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1、bp Annual Report and Form 20-F 2024 Growing shareholder valueWe are fundamentally resetting bps strategy.We are reallocating capital to drive growth from our highest returning businesses.And we are focused on driving improved performance.This is all in service of growing long-term shareholder value.

2、We believe bp has a compelling investor proposition,sustainably delivering long-term shareholder value through the energy transition,see page 19.Our reset strategy We plan to grow the upstream,focus the downstream and invest with discipline in transition,see page 8.Navigating this reportMore informa

3、tionOnline quick readA concise summary of the bp Annual Report and Form 20-F 2024,highlighting strategy,performance and sustainability information.Read more on another page of this reportRead more onlineTask Force on Climate-related Financial Disclosures(TCFD)Information that supports TCFD Recommend

4、ations andRecommended Disclosures in relation to Metrics and Targets is indicated with TCFD.GlossaryWords and terms marked with are defined in the glossary on page reporting centreAll our bp corporate reports,including the bpSustainability Report and the bp Energy O at a glanceAs at 31December 2024S

5、cale100,500a61employeescountries of operation(2023 87,800)(2023 61)2.439,000million barrels of oil equivalent upstream productionelectric vehicle charge points(2023 29,000)(2023 2.3mmboe/d)21,200retail sites(2023 21,100)Performance$0.4bn$8.9bnlprofit for the year attributable to bp shareholdersunder

6、lying replacement cost(RC)profit(2023$15.2bn)(2023$13.8bn)95.2%l94.3%lbp-operated upstream plant reliabilitybp-operated refining availability(2023 95.0%)(2023 96.1%)2,9508.2GWstrategic convenience sitesdeveloped renewables toFID(net)(2023 2,850)(2023 6.2GW)$6.17/boelupstream unit production costs(20

7、23$5.78/boe)Safety and sustainability38l33.6MtCO2eltier 1 and 2 process safety eventsGHG emissions operational control(2023 39)(2023 32.1MtCO2e)KeylKey performance indicator,page 14Strategic report2024 at a glance1About bp2Chairs letter4Chief executive officers letter5The operating environment6Energ

8、y outlook7Our strategy 82024 performance 9Consistency with the Paris goals10Our business model12Key performance indicators14Our financial frame18Our investment process20Group performance24Gas&low carbon energy28Oil production&operations31Customers&products33Other businesses&corporate36Sustainability

9、38Climate-related financial disclosures(TCFD)42Our approach to sustainability 56How we manage risk61Risk factors65Compliance information68Non-financial and sustainability informationstatement68Section 172 statement68Corporate governanceIntroduction from the chair70Board of directors72Leadership team

10、74Governance framework75Board activities76Our stakeholders78Key decisions79Safety and sustainability committee80Audit committee82People,culture and governance committee86Remuneration committee88Directors remuneration report88Other disclosures111Directors statements112Financial statementsConsolidated

11、 financial statements of the bp group115Notes on the financial statements145Supplementary information on oil and natural gas(unaudited)223Parent company financial statements of BP p.l.c.251Additional disclosures311Shareholder information341Glossary351Non-IFRS measure reconciliations360Signatures364C

12、ross-reference to Form 20-F365Information about this report366Exhibits366Strategic report See glossary on page 351bp Annual Report and Form 20-F 20241a This figure reflects new acquisitions and companies we have taken full ownership of including bp bioenergy and Lightsource bp.We are an integrated e

13、nergy company,one of only a few that can deliver energy at global scale through a decades-long energy transition.We are in action to grow shareholder value,strengthen bp and build our resilience to deliver energy to the world,today and tomorrow.We have operations in Europe,North and South America,Au

14、stralasia,Asia and Africa.Our purposeOur purpose is to deliver energy to the world,today and tomorrow.Who we areWho we are defines what we stand for at bp,building on our best qualities and those things that are most important to us.It comprises three simple beliefs that can inspire each of us at bp

15、 tobe our best every day:live our purpose,play to win,care for bp2bp Annual Report and Form 20-F 2024Block 61 Khazzan gas field in OmanGas&low carbon energy,page 28Valaris DS-12 drillship at bps Raven gas field,offshore EgyptOil production&operations,page 31Financial reporting segment performanceAt

16、31December 2024,the groups reportable segments were gas&low carbon energy,oil production&operations and customers&products.Each is managed separately,with decisions taken for the segment as a whole,and represents a single operating segment that does not result from aggregating two or more segments(s

17、ee Financial statements Note 5).Gas&low carbon energyaComprises our gas&low carbon energy businesses.Our gas business includes regions with upstream activities that predominantly produce natural gas,integrated gas and power,and gas trading.Our low carbon business includes solar,offshore and onshore

18、wind,hydrogen and carbon capture and storage(CCS),and power trading.Power trading includes trading of both renewable and non-renewable power.$3.6bn$6.8bnreplacement cost(RC)profit before interest and taxbunderlying RC profit before interest and tax(2023$14.1bn)(2023$8.7bn)Segment performance,page 28

19、Oil production&operationsaComprises regions with upstream activities that predominantly produce crude oil,including bpx energy.$10.8bn$11.9bnRC profit before interest andtaxbunderlying RC profit before interest and tax(2023$11.2bn)(2023$12.8bn)Segment performance,page 31Customers&productsComprises c

20、ustomer-focused businesses,which include convenience andretail fuels,EV charging,as well as Castrol,aviation and B2B and midstream.It also includes our products businesses,refining&oil trading,as well as our bioenergyc businesses.$(1.6)bn$2.5bnRC loss before interest andtaxbunderlying RC profit befo

21、re interest and tax(2023 profit$4.2bn)(2023$6.4bn)Segment performance,page 33Other businesses&corporateComprises technology;bp ventures;our corporate activities and functions;and any residual costs ofthe Gulf of America oil spill.$(1.0)bn$(0.6)bnRC loss before interest andtaxbunderlying RC loss befo

22、re interest and tax(2023 loss$(0.9)bn)(2023 loss$(0.9)bn)Segment performance,page 36Strategic report See glossary on page 351bp Annual Report and Form 20-F 20243a The Azerbaijan-Georgia-Trkiye and Middle East regions have been further subdivided by asset.b IFRS requires that the measure of profit or

23、 loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker.For bp,this measure of profit or loss is replacement cost profit before interest and tax,which reflects the replacement cost of inventories sold in the period and is arrived at

24、by excluding inventory holding gains and losses from profit before interest and tax.Replacement cost profit for the group is not a recognized measure under IFRS.For further information see Financial statements Note 5.c In February 2025 bp announced its intention to move its biogas business to the ga

25、s&low carbon energy segment.The Gigahub EV charging hub at the NEC in Birmingham,UKCustomers&products,page 33bps Xazar Centre office in Baku,AzerbaijanOther businesses&corporate,page 36Dear fellow shareholders,Chief executive transitionThe world bp operates in continues to change at pace.The past ye

26、ar has seen numerous elections,complex geopolitics and ongoing conflict,as well as significant climate events.At the same time,there has been progress in AI and technology and some signs of growth and prosperity in emerging economies.As a result,energy demand continues to rise with the supply of oil

27、 and gas,and renewable energy,reaching an all-time high.For bp,there was leadership change,with a new CEO and CFO,and 2024 was a year of reshaping the portfolio and laying the foundation for growth and sustainable shareholder returns.Under Murray Auchinclosss leadership,bp has made significant moves

28、,continuing to play its part in supplying the energy the world needs today and helping build out the energy system of tomorrow.We strengthened our oil and gas portfolio,expanded in biogas and bioenergy,and focused our hydrogen and wind projects all leading to the fundamental strategy reset announced

29、 at our Capital Markets Update in February 2025.Performance Safety continues to be at the forefront of everything bp does,and the board and I would again like to recognize bps teams for their work to reduce the most serious process safety incidents.This requires constant vigilance,robust processes a

30、nd a willingness to speak up and act.However,whether it is on the front line or on the board,bp can never take safety for granted.We were tragically reminded of this in October 2024 by the fatality in our bp bioenergy business in Brazil.Many of bps businesses performed well,including higher upstream

31、 production and strong plant reliability,but it was a difficult year in parts of our customers&products business,particularly in refining.bp cannot control a tough price environment but it can address underlying performance and the board believes that the comprehensive update of our strategy that we

32、 announced in February,combined with strong performance management processes,will help bp to do this.Strategy reset A lot has changed since we launched our strategy in 2020 and bp has learned a lot.The pandemic has altered consumer behaviour,geopolitical tensions have increased the focus on security

33、 of supply,and although energy demand has risen to a high point,overall,growth has been weaker.Globally,inflation and rising interest rates have had an impact on the economics of major projects,particularly low carbon investments.Because of all these factors,combined with our engagement with our sha

34、reholders and other important stakeholders,we reworked our strategy.Murray sets out how on the next page.This is a new direction for bp.The board has worked closely with Murray and his leadership team throughout this reset,which has our full support.The reset builds on bps distinctive strengths,lear

35、ns from its challenges and represents deliberate choices and a conviction about the way forward.The next steps are clear.Now is about rigorous performance,and the board has an important role to play in overseeing the delivery of the strategy we have set out.Culture and valuesThe board believes that

36、the changes bp is making are positive and necessary for the future of the company,but we know change itself can be unsettling.This makes it more crucial than ever that bp maintains a strong culture and strong values.bp is rigorous about operational and safety processes,and must continue to be rigoro

37、us about care for others,our speak-up culture and psychological safety.As a board,we provide oversight and constructive challenge,and in doing so we routinely monitor bps culture.I say more about this in the governance section on page 70.Closing thanks Thank you,particularly to bps owners and bps te

38、ams,in a year where bp has faced numerous challenges and worked hard to improve its performance and focus the organization.We are grateful to everyone who has given us their time,expertise,support and challenged us too.This is your company and we believe it is now set to grow and win in a changing e

39、nergy market.Helge LundChair6March 2025Chairs letter4bp Annual Report and Form 20-F 2024Dear fellow shareholders,Weve been in action throughout the past year materially reshaping bps portfolio and laying the foundations for Februarys Capital Markets Update.This fundamental reset of our strategy demo

40、nstrates a clear focus on actions to drive performance improvement and grow cash flow and returns for bps shareholders.Safety firstIn 2024,we made progress on safety,reducing the number of combined tier 1 and 2 process safety events for a second year in a row,with the most serious tier 1 events down

41、 significantly but we have more to do.Our goal is to eliminate fatalities,life-changing injuries and the most serious process safety incidents.Tragically,one person died while working in our newly acquired bp bioenergy business in Brazil in October 2024.We must continue to embed and reinforce our Op

42、erating Management System,Lifesaving Rules and Safety Leadership Principles across bp(see page 56).Nothing matters more than safety.Financial and operating performance We delivered strong performance in some areas in 2024 but had some challenges in others.For example,our upstream production was 2%hi

