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1、2024:Laying the foundation for growthFinancial summaryFourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Profit(loss)for the period attributable to bp shareholders(1,959)206 371 381 15,239 Inventory holding(gains)losses*,net of tax 7 906 1,155 369 944 Replacement cost(RC)profi

2、t(loss)*(1,952)1,112 1,526 750 16,183 Net(favourable)adverse impact of adjusting items*,net of tax 3,121 1,155 1,465 8,165 (2,347)Underlying RC profit*1,169 2,267 2,991 8,915 13,836 Operating cash flow*7,427 6,761 9,377 27,297 32,039 Capital expenditure*(3,726)(4,542)(4,711)(16,237)(16,253)Divestmen

3、t and other proceeds(a)2,761 290 300 4,224 1,843 Net issue(repurchase)of shares(b)(1,625)(2,001)(1,350)(7,127)(7,918)Net debt*(c)22,997 24,268 20,912 22,997 20,912 Return on average capital employed(ROACE)*(%)14.2%18.1%Adjusted EBITDA*8,413 9,654 10,568 38,012 43,710 Adjusted EBIDA*31,161 34,345 Ann

4、ounced dividend per ordinary share(cents per share)8.000 8.000 7.270 31.270 28.420 Underlying RC profit per ordinary share*(cents)7.36 13.89 17.77 54.40 79.69 Underlying RC profit per ADS*(dollars)0.44 0.83 1.07 3.26 4.78 HighlightsFinancial and operational performance:2024 Operating cash flow$27.3b

5、n;2024 Adjusted EBITDA$38.0bn;2024 upstream production 2,358mmboe/d,2.0%higher than 2023.Driving focus and efficiency:High-grading portfolio,agreed to form offshore wind JV with JERA Co.,Inc,divesting non-core assets.We delivered$0.8 billion structural cost reduction*in 2024.Growing our portfolio:FI

6、D taken on 10 major projects*,including Tangguh UCC project in Papua Barat,Indonesia;established a new gas joint venture,Arcius Energy with XRG;signed an agreement with ONGC as the technical services provider for the largest offshore oil field in India,which accounts for around 25%of the countrys oi

7、l production;Start up of new Azeri Central East(ACE)platform in Caspian Sea in 2Q24.Shareholder distributions:Dividend per ordinary share of 8 cents;$1.75 billion share buyback announced for 4Q24.In 2024 we laid the foundations for growth.We have been reshaping our portfolio-sanctioning new major pr

8、ojects,and focusing our low-carbon investment-and we have made strong progress in reducing costs.Building on the actions taken in the last 12 months,we now plan to fundamentally reset our strategy and drive further improvements in performance,all in service of growing cash flow and returns.It will b

9、e a new direction for bp and we look forward to sharing it at our Capital Markets Update on 26 February.Murray Auchincloss Chief executive officer(a)Divestment proceeds are disposal proceeds as per the condensed group cash flow statement.See page 3 for more information on other proceeds.(b)Third qua

10、rter and full year 2024 include$0.3 billion to offset the expected dilution from the vesting of awards under employee share schemes(full year 2023$0.7 billion).(c)See Note 10 for more information.RC profit(loss),underlying RC profit,net debt,ROACE,adjusted EBITDA,adjusted EBIDA,underlying RC profit

11、per ordinary share and underlying RC profit per ADS are non-IFRS measures.Inventory holding(gains)losses and adjusting items are non-IFRS adjustments.For structural cost reduction,see page 31 for more information.*For items marked with an asterisk throughout this document,definitions are provided in

12、 the Glossary on page 34.FOR IMMEDIATE RELEASELondon 11 February 2025BP p.l.c.Group resultsFourth quarter and full year 20241In 2024,bp delivered operating cash flow of$27.3 billion.During the year,we introduced our target to deliver at least$2 billion of savings(a)by the end of 2026 relative to 202

13、3 and are making strong progress,achieving$0.8 billion of structural cost reduction*.We raised the dividend per ordinary share by 10%and delivered$7 billion of share buybacks.Our focus on capital discipline and strengthening the balance sheet continues into 2025.Kate Thomson Chief financial officerH

14、ighlights4Q24 underlying replacement cost(RC)profit*$1.2 billion Underlying RC profit for the quarter was$1.2 billion,compared with$2.3 billion for the previous quarter.Compared with the third quarter 2024,the underlying result reflects weaker realized refining margins,higher impact from turnaround

15、activity,seasonally lower customer volumes and fuels margins and higher other businesses&corporate underlying charge.The underlying effective tax rate(ETR)*in the quarter was 49%.Reported loss for the quarter was$2.0billion,compared with a profit of$0.2 billion for the third quarter 2024.The reporte

16、d result for the fourth quarter is adjusted for inventory holding losses*of$21 million(pre-tax)and a net adverse impact of adjusting items*of$3.4 billion(pre-tax)to derive the underlying RC profit.Adjusting items pre-tax include net impairments of$1.5billion(see Note 4)and adverse fair value account

17、ing effects*of$1.0billion.See page 27 for more information on adjusting items.Segment results Gas&low carbon energy:The RC profit before interest and tax for the fourth quarter 2024 was$1.8billion,compared with$1.0billion for the previous quarter.After adjusting RC profit before interest and tax for

18、 a net adverse impact of adjusting items of$0.1billion,the underlying RC profit before interest and tax*for the fourth quarter was$2.0billion,compared with$1.8billion in the third quarter 2024.The fourth quarter underlying result before interest and tax is largely driven by higher realizations.The g

19、as marketing and trading result was average.Oil production&operations:The RC profit before interest and tax for the fourth quarter 2024 was$2.6billion,compared with$1.9billion for the previous quarter.After adjusting RC profit before interest and tax for a net adverse impact of adjusting items of$0.

20、4billion,the underlying RC profit before interest and tax for the fourth quarter was$2.9billion,compared with$2.8billion in the third quarter 2024.The fourth quarter underlying result before interest and tax reflects lower exploration write-offs,partly offset by lower realizations and volumes.Custom

21、ers&products:The RC loss before interest and tax for the fourth quarter 2024 was$2.4 billion,compared with a profit of$23 million for the previous quarter.After adjusting RC loss before interest and tax for a net adverse impact of adjusting items of$2.1 billion,the underlying RC loss or profit befor

22、e interest and tax(underlying result)for the fourth quarter was a loss of$0.3 billion,compared with a profit of$0.4 billion in the third quarter 2024.The customers fourth quarter underlying result was lower by$0.4 billion,reflecting lower fuels margins,seasonally lower volumes and adverse foreign ex

23、change impacts.The products fourth quarter underlying result was lower by$0.3 billion,mainly reflecting weaker realized refining margins and a higher impact from turnaround activity.The oil trading contribution was weak.Operating cash flow*$7.4 billion and net debt*$23.0 billion Operating cash flow

24、of$7.4 billion,which includes a working capital*release of$1.3 billion(after adjusting for inventory holding losses,fair value accounting effects and other adjusting items),was around$0.7 billion higher than the previous quarter,reflecting lower cash taxes paid and timing of provision settlements,pa

25、rtly offset by lower underlying earnings.Net debt reduced to$23.0 billion compared to the third quarter,primarily driven by the impact of proceeds from divestments of around$2.8 billion,the issuance of perpetual hybrid bonds of$2.6 billion and acquired net debt of around$3.0 billion from the complet

26、ion of the bp Bunge Bioenergia and Lightsource bp transactions.Financial frame A resilient dividend is bps first priority within its disciplined financial frame,underpinned by a cash balance point*of around$40 per barrel Brent,$11 per barrel RMM and$3 per mmBtu Henry Hub(all 2021 real).For the fourt

27、h quarter,bp has announced a dividend per ordinary share of 8 cents.bp is committed to maintaining a strong balance sheet and strong investment grade credit rating.Through the cycle,we are targeting to further improve our credit metrics within an A grade credit range.bp continues to invest with disc

28、ipline and a returns focused approach in our transition growth*engines and in our oil,gas and refining businesses.The$1.75 billion share buyback programme announced with the third quarter results was completed on 7 February 2025.Related to the fourth quarter results,bp intends to execute a$1.75 bill

29、ion share buyback prior to reporting the first quarter results.As part of our capital markets update scheduled for 26 February we intend to review elements of our financial guidance,including our expectations for 2025 share buybacks and capital expenditure*.In setting the dividend per ordinary share

30、 and buyback each quarter,the board will continue to take into account factors including the cumulative level of and outlook for surplus cash flow*,the cash balance point and maintaining a strong investment grade credit rating.(a)Target first introduced in bps first quarter 2024 group results announ

31、cement referred to cash costs savings.Cash costs has the same meaning as underlying operating expenditure.The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 41.BP p.l.c.Group resultsFourth quarter and full year 20242Financ

32、ial results In addition to the highlights on page 2:Profit or loss attributable to bp shareholders in the fourth quarter and full year was a loss of$2.0billion and a profit of$0.4billion respectively,compared with a profit of$0.4billion and$15.2billion in the same periods of 2023.After adjusting pro

33、fit or loss attributable to bp shareholders for inventory holding losses or gains*and net impact of adjusting items*,underlying replacement cost(RC)profit*for the fourth quarter and full year was$1.2billion and$8.9billion respectively,compared with$3.0billion and$13.8billion for the same periods of

34、2023.The underlying RC profit for the fourth quarter mainly reflects lower refining margins and lower realizations,partly offset by lower taxation.For the full year,the reduction mainly reflects lower refining margins,lower realizations,a lower gas marketing and trading result and a lower oil tradin

35、g contribution,partly offset by lower taxation.Adjusting items in the fourth quarter and full year had a net adverse pre-tax impact of$3.4billion and$9.3billion respectively,compared with a net adverse pre-tax impact of$2.6billion and a net favourable pre-tax impact of$1.1billion in the same periods

36、 of 2023.Adjusting items for the fourth quarter and full year include an adverse pre-tax impact of fair value accounting effects*,relative to managements internal measure of performance,of$1.0 billion and$1.9 billion respectively,compared with a favourable pre-tax impact of$2.6billion and$9.4billion

37、 in the same periods of 2023.This is primarily due to an increase in the forward price of LNG over the 2024 periods,compared to a decline in the comparative periods of 2023 and the adverse impact of the fair value accounting effects relating to the hybrid bonds in 2024 compared to the favourable imp

38、act in 2023.Adjusting items for the fourth quarter and full year of 2024 include an adverse pre-tax impact of asset impairments of$1.5 billion and$5.1 billion respectively,compared with an adverse pre-tax impact of$3.9 billion and$5.7 billion in the same periods of 2023.Fourth quarter and full year

39、2024 includes$0.4 billion of impairment charges recognized through equity-accounted earnings primarily relating to our interest in Pan American Energy Group.Fourth quarter and full year 2023 included$0.6 billion and$1.1 billion impairment charges respectively recognized through equity-accounted earn

40、ings relating to US offshore wind projects.In addition,the fourth quarter and full year include a$1.0-billion gain arising on the acquisition of Lightsource bp as a result of remeasurement of our interest and assets and a loss on disposal of$1.1 billion relating to the sale of our Trkiye ground fuel

41、s business including recycling of cumulative foreign exchange losses from reserves of$0.9 billion.The effective tax rate(ETR)on RC profit or loss*for the fourth quarter and full year was-235%and 78%respectively,compared with 39%and 33%for the same periods in 2023.Excluding adjusting items,the underl

42、ying ETR*for the fourth quarter and full year was 49%and 41%,compared with 42%and 39%for the same periods a year ago.The higher underlying ETR for the fourth quarter and for the full year reflects changes in the geographical mix of profits.ETR on RC profit or loss and underlying ETR are non-IFRS mea

43、sures.Operating cash flow*for the fourth quarter and full year was$7.4billion and$27.3billion respectively,compared with$9.4billion and$32.0billion for the same periods in 2023.The reduction in operating cash flow across these periods reflects both the underlying operating result and the movements i

