivatives | Other derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	110	107
Gains (losses) recognized in the income statement	(66)	2
Gains (losses) recognised in other comprehensive income on financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently		0
Sales, fair value measurement, assets	(32)
Settlements	0	0
Transfers out of level 3	(1)	1
Net assets, end of period	$ 11	$ 110

Derivative financial instrume_7

Derivative financial instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)MMBTU	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
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 sakes and purchases | $	$ (2,808)
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 | $	315	$ 250
Futures, Options, Swaps, and Forward Derivative Contracts
Disclosure of detailed information about financial instruments [line items]
Gains (losses) recognized in the income statement | $	$ 829	$ 160	$ (351)
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	(175)
Highly probable forecast sales | Cash flow hedges | Within one year | Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments | MMBTU	135
Highly probable forecast sales | Cash flow hedges | 1-2 years | Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments | MMBTU	40

Derivative financial instrume_8

Derivative financial instruments - Fair value of hedge ineffectiveness (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair value hedges | Interest rate risk on finance debt
Disclosure of detailed information about financial instruments [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	$ (258)	$ (764)
Change in fair value of hedged item used to calculate ineffectiveness	258	737
Hedge ineffectiveness recognized in profit or (loss)	0	27
Fair value hedges | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about financial instruments [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	(2,743)	(336)
Change in fair value of hedged item used to calculate ineffectiveness	2,549	286
Hedge ineffectiveness recognized in profit or (loss)	194	50
Highly probable forecast capital expenditure | Cash flow hedges | Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	4	(1)
Change in fair value of hedged item used to calculate ineffectiveness	(4)	1
Hedge ineffectiveness recognized in profit or (loss)	0	0
Highly probable forecast sales | Cash flow hedges | Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	78	(100)
Change in fair value of hedged item used to calculate ineffectiveness	(78)	100
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, 2020USD ($)MMBTU	Dec. 31, 2019USD ($)
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	$ 4	$ 1
Hedging instrument, liabilities	0	(4)
Highly probable forecast capital expenditure | Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	4	1
Hedging instrument, liabilities	0	(4)
Nominal amounts of hedging instruments	162	$ 150
Highly probable forecast sales | Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	0
Hedging instrument, liabilities	$ 0
Nominal Amounts Of Hedging Instruments | MMBTU	(175)
Highly probable forecast sales | Commodity price risk | Within one year
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments | MMBTU	135
Highly probable forecast sales | Commodity price risk | 1 to 2 years
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments | MMBTU	40

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, 2020MMBTUgBPPerUSD	Dec. 31, 2020MMBTUeURPerUSD	Dec. 31, 2020MMBTUkRWPerUSD	Dec. 31, 2019gBPPerUSD	Dec. 31, 2019eURPerUSD	Dec. 31, 2019kRWPerUSD
Highly probable forecast capital expenditure
Disclosure of detailed information about hedges [line items]
Average foreign exchange rate (per USD)	1.35	0	1,174.47	1.35	1.11	1,115.66
Highly probable forecast sales
Disclosure of detailed information about hedges [line items]
Average price of hedging instrument (Henry Hub $/mmBtu)	2.88	2.88	2.88

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, 2020	Dec. 31, 2019
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	$ (258)	$ (764)
Change in fair value of hedged item used to calculate ineffectiveness	258	737
Gain (loss) on hedge ineffectiveness recognised in profit or loss	0	27
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	(2,743)	(336)
Change in fair value of hedged item used to calculate ineffectiveness	2,549	286
Gain (loss) on hedge ineffectiveness recognised in profit or loss	$ 194	$ 50

Derivative financial instrum_12

Derivative financial instruments - Summary of carrying amount of fair value hedges (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	$ 2,694	$ 482
Hedging instrument, liabilities	82	672
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	80	138
Hedging instrument, liabilities	0	35
Notional amount	4,104	13,442
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	2,614	344
Hedging instrument, liabilities	82	637
Notional amount	$ 23,313	$ 21,296

Derivative financial instrum_13

Derivative financial instruments - Summary of tenor of nominal amount of hedges (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	$ 4,104	$ 13,442
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	23,313	21,296
Within one year | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	2,705	3,000
Within one year | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	737	882
1 to 2 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	996	2,576
1 to 2 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,056	672
2 to 3 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	4,039
2 to 3 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	2,039	1,400
3 to 4 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	227	1,200
3 to 4 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	3,175	2,777
4 to 5 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	206
4 to 5 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	2,804	3,109
5 to 10 years | Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	176	2,421
5 to 10 years | Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	8,587	10,216
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	$ 4,915	$ 2,240

