Financial Performance - Adjusted EBITDA for 2024 reached $38 billion, with operating cash flow of $27.3 billion[49] - Operating cash flow for 2024 was $27.3 billion, down from $32.0 billion in 2023, primarily due to lower profits from operations[158] - Profit attributable to bp shareholders for 2024 is projected to be $0.4 billion, with total equity at $78.3 billion[167] - Total shareholder return for 2024 decreased by 11.9%, reflecting a reduction in share price[156] - Underlying replacement cost profit for 2024 was $0.4 billion, a significant decrease from $15.2 billion in 2023[150] Production and Operations - Upstream production increased by 2% compared to 2023, with strong plant reliability at over 95%[48] - Upstream production increased to 2.4 million barrels of oil equivalent per day (mmboe/d) in 2024, up from 2.3 mmboe/d in 2023[100] - Biofuels production rose to 35,000 barrels per day (kb/d) in 2024, compared to 32 kb/d in 2023[100] - Refining availability dipped to 94.3% due to lower margins and a power outage at Whiting in Q1[48] - Refining availability for 2024 was 94.3%, a decrease from 96.1% in 2023, mainly due to a power outage at the Whiting refinery[140] - Upstream unit production costs increased to $6.17 per barrel of oil equivalent (boe) in 2024, up from $5.78 in 2023[164][165] - Methane intensity increased to 0.07% in 2024, with methane emissions from upstream operations rising by approximately 48% from 31kt in 2023 to 46kt in 2024[173][174] Capital Expenditure and Investments - Capital expenditure for 2024 was $16.2 billion, with expectations of around $15 billion in 2025 and $13-15 billion per annum for 2026 and 2027[191] - The company plans to invest between $1.5-2.0 billion annually in transition businesses through 2027, which is over $5 billion lower per year than previous guidance[94] - The company plans to invest in hydrogen and carbon capture, sanctioning four projects in 2024[50] - The company is actively investing in hydrogen and carbon capture projects to support decarbonization efforts[94] Shareholder Returns and Dividends - The company raised the dividend per ordinary share by 10% and announced $7 billion in share buybacks for the year[49] - The dividend per ordinary share has grown by 10% to 8.00 cents since Q4 2023, with expected annual increases of at least 4%[188] - The company announced share buybacks of $7 billion for 2024, reducing shares in issue by 22% from the end of Q1 2021 to December 31, 2024[193] - The company distributed a total of $5.0 billion in dividends to shareholders in 2023[134] Strategic Initiatives and Portfolio Reshaping - The company is focused on reshaping its portfolio, having made significant changes in the past year[50] - The company is reshaping its portfolio to focus on markets where it has integrated positions, aiming to improve performance and reduce costs[93] - The company now owns 100% of bp bioenergy, a top-three sugarcane bioethanol producer in Brazil, and Lightsource bp, a leading solar developer[50] - The company has developed 8.2 gigawatts (GW) of renewables to final investment decision (net) in 2024, up from 6.2 GW in 2023[100] Safety and Sustainability - The company is committed to improving safety, reducing tier 1 and 2 process safety events for the second consecutive year[47] - Reported recordable injury frequency increased by 8.5% in 2024, indicating a need for improved safety measures[146] - The estimated carbon intensity of the company's energy products is being monitored as part of its sustainability targets[127] - Emission reduction targets include a decrease in operational emissions across Scope 1 and 2 by 2030, based on a 2019 baseline[198] - Carbon prices are projected to rise from $50 per tonne of CO2 equivalent in 2025 to $200 by 2050[207] Future Projections and Goals - Adjusted free cash flow is expected to grow at a compound annual growth rate (CAGR) of over 20% from 2024 to 2027[97] - The company aims for net debt to be between $14-18 billion by the end of 2027[97] - The company aims for a return on average capital employed (ROACE) to exceed 16% by 2027[97] - The company targets net debt of $14-18 billion by the end of 2027, with net debt increasing from $20.9 billion to $23.0 billion in 2024[189] - The underlying effective tax rate is projected to be around 40% in 2025, down from 41%[199] - Investment appraisal price assumptions for Brent oil and Henry Hub gas are set at approximately $64 per barrel and $4.0 per million British thermal units, respectively, from 2025 to 2050[206]

