Exhibit
1.1
|
1Q23
SEA Part 1 of 1 on 02 May 2023
|
FOR IMMEDIATE RELEASE
|
|
London 2 May 2023
|
|
BP p.l.c. Group results
|
|
First quarter 2023
|
Performing while transforming
|
Financial summary
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Profit (loss) for the period attributable to bp
shareholders
|
|
8,218
|
10,803
|
(20,384)
|
Inventory holding (gains) losses*, net of tax
|
|
452
|
1,066
|
(2,664)
|
AReplacement cost (RC) profit (loss)*
|
|
8,670
|
11,869
|
(23,048)
|
Net (favourable) adverse impact of adjusting items*, net of
tax
|
|
(3,707)
|
(7,062)
|
29,293
|
Underlying RC profit*
|
|
4,963
|
4,807
|
6,245
|
Operating cash flow*
|
|
7,622
|
13,571
|
8,210
|
Capital expenditure*
|
|
(3,625)
|
(7,369)
|
(2,929)
|
Divestment
and other proceeds(a)
|
|
800
|
614
|
1,181
|
Surplus cash flow*
|
|
2,283
|
4,985
|
4,037
|
Net issue (repurchase) of shares
|
|
(2,448)
|
(3,240)
|
(1,592)
|
Net
debt*(b)
|
|
21,232
|
21,422
|
27,457
|
Announced dividend per ordinary share (cents per
share)
|
|
6.610
|
6.610
|
5.460
|
Underlying RC profit per ordinary share* (cents)
|
|
27.74
|
26.44
|
32.00
|
Underlying RC profit per ADS* (dollars)
|
|
1.66
|
1.59
|
1.92
|
● Underlying RC profit $5.0bn; Net debt reduced to
$21.2bn
|
|
● Further $1.75bn share buyback announced
|
|
● Delivering resilient hydrocarbons - advancing two major
projects*; intention to form JV with ADNOC
|
|
● Continued progress in transformation to an IEC - agreement
to acquire TravelCenters of America; advancing EV charging
strategy
|
This has been a quarter of strong performance and strategic
delivery as we continue to focus on safe and reliable operations.
Momentum continues to build across our integrated energy company
strategy, with the start-up of Mad Dog Phase 2, our agreement to
acquire TravelCenters of America and progress towards hydrogen and
CCS projects in the UK. And importantly we continue to deliver for
shareholders, through disciplined investment, lowering net debt and
growing distributions.
|
|
Bernard Looney
Chief executive officer
|
|
|
Highlights
|
|
|
Underlying replacement cost profit* $5.0 billion
|
|
|
● Underlying
replacement cost profit for the quarter was $5.0 billion, compared with $4.8 billion for the previous quarter.
Compared to the fourth quarter
2022, the result reflects an
exceptional gas marketing and trading result, a lower level of
refinery turnaround activity and a very strong oil trading result,
partly offset by lower liquids and gas realizations and lower
refining margins.
● Reported
profit for the quarter was $8.2
billion, compared with $10.8
billion for the fourth
quarter 2022. The reported
result for the first quarter is
adjusted for inventory holding losses* of $0.5 billion (net of tax) and a net
favourable impact of adjusting items* of $3.7 billion (net of tax) to derive the
underlying replacement cost profit. Adjusting items include
favourable fair value accounting effects* of $4.3 billion, primarily resulting from the
decline in the forward price of LNG compared to the end of the
fourth quarter.
|
|
|
Net debt* reduced to $21.2
billion; further $1.75 billion share buyback
announced
|
|
|
● Operating
cash flow* in the quarter was $7.6
billion including a working capital* build (after adjusting
for inventory holding losses, fair value accounting effects and
other adjusting items) of $1.4
billion (see page
27).
● Capital
expenditure* in the first quarter was $3.6 billion. bp continues to expect
capital expenditure, including inorganic capital expenditure*, of
$16-18 billion in 2023.
● During
the first quarter, bp completed
$2.2 billion of share buybacks from surplus cash flow*. The $2.75
billion share buyback programme announced with the fourth quarter results was completed on 28
April 2023.
● During
the first quarter, bp also completed share buybacks of $225 million
as part of the $675 million programme announced on 7 February 2023
to offset the expected full-year dilution from the vesting of
awards under employee share schemes in 2023.
● In
the first quarter, bp generated
surplus cash flow of $2.3
billion and intends to execute a $1.75 billion share buyback
from surplus cash flow prior to announcing its second quarter 2023
results.
● bp
remains committed to using 60% of 2023 surplus cash flow for share
buybacks, subject to maintaining a strong investment grade credit
rating.
● Based
on bp’s current forecasts, at around $60 per barrel Brent and
subject to the board’s discretion each quarter, bp expects to
be able to deliver share buybacks of around $4.0 billion per annum,
at the lower end of its $14-18 billion capital expenditure range,
and have capacity for an annual increase in the dividend per
ordinary share of around 4%.
● Net
debt fell to $21.2 billion at
the end of the first quarter.
|
|
|
Continued progress in transformation to an Integrated Energy
Company
|
|
|
● In
resilient hydrocarbons, bp has announced the safe delivery of its
Mad Dog Phase 2 project in the Gulf of Mexico. In addition, the
KGD6-MJ project offshore India is in the final stages of
commissioning with two wells opened to flow gas and full start-up
expected during the second quarter. bp intends to form a new joint
venture with ADNOC that will be focused on gas development,
together making a non-binding offer for a 50% interest in NewMed
Energy as a significant first step. bp is moving forward with
concept selection for Kaskida in the Gulf of Mexico and bp and
partners have confirmed they will progress evaluation of
development concept for the bp-operated Greater Tortue Ahmeyim
Phase 2 project. During the quarter, bp completed the divestment of
its interest in the Toledo refinery and its Algerian upstream
assets.
● In
convenience and mobility, bp is advancing its strategy –
agreeing to acquire TravelCenters of America, one of the biggest
networks of highway travel centres in the US. bp has also continued
to progress its EV charging strategy – signing a strategic
collaboration agreement with Iberdrola in Spain and Portugal and
signing a global mobility agreement with Uber.