Derivative financial instrum_14

Derivative financial instruments - Weighted average exchange rates of hedges (Details)	12 Months Ended
	Dec. 31, 2020gBPPerUSD	Dec. 31, 2020eURPerUSD	Dec. 31, 2020kRWPerUSD	Dec. 31, 2020cADPerUSD	Dec. 31, 2019gBPPerUSD	Dec. 31, 2019eURPerUSD	Dec. 31, 2019kRWPerUSD	Dec. 31, 2019cADPerUSD
Cross-currency interest rate swaps
Disclosure of detailed information about hedges [line items]
Average foreign exchange rate (per USD)	1.33	1.14		0.78	1.32	1.15		0.87
Fair value hedges | Interest rate swaps | Floating interest rate
Disclosure of detailed information about hedges [line items]
Average rate of hedging instrument	0.58%	0.58%	0.58%	0.58%	2.36%	2.36%	2.36%	2.36%
Fair value hedges | Cross-currency interest rate swaps | Floating interest rate
Disclosure of detailed information about hedges [line items]
Average rate of hedging instrument	1.88%	1.88%	1.88%	1.88%	3.27%	3.27%	3.27%	3.27%
Highly probable forecast capital expenditure | Cash flow hedges
Disclosure of detailed information about hedges [line items]
Average foreign exchange rate (per USD)	1.35	0	1,174.47		1.35	1.11	1,115.66