44、n working capital*(after adjusting for inventory holding losses,fair value accounting effects and other adjusting items).Capital expenditure*in the fourth quarter and full year was$3.7billion and$16.2billion respectively,compared with$4.7billion and$16.3billion in the same periods of 2023.Full year

45、2024 include a$0.7-billion initial payment in respect of German offshore wind.Full year 2023 includes$1.1 billion in respect of the TravelCenters of America acquisition.Total divestment and other proceeds for the fourth quarter and full year were$2.8billion and$4.2billion respectively,compared with$

46、0.3billion and$1.8billion for the same periods in 2023.Other proceeds for the fourth quarter and full year 2024 were$0.8 billion and$1.3 billion respectively,relating to$0.8 billion of proceeds from the sale of our 20%share in Trans Adriatic Pipeline AG(TAP)in the fourth quarter and$0.5 billion of p

47、roceeds from the sale of a 49%interest in a controlled affiliate holding certain midstream assets offshore US in the second quarter.Other proceeds for the fourth quarter and full year of 2023 were$0.5 billion of proceeds from the sale of a 49%interest in a similar controlled affiliate holding certai

48、n midstream assets onshore US.At the end of the fourth quarter,net debt*was$23.0 billion,compared with$24.3billion at the end of the third quarter 2024 and$20.9billion at the end of the fourth quarter 2023 driven primarily by the impact of proceeds from divestments of$2.8 billion,the issuance of aro

49、und$2.6 billion perpetual hybrid bonds in anticipation of refinancing perpetual hybrid bonds callable from June 2025 and/or March 2026,and acquired net debt of around$3.0 billion from the completion of the bp Bunge Bioenergia and Lightsource bp transactions.BP p.l.c.Group resultsFourth quarter and f

50、ull year 20243Analysis of RC profit(loss)before interest and tax and reconciliation to profit(loss)for the periodFourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023RC profit(loss)before interest and taxgas&low carbon energy 1,841 1,007 2,169 3,569 14,080 oil production&operati

51、ons 2,571 1,891 1,879 10,789 11,191 customers&products(2,438)23 (554)(1,560)4,230 other businesses&corporate(1,161)653 (16)(988)(903)Consolidation adjustment UPII*(49)65 95 (25)(14)RC profit before interest and tax 764 3,639 3,573 11,785 28,584 Finance costs and net finance expense relating to pensi

52、ons and other post-employment benefits(1,246)(1,059)(977)(4,515)(3,599)Taxation on a RC basis(1,131)(1,304)(1,005)(5,672)(8,161)Non-controlling interests(339)(164)(65)(848)(641)RC profit(loss)attributable to bp shareholders*(1,952)1,112 1,526 750 16,183 Inventory holding gains(losses)*(21)(1,182)(1,

53、497)(488)(1,236)Taxation(charge)credit on inventory holding gains and losses 14 276 342 119 292 Profit(loss)for the period attributable to bp shareholders(1,959)206 371 381 15,239 Analysis of underlying RC profit(loss)before interest and tax FourthThirdFourthquarterquarterquarterYearYear$million2024

54、2024202320242023Underlying RC profit(loss)before interest and taxgas&low carbon energy 1,987 1,756 1,777 6,803 8,722 oil production&operations 2,924 2,794 3,549 11,937 12,781 customers&products(302)381 803 2,517 6,413 other businesses&corporate(527)231 (97)(608)(866)Consolidation adjustment UPII(49)

55、65 95 (25)(14)Underlying RC profit before interest and tax 4,033 5,227 6,127 20,624 27,036 Finance costs on an underlying RC basis and net finance expense relating to pensions and other post-employment benefits(1,096)(1,001)(891)(4,010)(3,194)Taxation on an underlying RC basis(1,429)(1,795)(2,180)(6

56、,851)(9,365)Non-controlling interests(339)(164)(65)(848)(641)Underlying RC profit attributable to bp shareholders*1,169 2,267 2,991 8,915 13,836 Reconciliations of underlying RC profit attributable to bp shareholders to the nearest equivalent IFRS measure are provided on page 1 for the group and on

57、pages 6-14 for the segments.Operating MetricsOperating metrics Year 2024vs Year 2023Tier 1 and tier 2 process safety events*38-1Reported recordable injury frequency*0.297+8.5%upstream*production(a)(mboe/d)2,358+2.0%upstream unit production costs*(b)($/boe)6.17+6.8%bp-operated upstream plant reliabil

58、ity*95.2%+0.2bp-operated refining availability*(a)94.3%-1.8(a)See Operational updates on pages 6,9 and 11.Because of rounding,upstream production may not agree exactly with the sum of gas&low carbon energy and oil production&operations.(b)Mainly reflecting portfolio mix.Reserves replacement ratio*Th

59、e organic reserves replacement ratio on a combined basis of subsidiaries and equity-accounted entities was 50%for the year(2023 47%),resulting largely from additions in the US and Middle East.BP p.l.c.Group resultsFourth quarter and full year 20244Outlook&Guidance 1Q 2025 guidance Looking ahead,bp e

60、xpects first quarter 2025 reported upstream*production to be lower compared with the fourth-quarter 2024 primarily due to the already announced divestments in Egypt and Trinidad,which completed towards the end of the fourth quarter and base decline in both regions,totaling around 90 thousand barrels

61、 of oil equivalent per day.In its customers business,bp expects seasonally lower volumes compared to the fourth quarter.In addition,bp expects fuels margins to remain sensitive to movements in cost of supply and earnings delivery to remain sensitive to the relative strength of the US dollar.In produ

62、cts,bp expects realized refining margins to remain low in the first quarter.bp also expects a lower level of refinery turnaround activity compared to the fourth quarter 2024.2025 guidanceIn addition to the guidance on page 2:bp expects reported upstream*production to be lower and underlying upstream

63、 production*to be slightly lower compared with 2024.Within this,bp expects underlying production from oil production&operations to be broadly flat and production from gas&low carbon energy to be lower.In its customers business,bp expects growth in its customers businesses including a full year contr

64、ibution from bp bioenergy and a higher contribution from TravelCenters of America in part supported by a partial recovery from the US freight recession.Earnings growth is expected to be supported by structural cost reduction.bp continues to expect fuels margins to remain sensitive to the cost of sup

65、ply and earnings delivery to remain sensitive to the relative strength of the US dollar.In products,bp expects broadly flat refining margins relative to 2024 and stronger underlying performance underpinned by the absence of the plant-wide power outage at Whiting refinery,and improvement plans across

66、 the portfolio.bp expects similar levels of refinery turnaround activity,with phasing of turnaround activity in 2025 heavily weighted towards the first half,with the highest impact in the second quarter.bp expects other businesses&corporate underlying annual charge to be around$1.0 billion for 2025.

67、The charge may vary from quarter to quarter.bp expects the depreciation,depletion and amortization to be broadly flat compared with 2024.bp expects the underlying ETR*for 2025 to be around 40%but it is sensitive to a range of factors,including the volatility of the price environment and its impact o

68、n the geographical mix of the groups profits and losses.bp expects divestment and other proceeds to be around$3 billion in 2025 weighted towards the second half.Having realized$22.0 billion of divestment and other proceeds since the second quarter of 2020,bp continues to expect to reach$25 billion o

69、f divestment and other proceeds between the second half of 2020 and 2025.bp expects Gulf of America settlement payments for the year to be around$1.2 billion pre-tax including$1.1 billion pre-tax to be paid during the second quarter.The commentary above contains forward-looking statements and should

70、 be read in conjunction with the cautionary statement on page 41.BP p.l.c.Group resultsFourth quarter and full year 20245gas&low carbon energy*Financial resultsThe replacement cost(RC)profit before interest and tax for the fourth quarter and full year was$1,841 million and$3,569 million respectively

71、,compared with$2,169 million and$14,080 million for the same periods in 2023.The fourth quarter and full year are adjusted by an adverse impact of net adjusting items*of$146 million and$3,234 million respectively,compared with a favourable impact of net adjusting items of$392 million and$5,358 milli

72、on for the same periods in 2023.Adjusting items include impacts of fair value accounting effects*,relative to managements internal measure of performance,which are an adverse impact of$377 million and$1,550 million for the fourth quarter and full year in 2024 and a favourable impact of$1,887 million

73、 and$8,859 million for the same periods in 2023.Under IFRS,reported earnings include the mark-to-market value of the hedges used to risk-manage LNG contracts,but not of the LNG contracts themselves.The underlying result includes the mark-to-market value of the hedges but also recognizes changes in v

74、alue of the LNG contracts being risk managed.See page 27 for more information on adjusting items.After adjusting RC profit before interest and tax for adjusting items,the underlying RC profit before interest and tax*for the fourth quarter and full year was$1,987 million and$6,803 million respectivel

75、y,compared with$1,777 million and$8,722 million for the same periods in 2023.The underlying RC profit before interest and tax for the fourth quarter compared with the same period in 2023,reflects lower exploration write-offs,higher realizations and a lower depreciation,depletion and amortization cha

76、rge.The gas marketing and trading result for the quarter was average compared with a strong result in the fourth quarter of 2023.The underlying RC profit before interest and tax for the full year,compared with the same period in 2023,reflects a lower gas marketing and trading result,lower realizatio

77、ns,lower production and the foreign exchange loss in the first quarter,partly offset by a lower depreciation,depletion and amortization charge and lower exploration write-offs.Operational update Reported production for the quarter was 850mboe/d,5.4%lower than the same period in 2023.Underlying produ

78、ction*was 2.7%lower,mainly due to base decline in Egypt,partially offset by improved base performance in other regions and major projects*.Reported production for the full year was 888mboe/d,4.4%lower than the same period in 2023.Underlying production was 2.8%lower,mainly due to base decline in Egyp

79、t partially offset by major projects*.Renewables pipeline*at the end of the quarter was 60.6GW(bp net),including 38.7GW of Lightsource bps(LSbps)pipeline.The renewables pipeline showed a net increase of 2.3GW during the full year as a result of the LSbp acquisition(20.5GW),offset by reductions as a

80、result of high-grading and focus of proposed hydrogen projects and the US solar business.Strategic progressgasOn 21 November bp announced it and its partners have made the final investment decision on the$7 billion Tangguh Ubadari,CCUS,Compression project(UCC),which has the potential to unlock aroun

81、d 3 trillion cubic feet of additional gas resources in Indonesia.Tangguh CCUS aims to be the first carbon capture,utilization and storage(CCUS)project developed at scale in IndonesiaOn 16 December bp and XRG(ADNOCs international energy investment company)announced they had completed formation of a n

82、ew joint venture Arcius Energy(51%bp,49%XRG).The JV will initially operate in Egypt,and includes interests assigned by bp across two development concessions,as well as exploration agreements.On 16 December bp completed the sale of four mature offshore gas fields and associated production facilities

83、in Trinidad&Tobago(Immortelle,Flamboyant,Amherstia and Cashima)to Perenco T&T.And on 19 November bp Trinidad&Tobago was awarded the NCMA 2 block offshore Trinidad as part of the Shallow Water 2023/24 bid round.NCMA 2,located approximately 30 miles off Trinidads north coast,opens a new area of explor

84、ation for bp in Trinidad&Tobago.On 2 January 2025 bp announced it has begun flowing gas from wells at the Greater Tortue Ahmeyim(GTA)Phase1 liquefied natural gas(LNG)project offshore Mauritania&Senegal to its floating production storage and offloading(FPSO)vessel for the next stage of commissioning.