Financial Data and Key Metrics Changes - Total operating revenues for Q4 2024 reached $66 million, with FLNG tariffs at $86 million for the quarter and $350 million for the full year [31] - Total EBITDA for Q4 was $59 million, consistent with the previous quarter, and $241 million for the full year [32] - Net income for Q4 was $15 million, including $29 million in non-cash items, while total net income for 2024 was $81 million, showing significant improvement from 2023 [33] Business Line Data and Key Metrics Changes - The Hilli vessel generated $277 million of EBITDA during 2024, achieving 100% economic uptime [16][34] - The acquisition of the remaining 8% minority stake in Hilli is expected to increase fixed cash tariff by approximately $7 million per year and enhance EBITDA backlog by $0.5 billion due to a 20-year redeployment contract in Argentina [16][36] Market Data and Key Metrics Changes - The company has secured a total EBITDA backlog of over $11 billion, which does not include further commodity upside and inflation adjustments [38] - The LNG demand forecast for 2040 has increased by 10% since the 2024 report, driven by LNG's favorable attributes and cost competitiveness [28] Company Strategy and Development Direction - Golar LNG has transitioned into a pure FLNG company, focusing on capital allocation towards FLNG projects and strengthening its market position [4][9] - The company plans to secure a charter for the Mark II FLNG under construction and optimize debt structures for existing assets [44][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic solidity of establishing Argentina as an LNG exporter, supported by the involvement of major gas producers [18][80] - The company anticipates strong momentum in commercial opportunities for its FLNG service offering, with ongoing discussions for multiple FLNG deployments [15][25] Other Important Information - The Mark II FLNG under construction is progressing on schedule, with a total CapEx budget of around $2.2 billion [23] - The company declared a dividend of $0.25 per share for the quarter, with a record date of March 11 [34] Q&A Session Summary Question: Inquiry about the Mark II and fourth vessel options - Management clarified that commercial developments are progressing on multiple fronts, and the fourth FLNG may be a Mark I or Mark III depending on commercial developments [49][50] Question: Clarification on Gimi's capacity and EBITDA - Management explained that for incremental production above the base capacity, payments would be proportionate to the annual EBITDA [55][60] Question: Update on Mark II contract commitments - Management confirmed the target to charter the vessel within 2025, which will enable further developments [67] Question: Infrastructure needs for the second unit in Argentina - Management indicated that Hilli will utilize existing pipeline capacity, and further pipeline investments are not a gating item for the startup of potential contracts [78][81] Question: Impact of U.S. LNG exports on Golar's business - Management noted that while U.S. production increases could impact the market, Golar's projects remain competitive due to their cost structure and contract arrangements [86][87] Question: Prospective fields for Mark II contracts - Management highlighted the importance of having sufficient reserves and gas flow to support FLNG operations, with ongoing monitoring of potential projects [106]

BP p.l.c. (NYSE:BP) Q4 2024 Earnings Conference Call February 11, 2025 8:00 AM ET Company Participants Craig Marshall - Investor Relations Murray Auchincloss - Chief Executive Officer Kate Thomson - Chief Financial Officer Conference Call Participants Josh Stone - UBS Peter Low - Redburn Biraj Borkhataria - RBC Doug Leggate - Wolfe Al Syme - Citi Irene Himona - Bernstein Lydia Rainforth - Barclays Lucas Herrmann - Exane BNP Matt Lofting - JPMorgan Chris Kuplent - Bank of America Roger Read - Wells Fargo Ale ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 for the period ended 11 February, 2025 BP p.l.c. (Translation of registrant's name into English) 1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F |X| Form 40-F --------------- ------ ...