43、gher than in 2023,and plant reliability was strong at over 95%,but there were difficulties in refining.Margins were lower and the power outage at Whiting in the first quarter contributed to a dip to 94.3%in our refining availability.This contributed to earnings of$38 billiona(adjusted EBITDA)in 2024

44、 and operating cash flow of$27.3 billion and resulted in:Profit for the year attributable to shareholders of$0.4 billion.Underlying replacement cost profit of$8.9billion.Return on average capital employed of 14.2%b.And net debt of$23 billionc.This allowed us to raise the dividend per ordinary share

45、by 10%and announce$7 billion of share buybacks for the year.Reshaping the portfolioWeve done more to reshape bps portfolio in the last 12 months than in any year in the past 20 years.We started up a major project and sanctioned 10.We agreed new access in regions we know well,including in Iraq and In

46、dia at material scale.We formed a new joint venture,Arcius Energy,to develop gas in the Middle East with ADNOCs investment arm XRG.And we announced plans for JERA Nex bp,joining forces with one of the worlds major power companies to create a leader in offshore wind development and helping to grow th

47、e scale of the business in a capital-light way for bp.We also now own 100%of bp bioenergy,one of the top-three sugarcane bioethanol producers in Brazil,andLightsource bp,one of the worlds leading solar developers.Andwere investing with discipline in hydrogen and carbon capture,sanctioning four proje

48、cts in2024.At the same time,we introduced our target to deliver at least$2 billion of savingsd by the end of 2026,relative to 2023.We made strong progress on this,achieving structural cost reduction of$0.8 billion since the start of2024.Growing shareholder value Having laid the foundations,we have f

49、undamentally reset our strategy.This is a new direction.Weve drawnon everything weve learned since 2020,while reflecting substantial changes to the external environment and using our deep-seated industrial skills and experience.The key elementsare:First,a growing upstream.Were increasing planned inv

50、estment by 20%to around$10 billion a year in oil and gas to help build more higher-returning major projects and increase exploration.Second,a focused downstream.Were focusing our portfolio around core integrated positions and taking action to improve performance.We expect to invest around$3 billion

51、by 2027.Third,investing with discipline in the transition.We plan to pursue fewer and higher-returning opportunities,and access growth more efficiently.We now expect to invest between$1.5-2.0 billion per year into transition businesses through 2027e more than$5 billion lower per year than our previo

52、us guidance.All while continuing to drive value through our distinctive strengths in trading,technology and partnerships.And we are now guided by a more focused set of sustainability aims,the ones most relevant to our net zero ambition and the long-term success of bp(see page 38).Thank you There are

53、 very few companies of scale that can adapt at pace with society to meet demand from countries,companies and customers for more energy and lower carbon products.bp is one ofthem.Im excited about our new direction and the significant opportunity we have to grow value for our shareholders.I want to th

54、ank our brilliant team for their hard work,commitment and resilience through a period of extensive change.I also want to thank you,the owners of our business,for continuing to put your trust in our company.Murray AuchinclossChief executive officer6March 2025Strategic reportChief executive officers l

55、etter See glossary on page 351bp Annual Report and Form 20-F 20245a Adjusted EBITDA for the group is a non-IFRS measure and its nearest IFRS-equivalent measure is profit for the year 2024.b ROACE is a non-IFRS measure and its nearest IFRS measures of numerator and denominator are profit for 2024 att

56、ributable to bp shareholders of$0.4 billion and total equity at the end of 2024 of$78.3 billionrespectively.c Net debt is a non-IFRS measure and its nearest IFRS-equivalent measure is finance debt at the end of 2024.d Target first introduced in bps first quarter 2024 group results announcement refer

57、red to as cash costs savings.Cash costs has the same meaning as underlying operating expenditure.e Excludes deferred consideration for 2024 acquisition of bp bioenergy in 2025.Nearest IFRS-equivalent measures$1.2bnprofit for 2024a0.5%profit for 2024 attributable to bp shareholders divided by total e

58、quity at31December 2024b$59.5bnfinance debt at the end of 2024cThe operating environmentbp operates across volatile energy markets.Here we discuss broader economic trends we have observed that influence our sector as a whole.The world economy grew by around 3%a in 2024.Growth rates varied widely acr

59、oss economies,with US GDP estimated to have grown by 2.8%a,much stronger than had been expected at the start of the yearb.By contrast,the eurozone economy expanded by only 0.8%a.Chinas growth is estimated to have been close to the governments around 5%targeta.Inflation continued to moderate around t

60、he world in 2024,moving towards central banks target rates in most major economies.Cooling inflation allowed several central banks,including the US Federal Reserve,the European Central Bank and the Bank of England,to cut interest rates.Financial market prices suggest further interest rate reductions

61、 are expected during 2025.OilOil prices were elevated across much of 2024,supported by oil demand growth and OPEC production cuts.Dated Brent averaged$81/bblc in 2024,broadly unchanged from$83/bblc in 2023.A slowdown in Chinese oil demand growth to a quarter of its pre-COVID trend lowered global ann

62、ual oil demand growth to 0.94mmb/d,causing total oil demand in 2024 to be 102.9mmb/dd.The slowdown in demand growth and outperformance of non-OPEC+supply led to production cuts from OPEC+in 2024.OPEC+output averaged 49.8mmb/d in 2024 around 900kb/dd lower than 2023.Saudi Arabia cut its output to jus

63、t 9.0mmb/d in 2024,over 1mmb/d lower than its levels in the first half of 2023d.These reductions were more than offset by strong growth in non-OPEC+supplies which increased by 1.5mmb/d in 2024d,with the US accounting for almost half of that increased.Natural gasA relatively warm European winter in 2

64、023-24 and muted European gas demand caused European and Asian natural gas prices to fall in early 2024.Prices troughed in February but had increased by 70%e by the end of December following strong Asian LNG demand growth and weak LNG supplygrowth.Industry,power generation and transportation were th

65、e main sectoral drivers of that Asian LNG demand growth.European gas demand continued to decline due to lower power demand.Outages and project delays meant global LNG supply grew at a slow pace of 2.5%in 2024f.In the US,Henry Hub(HH)gas prices averaged$2.2/mmBtug,the lowest price level,in real terms

66、,in the last 25 years.A warm US winter(2023-24)resulted in natural gas stocks 40%h above the five-year average by the end of March.Consequently,HH declined to levels needed to incentivize power sector coal-to-gas switching and lower natural gas production.Increases in power demand for air conditioni

67、ng and data centres aided this rebalancing.The number of US gas rigs in key shale basins declined by 47%from its peak in 2022i.Refining marker marginWe use a global refining marker margin(RMM)to track the refining margin environment.Global RMM in 2024 continued the downward trajectory from 2023.An i

68、ncrease in refining capacity and a slowdown in demand growth for refined products meant RMM values averaged significantly lower in 2024 at$17.7/bbl($8.1/bbl lower than in 2023)j.Power and renewablesElectricity demand growth continues to outpace total energy demand growth,driven by increasing electri

69、fication in developed economies and bygrowing prosperity and industrialization in emerging economies.Growing demand from data centres looks set to increase electricity demand materially in the coming years.Total solar and wind capacity additions in 2024 are estimated to have exceeded 600GW,breaking

70、the record set in 2023k.This surge was associated with significant overcapacity in solar manufacturing in China.Bioenergy growth also maintained momentum,with resilient demand for liquid biofuels in road transport,increasing biomethane production,and increasing announced capacity of sustainable avia

71、tion fuel projects.Hydrogen and carbon capture andstoragePersistent high costs,the slow pace of enabling policy and insufficient demand continue to challenge the decarbonization of costlier-to-abate processes with low carbon hydrogen.The project pipeline for production of low carbon hydrogen operati

72、onal by 2030 remains significant,but only around 4Mtpal is either currently operational or under construction.Green hydrogen costs are expected to be higher than those for blue hydrogen in many countries through this decade andbeyond.Carbon capture and storage(CCS)is increasingly being recognized as

73、 critical to the energy transition,and the global pipeline of CCS projects continued to grow in 2024.Operational and under-construction projects are expected to double to 100Mtpam over the next few years.While this represents progress,the current project pipeline,taking into account relatively low h

74、istorical success rates,appears insufficient to meet the CCS deployment rates in Paris-consistent transition scenariosn.Market activity20242023a IMF World Economic Outlook,October 2024,measured on a Purchasing Power Parity basis.b IMF World Economic Outlook Update,January 2024.c Refinitiv Data Servi

75、ce(Dated Brent spot price).d IEA Oil Market Report,January 2025.e Platts Dutch TTF Day Ahead price.f IEA Gas Market Report,Q1 2025.g Platts Henry Hub cash price.h Weekly Natural Gas Storage Report,EIA.i EIA Short Term Energy Outlook,Appalachia and Haynesville regions.j The RMM may not be representat

76、ive of the margin achieved by bp in any period because of bps particular refinery configurations and crude and product slates.In addition,the RMM does not include estimates of energy or other variable costs.k bp Energy Outlook 2024;IRENA Stats;Wood Mackenzie Global Solar Forecasts.PV capacity additi

77、ons are converted from DC to AC basis by dividing by 1.2.l WoodMac Lens;Hydrogen Project Pipeline data,October 2024.m WoodMac Lens;CCUS Project Pipeline data,October 2024.n Projects include capture projects either on a standalone basis or as part of a hub(sharing transport and storage facilities).o

78、Refinitiv Data Service(West Texas Intermediate).p Platts JKM spot price.q This number is restated from the bp Annual Report and Form 20-F 2023 to reflect revisions made in the IEA Oil Market Report,January 2025.r This number is restated from the bp Annual Report and Form 20-F 2023 to reflect revisio

79、ns made in the IEA Gas Market Report,Q1 2025.Global oil consumptiond102.9mmb/d102.0mmb/dqGlobal oil productiond 102.9mmb/d102.3mmb/dqNatural gas consumptionf4,212bcm4,097bcmrNatural gas productionf4,190bcm4,134bcmrDated Brent averagec$80.76/bbl$82.64/bblWest Texas Intermediate(WTI)averageo$75.87/bbl

80、$77.67/bblHenry Hub averageg$2.19/mmBtu$2.53/mmBtuDutch Title Transfer Facility(TTF)averagee34.4 euros per MWh($10.9/mmBtu)40.5 euros per MWh($12.8/mmBtu)Japan-Korea(Asian)LNG averagep$11.9/mmBtu$13.8/mmBtuRefining marker marginj$17.7/bbl$25.8/bblEnergy markets6bp Annual Report and Form 20-F 2024Ene