● In
low carbon energy, bp has signed an agreement to take a 40% stake
in the Viking carbon capture and storage (CCS) project in the North
Sea; three bp-led hydrogen and CCS projects in the north-east
England have been chosen by the UK government to progress to the
next stage of development; and bp has launched plans for a
low-carbon green energy cluster in Spain's Valencia region to
include world-scale green hydrogen* production at bp’s
Castellón refinery with up to 2GW of electrolysis capacity by
2030.
|
|
|
In the first quarter, bp delivered resilient earnings and continues
to execute against its unchanged financial frame. We are
strengthening the balance sheet, investing with discipline to
advance our strategy, and are committed to returning 60% of 2023
surplus cash flow through share buybacks with a further $1.75
billion announced for the first quarter.
|
|
Murray Auchincloss
Chief financial officer
|
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
RC profit (loss) before interest and tax
|
|
|
|
|
gas
& low carbon energy
|
|
7,347
|
16,439
|
(1,524)
|
oil
production & operations
|
|
3,317
|
1,688
|
3,831
|
customers
& products
|
|
2,680
|
771
|
1,981
|
other
businesses & corporate
|
|
(90)
|
103
|
(24,719)
|
Of
which:
|
|
|
|
|
other
businesses & corporate excluding Rosneft
|
|
(90)
|
103
|
(686)
|
Rosneft
|
|
—
|
—
|
(24,033)
|
Consolidation
adjustment – UPII*
|
|
(22)
|
147
|
34
|
RC profit (loss) before interest and tax
|
|
13,232
|
19,148
|
(20,397)
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(785)
|
(818)
|
(644)
|
Taxation on a RC basis
|
|
(3,573)
|
(6,103)
|
(1,693)
|
Non-controlling interests
|
|
(204)
|
(358)
|
(314)
|
RC profit (loss) attributable to bp shareholders*
|
|
8,670
|
11,869
|
(23,048)
|
Inventory holding gains (losses)*
|
|
(600)
|
(1,428)
|
3,501
|
Taxation (charge) credit on inventory holding gains and
losses
|
|
148
|
362
|
(837)
|
Profit (loss) for the period attributable to bp
shareholders
|
|
8,218
|
10,803
|
(20,384)
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Underlying RC profit (loss) before interest and tax
|
|
|
|
|
gas
& low carbon energy
|
|
3,456
|
3,148
|
3,595
|
oil
production & operations
|
|
3,319
|
4,428
|
4,683
|
customers
& products
|
|
2,759
|
1,902
|
2,156
|
other
businesses & corporate
|
|
(296)
|
(306)
|
(259)
|
Of
which:
|
|
|
|
|
other
businesses & corporate excluding Rosneft
|
|
(296)
|
(306)
|
(259)
|
Rosneft
|
|
—
|
—
|
—
|
Consolidation
adjustment – UPII
|
|
(22)
|
147
|
34
|
Underlying RC profit before interest and tax
|
|
9,216
|
9,319
|
10,209
|
Finance
costs and net finance expense relating to pensions and other
post-retirement benefits
|
|
(681)
|
(649)
|
(486)
|
Taxation on an underlying RC basis
|
|
(3,368)
|
(3,505)
|
(3,164)
|
Non-controlling interests
|
|
(204)
|
(358)
|
(314)
|
Underlying RC profit attributable to bp shareholders*
|
|
4,963
|
4,807
|
6,245
|
Operating metrics
|
|
First quarter 2023
|
|
vs
First quarter 2022
|
Tier 1 and tier 2 process safety events*
|
|
8
|
|
-4
|
Reported recordable injury frequency*
|
|
0.195
|
|
+27.0%
|
upstream* production(a)
(mboe/d)
|
|
2,330
|
|
+3.4%
|
upstream unit production costs*(b)
($/boe)
|
|
5.73
|
|
-12.1%
|
bp-operated upstream plant reliability*
|
|
95.5%
|
|
-0.6
|
bp-operated refining availability*(a)
|
|
96.1%
|
|
1.1
|
The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Profit (loss) before interest and tax
|
|
7,348
|
16,429
|
(1,499)
|
Inventory holding (gains) losses*
|
|
(1)
|
10
|
(25)
|
RC profit (loss) before interest and tax
|
|
7,347
|
16,439
|
(1,524)
|
Net (favourable) adverse impact of adjusting items
|
|
(3,891)
|
(13,291)
|
5,119
|
Underlying RC profit before interest and tax
|
|
3,456
|
3,148
|
3,595
|
Taxation on an underlying RC basis
|
|
(961)
|
(1,163)
|
(1,009)
|
Underlying RC profit before interest
|
|
2,495
|
1,985
|
2,586
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Depreciation, depletion and amortization
|
|
|
|
|
Total depreciation, depletion and amortization
|
|
1,440
|
1,373
|
1,255
|
|
|
|
|
|
Exploration write-offs
|
|
|
|
|
Exploration write-offs
|
|
(1)
|
(6)
|
(2)
|
|
|
|
|
|
Adjusted EBITDA*
|
|
|
|
|
Total adjusted EBITDA
|
|
4,895
|
4,515
|
4,848
|
|
|
|
|
|
Capital expenditure*
|
|
|
|
|
gas
|
|
647
|
1,032
|
642
|
low
carbon energy(a)
|
|
366
|
577
|
219
|
Total capital expenditure
|
|
1,013
|
1,609
|
861
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
|
|
2023
|
2022
|
2022
|
Production (net of
royalties)(b)
|
|
|
|
|
Liquids* (mb/d)
|
|
114
|
121
|
121
|
Natural gas (mmcf/d)
|
|
4,962
|
4,844
|
4,897
|
Total hydrocarbons* (mboe/d)
|
|
969
|
956
|
966
|
|
|
|
|
|
Average realizations*(c)
|
|
|
|
|
Liquids ($/bbl)
|
|
73.59
|
80.50
|
86.09
|
Natural gas ($/mcf)
|
|
7.41
|
9.40
|
7.88
|
Total hydrocarbons* ($/boe)
|
|
46.55
|
57.60
|
50.91
|
|
|
31 March 2023
|
31 December 2022