Derivative financial instrum_15

Derivative financial instruments - Accumulated fair value adjustments of the hedged items (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Interest rate risk on finance debt
Disclosure of detailed information about hedged items [line items]
Hedged item, assets	$ 0	$ 0
Hedged item, liabilities	(4,196)	(13,441)
Accumulated fair value hedge adjustment on hedged item included in carrying amount, assets	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, liabilities	(81)	(100)
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	(775)	(714)
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedged items [line items]
Hedged item, assets	0	0
Hedged item, liabilities	(23,253)	(21,240)
Accumulated fair value hedge adjustment on hedged item included in carrying amount, assets	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, liabilities	(938)	(525)
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, 2020		Dec. 31, 2019		Dec. 31, 2018
Movement in cash flow hedge reserve
Cash flow hedges marked to market	[1]	$ 78		$ (100)		$ (126)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss	[1]	(37)		106		120
Cash flow hedges (including reclassifications), pre-tax		41		6		(6)
Cash flow hedges transferred to the balance sheet		(6)	[2]	(23)	[2]	(26)
Movement in costs of hedging reserve
Costs of hedging marked to market	[1]	42		(4)		(244)
Costs of hedging reclassified to the income statement	[1]	22		57		58
Costs of hedging (including reclassifications), Pre-tax		64		53		(186)
Movement in cash flow hedge and costs of hedging reserves
Total reserve, period start		(822)		(901)
Cash flow hedges marked to market		85		(103)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss	[1]	(37)		106		120
Costs of hedging marked to market	[1]	42		(4)		(244)
Costs of hedging reclassified to the income statement	[1]	22		57		58
Cash flow hedges and cost of hedges (including reclassifications), pre-tax		112		56
Cash flow hedges transferred to the balance sheet		(6)	[2]	(23)	[2]	(26)
Total reserve, period start		(704)		(822)		(901)
Highly probable forecast capital expenditure | Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		(1)		(21)
Cash flow hedges marked to market		7		(3)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0		0
Cash flow hedges (including reclassifications), pre-tax		7		(3)
Cash flow hedges transferred to the balance sheet		(6)		(23)
Reserve of cash flow hedges, period end		12		(1)		(21)
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		(6)		(23)
Highly probable forecast sales | Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		0		(6)
Cash flow hedges marked to market		78		(100)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		(37)		106
Cash flow hedges (including reclassifications), pre-tax		41		6
Cash flow hedges transferred to the balance sheet		0		0
Reserve of cash flow hedges, period end		41		0		(6)
Movement in cash flow hedge and costs of hedging reserves
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		(37)		106
Cash flow hedges transferred to the balance sheet		0		0
Purchase of equity | Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		(651)		(651)
Cash flow hedges marked to market		0		0
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0		0
Cash flow hedges (including reclassifications), pre-tax		0		0
Cash flow hedges transferred to the balance sheet		0		0
Reserve of cash flow hedges, period end		(651)		(651)		(651)
Movement in cash flow hedge and costs of hedging reserves
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0		0
Cash flow hedges transferred to the balance sheet		0		0
Interest rate and foreign currency risk on finance debt | Fair value hedges
Movement in costs of hedging reserve
Cost of hedging reserve, period start		(170)		(223)
Costs of hedging marked to market		42		(4)
Costs of hedging reclassified to the income statement		22		57
Costs of hedging (including reclassifications), Pre-tax		64		53
Cost of hedging reserve, period end		(106)		(170)		$ (223)
Movement in cash flow hedge and costs of hedging reserves
Costs of hedging marked to market		42		(4)
Costs of hedging reclassified to the income statement		$ 22		$ 57
[1]	See Note 32 for further information.
[2]	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		12 Months Ended
		Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2020GBP (£)£ / sharesshares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		$ 5,404	$ 5,402
Repurchase of ordinary share capital	[1]	(776)	(1,511)	$ (355)
Balance, end of period		5,383	5,404	5,402
Preference shares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		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
Balance, end of period		$ 12	$ 12	$ 12
Par value per share | £ / shares					£ 1
Percentage of nominal cumulative preference shares		8.00%
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
Balance, end of period		$ 9	$ 9	$ 9
Par value per share | £ / shares					£ 1
Percentage of nominal cumulative preference shares		9.00%
Ordinary Shares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period (in shares) | shares		21,535,840	21,525,464	21,288,193
Balance, beginning of period		$ 5,383	$ 5,381	$ 5,322
Issue of new shares for the scrip dividend programme (in shares) | shares		0	208,927	195,305
Issue of new shares for the scrip dividend programme		$ 0	$ 52	$ 49
Issue of new shares for employee share-based payment plans (in shares) | shares		34,000	37,400	92,168
Issue of new shares for employee share-based payment plans		$ 9	$ 9	$ 23
Issue of new shares – other (in shares) | shares		0	0	0
Issue of new shares – other		$ 0	$ 0	$ 0
Repurchase of ordinary share capital (in shares) | shares		(120,058)	(235,951)	(50,202)
Repurchase of ordinary share capital		$ (30)	$ (59)	$ (13)
Balance, end of period (in shares) | shares		21,449,782	21,535,840	21,525,464
Balance, end of period		$ 5,362	$ 5,383	$ 5,381
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	12 Months Ended
	Dec. 31, 2020USD ($)voteshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares
Disclosure of classes of share capital [line items]
Payments to acquire or redeem entity's shares	$ 776	$ 1,511	$ 355
Percentage of ordinary share capital repurchased	0.60%
Percentage of number of shares held in treasury	5.40%	5.90%	6.90%
Movement in shares held in treasury to ordinary share capital, percent	0.30%	0.50%	1.00%
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	10.00%
Ordinary Shares
Disclosure of classes of share capital [line items]
Number of shareholder votes held (vote) | vote	1
Ordinary share repurchase (in shares) | shares	120,058	235,951	50,202
Payments to acquire or redeem entity's shares	$ 776
Transaction costs for repurchase of ordinary shares	$ 4

Called-up share capital - Treas

Called-up share capital - Treasury shares (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Treasury shares [member]
Disclosure of classes of share capital [line items]
Balance, beginning of period (in shares)	1,296,856	1,426,265	1,482,072
Treasury shares outstanding, beginning of period	$ 323	$ 356	$ 370
Purchases for settlement of employee share plans (in shares)	0	1,118	757
Purchases for settlement of employee share plans	$ 0	$ 0	$ 0
Shares re-issued for employee share-based payment plans (in shares)	(143,322)	(167,927)	(148,732)
Shares re-issued for employee share-based payment plans	$ (36)	$ (42)	$ (37)
Balance, end of period (in shares)	1,187,650	1,296,856	1,426,265
Treasury shares outstanding, end of period	$ 296	$ 323	$ 356
Treasury shares [member]
Disclosure of classes of share capital [line items]
Issue of new shares for employee share-based payment plans (in shares)	34,116	37,400	92,168
Issue of new shares for employee share-based payment plans	$ 9	$ 9	$ 23