81、rgy outlookThe bp Energy Outlook 2024(2024 Outlook)explores the trends and uncertainties surrounding the energy transition outto2050.The bp Energy Outlook helps inform bps core beliefs about the energy transition.The scenarios within it explore the possible implications of different judgements and a

82、ssumptions concerning the nature of the energy transition.The uncertainty associated with the transition is substantial,and these scenarios are not predictions of what is likely to happen or what bp would like to see happen.We use the output from these scenarios to inform our strategic thinking.We p

83、ublished the 2024 Outlook in July 2024,designed around two scenarios informed by recent trends and developments in the global energy system.The2024 Outlook provides key insights about how the energy system may evolve over the next 25 years.The two scenarios Current Trajectory and Net Zero(see Two sc

84、enarios to explore the energy transition,below)explore the speed and shape of the energy transition out to 2050 and help to shape a resilient strategy for bp.Read the bp Energy Outlook 2024 new theme discussed throughout the 2024 Outlook centres on the challenge of moving from the current energy add

85、ition phase of the energy transition to an energy substitution phase.In this second phase,low carbon energy increases sufficiently quickly to more than match increases in global energy demand,allowing the consumption of fossil fuels,and their associated emissions,to decline.Scenarios for strategic d

86、ecision makingWe use scenarios to inform strategy,manage risk,and improve decision making.Some of the scenarios are based on climate and other policies currently in force,and on current global aims and pledges around the energy transition.Other scenarios are based on achieving a certain pace or degr

87、ee of transition,and consider how the energy system might change to achieve that.In thinking about appropriate scenarios to inform our strategy,we used both approaches.How scenarios inform our strategy The use of scenarios described in the 2024 Outlook,and those from other organizations,aids our und

88、erstanding of the energy transition and helps us to think about how different outcomes might impact our strategy.The use of a broad range of scenarios to inform our strategy supports our efforts to make it robust and resilient to the range of uncertainty we face.By considering various time horizons

89、we can identify key milestones or signposts which might emerge over the next five,10 or 25 years and inform our view of the key sources of uncertainty affecting the global energy system.We actively monitor for changes in the externalenvironment and refresh or review thescenarios as needed in respons

90、e to thesesignals.For the purposes of testing the resilience ofourstrategy to the range of uncertainty in theenergy transition,we have used scenarios drawn from other credible sources such as the UN Principles for Responsible Investment(UN PRI)andthe International Energy Agency(IEA).Read more on our

91、 resilience analysis andthe outcome of that work on page 50.How we create scenariosWe quantify a range of scenarios in the 2024 Outlook using our global energy modelling system.This comprises a suite of models to help us understand the supply and demand dynamics of the global energy system.The model

92、ling framework uses historical data based on the Energy Institutes Statistical Review of World Energy,the IEAs World Energy Balances data and arange of other data sets.Each scenario is determined by a set of key assumptions,including population and economic growth,pace of technological change,resour

93、ce constraints and government policies.These are informed by expert analysis from external organizations including the United Nations,Oxford Economics and Rystad Energy.We benchmark our scenarios against external organizations including the IEA,the IPCC,and S&P Global.The modelling techniques used v

94、ary by sector and include a combination of econometric modelling,adoption curves and consumer choicemodelling.Strategic report See glossary on page 351bp Annual Report and Form 20-F 20247Two scenarios to explore the energy transitionCarbon emissions Gt of CO2eaCurrent Trajectory Net Zero is designed

95、 to capture the broad pathway along which the global energy system is currently travelling.It places weight on climate policies already in force and on globalaims and pledges for future decarbonization.At the same time,it also recognizes the myriad challenges associated with meeting these aims.CO2 e

96、quivalent(CO2e)emissions in Current Trajectory peak in the mid-2020s and by 2050 are around 25%below 2022 levels.explores how different elements of the energy system might change to achieve a substantial reduction in carbon emissions.In that sense,Net Zero can be viewed as a what if scenario:what el

97、ements of the energy system might change,and how,if the world collectively actsfor CO2e emissions to fall by around 95%by 2050.Historya Carbon emissions include CO2 emissions from energy use,industrial processes,natural gas flaring and methane emissions from energy production.20002005201020152020202

98、5203020352040204520500153045Resetting strategyGrowing upstreamFocusingdownstreamDisciplined investment in transitionGrowing the upstream:our oil and gas businessWe plan to increase investment to grow production while also growing cash flow,in addition to disciplined expansion of biogas.Maintaining s

99、trong and safe operations throughout.Focusing the downstream:our customers and products businessWe are reshaping the portfolio to focus on markets and businesses where we have advantaged and integrated positions.We have clear actions to drive improved performance,including addressing costs in our cu

100、stomers business,and improving operations in refining.Investing with discipline in transitionWe plan to invest with discipline:with selective investment in biogas,biofuels and EV charging,where we see strong demand growth;adopting innovative capital-light partnerships in renewables;and focusing inve

101、stment on hydrogen and carbon capture projects to support us in decarbonizing our operations,and position us for growth through the next decade.We now expect capital investment into transition businesses to be between$1.5-2.0 billion per year through 2027a more than$5 billion lower per year than our

102、 previous guidance.All while continuing to drive value through our distinctive strengths in trading,technology and partnerships.Our primary targetsWe have set out four primary targets that we will use to measure our progress and how we are improving performance.These targets,alongside the guidance a

103、nd financial frame(see page 18),support our reset.Taken together,we believe our primary targets will underpin growth in the value of bp.Adjusted free cash flow growthNet debt20%b$14-18bncadjusted free cash flow compound annual growth rate(CAGR)from 2024-27by end 2027Structural cost reductionReturn o

104、n average capital employed(ROACE)$4-5bn16%bby end 2027in 2027Our strategy8bp Annual Report and Form 20-F 2024a Excludes deferred consideration for 2024 acquisition of bp bioenergy in 2025.b At$70/bbl Brent,$4/mmBtu Henry Hub,and$17/bbl refining marker margin,all 2024 real.c Potential proceeds from a

105、ny transactions related to Castrol strategic review and announcement to bring a strategic partner into Lightsource bp will be allocated to reduce net debt.On 26 February 2025 we announced a new strategy and retired our previous strategic pillars,together with the associated strategic targets and aim

106、s.To help stakeholders understand progress against our previous strategy in 2024,we have included the following metrics reported under the previous strategy for the year ended 31 December herea.From 2025,we will report annually on our progress delivering the primary metrics shown on page 8.Metrics T

107、CFD20242023Upstream production2.4mmboe/d2.3mmboe/dbp-operated upstream plant reliability95.2%95.0%Upstream unit production costs$6.17/boe$5.78/boebp-operated refiningavailability94.3%96.1%Biofuels production35kb/d32kb/dBiogas supply volumesb23mboe/d22mboe/dLNG portfolio23Mtpa23MtpaStrategic convenie

108、ncesites2,9502,850Electric vehicle chargepoints39,00029,000Hydrogen production(net)Developed renewables tofinal investment decision(net)8.2GW6.2GWInstalled renewables capacity(net)4.0GW2.7GWKeyTCFDTCFD Recommendations and Recommended DisclosuresStrategic report2024 performance See glossary on page 3

109、51bp Annual Report and Form 20-F 20249a In 2024 we revised our strategic targets and aims,retiring customer touchpoints per day.b Conversion to mboe based on gasoline gallon equivalent(1mmbtu=8.04 gallons).Pursuing a strategy that is consistent with the Paris goalsWhat we mean by Paris-consistent Th

110、e 2019 CA100+resolution requires us to disclose the strategy that the board considers in good faith to be consistent with the Paris goals.When we refer to consistency with Paris we consider this to mean consistency with the world meeting the temperature goal set out in Articles 2.1(a)and 4.1 of the

111、Paris Agreement on ClimateChange.The Paris goals,which we support,were restated in the Baku Climate Pact at COP29 in Baku in November 2024.We believe the world is on an unsustainable path,and the carbon budget to meet the Paris goals is running out.bps strategy is informed by these considerations.It

112、 is designed to create long-term value for shareholders,while enabling delivery of our net zero ambition.It is tested for resilience to the uncertainty of the energy transition across many different potential pathways,including various Paris-consistent pathways.In the bp Annual Report and Form 20-F

113、2021 we set out,based on three key principles,why the board considers our strategy to be consistent with the Paris goals.Here we set out,on the same three grounds,why the board continues to consider this to be the case.Informed by Paris-consistent energy transition scenariosThe speed and nature of t

114、he energy transition are uncertain,and so we consider a range of scenarios from multiple sources including the bp Energy Outlook 2024 to inform our beliefs about the energy transition and to develop and test our strategic thinking.This helps to reinforce our confidence in the robustness and resilien

115、ce of our strategy to the range of uncertainty we face.We are confident that our approach is science-based.We see the Intergovernmental Panel on Climate Change(IPCC)as the most authoritative source of information on the science of climate change,and we use it and other sources to inform our strategy

116、.The IPCC highlights that there are a range of global pathways by which the world can meet the Paris goals,with differing implications for regions,industry sectors and sources of energy.The bp Energy Outlook 2024 examined recent developments and emerging trends in the global energy system,exploring

117、the key uncertainties surrounding the energy transition.It included two main scenarios one of which,Net Zero,we regard as Paris-consistent.Energy outlook page 7 and resilienceWe believe our strategy positions bp for success and resilience in a Paris-consistent world a world that is progressing on on

118、e of the many global trajectories considered to be Paris-consistent,and ultimately meets the Paris goals.The strategy diversifies bps portfolio and business interests,reducing the risk that challenges facing a single business area might adversely affect bps strategic resilience.In addition,within th

119、e inevitable constraints associated with factors such as long-term capital investments,contractual commitments and organizational capabilities at any given time,bps ability to maintain its strategic resilience rests,in part,on the governance used to keep the strategy and associated targets and aims

120、under review in light of new information and changes incircumstances.In our climate-related financial disclosures on page 50,we describe how we have conducted an analysis to test our view of the resilience of our strategy,based on the Capital Markets Update presented on 26 February 2025,to different

121、 climate-related scenarios.This includes some scenarios that are classified by the World Business Council for Sustainable Development(WBCSD)to be consistent with well-below 2C and 1.5C outcomesa.As further explained on page 51,while the results of any such analysis must be treated with caution overa

122、ll,this resilience test again reinforced our confidence in the continued resilience of our strategy to a wide range of ways in which the energy system could evolve throughout this decade,including in scenarios consistent with limiting temperature rise to1.5C.The analysis also again highlighted that,

123、while within the WBCSD scenarios lowest oil prices are associated with 1.5C scenarios,there is considerable uncertainty demonstrated by the range within,and overlap between,the prices indicated for each scenario family.In the version of the WBCSD catalogue used for the analysis,the lowest oil price