|
31 March 2022
|
|
|
|||
low carbon energy(d)
|
|
|||
|
|
|
|
|
Renewables (bp net, GW)
|
|
|
|
|
Installed renewables capacity*
|
|
2.2
|
2.2
|
1.9
|
|
|
|
|
|
Developed renewables to FID*
|
|
5.9
|
5.8
|
4.4
|
Renewables pipeline
|
|
38.8
|
37.2
|
24.9
|
of which by geographical area:
|
|
|
|
|
Renewables
pipeline – Americas
|
|
17.5
|
17.0
|
16.3
|
Renewables pipeline
– Asia Pacific(e)
|
|
12.2
|
11.8
|
1.4
|
Renewables
pipeline – Europe
|
|
8.9
|
8.3
|
7.0
|
Renewables
pipeline – Other
|
|
0.1
|
0.1
|
0.2
|
of which by technology:
|
|
|
|
|
Renewables
pipeline – offshore wind
|
|
5.3
|
5.2
|
5.2
|
Renewables
pipeline – onshore wind
|
|
6.3
|
6.3
|
—
|
Renewables
pipeline – solar
|
|
27.2
|
25.7
|
19.7
|
Total Developed renewables to FID and Renewables
pipeline
|
|
44.7
|
43.0
|
29.2
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Profit before interest and tax
|
|
3,318
|
1,686
|
3,832
|
Inventory holding (gains) losses*
|
|
(1)
|
2
|
(1)
|
RC profit before interest and tax
|
|
3,317
|
1,688
|
3,831
|
Net (favourable) adverse impact of adjusting items
|
|
2
|
2,740
|
852
|
Underlying RC profit before interest and tax
|
|
3,319
|
4,428
|
4,683
|
Taxation on an underlying RC basis
|
|
(1,766)
|
(2,015)
|
(1,912)
|
Underlying RC profit before interest
|
|
1,553
|
2,413
|
2,771
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Depreciation, depletion and amortization
|
|
|
|
|
Total depreciation, depletion and amortization
|
|
1,327
|
1,383
|
1,429
|
|
|
|
|
|
Exploration write-offs
|
|
|
|
|
Exploration write-offs
|
|
51
|
73
|
51
|
|
|
|
|
|
Adjusted EBITDA*
|
|
|
|
|
Total adjusted EBITDA
|
|
4,697
|
5,884
|
6,163
|
|
|
|
|
|
Capital expenditure*
|
|
|
|
|
Total capital expenditure
|
|
1,520
|
1,430
|
1,254
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
|
|
2023
|
2022
|
2022
|
Production (net of
royalties)(a)
|
|
|
|
|
Liquids* (mb/d)
|
|
1,005
|
966
|
948
|
Natural gas (mmcf/d)
|
|
2,060
|
1,989
|
1,964
|
Total hydrocarbons* (mboe/d)
|
|
1,360
|
1,309
|
1,286
|
|
|
|
|
|
Average realizations*(b)
|
|
|
|
|
Liquids ($/bbl)
|
|
71.63
|
80.43
|
83.47
|
Natural
gas(c)
($/mcf)
|
|
6.57
|
10.20
|
9.55
|
Total
hydrocarbons*(c)
($/boe)
|
|
62.36
|
74.60
|
76.85
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Profit (loss) before interest and tax
|
|
2,078
|
(645)
|
5,456
|
Inventory holding (gains) losses*
|
|
602
|
1,416
|
(3,475)
|
RC profit (loss) before interest and tax
|
|
2,680
|
771
|
1,981
|
Net (favourable) adverse impact of adjusting items
|
|
79
|
1,131
|
175
|
Underlying RC profit before interest and tax
|
|
2,759
|
1,902
|
2,156
|
Of
which:(a)
|
|
|
|
|
customers
– convenience & mobility
|
|
391
|
628
|
522
|
Castrol – included in customers
|
|
161
|
70
|
256
|
products
– refining & trading
|
|
2,368
|
1,274
|
1,634
|
Taxation on an underlying RC basis
|
|
(777)
|
(400)
|
(400)
|
Underlying RC profit before interest
|
|
1,982
|
1,502
|
1,756
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Adjusted EBITDA*(b)
|
|
|
|
|
customers – convenience & mobility
|
|
732
|
962
|
848
|
Castrol – included in customers
|
|
200
|
110
|
295
|
products – refining & trading
|
|
2,824
|
1,681
|
2,025
|
|
|
3,556
|
2,643
|
2,873
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
|
|
|
Total depreciation, depletion and amortization
|
|
797
|
741
|
717
|
|
|
|
|
|
Capital expenditure*
|
|
|
|
|
customers – convenience & mobility
|
|
458
|
694
|
347
|
Castrol – included in customers
|
|
68
|
98
|
52
|
products
– refining & trading(c)
|
|
532
|
3,455
|
368
|
Total capital expenditure
|
|
990
|
4,149
|
715
|
Retail(d)
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
|
|
2023
|
2022
|
2022
|
bp retail sites* – total (#)
|
|
20,700
|
20,650
|
20,550
|
Strategic
convenience sites*
|
|
2,450
|
2,400
|
2,150
|
Marketing sales of refined products (mb/d)
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
|
|
2023
|
2022
|
2022
|
US
|
|
1,078
|
1,126
|
1,113
|
Europe
|
|
973
|
1,069
|
883
|
Rest of World
|
|
462
|
461
|
471
|
|
|
2,513
|
2,656
|
2,467
|
Trading/supply sales of refined products
|
|
333
|
325
|
352
|
Total sales volume of refined products
|
|
2,846
|
2,981
|
2,819
|
Refining marker margin*
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
|
|
2023
|
2022
|
2022
|
bp
average refining marker margin (RMM)(e)
($/bbl)
|
|
28.1
|
32.2
|
18.9
|
Refinery throughputs (mb/d)
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
|
|
2023
|
2022
|
2022
|
US
|
|
686
|
615
|
758
|
Europe
|
|
832
|
763
|
807
|
Rest of World
|
|
—
|
—
|
85
|
Total refinery throughputs
|
|
1,518
|
1,378
|
1,650
|
bp-operated refining availability* (%)
|
|
96.1
|
95.0
|
95.0
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Profit (loss) before interest and tax
|
|
(90)
|
103
|
(24,719)
|
Inventory holding (gains) losses*
|
|
—
|
—
|
—
|
RC profit (loss) before interest and tax