Full year and 4Q 2024 financial results 3Q 2024 financial results NICK #1 SVP investor relations Craig Marshall By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results or outcomes may differ materially from those expressed in such statements, depending on a variety of factors, including: the extent and duration of the impact of current market condi ...

Start Time: 09:00 January 1, 0000 10:09 AM ET BP p.l.c. (NYSE:BP) Q3 2024 Earnings Conference Call October 29, 2024, 09:00 AM ET Company Participants Murray Auchincloss - CEO Kate Thomson - CFO Craig Marshall - SVP and Head, IR Conference Call Participants Josh Stone - UBS Giacomo Romeo - Jefferies Irene Himona - Bernstein Biraj Borkhataria - RBC Doug Leggate - Wolfe Lydia Rainforth - Barclays Peter Low - Redburn Roger Read - Wells Fargo Chris Kuplent - Bank of America Ryan Todd - Piper Alastair Syme - Citi ...

[Highlights](index=2&type=section&id=Highlights) [Executive Summary](index=2&type=section&id=Executive%20Summary) BP's Q3 underlying profit decreased to $2.3 billion due to weaker refining margins and oil trading results - The company is focused on its six priorities to become simpler, more focused, and higher value, with a belief in growth opportunities in both oil and gas and the energy transition[4](index=4&type=chunk) - BP is implementing measures to achieve at least **$2 billion** in sustainable cash cost savings by the end of 2026, relative to 2023 levels[11](index=11&type=chunk)[33](index=33&type=chunk) Q3 2024 Key Financial Metrics | Metric | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | Underlying RC Profit* | $2,267 million | $2,756 million | $3,293 million | | Reported Profit for the period | $206 million | ($129) million | $4,858 million | | Operating Cash Flow* | $6,761 million | $8,100 million | $8,747 million | | Net Debt* | $24,268 million | $22,614 million | $22,324 million | [Operational and Strategic Developments](index=2&type=section&id=Operational%20and%20Strategic%20Developments) BP maintained resilient Q3 operations with 2.4 mmboe/d upstream production and advanced strategic growth through key acquisitions and MOUs - Upstream production was **2.4 million barrels of oil equivalent per day (mmboe/d)** and refining availability was **95.6%** for the third quarter[11](index=11&type=chunk) - Strategic growth initiatives include signing MOUs with SOCAR for exploration offshore Azerbaijan and completing the bp Bunge Bioenergia and Lightsource bp transactions in Q4[11](index=11&type=chunk) [Shareholder Distributions](index=2&type=section&id=Shareholder%20Distributions) BP announced an 8-cent Q3 dividend and a $1.75 billion share buyback, maintaining its $14 billion buyback guidance through 2025 - A dividend of **8 cents** per ordinary share was announced for Q3 2024[11](index=11&type=chunk)[17](index=17&type=chunk) - A **$1.75 billion** share buyback was announced for Q3 2024, part of a **$3.5 billion** commitment for the second half of the year[11](index=11&type=chunk)[33](index=33&type=chunk) - The guidance for at least **$14 billion** in share buybacks through 2025 is currently unchanged, but will be reviewed with the full-year results in February 2025[37](index=37&type=chunk) [Financial Results](index=4&type=section&id=Financial%20Results) [Group Financial Performance](index=4&type=section&id=Group%20Financial%20Performance) BP's Q3 2024 underlying profit declined to $2.3 billion due to lower refining margins and weak oil trading, with net debt increasing to $24.3 billion Underlying RC Profit Comparison | Period | 2024 | 2023 | | :--- | :--- | :--- | | Q3 Underlying RC Profit | $2.3 billion | $3.3 billion | | Nine Months Underlying RC Profit | $7.7 billion | $10.8 billion | - The decline in Q3 underlying profit compared to the prior year was driven by lower refining margins and a weak oil trading contribution, while the gas marketing and trading result was average[20](index=20&type=chunk) - Operating cash flow was **$6.8 billion** for Q3 2024, down from **$8.7 billion** in Q3 2023. Net debt rose to **$24.3 billion** at the end of the quarter[40](index=40&type=chunk) - Capital expenditure for Q3 2024 was **$4.5 billion**, up from **$3.6 billion** in Q3 2023. Total divestment and other proceeds were **$0.3 billion** for the