124、is associated with a 1.5C scenario;however a number of the 1.5C and well-below 2C scenarios have oil prices in 2030 that are substantially higher than these and when compared to bps own central case oil price planning assumption for 2030,the oil price in a number of the well-below 2C and 1.5C scenar

125、ios is also higher.Taking this into account,the analysis supported our belief that our strategy is financially resilient against the lowest prices associated with a Paris-consistent world in the WBCSD catalogue.This in turn supports our view that our strategy is resilient to such a Paris-consistent

126、world.Consistency with the Paris goals10bp Annual Report and Form 20-F 2024a Our 2024 analysis used data from the WBCSD Climate Scenario Catalogue version 3.0,published on 16-05-2024 and downloaded on 13-11-2024.Contributes to net zero We believe that our strategy enables bp to make a positive contr

127、ibution to the world achieving net zero greenhouse gas(GHG)emissions and meeting the Paris goals outcomes which we believe to be in the best interests of bp as well as beneficial to society generally.We see huge opportunity in the energy transition the transformation of the energy system that we bel

128、ieve to be a necessary feature of the worlds efforts to meet the Paris goals.There are many ways a company at the heart of the energy sector can make a meaningful contribution to the world getting to net zero.In addition to investing in our transition businesses,these include:supporting collective a

129、ction through participation in external initiatives and seeking to use the companys influence with trade associations that conduct climate-related advocacy;low carbon collaboration and support for others in their own decarbonization efforts(such as cities and corporates).For example,we continue to a

130、dvocate for policies that support net zero.Helping policymakers to design and put in place low carbon policies that support the transition to net zero can help deliver our strategy and capitalize on the opportunities associated with achieving the Paris goals,but the benefit of such actions,if succes

131、sful,extends well beyond any implications for bps own GHG metrics.That is because well-designed low carbon policies can also advance the decarbonization of a whole economy something potentially of far greater impact than anything a single company can achieve through its own portfolio.We publish exam

132、ples of our activity online at ways of contributing to helping the world get to net zero are more readily measured by quantitative metrics than others but all can be important,whether or not they translate into GHG reductions for bp.For example,Lightsource bp operates with a develop,engineer,constru

133、ct and farm-down business model that creates value through selling majority interests in assets it has developed to strategic partners.Where Lightsource bp helps bp meet its own demand for cost competitive,low carbon power,including for power trading,EV charging,biofuels and green hydrogen this woul

134、d show up in GHG metrics.However,where we do not directly sell that power,our development of the renewables is effectively invisible in terms of our GHG metrics.In December 2024,in Teesside,UK,bp and partners reached financial close on the Net Zero Teesside Power(NZT Power)and Northern Endurance Par

135、tnership(NEP)projects.The NEP aims to develop the infrastructure to transport and store up to an initial 4MtCO2 annually from three Teesside-based carbon capture projects within the EastCoast Cluster,with the ability to expand inthe future.Responding to increased shareholder interest in Paris consis

136、tencyIn 2019 the board recommended that shareholders support a special resolution requisitioned by Climate Action 100+(CA100+)on climate change disclosures.The CA100+resolution passed with more than 99%of votes cast.This is the sixth year we have included responses throughout the annual report and w

137、e have adopted a similar approach to previous years.The CA100+resolution,which includes safeguards such as protections for commercially confidential and competitively sensitive information,is on page 352.Key terms related to this resolution response are indicated with and defined in the glossary on

138、page 352.These should be reviewed with the following information:Element of the CA100+resolutionRelated contentWhereStrategy that the board considers in good faith to be consistent with the Paris goals.Our strategy and business model8&12Pursuing a strategy that is consistent with the Paris goals10Ho

139、w bp evaluates each new material capex investment for consistency with the Parisgoals and other outcomes relevant to bpstrategy.Our investment process20Disclosure of bps principal metrics and relevant targets or goals over the short,medium and long term,consistent with the Paris goals.Key performanc

140、e indicators14Sustainability:net zero aims and targets38See TCFD Metrics&Targets for an overview55Anticipated levels of investment in:(i)Oil and gas resources and reserves.(ii)Other energy sources and technologies.Our strategy8Financial frame:disciplined investment allocation18Investment in non-oil

141、and gas21Transition investment39bps targets to promote operational GHGreductions.Sustainability:net zero aims38Estimated carbon intensity of bps energy products and progress over time.Sustainability:net zero sales aim 39Any linkage between above targets and executive pay remuneration.Directors remun

142、eration report882024 annual bonus outcome962025 remuneration policy102Where the CO2 being taken offshore for permanent storage is from local heavy industries this will not show up in bps GHG metrics.So while Lightsource bp,NZT Power and NEP projects support the Paris goals by increasing the low carb

143、on options available to energy consumers,not all of their activities will be reflected in the metrics associated with bps net zero aims.Strategic report See glossary on page 351bp Annual Report and Form 20-F 202411What makes us different As an integrated energy company,we believe we have a world-cla

144、ss portfolio a top-tier oil and gas business in attractive basins,and leading integrated positions and brands across the value chain.All underpinned by distinctive capabilities in trading,technology and partnerships.Our purposeGuiding what we do and how we operate.Our purpose is to deliver energy to

145、 the world,today and tomorrow.Our reset strategyOur new strategy plays to our distinctive strengths and capabilities.Growing the upstream Focusing the downstream Investing with discipline in transition Strategy,page 8 People and resourcesaThese are some of the people and resources in our business mo

146、del that support how we create and preserve value for our stakeholders.Incumbent capability11,6001,100engineersemployees on graduate schemesSustainability at bp,page 38Research and development$301m2,200invested in research anddevelopmentgranted and pending patent applications held by bp and itssubsi

147、diariespage 171Energy sector experience110 years15 yearsin energyof bp Energy Outlook publicationsThe operating environment,page 6Financial resources$16.2bn$27.3bncapital expenditureoperating cash flowGroup performance,page 24Energy resources6,248mmboe8.2GWproved hydrocarbon reserves for the groupbd

148、eveloped renewables toFID(net)Gas&low carbon energy,page 28Supplementary information on oil and natural gas,page 223Our business model12bp Annual Report and Form 20-F 2024a Data as at 31December 2024.b On a combined basis of subsidiaries and equity-accounted entities.See page 323 for more informatio

149、n on bps oil and gas reserves.Our business groupsThis is how we are organized to deliver our strategy and deliver long-term shareholder value.Our three business groups are enabled by supply,trading&shipping and supported by five functions:finance;technology;strategy,sustainability&ventures;people,cu

150、lture&communications;and legal.Gas&low carbon energyProduction&operationsCustomers&productsIntegrating our existing natural gas capabilities with power trading and growth in low carbon businesses and markets,including wind,solar,hydrogen and carbon capture and storage.The operational heart of bp,pro

151、ducing the hydrocarbon energy and products the world wants and needs safely and efficiently.Focusing on customers as the driving force for innovating new business models and service platforms to deliver the convenience,mobility and energy products and services of today and the future.page 28page 31p

152、age 33Delivering value for stakeholdersaWe are committed to delivering long-term value for stakeholders.Investors and shareholdersIncludes our institutional and retail investors.$5.0bntotal dividends distributed to bp shareholders(2023$4.8bn)CustomersIncluding end-use consumers,B2B customers,and dis

153、tributors.2,950strategic convenience sites(2023 2,850)EmployeesOur 100,500c people worldwide.70%employee engagement score from the Pulse annual employee survey(2023 73%)page 58Governments and regulatorsIn the countries where we have existing orplanned activities.$10.6bncorporate income tax and produ

154、ction tax paid(2023$11.9bn) people,businesses and environment in the communities where we work.$76msupporting additional initiatives to benefit communities(2023$117m)Partners and suppliersIncludes relationships with academia,industryand cities.$146.6bnin payments to suppliers forgoodsandservices(202

155、3$151.7bn) report See glossary on page 351bp Annual Report and Form 20-F 202413c This figure reflects new acquisitions and companies we have taken full ownership of including bp bioenergy and Lightsource bp.Key performance indicatorsWe assess the performance of the group across a wide range of measu

156、res and indicators that are consistent with our strategy.Our key performance indicators(KPIs)provide a balanced set of metrics that give emphasis to both financial and non-financial measures.Thesehelp the board and leadership team assess bps performance.Our leadership team uses these measures to eva

157、luate operating performance and inform its financial,strategicand operating decisions.Safety lTier 1 and 2 process safety eventsab202438202339202250202162202070Tier 1 process safetyeventsTier 2 process safetyeventsWe track tier 1 and tier 2 events and report the aggregated outcome.Tier 1 events are

158、losses of primary containment from a process of greatest consequence causing harm to a member of the workforce,damage to equipment from a fire or explosion,a community impact or exceeding defined quantities(per API RP 754 tier 1 definitions).Tier 2 events are those of lesser consequence(per API RP 7

159、54 tier 2 definitions).2024 performanceOur combined process safety events(PSEs)have generally decreased over the last 12 years,apart from in 2019.In 2024 we reported our lowest number of tier 1 PSEs three,down from nine in 2023.However,our tier 2 PSEs increased to 35(2023 30).Our total reported PSEs

160、 for 2024 were38(2023 39),see page 56.Sustainable operations Refining availability(%)202494.3202396.1202294.5202194.8202096.0bp-operated refining availability represents Solomon Associates operational availability for bp-operated refineries.The measure shows the percentage of the year that a unit is

161、 available for processing after subtracting the annualized time lost due to turnaround activity and all mechanical,process and regulatory downtime.Refining availability is an important indicator of the operational performance of our downstream businesses.2024 performancebp-operated refining availabi

162、lity decreased to 94.3%in 2024,mainly due to the impact of a power outage at our Whiting refinery.RemunerationlTo help align the focus of our executive management and executive directors with the interests of our shareholders,certain measures are used for executive remuneration.Directors remuneratio

163、n report,page 88KeylUsed for remuneration policyTCFDTCFD Recommendations and Recommended Disclosures Reported recordable injury frequencyab20240.29720230.27420220.18720210.16420200.132Reported recordable injury frequency(RIF)measures the number of reported work-related employee and contractor incide

164、nts that result in a fatality or injury per 200,000 hours worked.2024 performanceIn 2024,our RIF increased by 8.5%.Our businesses have identified underlying themes for these injuries and have developed plans intended to help reduce them in future.For more on safety,see page 56.Upstream plant reliabi

165、lity(%)202495.2202395.0202296.0202194.0202094.0bp-operated upstream plant reliability is calculated taking 100%less the ratio of total unplanned plant deferrals divided by installed production capacity,excluding non-operated assets and bpx energy.Unplanned plant deferrals are associated with the top