85、The project is expected to produce 2.3 million tonnes per annum of LNG.On 8 January 2025 bp announced that it has been selected by Indias Oil and Natural Gas Corporation(ONGC)as the technical services provider for the largest offshore oil field in India,which accounts for around 25%of the countrys o

86、il production.low carbon energyOn 9 December bp and JERA Co.,Inc.agreed to combine their offshore wind businesses to form an equally-owned joint venture called JERA Nex bp that aims to become one of the largest global offshore wind developers and operators(total 13GW potential net generating capacit

87、y).Completion is expected by end of the third quarter of 2025,subject to regulatory and other approvals.On 10 December bp,together with its partners,confirmed that it has reached financial close for two major projects in Teesside,UK:the Northern Endurance Partnership(NEP)carbon capture and storage p

88、roject and the Net Zero Teesside Power(NZT Power)project.BP p.l.c.Group resultsFourth quarter and full year 20246gas&low carbon energy(continued)On 18 December bp announced the final investment decision for its 100MW Lingen Green Hydrogen project.It will be bps largest industrial green hydrogen*plan

89、t and the first that bp will fully own and operate.The plant,to be built as part of the Important Projects of Common European Interest-funded project,could produce up to 11,000 tonnes of green hydrogen annually.On 31 December bp announced that it will develop an offshore wind farm off the coast of Y

90、amagata prefecture in Japan.The Japanese government has selected a consortium involving bp,Tokyo Gas,Marubeni Corporation,Kansai Electric Power and Marutaka Corporation to build a 450-megawatt(MW)offshore wind farm.FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Profit(loss

91、)before interest and tax 1,841 1,007 2,169 3,569 14,081 Inventory holding(gains)losses*(1)RC profit(loss)before interest and tax 1,841 1,007 2,169 3,569 14,080 Net(favourable)adverse impact of adjusting items 146 749 (392)3,234 (5,358)Underlying RC profit before interest and tax 1,987 1,756 1,777 6,

92、803 8,722 Taxation on an underlying RC basis(705)(545)(746)(2,137)(2,730)Underlying RC profit before interest 1,282 1,211 1,031 4,666 5,992 FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Depreciation,depletion and amortizationTotal depreciation,depletion and amortization 1

93、,153 1,180 1,290 4,835 5,680 Exploration write-offsExploration write-offs(10)1 349 222 362 Adjusted EBITDA*Total adjusted EBITDA 3,130 2,937 3,416 11,860 14,764 Capital expenditure*gas 919 1,188 848 3,615 3,025 low carbon energy(a)(107)908 478 1,596 1,256 Total capital expenditure 812 2,096 1,326 5,

94、211 4,281(a)Fourth quarter and full year 2024 include cash acquired net of acquisition payments on completion of the Lightsource bp acquisition.FourthThirdFourthquarterquarterquarterYearYear20242024202320242023Production(net of royalties)(b)Liquids*(mb/d)91 92 99 96 105 Natural gas(mmcf/d)4,402 4,62

95、7 4,637 4,596 4,778 Total hydrocarbons*(mboe/d)850 890 899 888 929 Average realizations*(c)Liquids($/bbl)68.93 74.80 78.87 75.37 77.03 Natural gas($/mcf)6.96 5.80 6.18 5.90 6.13 Total hydrocarbons($/boe)43.21 37.91 40.17 38.57 40.21(b)Includes bps share of production of equity-accounted entities in

96、the gas&low carbon energy segment.(c)Realizations are based on sales by consolidated subsidiaries only this excludes equity-accounted entities.BP p.l.c.Group resultsFourth quarter and full year 20247gas&low carbon energy(continued)31 December30 September31 Decemberlow carbon energy(d)202420242023Ren

97、ewables(bp net,GW)Installed renewables capacity*4.0 2.8 2.7 Developed renewables to FID*8.2 6.6 6.2 Renewables pipeline 60.6 46.8 58.3of which by geographical area:Renewables pipeline Americas 21.2 17.8 18.8 Renewables pipeline Asia Pacific 15.1 12.9 21.3 Renewables pipeline Europe 23.6 15.4 14.6 Re

98、newables pipeline Other 0.7 0.7 3.5 of which by technology:Renewables pipeline offshore wind 9.7 9.6 9.3 Renewables pipeline onshore wind 6.6 6.7 12.7 Renewables pipeline solar 44.3 30.5 36.3 Total Developed renewables to FID and Renewables pipeline 68.8 53.4 64.5(d)Because of rounding,some totals m

99、ay not agree exactly with the sum of their component parts.BP p.l.c.Group resultsFourth quarter and full year 20248oil production&operations Financial resultsThe replacement cost(RC)profit before interest and tax for the fourth quarter and full year was$2,571 million and$10,789 million respectively,

100、compared with$1,879 million and$11,191 million for the same periods in 2023.The fourth quarter and full year are adjusted by an adverse impact of net adjusting items*of$353 million and$1,148 million respectively,compared with an adverse impact of net adjusting items of$1,670 million and$1,590 millio

101、n for the same periods in 2023.See page 27 for more information on adjusting items.After adjusting RC profit before interest and tax for adjusting items,the underlying RC profit before interest and tax*for the fourth quarter and full year was$2,924 million and$11,937 million respectively,compared wi

102、th$3,549 million and$12,781 million for the same periods in 2023.The underlying RC profit before interest and tax for the fourth quarter and full year,compared with the same periods in 2023,primarily reflect lower realizations,increased depreciation charges and higher exploration write-offs partly o

103、ffset by increased volume.Operational updateReported production for the quarter was 1,449mboe/d,1.9%higher than the fourth quarter of 2023.Underlying production*for the quarter was 1.9%higher compared with the fourth quarter of 2023 reflecting bpx energy performance and major projects*partly offset

104、by base performance.Reported production for the full year was 1,470mboe/d,6.3%higher than the full year of 2023.Underlying production for the full year was 6.2%higher compared with the full year of 2023 reflecting bpx energy performance and major projects partly offset by base performance.Strategic

105、ProgressAzule Energy Finance Plc,a financing vehicle of Azule Energy Holdings Limited,has issued unsecured notes in an aggregate principal amount of$1,200 million(Azule Energy a 50:50 joint venture between bp and Eni).The notes have a term of 5 years and a coupon of 8.125%per annum.Azule Energy succ

106、essfully completed the transaction to farm into Block 2914A(PEL85),offshore Namibia,holding a 42.5%interest.The contractor group also announced that it had spudded the first exploration well,Sagittarius 1-X.In Iraq bp and the government of Iraq have reached agreement on the majority of commercial te

107、rms for the integrated oil and gas redevelopment of several Kirkuk fields.The Norwegian authorities awarded Aker BP ownership interest in 19 exploration licenses on the Norwegian continental shelf in the APA 2024 licensing round.For 16 of the licences Aker BP is also granted operatorship(bp holds 15

108、.9%interest in Aker BP).FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Profit before interest and tax 2,564 1,889 1,879 10,780 11,191 Inventory holding(gains)losses*7 2 9 RC profit before interest and tax 2,571 1,891 1,879 10,789 11,191 Net(favourable)adverse impact of adj

109、usting items 353 903 1,670 1,148 1,590 Underlying RC profit before interest and tax 2,924 2,794 3,549 11,937 12,781 Taxation on an underlying RC basis(1,226)(1,259)(1,433)(5,165)(5,998)Underlying RC profit before interest 1,698 1,535 2,116 6,772 6,783 BP p.l.c.Group resultsFourth quarter and full ye

110、ar 20249oil production&operations(continued)FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Depreciation,depletion and amortizationTotal depreciation,depletion and amortization 1,734 1,708 1,563 6,797 5,692 Exploration write-offsExploration write-offs 133 309 32 544 384 Adj

111、usted EBITDA*Total adjusted EBITDA 4,791 4,811 5,144 19,278 18,857 Capital expenditure*Total capital expenditure 1,478 1,410 1,636 6,198 6,278 FourthThirdFourthquarterquarterquarterYearYear20242024202320242023Production(net of royalties)(a)Liquids*(mb/d)1,057 1,084 1,024 1,070 1,010 Natural gas(mmcf

112、/d)2,269 2,348 2,305 2,318 2,165 Total hydrocarbons*(mboe/d)1,449 1,488 1,421 1,470 1,383 Average realizations*(b)Liquids(c)($/bbl)65.56 70.22 76.22 69.85 72.09 Natural gas($/mcf)3.29 2.25 3.65 2.55 4.17 Total hydrocarbons(c)($/boe)52.28 53.65 59.69 53.96 58.34(a)Includes bps share of production of

113、equity-accounted entities in the oil production&operations segment.(b)Realizations are based on sales by consolidated subsidiaries only this excludes equity-accounted entities.(c)Fourth quarter and full year 2024 include an immaterial impact of a prior period adjustment in the US region.BP p.l.c.Gro

114、up resultsFourth quarter and full year 202410customers&productsFinancial results The replacement cost(RC)loss before interest and tax for the fourth quarter and full year was$2,438 million and$1,560 million respectively,compared with a loss of$554 million and a profit of$4,230 million for the same p

115、eriods in 2023.The fourth quarter and full year are adjusted by an adverse impact of net adjusting items*of$2,136 million and$4,077 million respectively,mainly related to loss on disposal of the Trkiye grounds fuels business in the fourth quarter and impairment of the Gelsenkirchen refinery and asso

116、ciated onerous contract provisions during 2024,compared with an adverse impact of net adjusting items of$1,357 million and$2,183 million for the same periods in 2023.See page 27 for more information on adjusting items.After adjusting RC loss before interest and tax for adjusting items,the underlying

117、 RC loss or profit before interest and tax*(underlying result)for the fourth quarter and full year was a loss of$302 million and a profit of$2,517 million respectively,compared with a profit of$803 million and$6,413 million for the same periods in 2023.The customers&products underlying result for th

118、e fourth quarter and full year was significantly lower than the same periods in 2023.The underlying result in the fourth quarter primarily reflected lower refining margins and a lower customers result.The underlying result for the full year primarily reflected lower refining margins and a lower oil

119、trading contribution.customers the customers underlying result for the fourth quarter and full year was lower compared with the same periods in 2023.The fourth quarter was impacted by weaker retail fuels margins and the absence of one-off positive effects that benefited the same period last year.The

120、 contribution of TravelCenters of America continues to be impacted by the US freight recession.The full year result benefited from a continued stronger performance in Castrol,resulting in higher unit margins and volumes and lower costs.In addition,the continued momentum in EV charging,convenience an

121、d retail fuels margins was more than offset by a significantly weaker European midstream performance driven by biofuels margins.products the products underlying result for the fourth quarter and full year was significantly lower compared with the same periods in 2023.In refining,the underlying resul

122、t for the fourth quarter was mainly impacted by lower realized refining margins,including the impact of narrower North American heavy crude oil differentials,partly offset by lower turnaround activity.The oil trading contribution for the fourth quarter was weak.The underlying result for the full yea

123、r was lower,primarily due to lower realized refining margins and the first quarter plant-wide power outage at the Whiting refinery,partly offset by a lower impact from turnaround activity.The underlying oil trading result for the full year was significantly lower than the same period last year.Opera

124、tional update bp-operated refining availability*for the fourth quarter and full year was 94.8%and 94.3%,compared with 96.1%and 96.1%for the same periods in 2023,with the full year lower mainly due to the first quarter Whiting refinery power outage.Strategic progress On 31 October bp completed the sa

125、le of its Trkiye ground fuels business to Petrol Ofisi,including the groups interest in three joint venture terminals in Trkiye.In addition,in November,bp announced its intention to sell its mobility and convenience and bp pulse businesses in Netherlands,with a planned completion of the sale by the

126、end of 2025.Energy sold and EV charge points*installed in the year grew by around 75%and 35%respectively,compared to 2023,with charge points now around 39,100.In addition,in the fourth quarter,bp pulse continued to progress the roll out of new ultra-fast(a)charging hubs in the UK and Germany,alongsi

127、de continued upgrading of the existing network.As part of our continuing drive to focus activity in biofuels,bp took the decision in January 2025 to rephase and recycle its biofuels project in Kwinana with the objective of improving capital productivity.In addition,during the fourth quarter bp conti