Capital and reserves - Summary

Capital and reserves - Summary of reserves and other equity interest (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		$ 100,708	[1]	$ 101,548	[1]	$ 100,404
Profit (loss) for the year	[1]	(20,729)		4,190		9,578
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		(2,187)		2,416		(3,787)
Cash flow hedges and costs of hedging (including reclassifications)		91		55		(179)
Share of items relating to equity-accounted entities, net of tax	[2]	312		82		417
Other		71		(64)		7
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		65		171		1,599
Costs of hedges that will subsequently be transferred to the balance sheet		7		(3)		(37)
Total comprehensive income		(22,370)	[2]	6,847	[2]	7,598	[1]
Dividends	[1],[3]	(6,605)		(7,142)		(6,869)
Cash flow hedges transferred to the balance sheet, net of tax		6	[1]	23	[1]	26
Repurchase of ordinary share capital	[1]	(776)		(1,511)		(355)
Share-based payments, net of tax	[1]	726		719		703
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1,341		5		14
Issue of perpetual hybrid bonds		11,861
Payments on issue of perpetual hybrid bonds		(89)
Tax on issue of perpetual hybrid bonds		3
Transactions involving non-controlling interests, net of tax	[1]	763		549		207
Equity outstanding, end of period	[1]	85,568		100,708		101,548
Proceeds from disposals of fixed assets		491		500		940
Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			101,218		100,224
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					101,218
UNITED KINGDOM
Items that will not be reclassified to profit or loss
Proceeds from disposals of fixed assets		500
NEW ZEALAND
Items that will not be reclassified to profit or loss
Proceeds from disposals of fixed assets		200
Share Capital And Capital Reserve [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		46,525	[1]	46,352	[1]	46,122
Items that will not be reclassified to profit or loss
Dividends		0		0		0
Repurchase of ordinary share capital		0		0
Share-based payments, net of tax		176	[1]	173	[1]	230
Equity outstanding, end of period	[1]	46,701		46,525		46,352
Share Capital And Capital Reserve [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			46,352		46,122
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					46,352
Issued capital [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		5,404		5,402		5,343
Items that will not be reclassified to profit or loss
Dividends		0		52		49
Repurchase of ordinary share capital		(30)		(59)		(13)
Share-based payments, net of tax		9		9		23
Equity outstanding, end of period		5,383		5,404		5,402
Issued capital [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period				5,402		5,343
Items that will not be reclassified to profit or loss
Equity outstanding, end of period						5,402
Share premium [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		12,417		12,305		12,147
Items that will not be reclassified to profit or loss
Dividends		0		(52)		(49)
Share-based payments, net of tax		167		164		207
Equity outstanding, end of period		12,584		12,417		12,305
Share premium [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period				12,305		12,147
Items that will not be reclassified to profit or loss
Equity outstanding, end of period						12,305
Capital redemption reserve [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		1,498		1,439		1,426
Items that will not be reclassified to profit or loss
Repurchase of ordinary share capital		30		59		13
Equity outstanding, end of period		1,528		1,498		1,439
Capital redemption reserve [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period				1,439		1,426
Items that will not be reclassified to profit or loss
Equity outstanding, end of period						1,439
Merger reserve [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		27,206		27,206		27,206
Items that will not be reclassified to profit or loss
Equity outstanding, end of period		27,206		27,206		27,206
Merger reserve [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period				27,206		27,206
Items that will not be reclassified to profit or loss
Equity outstanding, end of period						27,206
Treasury shares [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(14,412)	[1]	(15,767)	[1]	(16,958)
Items that will not be reclassified to profit or loss
Share-based payments, net of tax	[1]	1,188		1,355		1,191
Equity outstanding, end of period	[1]	(13,224)		(14,412)		(15,767)
Treasury shares [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			(15,767)		(16,958)
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					(15,767)
Reserve of exchange differences on translation [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(6,495)	[1]	(8,902)	[1]	(5,156)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		(2,224)		2,407		(3,746)
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	(2,224)		2,407		(3,746)
Equity outstanding, end of period	[1]	(8,719)		(6,495)		(8,902)
Reserve of exchange differences on translation [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			(8,902)		(5,156)
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					(8,902)
Reserve of gains and losses on remeasuring available-for-sale financial assets [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		0		0		17
Items that will not be reclassified to profit or loss
Total comprehensive income				0		0
Equity outstanding, end of period		0		0		0
Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						0
Reserve of cash flow hedges [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(752)		(777)		(760)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		31		5		(6)
Items that will not be reclassified to profit or loss
Costs of hedges that will subsequently be transferred to the balance sheet		7		(3)		(37)
Total comprehensive income		38		2		(43)
Cash flow hedges transferred to the balance sheet, net of tax		6		23		26
Equity outstanding, end of period		(708)		(752)		(777)
Reserve of cash flow hedges [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period				(777)		(760)
Items that will not be reclassified to profit or loss
Equity outstanding, end of period						(777)
Reserve of change in value of foreign currency basis spreads [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(160)		(210)		0
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		60		50		(173)
Items that will not be reclassified to profit or loss
Total comprehensive income		60		50		(173)
Equity outstanding, end of period		(100)		(160)		(210)