166、side plant and,where applicable,the subsea equipment(excluding wells and reservoirs).Unplanned plant deferrals include breakdowns,which does not include Gulf of America weather-related downtime.2024 performanceUpstream plant reliability in 2024 was marginally higher than in 2023.14bp Annual Report a

167、nd Form 20-F 2024a Exclusions to safety metrics tier 1 and 2 process safety events may exist and recordable injury frequency may exist where entities that have been recently acquired or where bp has recently taken full ownership have been granted a deviation from specific reporting requirements in b

168、ps Operating Management System(OMS)for an initial transitional period and data are not included in the reported metrics unless specifically noted.For the full year 2024 reporting period this includes Archaea Energy,TravelCenters of America,bp bioenergy and Lightsource bp.b The metric includes report

169、ed PSEs occurring within bps operational HSSE reporting boundary.That boundary includes bps own operated facilities and joint ventures where bp is the operator.In some cases,we may also provide information about some joint venture activities where bp is not the operator.391716173530334653 Major proj

170、ect delivery2024120234202222021720204We monitor the progress of our major projects to gauge whether we are delivering our core pipeline of projects under construction on time.Projects take many years to complete,requiring differing amounts of resource,so a smooth or increasing trend should not be an

171、ticipated.Major projects are defined as those with a bp net investment of at least$250 million,or considered to be of strategic importance to bp,or of a high degree of complexity.2024 performanceWe started up one major oil and gas project in2024 the Azeri Central East project in Azerbaijan.Furthermo

172、re,on 31 December firstgas flowed to the FPSO at the Greater Tortue Ahmeyim project in Mauritania andSenegal.Financial Underlying replacement cost(RC)profit($billion)20240.48.9202315.213.82022(2.5)27.720217.612.82020(20.3)(5.7)Profit(loss)for the yearattributable tobpshareholdersUnderlying RC profit

173、 for the year(non-IFRS)Underlying RC profit(non-IFRS)is a useful measure for investors because it is one of the profitability measures bp management uses to assess performance.It assists management in understanding the underlying trends in operational performance on a comparable year-on-year basis.I

174、t reflects the replacement cost of inventories sold in the period and is arrived at by adjusting for inventory holding gains and losses,net impact of adjusting items and related taxation from profit or loss attributable to bp shareholders.2024 performanceProfit for 2024 attributable to bp shareholde

175、rs includes pre-tax net impairment charges of$5.1billion.Reduction in the underlying RC profit reflects lower refining margins,lower realizations,a lower gas marketing and trading result and a lower oil trading contribution,partly offset by lower taxation.Operating cash flow($billion)202427.3202332.

176、0202240.9202123.6202012.2Operating cash flow is net cash flow provided by operating activities,as reported in the group cash flow statement.2024 performance2024 primarily reflects lower profits from operations,partly offset by working capital movements.Upstream unit production costs($/boe)20246.1720

177、235.7820226.0720216.8220206.39The upstream unit production cost is calculated as production cost divided by units of production.Production cost does not include ad valorem and severance taxes.Units of production are barrels for liquids and thousands of cubic feet for gas.Amounts disclosed are for bp

178、 subsidiaries only and do not include bps share of equity-accounted entities.2024 performanceUnit production costs increased,mainly reflecting the impact of portfolio changes.lTotal shareholder return(%)2024(11.9)(11.0)20235.92.6202236.950.1202136.436.42020(41.4)(41.7)ADS basisOrdinary share basisTo

179、tal shareholder return(TSR)represents the change in value of a bp shareholding over a calendar year(American Depositary Share(ADS)in USD,ordinary share in GBP).It assumes that dividends are reinvested to purchase additional shares at the closing price on the ex-dividend date.2024 performanceReduced

180、TSR reflects a reduction in the shareprice.lReturn on average capital employed(ROACE)(%)20240.514.2202317.818.12022(3.0)30.520218.413.32020(23.7)(3.8)Profit(loss)for the period attributable tobpshareholders divided by total equityROACE(non-IFRS)ROACE(non-IFRS)gives an indication of a companys capita

181、l efficiency,dividing the underlying RC profit(loss)after adding back non-controlling interest and interest expense net of tax by the average of the beginning and ending balances of total equity plus finance debt,excluding cash and cash equivalents and goodwill as presented on the group balance shee

182、t over the periods presented.2024 performanceProfit for 2024 attributable to bp shareholders was$0.4 billion and total equity at 31 December 2024 was$78.3 billion.ROACE for 2024 reflected lower refining margins,lower realizations,a lowergas marketing and trading result and a lower oil trading contri

183、bution,partly offset by lower taxation.Strategic report See glossary on page 351bp Annual Report and Form 20-F 202415Key performance indicatorscontinuedKeylUsed for remuneration policyTCFDTCFD Recommendations and Recommended DisclosuresNon-financial Greenhouse gas emissionsabcde operational control(

184、MtCO2e)TCFDl202433.6202332.1202231.8202135.6202045.5Scope 1(direct)emissionsScope 2(indirect)emissionsWe report Scope 1 and Scope 2 greenhouse gas(GHG)emissions material to our business on a carbon dioxide-equivalent basis.This KPI comprises Scope 1(from running the assets within our operational con

185、trol boundary)and Scope 2(associated with importing electricity,heating and cooling that is bought in to run thoseoperations)data covered by our net zero operations aim(to be net zero across our operations by 2050 or sooner).It comprises 100%of Scope 1 and 2 emissions or activities within bps operat

186、ional control boundary.2024 performanceIn 2024 our Scope 1(direct)emissions were 32.8MtCO2e an overall increase from 31.1MtCO2e in 2023.Of these Scope 1 emissions,31.4MtCO2e were carbon dioxide and 1.5MtCO2e were methanec.Overall emissions increased due to project start-ups,operational growth in our

187、 low carbon businesses,temporary operational changes and operational issues in Tangguh,partially offset by the delivery of emissions reduction projects.In 2024 our Scope 2d(indirect)emissions,covered by bps net zero operations aim,decreased by 0.2MtCO2e,to 0.8MtCO2e,compared with 2023.The continued

188、use of lower carbon power agreements and a project at our Gelsenkirchen refinery to replace imported steam contributed to this decrease,see page 38.Basis of calculationebps reported GHG emissions include methane(CH4)and carbon dioxide(CO2).Other GHGs are not included as they are not material to our

189、operations.CH4 emissions are converted to CO2 equivalent using the 100-year global warming potential recommended by the Fifth Assessment Report(AR5)of the Intergovernmental Panel on Climate Change(IPCC).Data is required to be submitted into the bp group reporting tool,OneCSR,in accordance withbps Op

190、erating Management System(OMS)requirements,broadly based on the GHG Protocol Corporate Standard and the Ipieca Petroleum Industry Guidelines for Reporting Greenhouse Gas Emissions 2nd Edition,May 2011.The responsibility for quantifying and submitting GHG emissions for reporting is assigned to indivi

191、dual bp facilities and business departments,which are termed reporting units(RUs).Methane intensityaf(%)TCFD20240.0720230.0520220.0520210.0720200.12We define methane intensity as the amount of methane emissions from our upstream oil and gas operations as a percentage of the gas that goes to market f

192、rom those operations.This applies to methane emissions within our operational control boundary,where we have the highest degree of control.Methane emissions from non-producing activities,such as exploration drilling,are excluded.In 2024 we started reporting methane intensity based on our new measure

193、ment approach across our major operated oil and gas assets.2024 performanceOur methane intensity was 0.07%in 2024f.Methane emissions from upstream operations used to calculate this methane intensity increased by around 48%from 31kt in 2023 to 46kt in 2024,see page 39.Basis of calculationeAll operate

194、d upstream assets report methane(CH4)emissions on a 100%basis,including emissions from operated upstream oil and gas and also includes terminals and LNG facilities.Marketed gas production:all upstream gas reaching a market from bp-operated upstream assets,whether or not this is bp-owned product,and

195、includes gas production from natural gas wells and associated gas from oil production wells.Throughput from bp-operated oil and gas terminals is excluded to avoid double counting despite their associated CH4 emissions being included in the metric.CH4 data is required to be submitted into the bp grou

196、p reporting tool,OneCSR,in accordance with OMS requirements,broadly based on the GHG Protocol Corporate Standard and the Ipieca Petroleum Industry Guidelines for Reporting Greenhouse Gas Emissions 2nd Edition,May 2011.The responsibility for quantifying and submitting CH4 emissions for reporting is a

197、ssigned to individual bp facilities and business departments(RUs).16bp Annual Report and Form 20-F 202432.831.130.433.241.70.81.01.42.43.8 Diversity and inclusiong(%)2024353520233433202233332021323120202930Women in group leadershipPeople from beyond the UK and US in group leadershipOur people are cr

198、ucial to delivering our purpose and strategy.We aim to recruit talented people with diverse perspectives,backgrounds,skills and experiences,invest in their development and promote an inclusive culture.Each year we report the percentage of women and individuals from countries other than the UK and th

199、e US among bps group leaders.2024 performanceThe percentage of women in group leadership increased in 2024,continuing an upward trend over the previous five years.The percentage of people from beyond the UK and US in group leadership also increased by 2 points.Employee engagement(%)20247020237320227

200、0202164202064We conduct a Pulse annual employee survey to understand and monitor levels of employee engagement and identify areas for improvement.2024 performanceThe 2024 Pulse annual survey,which ran in August and September,saw our engagement score decrease by 3 points to 70%,in line with 2022 leve

201、ls,and a completion rate of 82%.We also extended the survey to retail where we achieved an engagement score of 68%and completion rate of 77%.We continue to build engagement plans based on survey feedback and on real-time updates from our monthly snapshot,Pulse live.Employee engagement,page 58Strateg

202、ic report See glossary on page 351bp Annual Report and Form 20-F 202417a These are our KPIs for the purposes of our disclosures pursuant to the UK CFD Regulations and Section 414CB(2A)(h)of the Companies Act 2006.b Total(100%)Scope 1(direct)GHG emissions from source activities operated by bp or othe

203、rwise within bps operational control boundary.bps reported GHG emissions include CH4 and CO2.c Due to rounding some totals may not equal the sum of their component parts.This does not affect the underlying values.d Scope 2 emissions on a market basis.e Included as part of reporting under the Compani

204、es(Strategic Report)Climate-related Financial Disclosure Regulations 2022(the UK CFD Regulations).f In 2024 reported absolute methane emissions from upstream major oil and gas processing sites are based on our new measurement approach.Prior to 2024 these emissions were calculated using a different m

205、ethodology and therefore the methane intensity reported in those years and calculated using that data does not directly correlate to progress towards delivering the 2025 target.Prior year data is provided for information purposes,and we do not seek to directly compare prior years.g Relates to bp emp

206、loyees.Operating within a resilient and disciplined financial frameOur financial frame sets out how we allocate cash that we generate to strengthen our balance sheet,invest with discipline to grow the value of bp and deliver resilient shareholder distributions.Our financial frameBalance sheetShareho