128、nued to progress its strategic plans to access feedstock for biofuels,announcing a 10-year agreement with agri-food group MIGASA for the supply of up to 40,000 tonnes per year of vegetable oil waste,and announcing a collaboration with Corteva,with the intent of forming a JV,on novel feedstocks.On 1

129、December bp completed the sale of its 50%ownership in the SAPREF refinery to the South African state-owned entity,Central Energy Fund SOC Ltd.On 3 February 2025 bp completed the acquisition of fuel and convenience retailer,X Convenience,expanding its network with the addition of 49 sites in South an

130、d Western Australia.On 6 February 2025 bp announced its intention to market its Ruhr Oel GmbH BP Gelsenkirchen operation in Germany for potential sale,including its refinery in Gelsenkirchen and DHC Solvent Chemie GmbH in Mlheim an der Ruhr.During the fourth quarter bps Archaea Energy started up two

131、 renewable natural gas(RNG)landfill plants,bringing the total to 9 RNG landfill plants started-up year to date with a total capacity of more than 10 million mmBtu per annum,and has a further six plants in commissioning during the first quarter of 2025.(a)ultra-fast includes charger capacity of 150kW

132、.BP p.l.c.Group resultsFourth quarter and full year 202411customers&products(continued)FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Profit(loss)before interest and tax(2,452)(1,157)(2,051)(2,039)2,993 Inventory holding(gains)losses*14 1,180 1,497 479 1,237 RC profit(loss

133、)before interest and tax(2,438)23 (554)(1,560)4,230 Net(favourable)adverse impact of adjusting items 2,136 358 1,357 4,077 2,183 Underlying RC profit before interest and tax(302)381 803 2,517 6,413 Of which:(a)customers convenience&mobility 527 897 882 2,584 2,644 Castrol included in customers 220 2

134、16 213 831 730 products refining&trading(829)(516)(79)(67)3,769 Taxation on an underlying RC basis 73 (67)(239)(452)(1,454)Underlying RC profit before interest(229)314 564 2,065 4,959(a)A reconciliation to RC profit before interest and tax by business is provided on page 32.FourthThirdFourthquarterq

135、uarterquarterYearYear$million20242024202320242023Adjusted EBITDA*(b)customers convenience&mobility 1,174 1,410 1,348 4,719 4,380 Castrol included in customers 267 261 256 1,007 897 products refining&trading(365)(66)397 1,755 5,581 809 1,344 1,745 6,474 9,961 Depreciation,depletion and amortizationTo

136、tal depreciation,depletion and amortization 1,111 963 942 3,957 3,548 Capital expenditure*customers convenience&mobility 541 455 790 2,059 3,135 Castrol included in customers 60 50 90 227 262 products refining&trading 783 476 813 2,361 2,118 Total capital expenditure 1,324 931 1,603 4,420 5,253(b)A

137、reconciliation to RC profit before interest and tax by business is provided on page 32.Retail(c)FourthThirdFourthquarterquarterquarterYearYear20242024202320242023bp retail sites*total(#)21,200 21,200 21,100 21,200 21,100 Strategic convenience sites*2,950 2,950 2,850 2,950 2,850(c)Reported to the nea

138、rest 50.Marketing sales of refined products(mb/d)FourthThirdFourthquarterquarterquarterYearYear20242024202320242023US 1,244 1,240 1,205 1,209 1,210 Europe 993 1,130 1,037 1,035 1,040 Rest of World 493 457 465 470 468 2,730 2,827 2,707 2,714 2,718 Trading/supply sales of refined products397 354 355 3

139、73 358 Total sales volume of refined products3,127 3,181 3,062 3,087 3,076 Refining marker margin*FourthThirdFourthquarterquarterquarterYearYear20242024202320242023bp average refining marker margin(RMM)($/bbl)13.1 16.5 18.5 17.7 25.8 BP p.l.c.Group resultsFourth quarter and full year 202412customers

140、&products(continued)Refinery throughputs(mb/d)FourthThirdFourthquarterquarterquarterYearYear20242024202320242023US 583 671 634 612 662 Europe 807 769 678 782 749 Total refinery throughputs 1,390 1,440 1,312 1,394 1,411 bp-operated refining availability*(%)94.8 95.6 96.1 94.3 96.1 BP p.l.c.Group resu

141、ltsFourth quarter and full year 202413other businesses&corporateOther businesses&corporate comprises technology,bp ventures,launchpad,regions,corporates&solutions,our corporate activities&functions and any residual costs of the Gulf of America oil spill.Financial results The replacement cost(RC)loss

142、 before interest and tax for the fourth quarter and full year was$1,161 million and$988 million respectively,compared with a loss of$16 million and$903 million for the same periods in 2023.The fourth quarter and full year are adjusted by an adverse impact of net adjusting items*of$634 million and$38

143、0 million respectively,compared with a favourable impact of net adjusting items of$81 million and an adverse impact of$37 million for the same periods in 2023.Adjusting items include adverse impacts of fair value accounting effects*of$493 million for the quarter and$221 million for the full year in

144、2024,and a favourable impact of$579 million and$630 million for the same periods in 2023.See page 27 for more information on adjusting items.After adjusting RC loss before interest and tax for adjusting items,the underlying RC loss before interest and tax*for the fourth quarter and full year was$527

145、 million and$608 million respectively,compared with a loss of$97 million and$866 million for the same periods in 2023,mainly reflecting adverse foreign exchange effects for the fourth quarter and increased interest income for the full year.Strategic progress In December,bp invested in Snowfox Discov

146、ery Ltd alongside co-investors Rio Tinto and Oxford Science Enterprises.Snowfox Discovery Ltd is a natural hydrogen exploration company,whose mission is to unlock the potential of natural hydrogen to contribute to a net zero future.In December,bp ventures announced an investment into Oxford Flow alo

147、ngside Energy Impact Partners.Oxford Flow engineers and manufactures unique valve technology designed to be more reliable and cost-effective.In December,bp ventures invested in Indias leading intercity bus platform,Zingbus to scale operations and work to electrify Indias intercity bus routes.Zingbus

148、 platform is designed to make intercity travel more affordable,accessible and reliable.FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Profit(loss)before interest and tax(1,161)653 (16)(988)(903)Inventory holding(gains)losses*RC profit(loss)before interest and tax(1,161)653

149、 (16)(988)(903)Net(favourable)adverse impact of adjusting items(a)634 (422)(81)380 37 Underlying RC profit(loss)before interest and tax(527)231 (97)(608)(866)Taxation on an underlying RC basis 254 (64)121 292 322 Underlying RC profit(loss)before interest(273)167 24 (316)(544)(a)Includes fair value a

150、ccounting effects relating to hybrid bonds.See page 35 for more information.BP p.l.c.Group resultsFourth quarter and full year 202414Financial statementsGroup income statementFourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Sales and other operating revenues(Note 6)45,752 47

151、,254 52,141 189,185 210,130 Earnings from joint venturesafter interest and tax 75 406 (290)909 67 Earnings from associatesafter interest and tax 240 280 156 1,084 831 Interest and other income 1,540 438 599 2,773 1,635 Gains on sale of businesses and fixed assets 481 (48)(20)678 369 Total revenues a

152、nd other income 48,088 48,330 52,586 194,629 213,032 Purchases 27,264 30,139 31,062 113,941 119,307 Production and manufacturing expenses 8,041 5,004 5,751 26,584 25,044 Production and similar taxes 402 469 445 1,799 1,779 Depreciation,depletion and amortization(Note 7)4,257 4,117 4,060 16,622 15,92

153、8 Net impairment and losses on sale of businesses and fixed assets(Note 4)3,107 1,842 3,958 6,995 5,857 Exploration expense 176 372 501 974 997 Distribution and administration expenses 4,098 3,930 4,733 16,417 16,772 Profit(loss)before interest and taxation 743 2,457 2,076 11,297 27,348 Finance cost

154、s 1,291 1,101 1,038 4,683 3,840 Net finance(income)expense relating to pensions and other post-employment benefits(45)(42)(61)(168)(241)Profit(loss)before taxation (503)1,398 1,099 6,782 23,749 Taxation 1,117 1,028 663 5,553 7,869 Profit(loss)for the period(1,620)370 436 1,229 15,880 Attributable to

155、bp shareholders(1,959)206 371 381 15,239 Non-controlling interests 339 164 65 848 641 (1,620)370 436 1,229 15,880 Earnings per share(Note 8)Profit(loss)for the period attributable to bp shareholders Per ordinary share(cents)Basic(12.33)1.26 2.20 2.38 87.78 Diluted(12.33)1.23 2.15 2.32 85.85 Per ADS(

156、dollars)Basic(0.74)0.08 0.13 0.14 5.27 Diluted(0.74)0.07 0.13 0.14 5.15 BP p.l.c.Group resultsFourth quarter and full year 202415Condensed group statement of comprehensive incomeFourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Profit(loss)for the period(1,620)370 436 1,229 1

157、5,880 Other comprehensive income Items that may be reclassified subsequently to profit or lossCurrency translation differences(a)(1,540)838 711 (1,292)585 Exchange(gains)losses on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets(b)1,004 1,004 (2)C

158、ash flow hedges and costs of hedging(209)(111)125 (535)559 Share of items relating to equity-accounted entities,net of tax 27 (41)13 (12)(192)Income tax relating to items that may be reclassified(79)91 64 48 (10)(797)777 913 (787)940 Items that will not be reclassified to profit or lossRemeasurement

159、s of the net pension and other post-employment benefit liability or asset(3)(51)(1,209)(360)(2,262)Remeasurements of equity investments(9)(8)51 (47)51 Cash flow hedges that will subsequently be transferred to the balance sheet(8)10 16 (1)15 Income tax relating to items that will not be reclassified(

160、c)(11)12 357 734 745 (31)(37)(785)326 (1,451)Other comprehensive income (828)740 128 (461)(511)Total comprehensive income(2,448)1,110 564 768 15,369 Attributable tobp shareholders(2,698)922 461 7 14,702 Non-controlling interests 250 188 103 761 667 (2,448)1,110 564 768 15,369(a)Fourth quarter and fu

161、ll year 2024 is principally affected by movements in the Pound Sterling against the US dollar.(b)Fourth quarter and full year 2024 includes$942million recycling of cumulative foreign exchange losses from reserves relating to the sale of bps Trkiye ground fuels business to Petrol Ofisi.(c)Full year 2

162、024 includes a$658-million credit in respect of the reduction in the deferred tax liability on defined benefit pension plan surpluses following the reduction in the rate of the authorized surplus payments tax charge in the UK from 35%to 25%.BP p.l.c.Group resultsFourth quarter and full year 202416Co

163、ndensed group statement of changes in equitybp shareholdersNon-controlling interestsTotal$millionequityHybrid bondsOther interestequityAt 1 January 2024 70,283 13,566 1,644 85,493 Total comprehensive income 7 641 120 768 Dividends(5,018)(375)(5,393)Cash flow hedges transferred to the balance sheet,n

164、et of tax(10)(10)Repurchase of ordinary share capital(7,302)(7,302)Share-based payments,net of tax 1,083 1,083 Issue of perpetual hybrid bonds(a)(b)(22)4,352 4,330 Redemption of perpetual hybrid bonds,net of tax(a)9 (1,300)(1,291)Payments on perpetual hybrid bonds (610)(610)Transactions involving no

165、n-controlling interests,net of tax 216 1,034 1,250 At 31 December 2024 59,246 16,649 2,423 78,318 bp shareholdersNon-controlling interestsTotal$millionequityHybrid bondsOther interestequityAt 1 January 2023 67,553 13,390 2,047 82,990 Total comprehensive income 14,702 586 81 15,369 Dividends(4,831)(4

166、03)(5,234)Cash flow hedges transferred to the balance sheet,net of tax(1)(1)Repurchase of ordinary share capital(8,167)(8,167)Share-based payments,net of tax 669 669 Share of equity-accounted entities changes in equity,net of tax 1 1 Issue of perpetual hybrid bonds(1)176 175 Payments on perpetual hy