|
|
(90)
|
103
|
(24,719)
|
Net
(favourable) adverse impact of adjusting items(a)
|
|
(206)
|
(409)
|
24,460
|
Underlying RC profit (loss) before interest and tax
|
|
(296)
|
(306)
|
(259)
|
Taxation on an underlying RC basis
|
|
29
|
43
|
23
|
Underlying RC profit (loss) before interest
|
|
(267)
|
(263)
|
(236)
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Profit (loss) before interest and tax
|
|
(90)
|
103
|
(686)
|
Inventory holding (gains) losses*
|
|
—
|
—
|
—
|
RC profit (loss) before interest and tax
|
|
(90)
|
103
|
(686)
|
Net (favourable) adverse impact of adjusting items
|
|
(206)
|
(409)
|
427
|
Underlying RC profit (loss) before interest and tax
|
|
(296)
|
(306)
|
(259)
|
Taxation on an underlying RC basis
|
|
29
|
43
|
23
|
Underlying RC profit (loss) before interest
|
|
(267)
|
(263)
|
(236)
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Profit (loss) before interest and tax
|
|
—
|
—
|
(24,033)
|
Inventory holding (gains) losses*
|
|
—
|
—
|
—
|
RC profit (loss) before interest and tax
|
|
—
|
—
|
(24,033)
|
Net (favourable) adverse impact of adjusting items
|
|
—
|
—
|
24,033
|
Underlying RC profit (loss) before interest and tax
|
|
—
|
—
|
—
|
Taxation on an underlying RC basis
|
|
—
|
—
|
—
|
Underlying RC profit (loss) before interest
|
|
—
|
—
|
—
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
|
|
|
|
|
Sales
and other operating revenues (Note
5)
|
|
56,182
|
69,257
|
49,258
|
Earnings from joint ventures – after interest and
tax
|
|
195
|
189
|
379
|
Earnings from associates – after interest and
tax
|
|
173
|
129
|
871
|
Interest and other income
|
|
248
|
608
|
194
|
Gains on sale of businesses and fixed assets
|
|
153
|
173
|
518
|
Total revenues and other income
|
|
56,951
|
70,356
|
51,220
|
Purchases
|
|
29,122
|
34,101
|
27,808
|
Production and manufacturing expenses
|
|
6,982
|
6,841
|
6,975
|
Production and similar taxes
|
|
474
|
557
|
505
|
Depreciation,
depletion and amortization (Note
6)
|
|
3,800
|
3,714
|
3,625
|
Net impairment and losses on sale of businesses and fixed assets
(Note 3)
|
|
88
|
3,629
|
26,031
|
Exploration expense
|
|
106
|
140
|
92
|
Distribution and administration expenses
|
|
3,747
|
3,654
|
3,080
|
Profit (loss) before interest and taxation
|
|
12,632
|
17,720
|
(16,896)
|
Finance costs
|
|
843
|
834
|
664
|
Net
finance (income) expense relating to pensions and other
post-retirement benefits
|
|
(58)
|
(16)
|
(20)
|
Profit (loss) before taxation
|
|
11,847
|
16,902
|
(17,540)
|
Taxation
|
|
3,425
|
5,741
|
2,530
|
Profit (loss) for the period
|
|
8,422
|
11,161
|
(20,070)
|
Attributable to
|
|
|
|
|
bp
shareholders
|
|
8,218
|
10,803
|
(20,384)
|
Non-controlling
interests
|
|
204
|
358
|
314
|
|
|
8,422
|
11,161
|
(20,070)
|
|
|
|
|
|
Earnings per share (Note 7)
|
|
|
|
|
Profit (loss) for the period attributable to bp
shareholders
|
|
|
|
|
Per
ordinary share (cents)
|
|
|
|
|
Basic
|
|
45.93
|
59.43
|
(104.46)
|
Diluted
|
|
45.06
|
58.36
|
(104.46)
|
Per
ADS (dollars)
|
|
|
|
|
Basic
|
|
2.76
|
3.57
|
(6.27)
|
Diluted
|
|
2.70
|
3.50
|
(6.27)
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
|
|
|
|
|
Profit (loss) for the period
|
|
8,422
|
11,161
|
(20,070)
|
Other comprehensive income
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
Currency
translation differences(a)
|
|
453
|
2,142
|
(1,749)
|
Exchange (gains)
losses on translation of foreign operations reclassified to gain or
loss on sale of businesses and fixed assets(b)
|
|
—
|
(32)
|
10,791
|
Cash
flow hedges and costs of hedging
|
|
546
|
584
|
222
|
Share
of items relating to equity-accounted entities, net of
tax
|
|
(203)
|
392
|
85
|
Income
tax relating to items that may be reclassified
|
|
(76)
|
(108)
|
(102)
|
|
|
720
|
2,978
|
9,247
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
Remeasurements
of the net pension and other post-retirement benefit liability or
asset
|
|
(87)
|
(1,508)
|
2,128
|
Cash
flow hedges that will subsequently be transferred to the balance
sheet
|
|
—
|
1
|
(1)
|
Income
tax relating to items that will not be reclassified
|
|
23
|
538
|
(668)
|
|
|
(64)
|
(969)
|
1,459
|
Other comprehensive income
|
|
656
|
2,009
|
10,706
|
Total comprehensive income
|
|
9,078
|
13,170
|
(9,364)
|
Attributable to
|
|
|
|
|
bp
shareholders
|
|
8,861
|
12,760
|
(9,678)
|
Non-controlling
interests
|
|
217
|
410
|
314
|
|
|
9,078
|
13,170
|
(9,364)
|
|
|
bp shareholders’
|
Non-controlling interests
|
Total
|
|
$ million
|
|
equity
|
Hybrid bonds
|
Other interest
|
equity
|
At 1 January 2023
|
|
67,553
|
13,390
|
2,047
|
82,990
|
|
|
|
|
|
|
Total comprehensive income
|
|
8,861
|
142
|
75
|
9,078
|
Dividends
|
|
(1,189)
|
—
|
(68)
|
(1,257)
|
Repurchase of ordinary share capital
|
|
(3,421)
|
—
|
—
|
(3,421)
|
Share-based payments, net of tax
|
|
(29)
|
—
|
—
|
(29)
|
Issue of perpetual hybrid bonds
|
|