Reserve of change in value of foreign currency basis spreads [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period				(210)		(37)
Items that will not be reclassified to profit or loss
Equity outstanding, end of period						(210)
Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(912)	[1]	(987)	[1]	(743)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		91		55		(179)
Items that will not be reclassified to profit or loss
Costs of hedges that will subsequently be transferred to the balance sheet		7		(3)		(37)
Total comprehensive income	[1]	98		52		(216)
Cash flow hedges transferred to the balance sheet, net of tax		6	[1]	23	[1]	26
Equity outstanding, end of period	[1]	(808)		(912)		(987)
Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			(987)		(797)
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					(987)
Retained earnings [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		73,706	[1]	78,748	[1]	75,226
Profit (loss) for the year	[1]	(20,305)		4,026		9,383
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)				0		0
Share of items relating to equity-accounted entities, net of tax		312		82		417
Other		71		(64)		7
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		65		171		1,599
Total comprehensive income	[1]	(19,857)		4,215		11,406
Dividends	[1],[3]	(6,367)		(6,929)		(6,699)
Repurchase of ordinary share capital	[1]	(776)		(1,511)		(355)
Share-based payments, net of tax	[1]	(638)		(809)		(718)
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1,341		5		14
Issue of perpetual hybrid bonds		(48)
Tax on issue of perpetual hybrid bonds		3
Transactions involving non-controlling interests, net of tax		(64)	[1]	316		0	[1]
Equity outstanding, end of period	[1]	47,300		73,706		78,748
Retained earnings [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			78,419		75,100
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					78,419
Equity attributable to owners of parent [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		98,412	[1]	99,444	[1]	98,491
Profit (loss) for the year	[1]	(20,305)		4,026		9,383
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		(2,224)		2,407		(3,746)
Cash flow hedges and costs of hedging (including reclassifications)		91		55		(179)
Share of items relating to equity-accounted entities, net of tax		312		82		417
Other		71		(64)		7
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		65		171		1,599
Costs of hedges that will subsequently be transferred to the balance sheet		7		(3)		(37)
Total comprehensive income	[1]	(21,983)		6,674		7,444
Dividends	[1],[3]	(6,367)		(6,929)		(6,699)
Cash flow hedges transferred to the balance sheet, net of tax		6	[1]	23	[1]	26
Repurchase of ordinary share capital	[1]	(776)		(1,511)		(355)
Share-based payments, net of tax	[1]	726		719		703
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1,341		5		14
Issue of perpetual hybrid bonds		(48)
Tax on issue of perpetual hybrid bonds		3
Transactions involving non-controlling interests, net of tax		(64)	[1]	316		0	[1]
Equity outstanding, end of period	[1]	71,250		98,412		99,444
Equity attributable to owners of parent [member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			99,115		98,311
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					99,115
Non-controlling interests, hybrid bonds [Member]
Disclosure of reserves within equity [line items]
Profit (loss) for the year		256
Items that will not be reclassified to profit or loss
Total comprehensive income		256
Issue of perpetual hybrid bonds		11,909
Payments on issue of perpetual hybrid bonds		(89)
Equity outstanding, end of period		12,076
Non-controlling interests, other interest [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		2,296	[1]	2,104	[1]	1,913
Profit (loss) for the year	[1]	(680)		164		195
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		37		9		(41)
Items that will not be reclassified to profit or loss
Total comprehensive income		(643)	[1]	173	[1]	154
Dividends	[1],[3]	(238)		(213)		(170)
Transactions involving non-controlling interests, net of tax	[1]	827		233		207
Equity outstanding, end of period	[1]	$ 2,242		2,296		2,104
Non-controlling interests, other interest [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			2,103		1,913
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					2,103
Adjustment on adoption of IFRS | IFRS 16 Leases [Member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			330
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					330
Adjustment on adoption of IFRS | IFRS 16 Leases [Member] | Retained earnings [member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			329
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					329
Adjustment on adoption of IFRS | IFRS 16 Leases [Member] | Equity attributable to owners of parent [member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]			329
Items that will not be reclassified to profit or loss
Equity outstanding, end of period	[1]					329
Adjustment on adoption of IFRS | IFRS 16 Leases [Member] | Non-controlling interests, other interest [Member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period				$ 1
Items that will not be reclassified to profit or loss
Equity outstanding, end of period						1
Adjustment on adoption of IFRS | IFRS 9 Financial Instruments | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						180
Adjustment on adoption of IFRS | IFRS 9 Financial Instruments | Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						17
Adjustment on adoption of IFRS | IFRS 9 Financial Instruments | Reserve of change in value of foreign currency basis spreads [member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						37
Adjustment on adoption of IFRS | IFRS 9 Financial Instruments | Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						54
Adjustment on adoption of IFRS | IFRS 9 Financial Instruments | Retained earnings [member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						126
Adjustment on adoption of IFRS | IFRS 9 Financial Instruments | Equity attributable to owners of parent [member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						180
Adjustment on adoption of IFRS | IFRS 9 Financial Instruments | Non-controlling interests, other interest [Member] | Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						$ 0
Discontinued operations [member]
Items that will not be reclassified to profit or loss
Proportion of ownership interest in joint operation		49.00%
[1]	See Note 32 for further information.
[2]	See Note 32 for further information.
[3]	See Note 10 for further information.