167、brid bonds(5)(586)(591)Transactions involving non-controlling interests,net of tax 363 (81)282 At 31 December 2023 70,283 13,566 1,644 85,493(a)During the first quarter 2024 BP Capital Markets PLC issued$1.3 billion of US dollar perpetual subordinated hybrid bonds with a coupon fixed for an initial

168、period up to 2034 of 6.45%and voluntarily bought back$1.3 billion of the non-call 2025 4.375%US dollar hybrid bond issued in 2020.Taken together these transactions had no significant impact on net debt or gearing.(b)During the fourth quarter 2024 BP Capital Markets PLC issued perpetual subordinated

169、hybrid bonds in euro,sterling and US dollars for a US dollar equivalent amount of$2.6 billion.Coupons are fixed for an initial period up to dates from 2030 to 2035 at rates of 4.375%to 6.125%.In addition another group subsidiary issued perpetual subordinated hybrid securities of$0.5 billion,the proc

170、eeds of which were specifically earmarked to fund BP Alternative Energy Investments Ltd including the funding of Lightsource bp.These transactions resulted in a reduction of net debt and gearing.BP p.l.c.Group resultsFourth quarter and full year 202417Group balance sheet31 December31 December$millio

171、n20242023Non-current assetsProperty,plant and equipment 100,238 104,719 Goodwill 14,888 12,472 Intangible assets 9,646 9,991 Investments in joint ventures 12,291 12,435 Investments in associates 7,741 7,814 Other investments 1,292 2,189 Fixed assets 146,096 149,620 Loans 1,961 1,942 Trade and other

172、receivables 1,815 1,767 Derivative financial instruments 16,114 9,980 Prepayments 548 623 Deferred tax assets 5,403 4,268 Defined benefit pension plan surpluses 7,457 7,948 179,394 176,148 Current assetsLoans 223 240 Inventories 23,232 22,819 Trade and other receivables 27,127 31,123 Derivative fina

173、ncial instruments 5,112 12,583 Prepayments 2,594 2,520 Current tax receivable 1,096 837 Other investments 165 843 Cash and cash equivalents 39,204 33,030 98,753 103,995 Assets classified as held for sale(Note 3)4,081 151 102,834 104,146 Total assets 282,228 280,294 Current liabilitiesTrade and other

174、 payables 58,411 61,155 Derivative financial instruments 4,347 5,250 Accruals 6,071 6,527 Lease liabilities 2,660 2,650 Finance debt 4,474 3,284 Current tax payable 1,573 2,732 Provisions 3,600 4,418 81,136 86,016 Liabilities directly associated with assets classified as held for sale(Note 3)1,105 6

175、2 82,241 86,078 Non-current liabilitiesOther payables 9,409 10,076 Derivative financial instruments 18,532 10,402 Accruals 1,326 1,310 Lease liabilities 9,340 8,471 Finance debt 55,073 48,670 Deferred tax liabilities 8,428 9,617 Provisions 14,688 14,721 Defined benefit pension plan and other post-em

176、ployment benefit plan deficits 4,873 5,456 121,669 108,723 Total liabilities 203,910 194,801 Net assets 78,318 85,493 Equitybp shareholders equity 59,246 70,283 Non-controlling interests 19,072 15,210 Total equity 78,318 85,493 BP p.l.c.Group resultsFourth quarter and full year 202418Condensed group

177、 cash flow statementFourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Operating activitiesProfit(loss)before taxation(503)1,398 1,099 6,782 23,749 Adjustments to reconcile profit(loss)before taxation to net cash provided by operating activitiesDepreciation,depletion and amort

178、ization and exploration expenditure written off 4,381 4,427 4,441 17,389 16,674 Net impairment and(gain)loss on sale of businesses and fixed assets 2,626 1,890 3,978 6,317 5,488 Earnings from equity-accounted entities,less dividends received 303 (196)803 30 1,194 Remeasurement of joint ventures(a)(9

179、17)(917)Net charge for interest and other finance expense,less net interest paid 602 324 202 1,642 503 Share-based payments 228 278 97 1,174 616 Net operating charge for pensions and other post-employment benefits,less contributions and benefit payments for unfunded plans(64)(52)(63)(182)(193)Net ch

180、arge for provisions,less payments(185)(48)(819)(152)(2,481)Movements in inventories and other current and non-current assets and liabilities 2,752 1,798 1,942 3,975 (3,338)Income taxes paid(1,796)(3,058)(2,303)(8,761)(10,173)Net cash provided by operating activities 7,427 6,761 9,377 27,297 32,039 I

181、nvesting activitiesExpenditure on property,plant and equipment,intangible and other assets(3,893)(4,223)(4,247)(15,297)(14,285)Acquisitions,net of cash acquired 493 (218)(38)53 (799)Investment in joint ventures(326)(76)(347)(850)(1,039)Investment in associates (25)(79)(143)(130)Total cash capital ex

182、penditure(3,726)(4,542)(4,711)(16,237)(16,253)Proceeds from disposal of fixed assets 211 16 31 328 133 Proceeds from disposal of businesses,net of cash disposed 1,738 274 269 2,578 1,193 Proceeds from loan repayments 22 19 16 81 55 Cash provided from investing activities 1,971 309 316 2,987 1,381 Ne

183、t cash used in investing activities(1,755)(4,233)(4,395)(13,250)(14,872)Financing activitiesNet issue(repurchase)of shares(Note 8)(1,625)(2,001)(1,350)(7,127)(7,918)Lease liability payments(757)(703)(722)(2,833)(2,560)Proceeds from long-term financing 3,260 2,401 1,522 10,656 7,568 Repayments of lon

184、g-term financing(717)(956)(11)(2,970)(3,902)Net increase(decrease)in short-term debt(2,958)(73)87 (2,966)(861)Issue of perpetual hybrid bonds(b)3,034 13 4,330 175 Redemption of perpetual hybrid bonds(b)(1,288)Payments relating to perpetual hybrid bonds(255)(271)(264)(1,053)(1,008)Payments relating t

185、o transactions involving non-controlling interests(Other interest)(21)(7)(21)(187)Receipts relating to transactions involving non-controlling interests(Other interest)836 (7)10 1,353 546 Dividends paid-bp shareholders(1,283)(1,297)(1,224)(5,003)(4,809)-non-controlling interests(93)(96)(77)(375)(403)

186、Net cash provided by(used in)financing activities(579)(3,003)(2,023)(7,297)(13,359)Currency translation differences relating to cash and cash equivalents(419)179 145 (511)27 Increase(decrease)in cash and cash equivalents 4,674 (296)3,104 6,239 3,835 Cash and cash equivalents at beginning of period 3

187、4,595 34,891 29,926 33,030 29,195 Cash and cash equivalents at end of period(c)39,269 34,595 33,030 39,269 33,030(a)See Note 2 for further information.(b)See Condensed group statement of changes in equity-footnotes(a)and(b)for further information.(c)Fourth quarter and full year 2024 includes$65 mill

188、ion of cash and cash equivalents classified as assets held for sale in the group balance sheet.BP p.l.c.Group resultsFourth quarter and full year 202419NotesNote 1.Basis of preparation The results for the interim periods are unaudited and,in the opinion of management,include all adjustments necessar

189、y for a fair presentation of the results for each period.All such adjustments are of a normal recurring nature.This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2023 included in bp Annual Report and Form 20-F 2023.bp

190、 prepares its consolidated financial statements included within bp Annual Report and Form 20-F on the basis of International Financial Reporting Standards(IFRS)as issued by the International Accounting Standards Board(IASB),IFRS as adopted by the UK,and European Union(EU),and in accordance with the

191、provisions of the UK Companies Act 2006 as applicable to companies reporting under international accounting standards.IFRS as adopted by the UK does not differ from IFRS as adopted by the EU.IFRS as adopted by the UK and EU differ in certain respects from IFRS as issued by the IASB.The differences h

192、ave no impact on the groups consolidated financial statements for the periods presented.The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing bp Annual Report and Form 20-F 2024 which are the same as those used in pre

193、paring bp Annual Report and Form 20-F 2023.In October 2024,the UK government announced changes(effective from 1 November 2024)to the Energy Profits Levy including a 3%increase in the rate taking the headline rate of tax on North Sea profits to 78%,an extension to the period of application of the Lev

194、y to 31 March 2030 and the removal of the Levys main investment allowance.The changes to the rate and to the investment allowance were substantively enacted in the fourth quarter and have been applied in accounting for current tax and deferred tax in the quarter,resulting in an additional non-cash d

195、eferred tax charge of approximately$0.1 billion.The extension of the Levy to 31 March 2030 is expected to be substantively enacted during 2025 and will result in a deferred tax charge in the group consolidated financial statements in the quarter that it is substantively enacted.There are no new or a

196、mended standards or interpretations adopted from 1 January 2024 onwards that have a significant impact on the financial information.Significant accounting judgements and estimatesbps significant accounting judgements and estimates were disclosed in bp Annual Report and Form 20-F 2023.These have been

197、 subsequently considered at the end of this quarter to determine if any changes were required to those judgements and estimates.Impairment testing assumptions The groups value-in-use impairment testing price assumptions for Brent oil and Henry Hub gas were revised during the fourth quarter from thos

198、e disclosed in the bp Annual Report and Form 20-F 2023.The revised price assumptions have been rebased in real 2023 terms and are materially consistent with the disclosed prices in real 2022 terms.A summary of the groups price assumptions for value-in-use impairment testing,in real 2023 terms,is pro

199、vided below:2025203020402050Brent oil($/bbl)70706350Henry Hub gas($/mmBtu)4.004.004.004.00The post-tax discount rate used for value-in-use impairment testing of assets other than certain low carbon energy assets was maintained at 8%(31 December 2023:8%).Provisions The nominal risk-free discount rate

200、 applied to provisions is reviewed on a quarterly basis.The discount rate applied to the groups provisions remains at 4.5%following the increase applied in the second quarter(31 December 2023 4.0%).BP p.l.c.Group resultsFourth quarter and full year 202420Note 2.Business combinationsThe group underto

201、ok several business combinations during the fourth quarter of 2024,principally the step acquisitions of bp Bunge Bioenergia and Lightsource bp.Total consideration for these two acquisitions was$1,328million and the amount paid in cash in the fourth quarter amounted to$106 million,offset by cash acqu

202、ired of$589 million.The provisional fair value of the net assets(including goodwill)recognized from these business combinations,for the fourth quarter 2024 was$2,848million.The gain recognized in Interest and other income in the fourth quarter 2024 as a result of remeasuring the previously held inte

203、rests in bp Bunge Bioenergia and Lightsource bp,to fair value,was$427million.Immediately prior to the Lightsource bp business combination,certain assets in the US were transferred from Lightsource bp into a new joint venture which remains jointly controlled by bp and certain founder shareholders of

204、Lightsource bp,and is accordingly equity accounted for bp.The investment in the new joint venture was measured at bps share of the joint ventures net assets and,as a result,income of$498million has been recognized in Interest and other income in the fourth quarter 2024.Note 3.Non-current assets held

205、 for sale The carrying amount of assets classified as held for sale at 31December 2024 is$4,081million,with associated liabilities of$1,105million.On 16 September 2024,bp announced that it plans to sell its US onshore wind energy business,bp Wind Energy.bp Wind Energy has interests in ten operating

206、onshore wind energy assets across seven US states.As a result of progression of the disposal process during the fourth quarter of 2024,completion of a disposal in 2025 is now considered to be highly probable.The carrying amount of assets classified as held for sale at 31 December 2024 is$569 million

207、,with associated liabilities of$41 million.On 24 October,bp completed the acquisition of the remaining 50.03%of Lightsource bp.The acquisition included certain assets for which sales processes were in progress at the acquisition date.Completion of the sale of these assets within one year of the acqu