—
|
45
|
—
|
45
|
Payments on perpetual hybrid bonds
|
|
—
|
(80)
|
—
|
(80)
|
Transactions
involving non-controlling interests, net of tax
|
|
—
|
—
|
(145)
|
(145)
|
At 31 March 2023
|
|
71,775
|
13,497
|
1,909
|
87,181
|
|
|
|
|
|
|
|
|
bp shareholders’
|
Non-controlling interests
|
Total
|
|
$ million
|
|
equity(a)
|
Hybrid bonds
|
Other interest
|
equity
|
At 1 January 2022
|
|
75,463
|
13,041
|
1,935
|
90,439
|
|
|
|
|
|
|
Total comprehensive income
|
|
(9,678)
|
127
|
187
|
(9,364)
|
Dividends
|
|
(1,069)
|
—
|
(65)
|
(1,134)
|
Cash
flow hedges transferred to the balance sheet, net of
tax
|
|
(1)
|
—
|
—
|
(1)
|
Repurchase of ordinary share capital
|
|
(1,592)
|
—
|
—
|
(1,592)
|
Share-based payments, net of tax
|
|
175
|
—
|
—
|
175
|
Issue of perpetual hybrid bonds
|
|
(1)
|
67
|
—
|
66
|
Payments on perpetual hybrid bonds
|
|
—
|
(72)
|
—
|
(72)
|
Transactions
involving non-controlling interests, net of tax
|
|
2
|
—
|
—
|
2
|
At 31 March 2022
|
|
63,299
|
13,163
|
2,057
|
78,519
|
|
|
31 March
|
31 December
|
$ million
|
|
2023
|
2022
|
Non-current assets
|
|
|
|
Property, plant and equipment
|
|
105,744
|
106,044
|
Goodwill
|
|
12,003
|
11,960
|
Intangible assets
|
|
10,295
|
10,200
|
Investments in joint ventures
|
|
13,030
|
12,400
|
Investments in associates
|
|
8,101
|
8,201
|
Other investments
|
|
2,656
|
2,670
|
Fixed assets
|
|
151,829
|
151,475
|
Loans
|
|
1,238
|
1,271
|
Trade and other receivables
|
|
1,131
|
1,092
|
Derivative financial instruments
|
|
11,575
|
12,841
|
Prepayments
|
|
698
|
576
|
Deferred tax assets
|
|
3,401
|
3,908
|
Defined benefit pension plan surpluses
|
|
9,531
|
9,269
|
|
|
179,403
|
180,432
|
Current assets
|
|
|
|
Loans
|
|
369
|
315
|
Inventories
|
|
23,905
|
28,081
|
Trade and other receivables
|
|
29,426
|
34,010
|
Derivative financial instruments
|
|
12,247
|
11,554
|
Prepayments
|
|
1,791
|
2,092
|
Current tax receivable
|
|
637
|
621
|
Other investments
|
|
450
|
578
|
Cash and cash equivalents
|
|
30,433
|
29,195
|
|
|
99,258
|
106,446
|
Assets classified as held for sale (Note 2)
|
|
—
|
1,242
|
|
|
99,258
|
107,688
|
Total assets
|
|
278,661
|
288,120
|
Current liabilities
|
|
|
|
Trade and other payables
|
|
57,854
|
63,984
|
Derivative financial instruments
|
|
7,560
|
12,618
|
Accruals
|
|
5,829
|
6,398
|
Lease liabilities
|
|
2,160
|
2,102
|
Finance debt
|
|
2,499
|
3,198
|
Current tax payable
|
|
3,583
|
4,065
|
Provisions
|
|
5,102
|
6,332
|
|
|
84,587
|
98,697
|
Liabilities directly associated with assets classified as held for
sale (Note 2)
|
|
—
|
321
|
|
|
84,587
|
99,018
|
Non-current liabilities
|
|
|
|
Other payables
|
|
10,181
|
10,387
|
Derivative financial instruments
|
|
11,412
|
13,537
|
Accruals
|
|
1,307
|
1,233
|
Lease liabilities
|
|
6,445
|
6,447
|
Finance debt
|
|
46,096
|
43,746
|
Deferred tax liabilities
|
|
10,886
|
10,526
|
Provisions
|
|
15,214
|
14,992
|
Defined benefit pension plan and other post-retirement benefit plan
deficits
|
|
5,352
|
5,244
|
|
|
106,893
|
106,112
|
Total liabilities
|
|
191,480
|
205,130
|
Net assets
|
|
87,181
|
82,990
|
Equity
|
|
|
|
bp
shareholders’ equity
|
|
71,775
|
67,553
|
Non-controlling interests
|
|
15,406
|
15,437
|
Total equity
|
|
87,181
|
82,990
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Operating activities
|
|
|
|
|
Profit (loss) before taxation
|
|
11,847
|
16,902
|
(17,540)
|
Adjustments to
reconcile profit (loss) before taxation to net cash provided by
operating activities
|
|
|
|
|
Depreciation,
depletion and amortization and exploration expenditure written
off
|
|
3,850
|
3,781
|
3,674
|
Net
impairment and (gain) loss on sale of businesses and fixed
assets
|
|
(65)
|
3,456
|
25,513
|
Earnings from
equity-accounted entities, less dividends received
|
|
1
|
582
|
(1,093)
|
Net
charge for interest and other finance expense, less net interest
paid
|
|
63
|
186
|
184
|
Share-based
payments
|
|
(22)
|
166
|
170
|
Net
operating charge for pensions and other post-retirement benefits,
less contributions and benefit payments for unfunded
plans
|
|
(43)
|
(60)
|
(146)
|
Net
charge for provisions, less payments
|
|
(1,099)
|
(1,013)
|
484
|
Movements in
inventories and other current and non-current assets and
liabilities
|
|
(3,755)
|
(6,847)
|
(1,771)
|
Income
taxes paid
|
|
(3,155)
|
(3,582)
|
(1,265)
|
Net cash provided by operating activities
|
|
7,622
|
13,571
|
8,210
|
Investing activities
|
|
|
|
|
Expenditure on property, plant and equipment, intangible and other
assets
|
|
(3,129)
|
(3,696)
|
(2,602)
|
Acquisitions, net of cash acquired
|
|
52
|
(3,522)
|
(8)
|
Investment in joint ventures
|
|
(540)
|
(107)
|
(294)
|
Investment in associates
|
|
(8)
|
(44)
|
(25)
|
Total cash capital expenditure
|
|
(3,625)
|
(7,369)
|
(2,929)
|
Proceeds from disposal of fixed assets
|
|
15
|
27
|
468
|
Proceeds from disposal of businesses, net of cash