quarter[40](index=40&type=chunk) [Outlook & Guidance](index=6&type=section&id=Outlook%20%26%20Guidance) [4Q 2024 Guidance](index=6&type=section&id=4Q%202024%20Guidance) BP anticipates lower Q4 2024 upstream production and seasonally lower customer volumes, with refining margins expected to remain low - Reported upstream production is expected to be lower in Q4 2024 compared to Q3 2024[24](index=24&type=chunk) - The customers business expects seasonally lower volumes, with fuels margins remaining sensitive to supply costs[47](index=47&type=chunk) - The products business expects realized refining margins to remain low in the fourth quarter[47](index=47&type=chunk) [Full Year 2024 Guidance](index=7&type=section&id=Full%20Year%202024%20Guidance) BP maintains its 2024 guidance for slightly higher upstream production, $16 billion in capex, and over $3 billion in divestment proceeds - Full-year 2024 upstream production is expected to be slightly higher than in 2023[25](index=25&type=chunk) - Capital expenditure for 2024 is expected to be around **$16 billion**[25](index=25&type=chunk) - Divestment and other proceeds are now expected to be greater than **$3 billion** in 2024, with the company on track to reach its **$25 billion** target by 2025[25](index=25&type=chunk) - The underlying effective tax rate (ETR) for 2024 is expected to be around **40%**[25](index=25&type=chunk) [Segment Analysis](index=7&type=section&id=Segment%20Analysis) Q3 2024 segment performance was mixed, with Gas & Low Carbon Energy profit up, Oil Production & Operations down, and Customers & Products significantly lower [Gas & Low Carbon Energy](index=7&type=section&id=gas%20%26%20low%20carbon%20energy) Gas & Low Carbon Energy reported $1.8 billion underlying profit in Q3 2024, driven by higher gas realizations, alongside strategic acquisitions and project advancements Gas & Low Carbon Energy Financials ($ million) | Metric | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | Underlying RC profit before interest and tax | 1,756 | 1,402 | 1,256 | - The increase in underlying profit from the previous quarter was largely driven by higher gas realizations, with an average gas marketing and trading result[14](index=14&type=chunk) - Reported production for the quarter was **890 mboe/d**, **6.0%** lower than the same period in 2023[26](index=26&type=chunk) - Strategic progress includes completing the acquisition of GETEC ENERGIE GmbH to grow its European gas and power presence and acquiring the remaining 50.03% of Lightsource bp[26](index=26&type=chunk) [Oil Production & Operations](index=10&type=section&id=oil%20production%20%26%20operations) Oil Production & Operations reported $2.8 billion underlying profit in Q3 2024, down due to lower liquids realizations, despite increased production and strategic agreements Oil Production & Operations Financials ($ million) | Metric | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | Underlying RC profit before interest and tax | 2,794 | 3,094 | 3,136 | - The decrease in underlying profit from Q2 2024 was due to lower liquids realizations and increased exploration write-offs[35](index=35&type=chunk) - Reported production for the quarter was **1,488 mboe/d**, a **7.7%** increase compared to Q3 2023, reflecting strong performance from bpx energy and major projects[54](index=54&type=chunk) - Strategic progress includes signing an MOU with SOCAR for exploration in the Caspian Sea and another with the government of Iraq for redevelopment in the Kirkuk region[71](index=71&type=chunk) [Customers & Products](index=12&type=section&id=customers%20%26%20products) Customers & Products reported a significantly lower Q3 2024 underlying profit of $0.4 billion, primarily due to weaker refining margins and oil trading Customers & Products Financials ($ million) | Metric | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | Underlying RC profit before interest and tax | 381 | 1,149 | 2,055 | - The underlying result was significantly lower than the prior year, primarily due to lower refining margins and a weak oil trading contribution, which offset a higher result from the customers business[58](index=58&type=chunk) - The customers business result was higher than Q3 2023, benefiting from improved retail fuels margins and a stronger Castrol