Capital and reserves - Narrativ

Capital and reserves - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020		Dec. 31, 2014	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure of reserves within equity [line items]
Equity	$ 85,568	[1]		$ 100,708	[1]	$ 101,548	[1]	$ 100,404
Issue of perpetual hybrid bonds	$ 11,861
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%
Rosneft
Disclosure of reserves within equity [line items]
Ownership percentage in associate	19.75%		18.50%
Reserve of cash flow hedges [member]
Disclosure of reserves within equity [line items]
Equity	$ (708)			$ (752)		$ (777)		$ (760)
Reserve of cash flow hedges [member] | Rosneft
Disclosure of reserves within equity [line items]
Equity	651
Non-controlling interests, hybrid bonds [Member]
Disclosure of reserves within equity [line items]
Equity	12,076
Issue of perpetual hybrid bonds	$ 11,909
[1]	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, 2020	Dec. 31, 2019	Dec. 31, 2018
Pre-tax
Currency translation differences (including reclassifications), Pre-tax		$ (2,196)	$ 2,418	$ (3,771)
Cash flow hedges (including reclassifications), pre-tax		41	6	(6)
Costs of hedging (including reclassifications), Pre-tax		64	53	(186)
Share of items relating to equity-accounted entities, net of tax, Pre-tax		312	82	417
Other, Pre-tax		0	0	0
Tax
Currency translation differences (including reclassifications), Tax		9	(2)	(16)
Cash flow hedges (including reclassifications), Tax		(10)	(1)	0
Costs of hedging (including reclassifications), Tax		(4)	(3)	13
Share of items relating to equity-accounted entities, net of tax, Tax		0	0	0
Other, Tax		71	(64)	7
Currency translation differences (including reclassifications), Net of tax		(2,187)	2,416	(3,787)
Cash flow hedges (including reclassifications), Net of tax		31	5	(6)
Costs of hedging (including reclassifications), Net of tax		60	50	(173)
Share of items relating to equity-accounted entities, net of tax, Net of tax	[1]	312	82	417
Other, Net of tax		71	(64)	7
Pre-tax
Remeasurements of the net pension and other post-retirement benefit liability or asset, Pre-tax	[1]	170	328	2,317
Cash flow hedges that will subsequently be transferred to the balance sheet, Pre-tax	[1]	7	(3)	(37)
Tax
Remeasurements of the net pension and other post-retirement benefit liability or asset, Tax		(105)	(157)	(718)
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		65	171	1,599
Costs of hedges that will subsequently be transferred to the balance sheet		7	(3)	(37)
Other comprehensive income, Pre-tax		(1,602)	2,884	(1,266)
Other comprehensive income, Tax		(39)	(227)	(714)
Other comprehensive income	[2]	$ (1,641)	$ 2,657	$ (1,980)
[1]	See Note 32 for further information.
[2]	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, 2020USD ($)caseparticipant	Dec. 31, 2019participant	Jul. 11, 2016USD ($)
Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation claims denied	9,623
Medical Benefits Class Action Settlement | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	1
Number of litigation claims approved for compensation	27,603
Losses on litigation settlements | $	$ 67,000,000
SPC claims | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation claims approved for compensation	22,833
PMCP claims | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation claims approved for compensation	4,770
LMPC claims | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	612
Period within which notice must be filed	4 years
Other civil complaints - economic loss | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of plaintiffs | participant	10
Other civil complaints - personal injury | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of plaintiffs | participant	881	923
Individual securities litigation | Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	28
Number of plaintiffs | participant	115
FERC and CFTC matters
Disclosure of detailed information about legal proceedings [Line Items]
Civil penalty | $			$ 20,160,000
Amount of unjust profits directed to disgorge | $			$ 207,169
Louisiana Coastal Restoration
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending | participant	17
Number of coastal parishes | participant	6
Lawsuits filed against oil and gas companies | participant	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, 2020	Dec. 31, 2019	Dec. 31, 2018
Directors
Disclosure of transactions between related parties [line items]
Emoluments and short-term employee benefits	$ 6	$ 9	$ 8
Amounts received under incentive schemes and share-based payments	14	20	16
Total	20	29	24
Senior management and non-executive directors
Disclosure of transactions between related parties [line items]
Emoluments and short-term employee benefits	17	30	25
Pensions and other post-retirement benefits	2	2	2
Amounts received under incentive schemes and share-based payments	52	32	32
Short term employee benefits, for loss of office	8	0	0
Total	$ 79	$ 64	$ 59