208、isition date is considered to be highly probable.The carrying amount of assets classified as held for sale at 31 December 2024 is$1,702 million,with associated liabilities of$1,050 million.On 9 December 2024,bp and JERA Co.,Inc.agreed to combine their offshore wind businesses to form a new standalon

209、e,equally-owned joint venture JERA Nex bp.The parties have agreed to work to complete formation of JERA Nex bp,subject to regulatory and other approvals,by end of the third quarter of 2025.bp will contribute its development projects in the UK,Japan,Germany and US into the new joint venture.The relat

210、ed assets and liabilities of those projects have,therefore,been classified as held for sale.The carrying amount of assets classified as held for sale at 31 December 2024 is$1,793 million,with associated liabilities of$14 million.Transactions that were classified as held for sale during 2024,but comp

211、leted during the fourth quarter,are described below.On 14 February 2024,bp and ADNOC announced that they had agreed to form a new joint venture(JV)in Egypt.On 16 December bp and XRG(ADNOCs international energy investment company)announced they had completed formation of Arcius Energy(51%bp,49%XRG,AD

212、NOCs international energy investment company).As part of the agreement,bp contributed its interests in three development concessions,as well as exploration agreements,in Egypt to the new JV.XRG made a proportionate cash contribution.On 4 October 2024,bp completed the sale of receivables relating to

213、a prior divestment receiving proceeds of$890 million.On 16 November 2023,bp entered into an agreement to sell its Trkiye ground fuels business to Petrol Ofisi.This included the groups interest in three joint venture terminals in Trkiye.The sale completed on 31 October 2024 and resulted in a loss on

214、disposal of$1,132 million including recycling of cumulative foreign exchange losses from reserves of$942million.BP p.l.c.Group resultsFourth quarter and full year 202421Note 4.Impairment and losses on sale of businesses and fixed assetsNet impairment charges and losses on sale of businesses and fixe

215、d assets for the fourth quarter and full year were$3,107million and$6,995million respectively,compared with net charges of$3,958million and$5,857million for the same periods in 2023 and include net impairment charges for the fourth quarter and full year of$1,514million and$5,189million respectively,

216、compared with net impairment charges of$3,922million and$5,701million for the same periods in 2023.Gas&low carbon energyFourth quarter and full year 2024 impairments includes a net impairment charge of$890million and$2,749million respectively,compared with net charges of$928million and$2,212million

217、for the same periods in 2023 in the gas&low carbon energy segment.2024 includes amounts in Mauritania&Senegal,which principally arose as a result of increased forecast future expenditure,and a number of other individually immaterial impairments across the Gas and low carbon energy segment principall

218、y as a result of portfolio management.The recoverable amounts of these cash generating units were based on value-in-use or fair value less costs of disposal calculations,as appropriate.Oil production&operationsFourth quarter and full year 2024 impairments includes a net impairment reversal of$129mil

219、lion and net impairment charge of$771million respectively,compared with net charges of$1,636million and$1,814million for the same periods in 2023 in the oil production&operations segment.2024 includes amounts in the North Sea.The recoverable amounts of the cash generating units within this business

220、were based on value-in-use calculations.Customers&productsFourth quarter and full year 2024 impairments includes a net impairment charge of$746million and$1,660million respectively,compared with net charges of$1,367million and$1,614million for the same periods in 2023 in the customers&products segme

221、nt.2024 includes amounts in Germany relating to the ongoing review of the Gelsenkirchen refinery.The recoverable amount of the cash generating unit within this business was based on a value-in-use calculation.Note 5.Analysis of replacement cost profit(loss)before interest and tax and reconciliation

222、to profit(loss)before taxationFourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023gas&low carbon energy 1,841 1,007 2,169 3,569 14,080 oil production&operations 2,571 1,891 1,879 10,789 11,191 customers&products(2,438)23 (554)(1,560)4,230 other businesses&corporate(1,161)653 (1

223、6)(988)(903)813 3,574 3,478 11,810 28,598 Consolidation adjustmentUPII*(49)65 95 (25)(14)RC profit(loss)before interest and tax 764 3,639 3,573 11,785 28,584 Inventory holding gains(losses)*gas&low carbon energy 1 oil production&operations(7)(2)(9)customers&products(14)(1,180)(1,497)(479)(1,237)Prof

224、it(loss)before interest and tax 743 2,457 2,076 11,297 27,348 Finance costs 1,291 1,101 1,038 4,683 3,840 Net finance expense/(income)relating to pensions and other post-employment benefits(45)(42)(61)(168)(241)Profit(loss)before taxation(503)1,398 1,099 6,782 23,749 RC profit(loss)before interest a

225、nd tax*US(117)1,122 1,154 4,160 7,940 Non-US 881 2,517 2,419 7,625 20,644 764 3,639 3,573 11,785 28,584 BP p.l.c.Group resultsFourth quarter and full year 202422Note 6.Sales and other operating revenuesFourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023By segmentgas&low carbon

226、 energy 9,618 8,526 11,670 32,628 50,297 oil production&operations 6,078 6,468 6,749 25,637 24,904 customers&products 35,969 38,437 40,374 155,401 160,215 other businesses&corporate 544 614 657 2,290 2,657 52,209 54,045 59,450 215,956 238,073 Less:sales and other operating revenues between segmentsg

227、as&low carbon energy 559 385 65 1,585 1,808 oil production&operations 5,482 5,860 6,464 23,237 23,708 customers&products 137 (138)(105)317 367 other businesses&corporate 279 684 885 1,632 2,060 6,457 6,791 7,309 26,771 27,943 External sales and other operating revenuesgas&low carbon energy 9,059 8,1

228、41 11,605 31,043 48,489 oil production&operations 596 608 285 2,400 1,196 customers&products 35,832 38,575 40,479 155,084 159,848 other businesses&corporate 265 (70)(228)658 597 Total sales and other operating revenues 45,752 47,254 52,141 189,185 210,130 By geographical areaUS 18,212 19,388 20,920

229、77,798 82,177 Non-US 35,265 36,712 40,808 148,017 169,032 53,477 56,100 61,728 225,815 251,209 Less:sales and other operating revenues between areas 7,725 8,846 9,587 36,630 41,079 45,752 47,254 52,141 189,185 210,130 Revenues from contracts with customersSales and other operating revenues include t

230、he following in relation to revenues from contracts with customers:Crude oil 515 618 760 2,219 2,413 Oil products 27,634 30,997 32,124 121,019 128,969 Natural gas,LNG and NGLs 7,268 6,458 7,660 24,464 29,541 Non-oil products and other revenues from contracts with customers 4,113 3,213 2,911 13,362 1

231、0,298 Revenue from contracts with customers 39,530 41,286 43,455 161,064 171,221 Other operating revenues(a)6,222 5,968 8,686 28,121 38,909 Total sales and other operating revenues 45,752 47,254 52,141 189,185 210,130(a)Principally relates to commodity derivative transactions including sales of bp o

232、wn production in trading books.BP p.l.c.Group resultsFourth quarter and full year 202423Note 7.Depreciation,depletion and amortizationFourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Total depreciation,depletion and amortization by segmentgas&low carbon energy 1,153 1,180 1,

233、290 4,835 5,680 oil production&operations 1,734 1,708 1,563 6,797 5,692 customers&products 1,111 963 942 3,957 3,548 other businesses&corporate 259 266 265 1,033 1,008 4,257 4,117 4,060 16,622 15,928 Total depreciation,depletion and amortization by geographical areaUS 1,739 1,735 1,547 6,747 5,618 N

234、on-US 2,518 2,382 2,513 9,875 10,310 4,257 4,117 4,060 16,622 15,928 Note 8.Earnings per share and shares in issue Basic earnings per ordinary share(EpS)amounts are calculated by dividing the profit(loss)for the period attributable to ordinary shareholders by the weighted average number of ordinary

235、shares outstanding during the period.Against the authority granted at bps 2024 annual general meeting,318million ordinary shares repurchased for cancellation were settled during the fourth quarter 2024 for a total cost of$1,625million.A further 176million ordinary shares were repurchased between the

236、 end of the reporting period and the date when the financial statements are authorised for issue for a total cost of$922 million.This amount has been accrued at 31 December 2024.The number of shares in issue is reduced when shares are repurchased,but is not reduced in respect of the period-end commi

237、tment to repurchase shares subsequent to the end of the period.The calculation of EpS is performed separately for each discrete quarterly period,and for the year-to-date period.As a result,the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS

238、 amount for the year-to-date period.For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for the number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method.FourthThird

239、FourthquarterquarterquarterYearYear$million20242024202320242023Results for the periodProfit(loss)for the period attributable to bp shareholders(1,959)206 371 381 15,239 Less:preference dividend 1 1 Less:(gain)loss on redemption of perpetual hybrid bonds(a)(10)Profit(loss)attributable to bp ordinary

240、shareholders(1,959)206 371 390 15,238 Number of shares(thousand)(b)(c)Basic weighted average number of shares outstanding 15,885,184 16,321,349 16,834,354 16,385,535 17,360,288 ADS equivalent(d)2,647,530 2,720,224 2,805,725 2,730,922 2,893,381 Weighted average number of shares outstanding used to ca

241、lculate diluted earnings per share 15,885,184 16,709,108 17,269,574 16,816,664 17,750,078 ADS equivalent(d)2,647,530 2,784,851 2,878,262 2,802,777 2,958,346 Shares in issue at period-end 15,851,028 16,155,806 16,824,651 15,851,028 16,824,651 ADS equivalent(d)2,641,838 2,692,634 2,804,108 2,641,838 2

242、,804,108(a)See Condensed group statement of changes in equity-footnote(a)for further information.(b)If the inclusion of potentially issuable shares would decrease loss per share,the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate dilu

243、ted earnings per share.The numbers of potentially issuable shares that have been excluded from the calculation for the fourth quarter 2024 are 367,276 thousand(ADS equivalent 61,213 thousand).(c)Excludes treasury shares and includes certain shares that will be issued in the future under employee sha

244、re-based payment plans.(d)One ADS is equivalent to six ordinary shares.BP p.l.c.Group resultsFourth quarter and full year 202424Note 9.Dividends Dividends payablebp today announced an interim dividend of 8.000 cents per ordinary share which is expected to be paid on 28 March 2025 to ordinary shareho

245、lders and American Depositary Share(ADS)holders on the register on 21 February 2025.The ex-dividend date will be 20 February 2025 for ordinary shareholders and 21 February 2025 for ADS holders.The corresponding amount in sterling is due to be announced on 17 March 2025,calculated based on the averag

246、e of the market exchange rates over three dealing days between 11 March 2025 and 13 March 2025.Holders of ADSs are expected to receive$0.48 per ADS(less applicable fees).The board has decided not to offer a scrip dividend alternative in respect of the fourth quarter 2024 dividend.Ordinary shareholde

247、rs and ADS holders(subject to certain exceptions)will be able to participate in a dividend reinvestment programme.Details of the fourth quarter dividend and timetable are available at and further details of the dividend reinvestment programmes are available at paid per ordinary sharecents 8.000 8.00

248、0 7.270 30.540 27.760 pence 6.296 6.050 5.737 23.720 22.328 Dividends paid per ADS(cents)48.00 48.00 43.62 183.24 166.56 Note 10.Net debt Net debt*31 December 30 September31 December$million202420242023Finance debt(a)59,547 57,470 51,954 Fair value(asset)liability of hedges related to finance debt(b

249、)2,654 1,393 1,988 62,201 58,863 53,942 Less:cash and cash equivalents 39,204 34,595 33,030 Net debt(c)22,997 24,268 20,912 Total equity(d)78,318 79,946 85,493 Gearing*22.7%23.3%19.7%(a)The fair value of finance debt at 31 December 2024 was$54,966million(30 September 2024$54,324 million,31 December

250、2023$48,795 million).(b)Derivative financial instruments entered into for the purpose of managing foreign currency exchange risk associated with net debt with a fair value liability position of$166million at 31December 2024(third quarter 2024 liability of$123million and fourth quarter 2023 liability