performance[58](index=58&type=chunk) - Strategic progress includes taking full ownership of bp Bunge Bioenergia, expanding the EV charging network, and launching a new loyalty program, 'earnify', in the US[74](index=74&type=chunk) [Other Businesses & Corporate](index=15&type=section&id=other%20businesses%20%26%20corporate) Other Businesses & Corporate reported a Q3 2024 underlying profit of $231 million, a significant improvement driven by favorable fair value effects Other Businesses & Corporate Financials ($ million) | Metric | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | Underlying RC profit (loss) before interest and tax | 231 | (158) | (303) | - The segment's result includes activities in technology, bp ventures, corporate functions, and residual costs from the Gulf of Mexico oil spill[92](index=92&type=chunk) [Consolidated Financial Statements](index=16&type=section&id=Consolidated%20Financial%20Statements) [Group Income Statement](index=16&type=section&id=Group%20Income%20Statement) BP reported Q3 2024 total revenues of $48.3 billion, with profit attributable to shareholders at $206 million, resulting in 1.26 cents EPS Q3 2024 Income Statement Highlights ($ million) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Sales and other operating revenues | 47,254 | 53,269 | | Profit before taxation | 1,398 | 7,309 | | Profit for the period | 370 | 5,069 | | Profit attributable to bp shareholders | 206 | 4,858 | [Group Balance Sheet](index=20&type=section&id=Group%20Balance%20Sheet) As of September 30, 2024, BP's total assets were $269.7 billion and total equity was $79.9 billion Balance Sheet Summary ($ million) | Metric | 30 Sep 2024 | 31 Dec 2023 | | :--- | :--- | :--- | | Total Assets | 269,708 | 280,294 | | Total Liabilities | 189,762 | 194,801 | | Total Equity | 79,946 | 85,493 | [Group Cash Flow Statement](index=21&type=section&id=Group%20Cash%20Flow%20Statement) Q3 2024 operating cash flow was $6.8 billion, with net cash used in investing and financing activities leading to a cash decrease Q3 2024 Cash Flow Summary ($ million) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | 6,761 | 8,747 | | Net cash used in investing activities | (4,233) | (3,453) | | Net cash used in financing activities | (3,003) | (4,178) | | Increase (decrease) in cash | (296) | 1,012 | [Notes to the Financial Statements](index=23&type=section&id=Notes%20to%20the%20Financial%20Statements) [Note 3. Impairment](index=24&type=section&id=Note%203.%20Impairment) BP recorded $1.73 billion in Q3 2024 net impairment charges, primarily in Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products - Total net impairment charges for Q3 2024 were **$1,730 million**[157](index=157&type=chunk) Q3 2024 Impairment Charges by Segment ($ million) | Segment | Impairment Charge | | :--- | :--- | | Gas & Low Carbon Energy | 734 | | Oil Production & Operations | 767 | | Customers & Products | 223 | [Note 9. Net Debt](index=29&type=section&id=Note%209.%20Net%20Debt) BP's net debt increased to $24.3 billion as of September 30, 2024, with a gearing ratio of 23.3% Net Debt and Gearing | Metric | 30 Sep 2024 | 30 Jun 2024 | 30 Sep 2023 | | :--- | :--- | :--- | :--- | | Net Debt ($ million) | 24,268 | 22,614 | 22,324 | | Gearing | 23.3% | 21.6% | 20.3% | [Note 10. Events after the reporting period](index=29&type=section&id=Note%2010.%20Events%20after%20the%20reporting%20period) After Q3, BP completed full acquisitions of bp Bunge Bioenergia on October 1, 2024, and Lightsource bp on October 24, 2024 - On **October 1, 2024**, BP acquired the remaining **50%** of bp Bunge Bioenergia, taking **100%** ownership[198](index=198&type=chunk) - On **October 24, 2024**, BP acquired the remaining **50.03%** of Lightsource bp, taking **100%** ownership[173](index=173&type=chunk)

Company Participants Conference Call Participants Craig Marshall So with that let me hand over to Murray for some brief opening remarks. Great. Thanks, Craig, and thanks to everyone for joining today. I'm in the room and I'm joined by Kate Thomson, CFO; Carol Howle, EVP, Trading and Shipping; and Emma Delaney, EVP Customers and Products, which luckily for me will provide me with the opportunity to pass all difficult questions to them today. You'll have heard from our video some real examples of us in action ...