207、lder distributionsCapital expenditureResilient dividendShare buybacks$14-18bnNet debt target by end 2027aExpect annual increase of the dividend per ordinary share of at least 4%bExcess cash shared through buybacks over time$15bn in 2025$13-15bn in 2026-27A range credit metrics throughcycle30-40%of o

208、perating cash flow distributed as dividends and share buybacksbcDisciplined investment allocation,assessed against aset of balanced criteriaa Potential proceeds from any transactions related to Castrol strategic review and announcement to bring a strategic partner into Lightsource bp will be allocat

209、ed to reduce net debt.b Subject to board discretion each quarter,taking into account factors including outlook for cash flow,share count reduction from buybacks and maintaining A range credit metrics.c Includes offsetting any dilution from employee share schemes over time.Resilient dividendWe contin

210、ue to maintain a resilient dividend policy within our disciplined financial frame.Since the fourth quarter of 2023 our dividend per ordinary share has grown by 10%to 8.00 cents.Based on our current forecasts and subject to the boards discretion each quarter,we expect increases in the dividend per or

211、dinary share of at least 4%per annum.Stronger balance sheetWe are committed to strengthening the balance sheet and are now targeting net debt of between$14-18 billion by the end of 2027.Any potential proceeds from the strategic review of Castrol and Lightsource bp transactions will be dedicated to s

212、trengthening the balance sheet.For the full-year 2024,finance debt increased from$52.0 billion at the end of 2023 to$59.5 billion,primarily reflecting net long-term debt issuances,and net debt increased from$20.9billion to$23.0 billion.Disciplined investment allocationWe will continue to invest with

213、 discipline,driven by value,and focused on delivering returns.Investment is allocated across our businesses based on a set of criteria that balances strategic alignment,hurdle rates,volatility,integration value,sustainability and risk(see page 22).In 2024 capital expenditure was$16.2 billion.Weexpec

214、t capital expenditure to be around$15billion in 2025 and our capital expenditure frame for 2026 and2027 is reduced to$13-15 billion per annum.This includes expenditure on inorganic opportunities.Within the capital frame,on average$10 billion per year will be allocated to oil and gas,of which 70%is e

215、xpected to be allocated to oil and 30%to gas.In customers and products,we are progressively focusing capital expenditure from$4 billion in 2024 to$3 billion by 2027.In low carbon energy,we expect capital expenditure,on average,will be less than$800 million per year through 2027,around half of which

216、is allocated to hydrogen and CCS projects already through FID.Share buybacksShare buybacks remain a core part of our investor proposition.Our intention remains to share excess cash with investors through buybacks.Subject to board discretion,we expect total distributions,including dividend andbuyback

217、,to be in the range of 30-40%of operating cash flow over time,including buybacks to offset dilution from employee share schemes.We announced share buybacks of$7 billion for 2024 and between the end of the first quarter 2021 and 31 December 2024,we have reduced our shares in issue by 22%.In setting t

218、he dividend per ordinary share and buyback each quarter,the board will continue totake into account factors including the cumulative level of and outlook for cash flow,share count reduction from buybacks and maintaining A range credit rating metrics.Our financial frame18bp Annual Report and Form 20-

219、F 2024Our investor propositionOur strategy is being fundamentally reset.We are reallocating capital to drive growth from our highest returning businesses.And we are focused on driving improved performance.This is all in service of growing long-term shareholder value.Its underpinned by a plan to deli

220、ver compelling adjusted free cash flow and strong returns growth,supporting resilient distributions and a stronger balance sheet.We believe bp has a compelling investor proposition.Resetting strategyGrowing upstreamDisciplined transition investmentReallocating capitalReallocating and reducing capita

221、l expenditure Significant divestment programmeDriving performanceImproving downstreamCost efficiencyCompelling adjusted free cash flow growthStrong returns growth20%16%Compound annual growth rate(CAGR)from 2024-27aROACE in 2027aResilient distributionsStronger balance sheet Lower operational emission

222、s30-40%$14-18bn45-50%Total distribution of operating cash flowbcNet debt target by end 2027dReduction aim across Scope 1 and 2 by 2030eMore informationOur strategy and primary targets,page 8 Sustainability,page 382025 guidance2024 actual2025 guidanceUpstream reported production(guidance is both repo

223、rted and underlying production)2.4mmboe/dReported production to be lower/underlying production to be slightly lower than 2024Total capital expenditure$16.2bnAround$15bnDepreciation,depletion and amortization$16.6bnBroadly flat compared with 2024Divestments and other proceedsf$4.2bnAround$3bn,weighte

224、d towards the second halfGulf of America oil spill paymentsg(pre-tax)$1.2bnAround$1.2bn including$1.1bn pre-tax to be paid during the second quarterOther businesses&corporate underlying annual charge$0.6bnAround$1.0bnUnderlying effective tax rate41%hAround 40%iStrategic report See glossary on page 3

225、51bp Annual Report and Form 20-F 202419aAt$70/bbl Brent,$4/mmBtu Henry Hub,and$17/bbl refining marker margin,all 2024 real.bSubject to board discretion each quarter taking into account factors including outlook for cash flow,share count reduction from buybacks and maintaining A range credit metrics.

226、cIncludes offsetting any dilution from employee share schemes over time.dPotential proceeds from any transactions related to Castrol strategic review and announcement to bring a strategic partner into Lightsource bp will be allocated to reduce net debt.eReduction in emissions against 2019 baseline,o

227、n a CO2e basis.fDivestment proceeds are disposal proceeds as per the group cash flow statement.See page 26 for more information on divestment and other proceeds.gSee Financial statements Note 22 for more information on payables related to the Gulf of America oil spill.hNearest equivalent GAAP IFRS m

228、easure:effective tax rate 82%.iUnderlying effective tax rate is sensitive to the impact that volatility in the current price environment may have on the geographical mix of the groups profits and losses.How we use price assumptions Our price assumptions are used for our investment appraisal processe

229、s.They are also used to inform decisions about internal planning and the value-in-use impairment testing of assets for financial reporting.The role of price assumptions Our decisions on individual investments are informed by our view of the price environment and consider the balanced investment crit

230、eria discussed below.Our price assumptions continue to reflect a range of possibilities,including that the transition to a lower carbon economy and energy system could accelerate.Our investment appraisal assumptions,which take a long-term perspective,focus on the fundamental trends affecting the ene

231、rgy sector and our businesses.From January 2024 until January 2025,we held our key investment appraisal price assumptions constant at the levels set out in the bp Annual Report and Form 20-F 2023.For relevant investment cases assessed from February 2025,we have applied and plan to apply the prices s

232、hown in the key investment appraisal assumptions table(right)for our centralprice case.Brent oil and Henry Hub gas assumptions average around$64/bbl and$4.0/mmBtu respectively(2023$real)from 2025 to 2050.We consider these prices to be broadly consistent with a range of transition paths compatible wi

233、th meeting the Paris goals,but they do not correspond to any specific Paris-consistent scenario.We also consider a range of other price assumptions in investment appraisals,including product and market-specific prices relevant to individual investment cases.We apply carbon prices rising from$50/tCO2

234、e in 2025 to$135/tCO2e in 2030 and$200/tCO2e by 2050(2023$real)in certain cases(see box,right).Impairment testingOur best estimate of future prices for use in value-in-use impairment testing continues to be based on our investment appraisal price assumptions,with quarterly review of near-term prices

235、 to confirm that the assumptions appropriately reflect any changes to expectations due to short-term market trends.Impairment price assumptions were held constant in 2024 at the levels disclosed in the bp Annual Report and Form 20-F 2023 until the fourth quarter,when the updated investment appraisal

236、 price assumptions shown below were used for value-in-use impairment testing.Key investment appraisal assumptionsa TCFD2023$realup to 203020402050Brent oil($/bbl)706350Henry Hub gas($/mmBtu)4.04.04.0Refining marker margin(RMM)b($/bbl)14129In addition to the prices shown we also test whether investme

237、nts meet our return expectations(see page 22)using$60/bbl Brent oil price series.Carbon price TCFD2023$real203020402050Carbon($/tCO2e)135175200a The values in the table represent the central case.b The disclosed RMM assumption in the table excludes carbon pricing impacts and assumes a normalized cos

238、t of renewable identification numbers(RINs).For investment appraisal,potential future operational emissions costs that may be borne by bp as a result of an investment are included as bp costs,as described in the box below(generally without assuming incremental revenue associated with those emissions

239、),in order to incentivize engineering solutions that reduce operational carbon emissions on projects.For the treatment of emission cost assumptions in value-in-use impairment testing,see Financial statements Note 1.KeyTCFDInformation that supports TCFD Recommendations and Recommended Disclosures in

240、relation to Metrics andTargetsOur investment process20bp Annual Report and Form 20-F 2024 Investment process price assumptionsAll investments are evaluated against relevant price assumptions for oil,natural gas,refining margins or other commodities across a range of alternative price or margin serie

241、s(typically a central,upper and lower series).In addition,all investment cases with anticipated annual operational GHG emissions(Scope 1 and 2)above 20,000 tonnes of CO2 equivalent(bp net),must estimate those anticipated GHG emissions and include an associated carbon cost in the investment economics

242、,using the carbon prices above.Our investment price assumptions place some weight on scenarios in which the transition to a low carbon energy system is sufficiently rapid to meet the goals of the Paris Agreement,as well as scenarios in which the transition may not be sufficiently rapid.They also pla

243、ce some weight on a range of other factors that can drive prices,and which are not directly related to the Paris goals.These price assumptions do not link to specific scenarios or outcomes,but instead try to capture the range of different possibilities surrounding the future path of the global energ

244、y system.The nature of the uncertainty means that the price ranges inevitably reflect considerable judgement.The ranges are reviewed and updated as necessary,as our understanding of and judgements about the energy transition evolve.In addition to consideration of a range of price assumptions,investm

245、ent cases also assess the impact of alternative assumptions covering other selected variables relevant to the economics of the investment.These variables may include cost,schedule,resources,policy changes,or other areas of uncertainty,to assess the robustness of investment cases to a range of other

246、factors.Investment governance and evaluating consistency with the Paris goalsGovernance frameworkbps framework for investment governance seeks to ensure that investments align with our strategy,can be accommodated within our prevailing financial frame,and add shareholder value.It enables investments

247、 to be assessed in a consistent way against a range of criteria relevant to our strategy,including environmental and other sustainability criteria.Investments follow an integrated stage-gate process designed to enable our businesses to choose and develop the most attractive investment cases.A balanc

248、ed set of investment criteria is used(see page 22).This allows for the comparison and prioritization of investments across a diverse range of businessmodels.The governance framework specifies that proposed investments are evaluated using relevant assumptions,including carbon prices for projected ope