251、 of$73million)are not included in the calculation of net debt shown above as hedge accounting is not applied for these instruments.(c)Net debt does not include accrued interest,which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows

252、are presented as operating cash flows in the group cash flow statement.(d)Total equity at 31 December 2024 includes the additional$3.1 billion related to perpetual hybrid bonds and securities issued in the fourth quarter.See Condensed group statement of changes in equity-footnote(b)for further infor

253、mation.Note 11.Statutory accountsThe financial information shown in this publication,which was approved by the Board of Directors on 10 February 2025,is unaudited and does not constitute statutory financial statements.Audited financial information will be published in bp Annual Report and Form 20-F

254、2024.bp Annual Report and Form 20-F 2023 has been filed with the Registrar of Companies in England and Wales.The report of the auditor on those accounts was unqualified,did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and

255、 did not contain a statement under section 498(2)or section 498(3)of the UK Companies Act 2006.BP p.l.c.Group resultsFourth quarter and full year 202425Additional informationCapital expenditure*FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Capital expenditureOrganic capit

256、al expenditure*4,229 4,341 4,673 16,135 14,998 Inorganic capital expenditure*(a)(503)201 38 102 1,255 3,726 4,542 4,711 16,237 16,253 FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Capital expenditure by segmentgas&low carbon energy(a)812 2,096 1,326 5,211 4,281 oil produc

257、tion&operations 1,478 1,410 1,636 6,198 6,278 customers&products(a)1,324 931 1,603 4,420 5,253 other businesses&corporate 112 105 146 408 441 3,726 4,542 4,711 16,237 16,253 Capital expenditure by geographical areaUS 1,765 1,389 2,164 6,566 8,105 Non-US 1,961 3,153 2,547 9,671 8,148 3,726 4,542 4,71

258、1 16,237 16,253(a)Fourth quarter and full year 2024 include the cash acquired net of acquisition payments on completion of the bp Bunge Bioenergia and Lightsource bp acquisitions.Full year 2023 includes$1.1 billion,net of adjustments,in respect of the TravelCenters of America acquisition.BP p.l.c.Gr

259、oup resultsFourth quarter and full year 202426Adjusting items*FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023gas&low carbon energyGains on sale of businesses and fixed assets 268 19 3 297 19 Net impairment and losses on sale of businesses and fixed assets(a)(1,106)(772)(93

260、7)(3,004)(2,221)Environmental and related provisions Restructuring,integration and rationalization costs(1)(24)(25)Fair value accounting effects(b)(c)(377)(275)1,887 (1,550)8,859 Other(d)1,070 303 (561)1,048 (1,299)(146)(749)392 (3,234)5,358 oil production&operationsGains on sale of businesses and f

261、ixed assets 35 (82)(55)144 297 Net impairment and losses on sale of businesses and fixed assets(a)129 (770)(1,635)(790)(1,819)Environmental and related provisions(60)(53)48 5 54 Restructuring,integration and rationalization costs(14)(1)(15)(1)Fair value accounting effects Other(e)(443)3 (28)(492)(12

262、1)(353)(903)(1,670)(1,148)(1,590)customers&productsGains on sale of businesses and fixed assets 169 12 23 190 44 Net impairment and losses on sale of businesses and fixed assets(a)(f)(2,048)(295)(1,396)(3,117)(1,757)Environmental and related provisions(102)(4)(86)(99)(97)Restructuring,integration an

263、d rationalization costs(85)(39)(123)Fair value accounting effects(c)(119)157 144 (81)(86)Other(g)49 (189)(42)(847)(287)(2,136)(358)(1,357)(4,077)(2,183)other businesses&corporateGains on sale of businesses and fixed assets 4 3 1 39 1 Net impairment and losses on sale of businesses and fixed assets(2

264、8)(6)19 (19)(41)Environmental and related provisions(h)(98)(8)(565)(87)(604)Restructuring,integration and rationalization costs(21)(50)51 (59)38 Fair value accounting effects(c)(493)494 579 (221)630 Gulf of America oil spill(12)(20)(11)(51)(57)Other 14 9 7 18 (4)(634)422 81 (380)(37)Total before int

265、erest and taxation(3,269)(1,588)(2,554)(8,839)1,548 Finance costs(i)(150)(58)(86)(505)(405)Total before taxation(3,419)(1,646)(2,640)(9,344)1,143 Taxation on adjusting items(j)266 535 1,175 1,495 972 Taxation tax rate change effect(k)32 (44)(316)232 Total after taxation for period(3,121)(1,155)(1,46

266、5)(8,165)2,347(a)See Note 4 for further information.(b)Under IFRS bp marks-to-market the value of the hedges used to risk-manage LNG contracts,but not the contracts themselves,resulting in a mismatch in accounting treatment.The fair value accounting effect includes the change in value of LNG contrac

267、ts that are being risk managed,and the underlying result reflects how bp risk-manages its LNG contracts.(c)For further information,including the nature of fair value accounting effects reported in each segment,see pages 3,6 and 35.(d)Fourth quarter and full year 2024 include a$508 million gain relat

268、ing to the remeasurement of bps pre-existing 49.97%interest in Lightsource bp and$498 million relating to the remeasurement of certain US assets excluded from the Lightsource bp acquisition(see Note 2 for further information).Fourth quarter and full year 2023 include$600 million and$1,140 million re

269、spectively of impairment charges recognized through equity-accounted earnings relating to our US offshore wind projects.(e)Fourth quarter and full year 2024 includes$429 million of impairment charges recognized through equity-accounted earnings relating to our interest in Pan American Energy Group.(

270、f)See Note 3 for further information.(g)All periods in 2024 include recognition of onerous contract provisions related to the Gelsenkirchen refinery.The unwind of these provisions will be reported as an adjusting item as the contractual obligations are settled.(h)Fourth quarter and full year 2023 in

271、clude charges related to the control,abatement,clean-up or elimination of environmental pollution and legal settlements.(i)Includes the unwinding of discounting effects relating to Gulf of America oil spill payables and the income statement impact of temporary valuation differences related to the gr

272、oups interest rate and foreign currency exchange risk management associated with finance debt.Full year 2023 also includes the income statement impact associated with the buyback of finance debt.Third quarter,fourth quarter and full year 2024 also include the unwinding of discounting effects relatin

273、g to certain onerous contract provisions.BP p.l.c.Group resultsFourth quarter and full year 202427(j)Includes certain foreign exchange effects on tax as adjusting items.These amounts represent the impact of:(i)foreign exchange on deferred tax balances arising from the conversion of local currency ta

274、x base amounts into functional currency,and(ii)taxable gains and losses from the retranslation of US dollar-denominated intra-group loans to local currency.(k)Fourth quarter and full year 2024 and full year 2023 include revisions to the deferred tax impact of the introduction of the UK Energy Profit

275、s Levy(EPL)on temporary differences existing at 31 December 2022 that are expected to unwind before 31 March 2028.The EPL increases the headline rate of tax to 78%(75%until 31 October 2024)and applies to taxable profits from bps North Sea business made from 1 January 2023 until 31 March 2028.In Octo

276、ber 2024 the UK government announced changes to the EPL including a 3%increase in the rate from 1 November 2024,the removal of the Levys main investment allowance and an extension to 31 March 2030.The changes to the rate and to the investment allowance were substantively enacted in the fourth quarte

277、r.The extension to 31 March 2030 has not yet been substantively enacted and has therefore not been accounted for at 31 December 2024,the impact will be reflected in the financial statements when the change is substantively enacted.Net debt including leasesNet debt including leases*31 December 30 Sep

278、tember31 December$million202420242023Net debt*22,997 24,268 20,912 Lease liabilities 12,000 11,018 11,121 Net partner(receivable)payable for leases entered into on behalf of joint operations(88)(98)(131)Net debt including leases 34,909 35,188 31,902 Total equity(a)78,318 79,946 85,493 Gearing includ

279、ing leases*30.8%30.6%27.2%(a)Total equity at 31 December 2024 includes the additional$3.1 billion related to perpetual hybrid bonds and securities issued in the fourth quarter.See Condensed group statement of changes in equity-footnote(b)for further information.Gulf of America oil spill31 December31

280、 December$million20242023Gulf of America oil spill payables and provisions(7,958)(8,735)Of which-current(1,127)(1,133)Deferred tax asset 1,205 1,320 During the second quarter 2024 pre-tax payments of$1,129 million were made relating to the 2016 consent decree and settlement agreement with the United

281、 States and the five Gulf coast states.Payables and provisions presented in the table above reflect the latest estimate for the remaining costs associated with the Gulf of America oil spill.Where amounts have been provided on an estimated basis,the amounts ultimately payable may differ from the amou

282、nts provided and the timing of payments is uncertain.Further information relating to the Gulf of America oil spill,including information on the nature and expected timing of payments relating to provisions and other payables,is provided in bp Annual Report and Form 20-F 2023-Financial statements-Not

283、es 7,22,23,29,and 33.Working capital*reconciliationFourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Movements in inventories and other current and non-current assets and liabilities as per condensed group cash flow statement(a)2,752 1,798 1,942 3,975 (3,338)Adjusted for inve

284、ntory holding gains(losses)*(Note 5)(21)(1,182)(1,497)(488)(1,236)Adjusted for fair value accounting effects*relating to subsidiaries(992)319 2,610 (2,018)9,348 Other adjusting items(b)(460)451 (966)(661)(2,006)Working capital release(build)after adjusting for net inventory gains(losses),fair value

285、accounting effects and other adjusting items 1,279 1,386 2,089 808 2,768(a)The movement in working capital includes outflows relating to the Gulf of America oil spill on a pre-tax basis of$1million and$1,141million in the fourth quarter and full year 2024 respectively(third quarter 2024$4million,fou

286、rth quarter 2023 nil,full year 2023$1,222million).(b)Other adjusting items relate to the non-cash movement of US emissions obligations carried as a provision that will be settled by allowances held as inventory.BP p.l.c.Group resultsFourth quarter and full year 202428Adjusted earnings before interes

287、t,taxation,depreciation and amortization(adjusted EBITDA)*FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023Profit for the period(1,620)370 436 1,229 15,880 Finance costs 1,291 1,101 1,038 4,683 3,840 Net finance(income)expense relating to pensions and other post-employment b

288、enefits(45)(42)(61)(168)(241)Taxation 1,117 1,028 663 5,553 7,869 Profit before interest and tax 743 2,457 2,076 11,297 27,348 Inventory holding(gains)losses*,before tax 21 1,182 1,497 488 1,236 RC profit before interest and tax 764 3,639 3,573 11,785 28,584 Net(favourable)adverse impact of adjustin

289、g items*,before interest and tax 3,269 1,588 2,554 8,839 (1,548)Underlying RC profit before interest and tax 4,033 5,227 6,127 20,624 27,036 Add back:Depreciation,depletion and amortization 4,257 4,117 4,060 16,622 15,928 Exploration expenditure written off 123 310 381 766 746 Adjusted EBITDA 8,413

290、9,654 10,568 38,012 43,710 Adjusted earnings before interest,depreciation and amortization(adjusted EBIDA)*YearYear$million20242023Profit for the period 1,229 15,880 Finance costs 4,683 3,840 Net finance(income)expense relating to pensions and other post-employment benefits(168)(241)Taxation 5,553 7

291、,869 Profit before interest and tax 11,297 27,348 Inventory holding(gains)losses*,before tax 488 1,236 RC profit before interest and tax 11,785 28,584 Net(favourable)adverse impact of adjusting items*,before interest and tax 8,839 (1,548)Underlying RC profit before interest and tax 20,624 27,036 Tax

292、ation on an underlying RC basis(6,851)(9,365)13,773 17,671 Add back:Depreciation,depletion and amortization 16,622 15,928 Exploration expenditure written off 766 746 Adjusted EBIDA 31,161 34,345 BP p.l.c.Group resultsFourth quarter and full year 202429Return on average capital employed(ROACE)*YearYe