Remuneration of senior manage_4

Remuneration of senior management and non-executive directors - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)participant	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Executive director
Disclosure of transactions between related parties [line items]
Number of participants in a non-contributory pension scheme established for UK employees (participant)	1
Number of participants in a US defined benefit pension plan and retirement savings plan for US employees (participant)	1
Senior management and non-executive directors
Disclosure of transactions between related parties [line items]
Short term employee benefits, for loss of office | $	$ 8	$ 0	$ 0

Employee costs and numbers (Det

Employee costs and numbers (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)employees	Dec. 31, 2019USD ($)employees	Dec. 31, 2018USD ($)employees
Entity Information [Line Items]
Wages and salaries | $	$ 7,600	$ 7,497	$ 7,931
Social security costs | $	729	733	743
Share-based payments | $	728	694	669
Pension and other post-retirement benefit costs | $	852	948	1,154
Employee benefits expense | $	$ 9,909	$ 9,872	$ 10,497
Average number of employees (employee)	68,100	72,500	73,700
Termination payments | $	$ 1,237	$ 182	$ 493
Termination payment accrual, current | $	714
Provision for Termination Payment | $	$ 428
Operating segments | Upstream
Entity Information [Line Items]
Average number of employees (employee)	15,400	16,800	17,400
Operating segments | Downstream
Entity Information [Line Items]
Average number of employees (employee)	43,600	43,000	42,300
Other businesses and corporate
Entity Information [Line Items]
Average number of employees (employee)	9,100	12,700	14,000
Service station staff | Operating segments | Downstream
Entity Information [Line Items]
Average number of employees (employee)	19,100	18,100	17,100
US
Entity Information [Line Items]
Average number of employees (employee)	12,400	13,600	13,800
US | Operating segments | Upstream
Entity Information [Line Items]
Average number of employees (employee)	4,800	5,800	5,900
US | Operating segments | Downstream
Entity Information [Line Items]
Average number of employees (employee)	5,800	5,700	6,000
US | Other businesses and corporate
Entity Information [Line Items]
Average number of employees (employee)	1,800	2,100	1,900
Non-US
Entity Information [Line Items]
Average number of employees (employee)	55,700	58,900	59,900
Non-US | Operating segments | Upstream
Entity Information [Line Items]
Average number of employees (employee)	10,600	11,000	11,500
Non-US | Operating segments | Downstream
Entity Information [Line Items]
Average number of employees (employee)	37,800	37,300	36,300
Non-US | Other businesses and corporate
Entity Information [Line Items]
Average number of employees (employee)	7,300	10,600	12,100
Brazil | Agricultural, operational and seasonal | Other businesses and corporate
Entity Information [Line Items]
Average number of employees (employee)	0	2,500	4,000

Auditor_s remuneration - Summar

Auditor’s remuneration - Summary of auditor's remuneration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Auditor's remuneration
The audit of the company annual accounts	$ 30	$ 32	$ 25
The audit of accounts of subsidiaries of the company	11	11	10
Total audit	41	43	35
Audit-related assurance services	11	4	4
Total audit and audit-related assurance services	52	47	39
Taxation compliance services	0	0	0
Non-audit and other assurance services	1	1	2
Services relating to BP pension plans	1	1	1
Auditor's remuneration	$ 54	$ 49	$ 42