249、rational emissions where applicable.It also sets out requirements for assurance by functions independent of the business before a final investment decision(FID)is taken.The role of the boardThe board assesses capital allocation across thebp portfolio,including the level and mix of capital expenditur

250、es and divestments,strategic acquisitions,distribution choices and deleveraging,as well as reviewing certain investment cases for approval.Resource commitment meeting For acquisitions and organic capital investments above defined financial thresholds,investment approval is conducted through the exec

251、utive-level resource commitment meeting(RCM),which is chaired by the chief executive officer.The RCM reviews the merits of each investment case against a balanced set of criteria(see page 22)and considers any key issues raised in the assurance process.The CA100+resolution requires bp to disclose how

252、 we evaluate the consistency of new material capex investments with(i)the Paris goals and(ii)a range of other outcomes relevant to bps strategy.bps evaluation of the consistency of such investments with the Paris goals was undertaken by the RCM for new material capex investments sanctioned in 2024(s

253、ee page 23).bps evaluation of an investments consistency with a range of other relevant outcomes is achieved by considering its merits against bps balanced investment criteria,described on page22.bp boardReviews and approves investment cases of more than$3 billion for resilient hydrocarbons,more tha

254、n$1 billion for all transition or low carbon investments and any significant inorganic acquisition that is exceptional or unique in nature.Resource commitment meetingForum for executive managements review and approval ofinvestments related to existing and new lines ofbusiness above$250 million,or$25

255、 million foracquisitions,or which exceed the relevant EVPs financial authority,and any project considered strategically important such as anewmarket entry.Investment allocation committeesEVP-level forums to review and approve investment cases within a business group as per individual EVP financial a

256、uthority(up to$250 million,or typically$25 million for acquisitions).Business group investment governance meetingsSVP-level forums that review and approve investment cases within a business group or function,up to the individual SVPs financial authority.Cross-group meetingsForums that facilitate dis

257、cussions across businesses and functions,to support project development,sensitivity analysis,integration opportunities and risk assessment ahead of investment committee meetings.Investment in non-oil and gas In 2024 transition growth investmenta was$3.7 billion,compared to$3.8 billion in 2023(see pa

258、ge 39).Bioenergy:Our biogas operation,Archaea Energy,continued its growth and using its modular plant design it started up nine new renewable natural gas(RNG)plants in 2024(see page 33).EV charging:Together with our strategic convenience site networks,our investment in EV charging is helping us to o

259、ffer lower carbon mobility solutions to more customers.In 2024 examples include the opening of our standalone Aral EV charging Gigahub,in Germany,with 28 charge points.And in China,bp pulse installed 2MWh batteries at a charging hub in Shenzhen.We continue to build scale in our EV charging network i

260、n key markets(see page 33).Convenience:In 2024 we continued strategic investment in support of high-grading our retail fuels and convenience portfolio,including continued investment in TravelCenters of America,which bp acquired in 2023(see page33).Hydrogen and CCS:We are high-grading and focusing ou

261、rhydrogen portfolio prioritizing projects injurisdictions where we have an adequate regulatory framework,access to the value chain including our own or customer demand linkage to carbon capture and access to competitive renewable power.In 2024 we made final investment decisions on four hydrogen/CCS

262、projects(see page 29).For example we were granted funding to help support the development of a 100MW green hydrogen project next to our Lingen refinery in Germany.The plant could produce up to 11,000 tonnes of green hydrogen annually.The final investment decision was taken in December 2024.Renewable

263、s&power:In April 2024 we announced that we took ownership of Equinors 50%stake in the Beacon Wind US offshore wind projects.In December we announced that bp andJERA Co.,Inc will,subject to regulatory approvals and closing conditions being met,join forces to create a global wind joint venture(seepage

264、 28).Low carbon activity investment In 2024 low carbon activity investment,a subset of our total transition growth investment,accounted for 80%of our total transition growth investment(67%in 2023).It increased from$2.5 billion in 2023 to$3.0 billion in 2024,reflecting higher investment in bioenergy,

265、EV charging and wind businesses.Strategic report See glossary on page 351bp Annual Report and Form 20-F 202421a In February 2025 bp announced that we have retired the concept of transition growth engines going forward.Balanced investment criteriaAll investment cases must set out their investment mer

266、its and are considered against a set of six balanced investment criteria although investment decisions may also take other factors into account as appropriate.This standardized approach is intended to create a level playing field for decision making and allows portfolio-wide comparisons of investmen

267、t cases.The decision to endorse an investment based on the information provided represents our evaluation that it is consistent with what the 2019 CA100+resolution refers to as a range of other outcomes relevant to bps strategy.The six balanced investment criteria are:Strategic alignment:For all inv

268、estment cases,we consider whether the investment supports delivery of our strategy,including our net zero aims.We also assess if the investment case involves distinctive capability that bp has,or intends to develop,and whether it adds to an existing scale business within the portfolio or could help

269、us create one.Safety and risks:For all investment cases,we provide an assessment of the key risks to the investment that have a significantly higher probability than usual or have a significantly greater impact(relative to the size of the project)were they to occur.Safety risk management at bp is un

270、derpinned by our Operating Management System(OMS),which is designed to help us sustainably deliver safe,reliable and compliant bp operations.Sustainability:For all investment cases,we consider how any proposed business opportunity is connected to the energy transition,societal needs and the environm

271、ent.This approach is underpinned by our purpose and sustainability frame.All RCM cases must consider significant impacts of an investment on key sustainability aims,informed by our sustainability assessment template for investment cases(for our use of carbon prices,see box on page 20).Investment eco

272、nomics:For all investment cases,we consider investment economics against a range of relevant measures.Depending on the nature of the investment case,these may include return expectations(e.g.internal rate of return or IRR),net present value,discounted payback and profitability index,reflecting assum

273、ptions about relevant commodity prices,margins and carbon prices(see page 20).The forward economics of an investment case are considered against the differentiated IRRs applicable to that case at the time of the investment decision,depending on the business.We also refer to these expectations as hur

274、dle rates;although,as noted,each case is assessed according to its combined merit against our full set of balanced criteria.1.For our upstream business(including biogas),we seek an IRR of 15%.2.For our downstream business(including EV charging and biofuels),we seek portfolio-level returns in excess

275、of 15%.3.For hydrogen and CCS,we expect levered returns in the mid-teens including farm-down and integration value.For each investment,the relevant return expectations above are assessed using our central price assumptions.For additional capital discipline for investments in oil and gas production,w

276、e also compare the central price hurdle above(15%)to a case in which the Brent oil price starts at$60/bbl and later declines to the level of our key appraisal assumptions by 2050(see page 20).In addition,for investments in our oil and gas and refined products businesses,as well as any other investme

277、nts that do not fall within one of the specific businesses set out above,we compare the IRR inour lower-price case to a cost of capital hurdlerate.Volatility and rateability:Our investment economics metrics also consider the degree of uncertainty of the cash flows when considering investment cases.F

278、or example,some cases have more certainty of future costs and revenue projections.Variation in net present values for the key variables in an investment case are quantified by sensitivity analysis to give a range of potential outcomes against our key investment hurdles.Optionality and integration:Ou

279、r assessment considers the degree of optionality offered by a project the ability to adapt our business to changing circumstances.This could be an option to sell a product with a floor price,or the right to purchase additional equity in a joint venture at specific terms.Other types of options includ

280、e the right to develop(or not develop)extensions to existing projects,or to change the course of a projects development depending on market circumstances.We likewise seek out integration along value chains across multiple products,services,geographies and customers.For example,our gas production can

281、 supply liquefaction plants whose LNG is monetized byour trading business.Likewise,carbon sequestration projects may allow us to add valueto our gas production by reducing carbonintensity.Paris consistency evaluation processOur new material capex investments are intended to support the delivery of b

282、ps strategy.For evaluations conducted in 2024,investments in scope for evaluation were defined as:New:investment in a new project,or extension of an existing project/asset,or share of an entity that is new to bp,or a substantial increase in bps share.Material:more than$250 million capex investment.Q

283、uantitative evaluationsFor our investment economics and sustainability investment criteria we considered quantitative guide levels,as set out below,to inform the evaluation of each investments consistency with the goals of the Paris Agreement.For evaluations in 2024 we used the central price IRR and

284、 other economic hurdles as set out in the bp Annual Report and Form 20-F 2023(page 32).As in previous years,we reduced our operational carbon intensity guide levels,in line with our decreasing portfolio average.As our approach matures with experience,we may continue to adjust or supplement our metho

285、dology.There may be instances when new material capex investments are evaluated as consistent with the Paris goals despite either the economic or sustainability guide levels not being met.The RCM may also take account,in its Paris consistency evaluation,of the six balanced investment criteria using

286、qualitative assessments.Investment economics:We calculated economic indicators using our central price,and where applicable,our lower price cases,and applying our carbon price assumptions to relevant operational GHG emissions.(For our current key central case oil and natural gas price assumptions,se

287、e page 20,where we also set out our view on their consistency with achieving the Paris goals).We then compared the economic indicators to the relevant economic guide level(see below),based on the corresponding hurdles.We typically target a threshold of 1.0 x the relevant IRR guide level,and 1.0 x an

288、y relevant payback guide level,as set out in the bp Annual Report and Form 20-F 2023(page 32).Sustainability:Where appropriate,we compared the expected operational carbon intensity of the investment relative to that of the portfolio average shown in the bp ESG Datasheet 2023 for the segment or the r

289、elated business activity(upstream and refining).We normally target a ratio of less than 100%,meaning that the investment is expected to reduce the average operational carbon intensity of the relevant portfolio.The potential impact of new material capex investments on bps net zero aims is a further c

290、onsideration.Our investment process continued22bp Annual Report and Form 20-F 2024Evaluation outcome In 2024 eight new material capex investments were approveda.All were evaluated as being consistent with the Paris goals,taking into account both quantitative and qualitative evaluations and the balan

291、ced criteria above.Evaluation of investment performance against quantitative guide levelsbSeven of the eight investments exceeded the relevant IRR guide level as shown in the chart.The IRR of the remaining investment was slightly below itscentral price IRR hurdle.Three of the four upstream hydrocarb

292、on projects had emissions intensities below the relevant upstream intensity guide level.The other upstream investment had an emissions intensity above the guide level,but was expected to reduce our operational emissions intensity in the region.The four other investments were in businesses for which

293、there was no applicable carbon intensity guide.These latter investments are shown as n/a in the operational carbon intensitychart.Investment economicsSustainabilityAgainst IRR guide levelAgainst operational carbon intensityInvestments with intensity guide levelNo intensity guide levelGuideGuideDecis