everyone and thank you for your interest in bp's second quarter 2024 results. Today's video presentation features Murray Auchincloss, chief executive officer and Kate Thomson, chief financial officer. Before we begin today, let me draw your attention to our cautionary statement. Hello 3 2Q 2024 financial results Strong cash generation, growing distributions $8.1bn operating cash flow* –I $9.6bn EBITDA* –I $2.8bn underlying earnings –I +3.4% upstream production1 –I 96.1% upstream plant reliability*2 –I 96.4% ...

Financial Performance - Total adjusted EBITDA for the second quarter of 2024 was $4,891 million, up from $4,389 million in the same period of 2023, reflecting a 11.4% increase[1] - Underlying RC profit before interest and tax for the second quarter of 2024 was $3,094 million, compared to $2,777 million in the same period of 2023, representing an increase of 11.4%[9] - The company reported a loss of $133 million in the second quarter of 2024 for the customers & products segment, compared to a profit of $555 million in the same period of 2023[21] - bp reported an underlying RC profit before interest and tax of $1,149 million for Q2 2024, compared to $796 million in Q2 2023, reflecting a 44.3% increase year-over-year[40] - BP reported a profit before taxation of $1,254 million for Q2 2024, down from $3,494 million in Q2 2023, representing a decrease of 64%[72] - In the second quarter of 2024, bp reported a loss attributable to shareholders of $129 million, compared to a profit of $2,263 million in the first quarter of 2024 and $1,792 million in the second quarter of 2023[118] - Profit for the second quarter of 2024 was $70 million, a significant decrease from $1,953 million in the second quarter of 2023[161] - Underlying RC profit before interest and tax for the first half of 2024 was $11,364 million, compared to $14,822 million in the first half of 2023, reflecting a decline of approximately 23%[161] Production and Sales - Reported production for the second quarter of 2024 was 1,481 mboe/d, an 8.2% increase compared to the second quarter of 2023[11] - The average realization for liquids in the second quarter of 2024 was $73.01 per barrel, compared to $69.19 per barrel in the same period of 2023, indicating a 4.1% increase[19] - The average realizations for bp's liquids in the second quarter of 2024 were $73.73 per barrel, up from $69.76 per barrel in the second quarter of 2023[134] - The average Brent oil price for the second quarter of 2024 was $84.97 per barrel, compared to $78.05 per barrel in the second quarter of 2023[163] - bp's production and similar taxes increased to $484 million in Q2 2024, up from $404 million in Q2 2023, reflecting a 19.8% increase[51] - Total hydrocarbons production cost in the US for the second quarter of 2024 was $44.26 per barrel of oil equivalent (boe), an increase from $40.84 per boe in the second quarter of 2023[163] Capital Expenditure - Capital expenditure for the second quarter of 2024 was $1,534 million, compared to $1,478 million in the same period of 2023, reflecting a 3.8% increase[19] - The company achieved a total capital expenditure of $1,045 million in Q2 2024, down from $1,858 million in Q2 2023, indicating a 43.7% decrease[43] - BP's total cash capital expenditure for Q2 2024 was $3,691 million, a decrease of 14% compared to $4,314 million in Q2 2023[73] - Organic capital expenditure for the second quarter of 2024 was $3,586 million, an increase from $3,233 million in the second quarter of 2023[123] - bp's capital expenditure in the US for the second quarter of 2024 was $1,636 million, down from $2,661 million in the second quarter of 2023[123] Investments and Projects - bp has made a final investment decision on the Kaskida project, expected to have a production capacity of 80,000 barrels of crude oil per day[14] - bp's investment in Hysata to