293、ar$million20242023Profit(loss)for the year attributable to bp shareholders 381 15,239 Inventory holding(gains)losses*,net of tax 369 944 Net(favourable)adverse impact of adjusting items*,after taxation 8,165 (2,347)Underlying replacement cost(RC)profit*8,915 13,836 Interest expense,net of tax(a)2,70

294、9 1,908 Non-controlling interests 848 641 Adjusted underlying RC profit 12,472 16,385 Total equity 78,318 85,493 Finance debt 59,547 51,954 Capital employed 137,865 137,447 Less:Goodwill 14,888 12,472 Cash and cash equivalents 39,204 33,030 83,773 91,945 Average capital employed(excluding goodwill a

295、nd cash and cash equivalents)87,859 90,362 ROACE14.2%18.1%(a)Finance costs,as reported in the Group income statement,were$4,683million(2023$3,840 million).Interest expense which totals$3,113million(2023$2,569 million)on a pre-tax basis is finance costs excluding lease interest of$441million(2023$346

296、 million),unwinding of discount on provisions and other payables of$1,013million(2023$912 million)and other adjusting items related to finance costs of$116million(2023$13 million).Interest expense included above is calculated on a post-tax basis.BP p.l.c.Group resultsFourth quarter and full year 202

297、430Underlying operating expenditure*reconciliationUnderlying operating expenditure is a non-IFRS measure and a subset of production and manufacturing expenses plus distribution and administration expenses and excludes costs that are classified as adjusting items.It represents the majority of the rem

298、aining expenses in these line items but excludes certain costs that are variable,primarily with volumes(such as freight costs).Management believes that underlying operating expenditure is a performance measure that provides investors with useful information regarding the companys financial performan

299、ce because it considers these expenses to be the principal operating and overhead expenses that are most directly under their control although they also include certain foreign exchange and commodity price effects.YearYear$million20242023From group income statementProduction and manufacturing expens

300、es 26,584 25,044 Distribution and administration expenses 16,417 16,772 43,001 41,816 Less certain variable costs:Transportation and shipping costs 11,531 10,752 Environmental costs 2,972 3,169 Marketing and distribution costs 1,882 2,430 Commission,storage and handling costs 1,519 1,633 Other varia

301、ble costs and non-cash costs 1,495 743 Certain variable costs 19,399 18,727 Operating expenditure*23,602 23,089 Less certain adjusting items*:Gulf of America oil spill 51 57 Environmental and related provisions 181 647 Restructuring,integration and rationalization costs 222 (37)Fair value accounting

302、 effects derivative instruments relating to the hybrid bonds 221 (630)Other certain adjusting items 601 419 Certain adjusting items 1,276 456 Underlying operating expenditure 22,326 22,633 Underlying operating expenditure reduction relative to 2023(307)Of which:Structural cost reduction*(750)Increas

303、e/(decrease)in underlying operating expenditure due to inflation,exchange,portfolio changes and organic growth 443 BP p.l.c.Group resultsFourth quarter and full year 202431Reconciliation of customers&products RC profit before interest and tax to underlying RC profit before interest and tax*to adjust

304、ed EBITDA*by business FourthThirdFourthquarterquarterquarterYearYear$million20242024202320242023RC profit(loss)before interest and taxfor customers&products(2,438)23 (554)(1,560)4,230 Less:Adjusting items*gains(charges)(2,136)(358)(1,357)(4,077)(2,183)Underlying RC profit(loss)before interest and ta

305、xfor customers&products(302)381 803 2,517 6,413 By business:customers convenience&mobility 527 897 882 2,584 2,644 Castrol included in customers 220 216 213 831 730 products refining&trading(829)(516)(79)(67)3,769 Add back:Depreciation,depletion and amortization 1,111 963 942 3,957 3,548 By business

306、:customers convenience&mobility 647 513 466 2,135 1,736 Castrol included in customers 47 45 43 176 167 products refining&trading 464 450 476 1,822 1,812 Adjusted EBITDAfor customers&products 809 1,344 1,745 6,474 9,961 By business:customers convenience&mobility 1,174 1,410 1,348 4,719 4,380 Castrol

307、included in customers 267 261 256 1,007 897 products refining&trading(365)(66)397 1,755 5,581 BP p.l.c.Group resultsFourth quarter and full year 202432Realizations*and marker pricesFourthThirdFourthquarterquarterquarterYearYear20242024202320242023Average realizations(a)Liquids*($/bbl)US(b)59.66 63.3

308、1 67.66 62.78 63.81 Europe 73.64 75.45 81.02 78.60 80.70 Rest of World 73.72 80.79 87.27 79.63 81.78 bp average(b)65.88 70.68 76.50 70.41 72.69 Natural gas($/mcf)US 1.80 1.18 2.04 1.49 2.08 Europe 14.12 12.22 15.12 11.65 16.71 Rest of World 6.96 5.80 6.18 5.90 6.13 bp average 5.85 4.75 5.45 4.91 5.6

309、0 Total hydrocarbons*($/boe)US(b)41.74 42.18 45.68 42.43 44.29 Europe 76.28 74.03 83.21 75.16 86.36 Rest of World 50.18 47.57 50.74 47.92 49.23 bp average(b)48.44 46.81 50.90 47.28 49.84 Average oil marker prices($/bbl)Brent 74.73 80.34 84.34 80.76 82.64 West Texas Intermediate 70.42 75.28 78.60 75.

310、87 77.67 Western Canadian Select 57.50 59.98 55.06 61.05 59.34 Alaska North Slope 74.28 78.95 84.23 80.24 82.36 Mars 69.98 74.20 78.35 75.60 77.19 Urals(NWE cif)64.51 70.10 72.48 68.91 61.79 Average natural gas marker pricesHenry Hub gas price(c)($/mmBtu)2.79 2.15 2.88 2.27 2.74 UK Gas National Bala

311、ncing Point(p/therm)106.79 81.77 98.68 83.57 98.93(a)Based on sales of consolidated subsidiaries only this excludes equity-accounted entities.(b)Fourth quarter and full year 2024 include an immaterial impact of a prior period adjustment in the US region.(c)Henry Hub First of Month Index.Exchange rat

312、esFourthThirdFourthquarterquarterquarterYearYear20242024202320242023$/average rate for the period 1.28 1.30 1.24 1.28 1.24$/period-end rate 1.25 1.34 1.28 1.25 1.28$/average rate for the period 1.07 1.10 1.07 1.08 1.08$/period-end rate 1.04 1.12 1.11 1.04 1.11$/AUD average rate for the period 0.65 0

313、.67 0.65 0.66 0.66$/AUD period-end rate 0.62 0.69 0.69 0.62 0.69 BP p.l.c.Group resultsFourth quarter and full year 202433Legal proceedingsFor a full discussion of the groups material legal proceedings,see pages 242-243 of bp Annual Report and Form 20-F 2023.GlossaryNon-IFRS measures are provided fo

314、r investors because they are closely tracked by management to evaluate bps operating performance and to make financial,strategic and operating decisions.Non-IFRS measures are sometimes referred to as alternative performance measures.Adjusted EBIDA is a non-IFRS measure and is defined as profit or lo

315、ss for the period,adjusting for finance costs and net finance(income)or expense relating to pensions and other post-employment benefits and taxation,inventory holding gains or losses before tax,net adjusting items before interest and tax,and taxation on an underlying RC basis,and adding back depreci

316、ation,depletion and amortization(pre-tax)and exploration expenditure written-off(net of adjusting items,pre-tax).bp believes that adjusted EBIDA is a useful measure for investors because it is a measure closely tracked by management to evaluate bps operating performance and to make financial,strateg

317、ic and operating decisions and because it may help investors to understand and evaluate,in the same manner as management,the underlying trends in bps operational performance on a comparable basis,period on period.The nearest equivalent measure on an IFRS basis is profit or loss for the period.A reco

318、nciliation of profit or loss for the period to adjusted EBIDA is provided on page 29.Adjusted EBITDA is a non-IFRS measure presented for bps operating segments and is defined as replacement cost(RC)profit before interest and tax,excluding net adjusting items*before interest and tax,and adding back d

319、epreciation,depletion and amortization and exploration write-offs(net of adjusting items).Adjusted EBITDA by business is a further analysis of adjusted EBITDA for the customers&products businesses.bp believes it is helpful to disclose adjusted EBITDA by operating segment and by business because it r

320、eflects how the segments measure underlying business delivery.The nearest equivalent measure on an IFRS basis for the segment is RC profit or loss before interest and tax,which is bps measure of profit or loss that is required to be disclosed for each operating segment under IFRS.A reconciliation to

321、 IFRS information is provided on page 32 for the customers&products businesses.Adjusted EBITDA for the group is defined as profit or loss for the period,adjusting for finance costs and net finance(income)or expense relating to pensions and other post-employment benefits and taxation,inventory holdin

322、g gains or losses before tax,net adjusting items before interest and tax,and adding back depreciation,depletion and amortization(pre-tax)and exploration expenditure written-off(net of adjusting items,pre-tax).The nearest equivalent measure on an IFRS basis for the group is profit or loss for the per

323、iod.A reconciliation to IFRS information is provided on page 29 for the group.Adjusting items are items that bp discloses separately because it considers such disclosures to be meaningful and relevant to investors.They are items that management considers to be important to period-on-period analysis

324、of the groups results and are disclosed in order to enable investors to better understand and evaluate the groups reported financial performance.Adjusting items include gains and losses on the sale of businesses and fixed assets,impairments,environmental and related provisions and charges,restructur

325、ing,integration and rationalization costs,fair value accounting effects and costs relating to the Gulf of America oil spill and other items.Adjusting items within equity-accounted earnings are reported net of incremental income tax reported by the equity-accounted entity.Adjusting items are used as

326、a reconciling adjustment to derive underlying RC profit or loss and related underlying measures which are non-IFRS measures.An analysis of adjusting items by segment and type is shown on page 27.Blue hydrogen Hydrogen made from natural gas in combination with carbon capture and storage(CCS).Capital

327、expenditure is total cash capital expenditure as stated in the condensed group cash flow statement.Capital expenditure for the operating segments,gas&low carbon energy businesses and customers&products businesses is presented on the same basis.Cash balance point is defined as the implied Brent oil p

328、rice 2021 real to balance bps sources and uses of cash assuming an average bp refining marker margin around$11/bbl and Henry Hub at$3/mmBtu in 2021 real terms.Consolidation adjustment UPII is unrealized profit in inventory arising on inter-segment transactions.Developed renewables to final investmen

329、t decision(FID)Total generating capacity for assets developed to FID by all entities where bp has an equity share(proportionate to equity share at the time of FID).If asset is subsequently sold bp will continue to record capacity as developed to FID.Divestment proceeds are disposal proceeds as per t

330、he condensed group cash flow statement.Effective tax rate(ETR)on replacement cost(RC)profit or loss is a non-IFRS measure.The ETR on RC profit or loss is calculated by dividing taxation on a RC basis by RC profit or loss before tax.Taxation on a RC basis for the group is calculated as taxation as st

331、ated on the group income statement adjusted for taxation on inventory holding gains and losses.Information on RC profit or loss is provided below.bp believes it is helpful to disclose the ETR on RC profit or loss because this measure excludes the impact of price changes on the replacement of invento

332、ries and allows for more meaningful comparisons between reporting periods.Taxation on a RC basis and ETR on RC profit or loss are non-IFRS measures.The nearest equivalent measure on an IFRS basis is the ETR on profit or loss for the period.Electric vehicle charge points/EV charge points are defined

333、as the number of connectors on a charging device,operated by either bp or a bp joint venture as adjusted to be reflective of bps accounting share of joint arrangements.BP p.l.c.Group resultsFourth quarter and full year 202434Glossary(continued)Fair value accounting effects are non-IFRS adjustments to our IFRS profit(loss).They reflect the difference between the way bp manages the economic exposure