disposed
|
|
785
|
587
|
549
|
Proceeds from loan repayments
|
|
6
|
7
|
29
|
Cash provided from investing activities
|
|
806
|
621
|
1,046
|
Net cash used in investing activities
|
|
(2,819)
|
(6,748)
|
(1,883)
|
Financing activities
|
|
|
|
|
Net
issue (repurchase) of shares (Note
7)
|
|
(2,448)
|
(3,240)
|
(1,592)
|
Lease liability payments
|
|
(555)
|
(513)
|
(498)
|
Proceeds from long-term financing
|
|
2,395
|
10
|
2,002
|
Repayments of long-term financing
|
|
(799)
|
(2,197)
|
(892)
|
Net increase (decrease) in short-term debt
|
|
(529)
|
190
|
(276)
|
Issue of perpetual hybrid bonds
|
|
45
|
48
|
66
|
Payments relating to perpetual hybrid bonds
|
|
(236)
|
(219)
|
(148)
|
Payments
relating to transactions involving non-controlling interests (Other
interest)
|
|
(180)
|
(1)
|
(5)
|
Receipts
relating to transactions involving non-controlling interests (Other
interest)
|
|
7
|
1
|
7
|
Dividends paid - bp shareholders
|
|
(1,183)
|
(1,088)
|
(1,068)
|
-
non-controlling interests
|
|
(68)
|
(100)
|
(65)
|
Net cash provided by (used in) financing activities
|
|
(3,551)
|
(7,109)
|
(2,469)
|
Currency translation differences relating to cash and cash
equivalents
|
|
(14)
|
177
|
(125)
|
Increase (decrease) in cash and cash equivalents
|
|
1,238
|
(109)
|
3,733
|
Cash and cash equivalents at beginning of period
|
|
29,195
|
29,304
|
30,681
|
Cash and cash equivalents at end of period
|
|
30,433
|
29,195
|
34,414
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
gas & low carbon energy
|
|
7,347
|
16,439
|
(1,524)
|
oil production & operations
|
|
3,317
|
1,688
|
3,831
|
customers & products
|
|
2,680
|
771
|
1,981
|
other businesses & corporate
|
|
(90)
|
103
|
(24,719)
|
|
|
13,254
|
19,001
|
(20,431)
|
Consolidation adjustment – UPII*
|
|
(22)
|
147
|
34
|
RC profit (loss) before interest and tax
|
|
13,232
|
19,148
|
(20,397)
|
Inventory holding gains (losses)*
|
|
|
|
|
gas
& low carbon energy
|
|
1
|
(10)
|
25
|
oil
production & operations
|
|
1
|
(2)
|
1
|
customers
& products
|
|
(602)
|
(1,416)
|
3,475
|
Profit (loss) before interest and tax
|
|
12,632
|
17,720
|
(16,896)
|
Finance costs
|
|
843
|
834
|
664
|
Net
finance expense/(income) relating to pensions and other
post-retirement benefits
|
|
(58)
|
(16)
|
(20)
|
Profit (loss) before taxation
|
|
11,847
|
16,902
|
(17,540)
|
|
|
|
|
|
RC profit (loss) before interest and tax*
|
|
|
|
|
US
|
|
3,075
|
1,404
|
2,277
|
Non-US
|
|
10,157
|
17,744
|
(22,674)
|
|
|
13,232
|
19,148
|
(20,397)
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
By segment
|
|
|
|
|
gas & low carbon energy
|
|
17,886
|
26,793
|
8,166
|
oil production & operations
|
|
6,153
|
6,932
|
8,158
|
customers & products
|
|
38,882
|
43,072
|
42,163
|
other businesses & corporate
|
|
738
|
779
|
452
|
|
|
63,659
|
77,576
|
58,939
|
|
|
|
|
|
Less: sales and other operating revenues between
segments
|
|
|
|
|
gas & low carbon energy
|
|
536
|
(441)
|
1,948
|
oil production & operations
|
|
6,261
|
6,916
|
7,036
|
customers & products
|
|
144
|
610
|
692
|
other businesses & corporate
|
|
536
|
1,234
|
5
|
|
|
7,477
|
8,319
|
9,681
|
|
|
|
|
|
External sales and other operating revenues
|
|
|
|
|
gas & low carbon energy
|
|
17,350
|
27,234
|
6,218
|
oil production & operations
|
|
(108)
|
16
|
1,122
|
customers & products
|
|
38,738
|
42,462
|
41,471
|
other businesses & corporate
|
|
202
|
(455)
|
447
|
Total sales and other operating revenues
|
|
56,182
|
69,257
|
49,258
|
|
|
|
|
|
By geographical area
|
|
|
|
|
US
|
|
19,160
|
18,563
|
19,152
|
Non-US
|
|
46,350
|
61,593
|
42,797
|
|
|
65,510
|
80,156
|
61,949
|
Less: sales and other operating revenues between areas
|
|
9,328
|
10,899
|
12,691
|
|
|
56,182
|
69,257
|
49,258
|
|
|
|
|
|
Revenues from contracts with customers
|
|
|
|
|
Sales and other operating revenues include the following in
relation to revenues from contracts with customers:
|
|
|
|
|
Crude oil
|
|
637
|
809
|
2,144
|
Oil products
|
|
30,141
|
34,800
|
31,751
|
Natural gas, LNG and NGLs
|
|
9,644
|
11,040
|
10,680
|
Non-oil products and other revenues from contracts with
customers
|
|
1,872
|
1,459
|
2,345
|
Revenue from contracts with customers
|
|
42,294
|
48,108
|
46,920
|
Other
operating revenues(a)
|
|
13,888
|
21,149
|
2,338
|
Total sales and other operating revenues
|
|
56,182
|
69,257
|
49,258
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Total depreciation, depletion and amortization by
segment
|
|
|
|
|
gas & low carbon energy
|
|
1,440
|
1,373
|
1,255
|
oil production & operations
|
|
1,327
|
1,383
|
1,429
|
customers & products
|
|
797
|
741
|
717
|
other businesses & corporate
|
|
236
|
217
|
224
|
|
|
3,800
|
3,714
|
3,625
|
Total depreciation, depletion and amortization by geographical
area
|
|
|
|
|
US
|
|
1,254
|
1,202
|
1,083
|
Non-US
|
|
2,546
|
2,512
|
2,542
|
|
|
3,800
|
3,714
|
3,625