Auditor_s remuneration - Narrat

Auditor’s remuneration - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Additional information [abstract]
Additional fees for prior year services	$ 500	$ 3,600	$ 750
Auditor's remuneration	54,000	49,000	42,000
Total audit expenses, excluding interim services	41,000	43,000	35,000
Interim audit-related assurance services	11,000	4,000	4,000
Taxation compliance services	0	0	0
Auditor's remuneration for corporate finance, services related to defined benefit plants, and non-audit and other assurance	$ 2,000	$ 2,000	$ 3,000

Subsidiaries, joint arrangeme_3

Subsidiaries, joint arrangements and associates - Disclosures of interests in subsidiaries, joint arrangements, and associates (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2014
Rosneft
Disclosure of subsidiaries [line items]
Ownership percentage in associate	19.75%	18.50%
BP Corporate Holdings
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration Operating Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*BP Global Investments
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*BP International
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Oil International
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*Burmah Castrol
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Angola)
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Caspian Sea)
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Azerbaijan)
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*BP Holdings Canada
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Delta)
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Europa SE
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Alpha)
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Trinidad and Tobago
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	70.00%
BP Capital Markets
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*BP Holdings North America
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
Atlantic Richfield Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP America
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP America Production Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Company North America
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Corporation North America
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Products North America
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
Standard Oil Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Capital Markets America
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%

Uncategorized Items - bp-202012

Label	Element	Value
Financial instruments credit-impaired [member]
Disclosure Of Valuation And Qualifying Accounts [Text Block]	bp_DisclosureOfValuationAndQualifyingAccountsTextBlock	Valuation and qualifying accounts $ million 2020 2019 2018 Trade and other receivables Fixed asset Trade and other receivables Fixed asset Trade and other receivables Fixed asset At 1 January – IAS 39 509 249 416 235 335 314 Adjustment on adoption of IFRS 9 — — — — 115 (85) At 1 January – IFRS 9 509 249 416 235 450 229 Charged to costs and expenses 214 103 206 28 30 10 Charged to other accounts a 2 — (2) — (12) (1) Deductions (170) (166) (111) (14) (52) (3) At 31 December 555 186 509 249 416 235 a Principally exchange adjustments. Valuation and qualifying accounts relating to trade and other receivables comprise expected credit loss allowances. The adjustment on adoption of IFRS 9 relates to the additional loss allowance required by IFRS 9's expected credit loss model. The expected credit loss allowance comprises $456 million (2019 $414 million, 2018 $327 million) relating to receivables that were credit-impaired at the end of the year and $99 million (2019 $95 million, 2018 $89 million) relating to receivables that were not credit-impaired at the end of the year. 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 31 December 2020 have not significantly increased during the year. Valuation and qualifying accounts relating to fixed asset investments comprise impairment provisions for investments in equity-accounted entities. The adjustment on adoption of IFRS 9 primarily relates to amounts provided against investments in equity instruments that were held at cost less impairment losses under IAS 39 but that are classified as measured at fair value through profit or loss under IFRS 9. In addition to the amounts presented above, expected loss allowances on cash and cash equivalents classified as measured at amortized cost totalled $11 million (2019 $11 million). For further information on the group's credit risk management policies and how the group recognizes and measures expected losses see Note 29.
Treasury Shares Held In Employee Share-based Payment Plans [Member] | UNITED STATES
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	15,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	2,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	72,000
Treasury shares	ifrs-full_TreasuryShares	$ 0
Treasury shares	ifrs-full_TreasuryShares	0
Treasury shares	ifrs-full_TreasuryShares	$ 0
Treasury Shares Held By Parent [Member]
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	1,163,077,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	1,105,157,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	1,264,732,000
Treasury shares	ifrs-full_TreasuryShares	$ 316,000,000
Treasury shares	ifrs-full_TreasuryShares	275,000,000
Treasury shares	ifrs-full_TreasuryShares	$ 290,000,000
Treasury Shares Held In Employee Share Ownership Plans [Member]
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	82,491,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	161,518,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	133,707,000
Treasury shares	ifrs-full_TreasuryShares	$ 40,000,000
Treasury shares	ifrs-full_TreasuryShares	33,000,000
Treasury shares	ifrs-full_TreasuryShares	$ 21,000,000