expand high-efficiency electrolyser technology production amounted to $10 million, highlighting the company's commitment to renewable energy[45] - The Hyport green hydrogen project in Duqm, Oman, is expected to produce approximately 57,000 tonnes of green hydrogen annually, with bp acquiring a 49% stake[38] - bp announced a new joint venture with ADNOC in Egypt, with BP holding a 51% stake, expected to complete in the second half of 2024[78] - In June 2024, Castrol announced a $50 million investment in Gogoro Inc. to diversify beyond its core lubricants and fluids business[109] Financial Position - The total assets of bp as of June 30, 2024, were $273,384 million, down from $280,294 million at the end of 2023, indicating a 2.9% decrease[56] - The company reported total liabilities of $191,185 million as of June 30, 2024, a decrease from $194,801 million at the end of 2023, indicating a reduction of 1.3%[71] - BP's cash and cash equivalents at the end of Q2 2024 were $34,891 million, up from $33,030 million at the end of Q1 2024, marking an increase of 5.6%[74] - bp's net debt as of June 30, 2024, was $22,614 million, a decrease from $24,015 million at the end of Q1 2024[100] - The total equity of bp as of June 30, 2024, was $82,199 million, down from $84,940 million at the end of Q1 2024[100] Impairments and Charges - Net impairment charges for Q2 2024 were $1,309 million, compared to $1,269 million in Q2 2023, while total net charges for the first half of 2024 reached $2,046 million, up from $1,357 million in the same period last year[91] - The net impairment and losses on sale of businesses and fixed assets for gas & low carbon energy in the second quarter of 2024 were $(590) million, compared to $(1,058) million in the second quarter of 2023[124] Dividends and Share Repurchases - The company announced an interim dividend of 8.000 cents per ordinary share, expected to be paid on September 20, 2024[99] - Dividends paid per ordinary share in the second quarter of 2024 were 7.270 cents, compared to 6.610 cents in the second quarter of 2023[119] - bp repurchased 116 million ordinary shares for $1,751 million during Q2 2024, with an additional 125 million shares repurchased after the reporting period[116] Operational Insights - The company is focused on developing low carbon opportunities and transitioning to a lower carbon economy, which may increase costs and affect financial performance[165] - Financial performance is influenced by fluctuating prices of oil, gas, and refined products, as well as macroeconomic outlook[165] - The company faces risks from geopolitical developments, regulatory changes, and competition, which could disrupt operations and financial performance[165] - The company emphasizes the importance of attracting and retaining talent to ensure effective strategy delivery in a competitive market[165] Taxation and Adjustments - The net adverse impact of adjusting items before interest and tax for the first half of 2024 was $3,982 million, contrasting with a net favorable impact of $3,495 million in the first half of 2023[161] - bp's net adverse impact of adjusting items for H1 2024 was $168 million, compared to a favorable impact of $79 million in H1 2023[44] - The effective tax rate on replacement cost profit or loss is calculated to exclude the impact of price changes on inventory, aiding meaningful comparisons[172] Miscellaneous - The company reported a deferred tax asset of $1,180 million as of June 30, 2024, down from $1,320 million as of December 31, 2023[157] - The Gulf of Mexico oil spill payables and provisions as of June 30, 2024, were $7,785 million, a decrease from $8,735 million as of December 31, 2023[157] - The company reported a decrease in the carrying amount of assets classified as held for sale to $1,512 million as of June 30, 2024, from $1,408 million previously[89]