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Results for the period
|
|
|
|
|
Profit (loss) for the period attributable to bp
shareholders
|
|
8,218
|
10,803
|
(20,384)
|
Less: preference dividend
|
|
—
|
—
|
—
|
Profit (loss) attributable to bp ordinary shareholders
|
|
8,218
|
10,803
|
(20,384)
|
|
|
|
|
|
Number of shares (thousand)(a)(b)
|
|
|
|
|
Basic
weighted average number of shares outstanding
|
|
17,891,455
|
18,178,821
|
19,514,477
|
ADS
equivalent(c)
|
|
2,981,909
|
3,029,803
|
3,252,412
|
|
|
|
|
|
Weighted average
number of shares outstanding used to calculate diluted earnings per
share
|
|
18,238,522
|
18,509,421
|
19,514,477
|
ADS
equivalent(c)
|
|
3,039,753
|
3,084,903
|
3,252,412
|
|
|
|
|
|
Shares in issue at period-end
|
|
17,703,285
|
17,974,112
|
19,409,157
|
ADS
equivalent(c)
|
|
2,950,547
|
2,995,685
|
3,234,859
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
|
|
2023
|
2022
|
2022
|
Dividends paid per ordinary share
|
|
|
|
|
cents
|
|
6.610
|
6.006
|
5.460
|
pence
|
|
5.551
|
4.940
|
4.160
|
Dividends paid per ADS (cents)
|
|
39.66
|
36.04
|
32.76
|
Net debt*
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Finance
debt(a)
|
|
48,595
|
46,944
|
60,606
|
Fair
value (asset) liability of hedges related to finance
debt(b)
|
|
3,070
|
3,673
|
1,265
|
|
|
51,665
|
50,617
|
61,871
|
Less: cash and cash equivalents
|
|
30,433
|
29,195
|
34,414
|
Net
debt(c)
|
|
21,232
|
21,422
|
27,457
|
Total equity
|
|
87,181
|
82,990
|
78,519
|
Gearing*
|
|
19.6%
|
20.5%
|
25.9%
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Capital expenditure
|
|
|
|
|
Organic capital expenditure*
|
|
3,495
|
3,861
|
2,573
|
Inorganic
capital expenditure*(a)
|
|
130
|
3,508
|
356
|
|
|
3,625
|
7,369
|
2,929
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Capital expenditure by segment
|
|
|
|
|
gas & low carbon energy
|
|
1,013
|
1,609
|
861
|
oil production & operations
|
|
1,520
|
1,430
|
1,254
|
customers
& products(a)
|
|
990
|
4,149
|
715
|
other businesses & corporate
|
|
102
|
181
|
99
|
|
|
3,625
|
7,369
|
2,929
|
Capital expenditure by geographical area
|
|
|
|
|
US
|
|
1,697
|
4,929
|
1,097
|
Non-US
|
|
1,928
|
2,440
|
1,832
|
|
|
3,625
|
7,369
|
2,929
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
gas & low carbon energy
|
|
|
|
|
Gains on sale of businesses and fixed assets
|
|
15
|
33
|
9
|
Net impairment and losses on sale of businesses and fixed
assets
|
|
(2)
|
1,111
|
(252)
|
Environmental and other provisions
|
|
—
|
—
|
—
|
Restructuring, integration and rationalization costs
|
|
—
|
3
|
4
|
Fair
value accounting effects(a)(b)
|
|
3,934
|
12,502
|
(5,015)
|
Other
|
|
(56)
|
(358)
|
135
|
|
|
3,891
|
13,291
|
(5,119)
|
oil production & operations
|
|
|
|
|
Gains on sale of businesses and fixed assets
|
|
137
|
68
|
249
|
Net impairment and losses on sale of businesses and fixed
assets
|
|
8
|
(3,246)
|
(1,204)
|
Environmental
and other provisions(c)
|
|
(49)
|
420
|
58
|
Restructuring, integration and rationalization costs
|
|
—
|
3
|
(10)
|
Fair value accounting effects
|
|
—
|
—
|
—
|
Other
|
|
(98)
|
15
|
55
|
|
|
(2)
|
(2,740)
|
(852)
|
customers & products
|
|
|
|
|
Gains on sale of businesses and fixed assets
|
|
1
|
72
|
261
|
Net impairment and losses on sale of businesses and fixed
assets
|
|
(83)
|
(1,451)
|
(13)
|
Environmental and other provisions
|
|
(10)
|
(65)
|
—
|
Restructuring, integration and rationalization costs
|
|
(2)
|
12
|
1
|
Fair
value accounting effects(b)
|
|
77
|
189
|
(377)
|
Other
|
|
(62)
|
112
|
(47)
|
|
|
(79)
|
(1,131)
|
(175)
|
other businesses & corporate
|
|
|
|
|
Gains on sale of businesses and fixed assets
|
|
—
|
1
|
(1)
|
Net impairment and losses on sale of businesses and fixed
assets
|
|
(6)
|
(1)
|
(1)
|
Environmental and other provisions
|
|
(14)
|
(67)
|
(3)
|
Restructuring, integration and rationalization costs
|
|
(10)
|
3
|
13
|
Fair
value accounting effects(b)
|
|
245
|
515
|
(425)
|
Rosneft
|
|
—
|
—
|
(24,033)
|
Gulf of Mexico oil spill
|
|
(9)
|
(23)
|
(19)
|
Other
|
|
—
|
(19)
|
9
|
|
|
206
|
409
|
(24,460)
|
Total before interest and taxation
|
|
4,016
|
9,829
|
(30,606)
|
Finance
costs(d)
|
|
(104)
|
(169)
|
(158)
|
Total before taxation
|
|
3,912
|
9,660
|
(30,764)
|
Taxation
on adjusting items(e)
|
|
(205)
|
(1,542)
|
1,471
|
Taxation
– tax rate change effect of UK energy profits
levy(f)
|
|
—
|
(1,056)
|
—
|
Total
after taxation for period(g)
|
|
3,707
|
7,062
|
(29,293)
|
Net debt including leases*
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Net debt
|
|
21,232
|
21,422
|
27,457
|
Lease liabilities
|
|
8,605
|
8,549
|
8,466
|
Net
partner (receivable) payable for leases entered into on behalf of
joint operations
|
|
19
|
19
|
206
|
Net debt including leases
|
|
29,856
|
29,990
|
36,129
|
Total
equity
|
|
87,181
|
82,990
|
78,519
|
Gearing including leases*
|
|
25.5%
|
26.5%