294、ions taken in 2024In 2024 there were eight new material capex investment decisions evaluated for Paris consistency,shown here in the order the investment decisions were made:Brazilian biofuels:In June bp agreed to take full ownership of our Brazilian biofuels joint venture,acquiring Bunges 50%intere

295、st.The acquisition is expected to have capacity to produce around 50,000 barrels a day of ethanol equivalent from sugar cane through the businesss 11 agro-industrial units across five Brazilian states.Kaskida:In July bp approved its final investment decision in the Kaskida project in the US Gulf of

296、America.The new floating platform is expected to have nameplate production capacity of 80,000 barrels of oil per day.It will leverage simplified,standardized and cost-efficient design,which is expected to be replicated in future projects.Ruwais LNG:In July bp announced we had agreed to take a 10%int

297、erest in a new ADNOC-operated LNG facility in Abu Dhabi,deepening our relationship with our longstanding partner.The project has a planned total capacity of 9.6Mtpa.The investment is consistent with bps strategy to develop competitive gas positions as we grow our LNGportfolio.Coconut gas development

298、:In August bp and EOG agreed to form a 50:50 joint venture for the Coconut development with EOG as operator.This partnership for the Coconut development is part of bpTTs strategy to grow its gas business and help to unlock the energy future of Trinidad andTobago.Tangguh UCC:In November bp and partne

299、rs gave the go-ahead for the Tangguh UCC project in Papua Barat,Indonesia.The project has three components:the Ubadari field;a gas compression facility;and a carbon capture,use and storage(CCUS)project.It has the potential to unlock around 3 trillion cubic feet of additional gas resources in Indones

300、ia to help meet growing energy demand in Asia.The CCUS component is expected to sequester around 15MtCO2 during its initial phase from Tangguhs natural gas production,reducing overall CO2 emissions intensity from operations at Tangguh.Northern Endurance Partnership(NEP):InDecember bp and partners ma

301、de their final investment decision for NEP,a joint venture between bp,Equinor and TotalEnergies,which is the CO2transportation and storage provider for the UKsEast Coast Cluster(ECC).The Teesside onshore NEP infrastructure is expected to serve the Teesside-based carbon capture projects NZT Power,H2T

302、eesside and Teesside Hydrogen CO2 Capture.We expect around 4MtCO2 per year from these projects will be transported and stored from 2027.Net Zero Teesside Power(NZT Power):Alsoin December bp and partners took a final investment decision in NZT Power,a joint venture between bp and Equinor,which could

303、generate upto 742MW of flexible,dispatchable low carbon power.Upto 2MtCO2 per year will be captured at the plant,and then transported and securely stored in subsea storage sites in the North Sea.Lingen Green Hydrogen:In December bp made a final investment decision for the Lingen Green Hydrogen proje

304、ct in Germany,which will be its first fully-owned and operated large-scale green hydrogen facility.The project is expected to install a 100MW electrolyser capacity capable of producing an average of 10-11kt of green hydrogen per year from 2027.The renewable power needed for the electrolyser is expec

305、ted to be supplied by offshore wind generation.Strategic report See glossary on page 351bp Annual Report and Form 20-F 202423n/an/an/an/aa The RCM also approved two investment cases in our low carbon energy business with capital investment above$250 million,which are not included in the evaluation i

306、nformation presented above.This is because one did not reach a final investment decision during 2024 and the other was a transaction to progress certain bp low carbon energy assets by contributing them to a joint venture.All of the assets that were material had been previously disclosed as new mater

307、ial capex investments in bps Annual Report and Form 20-F for the relevant year.b The 2024 investments have been compared to relevant guides(as applicable to the evaluation of each investment)and are presented here in order of the ratio to the relevant central-price case IRR guide level(or where ther

308、e was no relevant central price IRR guide level,the lower price one),and separately in order ofthe ratio to the relevant emissions intensity guide level.Asa result,the evaluations against the economic and sustainability benchmarks do not necessarily followthe same order.bp delivered operating cash f

309、low of$27.3 billion.During the year,we made strong progress on cost savings,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

310、2025.Kate ThomsonChief financial officerGroup performance24bp Annual Report and Form 20-F 2024Financial and operating performance$million except per share amounts202420232022Sales and other operating revenues 189,185 210,130 241,392 Profit before interest and tax 11,297 27,348 18,039 Finance costs a

311、nd net finance income/expense relating to pensions and other post-employment benefits(4,515)(3,599)(2,634)Taxation(5,553)(7,869)(16,762)Profit(loss)for the year 1,229 15,880 (1,357)Non-controlling interest(848)(641)(1,130)Profit(loss)for the year attributable to bp shareholders 381 15,239 (2,487)Inv

312、entory holding(gains)losses,before tax 488 1,236 (1,351)Taxation charge(credit)on inventory holding gains and losses(119)(292)332 Replacement cost(RC)profit(loss)750 16,183 (3,506)Net(favourable)adverse impact of adjusting itemsa,beforetax 9,344 (1,143)29,781 Total taxation charge(credit)on adjustin

313、g items(1,179)(1,204)1,378 Underlying RC profit 8,915 13,836 27,653 Adjusted EBIDA 31,161 34,345 45,695 Adjusted EBITDA 38,012 43,710 60,747 Dividend paid per ordinary share(cents)30.540 27.76022.932Dividend paid per ordinary share(pence)23.720 22.32818.624Profit(loss)per ordinary share(cents)2.38 8

314、7.78 (13.10)Profit(loss)per ADS(dollars)0.14 5.27 (0.79)Underlying RC profit per ordinary share(cents)54.40 79.69 145.63 Underlying RC profit per ADS(dollars)3.26 4.78 8.74 Adjusting itemsaGains on sale of businesses and fixed assets 670 361 3,866 Net impairment and losses on sale of businesses and

315、fixedassets(6,930)(5,838)(5,920)Environmental and related provisions(181)(647)325 Restructuring,integration and rationalization costs(222)37 34 Fair value accounting effects(FVAEs)b(1,852)9,403 (3,501)Rosneft (24,033)Gulf of America oil spill(51)(57)(84)Other(273)(1,711)(43)Total before interest and

316、 taxation(8,839)1,548 (29,356)Finance costs(505)(405)(425)(9,344)1,143 (29,781)Adjusting items total taxation 1,179 1,204 (1,378)(8,165)2,347 (31,159)aSee page 313 for more information.bSee page 314 for information on the cumulative impact of FVAEs.$0.4bn$8.9bn$27.3bnprofit attributable to bp shareh

317、olders(2023 profit$15.2bn)underlying replacement cost(RC)profit(2023 profit$13.8bn)operating cash flow(2023$32.0bn)Laying the foundation for growthAt 31December 2024 the groups reportable segments are gas&low carbon energy,oil production&operations and customers&products.Each is managed separately,w

318、ith decisions taken for the segment as a whole,and represent a single operating segment that does not result from aggregating two or more segments.See Financial statements Note 5 Segmental analysis.Results The profit for the year ended 31December 2024 attributable to bp shareholders was$0.4 billion,

319、compared with$15.2 billion in 2023.Adjusting for inventory holding losses,RC profit was$0.8 billion,compared with$16.2 billion in 2023.After adjusting RC profit for a net adverse impact of items,which bp has classified as adjusting(adjusting items)of$8.2 billion(on a post-tax basis),underlying RC pr

320、ofit for the year ended 31December 2024 was$8.9 billion.The result reflected lower refining margins,lower realizations,a lower gas marketing and trading result and a lower oil trading contribution,partly offset by lower taxation.For 2023,after adjusting RC profit for a net favourable impact of adjus

321、ting items of$2.3 billion(on a post-tax basis),underlying RC profit was$13.8 billion.The result reflected lower realizations,the impact of portfolio changes,the impact of lower refining margins and a lower oil trading performance.For a discussion of bps financial and operating performance for the ye

322、ars ending 31 December 2022 and 31 December 2023,see bp Annual Report and Form 20-F 2023,pages 35-47.Adjusting itemsIn 2024 the net adverse pre-tax impact of items,which bp has classified as adjusting(adjusting items)was$9.3 billion including:Adverse fair value accounting effects(FVAEs)relative to m

323、anagements measure of performance of$1.9 billion primarily due to an increase in the forward price of LNG during 2024,compared to a decline in 2023 and the adverse impact of the fair value accounting effects relating to the hybrid bonds in 2024 compared to the favourable impact in 2023.Net impairmen

324、t and losses on sale of businesses and fixedassets includes a loss of$1.1 billion relating to the sale of the ground fuels business in Trkiye(see Financial statements Note 2)and net impairment charges of$5.1 billion(see Financial statements Note 4).In addition,$0.5 billion net impairment charges wer

325、e reported through equity-accounted earnings(reported within the other category).The other category also includes a$0.5 billion gain relating to the remeasurement of bps pre-existing 49.97%interest in Lightsource bp and a$0.5 billion gain relating to the remeasurement of certain US assets excluded f

326、rom the Lightsource bp acquisition(see Financial statements Note 3 for further information);and 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.In 2023 the

327、 net favourable pre-tax impact of adjusting items was$1.1 billion including:Favourable FVAEs relative to managements measure of performance of$9.4 billion primarily due to a decline in the forward price of LNG during 2023.Under IFRS,reported earnings include the mark-to-market value of the hedges us

328、ed 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 value of the LNG contracts being risk managed.The impacts of FVAEs relative to managements internal measure of performance are

329、provided on page 314.Net impairment charges of$5.7 billion largely as a result of changes in the groups price and discount rate assumptions,activity phasing and economic forecasts(in particular related to the Gelsenkirchen refinery).In addition,$1.3 billion net impairment charges were reported throu

330、gh equity-accounted earnings(reported within the other category),of which$1.1 billion relates to our US offshore wind projects.See Financial statements Note 4 for more information on impairments,and pages 313 and314 for more information on adjusting itemsand FVAEs.TaxationThe charge for corporate in

331、come taxes was$5,553 million in 2024 compared with$7,869 million in 2023.The effective tax rate(ETR)on the profit before taxation for the year in 2024 was 82%,compared with 33%in 2023.The ETR on the profit before taxation for the year in 2024 and in 2023 was impacted by fair value accounting effects

332、 and other adjusting items.Excluding inventory holding impacts and adjusting items,the underlying ETR in 2024 was 41%compared with 39%in 2023.The underlying ETR in 2024 is higher due to changes in the geographical mix of profits.The underlying ETR for 2025 is expected to be around 40%but it is sensi

333、tive to a range of factors,including the volatility of the price environment and its impact on the geographical mix of the groups profits and losses.Underlying ETR is a non-IFRS measure.A reconciliation to IFRS information is provided on page 360.Outlook for 2025 2025 guidancebp expects reported upstream production to be lower and underlying upstream production to be slightly lower compared with 2