|
31.5%
|
|
|
31 March
|
31 December
|
$ million
|
|
2023
|
2022
|
Gulf of Mexico oil spill payables and provisions
|
|
(9,659)
|
(9,566)
|
Of
which - current
|
|
(1,220)
|
(1,216)
|
|
|
|
|
Deferred tax asset
|
|
1,455
|
1,444
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Movements in
inventories and other current and non-current assets and
liabilities as per condensed group cash flow statement(a)
|
|
(3,755)
|
(6,847)
|
(1,771)
|
Adjusted for inventory holding gains (losses)* (Note
4)
|
|
(600)
|
(1,428)
|
3,501
|
Adjusted for fair value accounting effects relating to
subsidiaries
|
|
4,242
|
13,288
|
(5,817)
|
Other
adjusting items(b)
|
|
(1,298)
|
(815)
|
438
|
Working capital release (build) after adjusting for net inventory
gains (losses), fair value accounting effects and other adjusting
items
|
|
(1,411)
|
4,198
|
(3,649)
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
Sources:
|
|
|
|
|
Net cash provided by operating activities
|
|
7,622
|
13,571
|
8,210
|
Cash provided from investing activities
|
|
806
|
621
|
1,046
|
Other(a)
|
|
(59)
|
(94)
|
119
|
Cash inflow
|
|
8,369
|
14,098
|
9,375
|
|
|
|
|
|
Uses:
|
|
|
|
|
Lease liability payments
|
|
(555)
|
(513)
|
(498)
|
Payments on perpetual hybrid bonds
|
|
(236)
|
(219)
|
(148)
|
Dividends paid – BP shareholders
|
|
(1,183)
|
(1,088)
|
(1,068)
|
–
non-controlling interests
|
|
(68)
|
(100)
|
(65)
|
Total capital expenditure*
|
|
(3,625)
|
(7,369)
|
(2,929)
|
Net repurchase of shares relating to employee share
schemes
|
|
(225)
|
—
|
(500)
|
Payments relating to transactions involving non-controlling
interests
|
|
(180)
|
(1)
|
(5)
|
Currency translation differences relating to cash and cash
equivalents
|
|
(14)
|
177
|
(125)
|
Cash outflow
|
|
(6,086)
|
(9,113)
|
(5,338)
|
|
|
|
|
|
Surplus cash flow
|
|
2,283
|
4,985
|
4,037
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
$ million
|
|
2023
|
2022
|
2022
|
RC profit before interest and tax for customers &
products
|
|
2,680
|
771
|
1,981
|
Less: Adjusting items* gains (charges)
|
|
(79)
|
(1,131)
|
(175)
|
Underlying RC profit before interest and tax for customers
& products
|
|
2,759
|
1,902
|
2,156
|
By business:
|
|
|
|
|
customers
– convenience & mobility
|
|
391
|
628
|
522
|
Castrol – included in customers
|
|
161
|
70
|
256
|
products
– refining & trading
|
|
2,368
|
1,274
|
1,634
|
|
|
|
|
|
Add back: Depreciation, depletion and amortization
|
|
797
|
741
|
717
|
By business:
|
|
|
|
|
customers
– convenience & mobility
|
|
341
|
334
|
326
|
Castrol – included in customers
|
|
39
|
40
|
39
|
products
– refining & trading
|
|
456
|
407
|
391
|
|
|
|
|
|
Adjusted EBITDA for customers & products
|
|
3,556
|
2,643
|
2,873
|
By business:
|
|
|
|
|
customers
– convenience & mobility
|
|
732
|
962
|
848
|
Castrol – included in customers
|
|
200
|
110
|
295
|
products
– refining & trading
|
|
2,824
|
1,681
|
2,025
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
|
|
2023
|
2022
|
2022
|
Average realizations(a)
|
|
|
|
|
Liquids* ($/bbl)
|
|
|
|
|
US
|
|
62.66
|
71.21
|
70.34
|
Europe
|
|
79.26
|
86.62
|
104.41
|
Rest of World
|
|
80.67
|
89.38
|
88.84
|
BP Average
|
|
71.89
|
80.44
|
83.80
|
Natural gas ($/mcf)
|
|
|
|
|
US
|
|
2.47
|
4.84
|
3.90
|
Europe(b)
|
|
26.83
|
35.56
|
34.58
|
Rest of World
|
|
7.41
|
9.40
|
7.88
|
BP
Average(b)
|
|
7.20
|
9.59
|
8.28
|
Total hydrocarbons* ($/boe)
|
|
|
|
|
US
|
|
45.00
|
55.67
|
52.17
|
Europe(b)
|
|
107.07
|
130.61
|
136.17
|
Rest of World
|
|
54.26
|
64.73
|
62.38
|
BP
Average(b)
|
|
54.74
|
66.18
|
64.81
|
Average oil marker prices ($/bbl)
|
|
|
|
|
Brent
|
|
81.17
|
88.87
|
102.23
|
West Texas Intermediate
|
|
75.97
|
82.82
|
95.22
|
Western Canadian Select
|
|
56.67
|
53.52
|
79.90
|
Alaska North Slope
|
|
79.02
|
87.89
|
96.13
|
Mars
|
|
74.24
|
78.81
|
93.43
|
Urals (NWE – cif)
|
|
46.19
|
61.04
|
87.26
|
Average natural gas marker prices
|
|
|
|
|
Henry
Hub gas price(c) ($/mmBtu)
|
|
3.44
|
6.26
|
4.96
|
UK Gas – National Balancing Point (p/therm)
|
|
130.81
|
166.54
|
232.84
|
|
|
First
|
Fourth
|
First
|
|
|
quarter
|
quarter
|
quarter
|
|
|
2023
|
2022
|
2022
|
$/£ average rate for the period
|
|
1.21
|
1.17
|
1.34
|
$/£ period-end rate
|
|
1.24
|
1.21
|
1.32
|
|
|
|
|
|
$/€ average rate for the period
|
|
1.07
|
1.02
|
1.12
|
$/€ period-end rate
|
|
1.09
|
1.07
|
1.12
|
|
|
|
|
|
$/AUD average rate for the period
|
|
0.68
|
0.66
|
0.72
|
$/AUD period-end rate
|
|
0.67
|
0.68
|
0.75
|
|
|
|
|
|
|
|
London
|
Houston
|
|
|
|
Press Office
|
David Nicholas
|
Megan Baldino
|
|
+44 (0) 7831 095541
|
+1
907 529 9029
|
|
|
|
Investor Relations
|
Craig Marshall
|
Graham Collins
|
bp.com/investors
|
+44 (0) 203 401 5592
|
+1 832 753 5116
|
|
BP
p.l.c.
|
|
(Registrant)
|
|
|
Dated: 02
May, 2023
|
|
|
/s/ Ben
J. S. Mathews
|
|
------------------------
|
|
Ben J.
S. Mathews
|
|
Company
Secretary
|