1、Performing while transformingFinancial summarySecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Profit(loss)for the period attributable to bp shareholders 1,792 8,218 9,257 10,010 (11,127)Inventory holding(gains)losses*,net of tax 549 452 (1,607)1,001 (4,271)Replace

2、ment cost(RC)profit(loss)*2,341 8,670 7,650 11,011 (15,398)Net(favourable)adverse impact of adjusting items*,net of tax 248 (3,707)801 (3,459)30,094 Underlying RC profit*2,589 4,963 8,451 7,552 14,696 Operating cash flow*6,293 7,622 10,863 13,915 19,073 Capital expenditure*(4,314)(3,625)(2,838)(7,93

3、9)(5,767)Divestment and other proceeds(b)88 800 722 888 1,903 Surplus cash flow*(269)2,283 6,546 2,014 10,584 Net issue(repurchase)of shares(2,073)(2,448)(2,288)(4,521)(3,880)Net debt*(c)23,660 21,232 22,816 23,660 22,816 Adjusted EBITDA*9,770 13,066 16,357 22,836 30,240 Announced dividend per ordin

4、ary share(cents per share)7.270 6.610 6.006 13.880 11.466 Underlying RC profit per ordinary share*(cents)14.77 27.74 43.58 42.65 75.55 Underlying RC profit per ADS*(dollars)0.89 1.66 2.61 2.56 4.53 Underlying RC profit$2.6bn;Operating cash flow$6.3bn 10%increase in resilient dividend to 7.270 cents

5、per ordinary share;further$1.5bn share buyback announced Delivering resilient hydrocarbons-2Q23 start-up of two major projects*;successful commissioning of Cherry Point refinery improvement projects Continued progress in transformation to an IEC-acquisition of TravelCenters of America;4GW entry to G

6、erman offshore wind;strong progress across the five transition growth*engines Another quarter of performing while transforming.Our underlying performance was resilient with good cash delivery-during a period of significant turnaround activity and weaker margins in our refining business.Were deliveri

7、ng our strategy at pace-weve started up two major oil and gas projects to help keep energy flowing today and were accelerating our transformation through our five transition growth engines.And were delivering for shareholders growing our dividend and announcing a further share buyback.This reflects

8、confidence in our performance and the outlook for cash flow,as well as continued progress reducing our share count.Bernard Looney Chief executive officer(a)This results announcement also represents bps half-yearly financial report(see page 16).(b)Divestment proceeds are disposal proceeds as per the

9、condensed group cash flow statement.See page 3 for more information on divestment and other proceeds.(c)See Note 10 for more information.RC profit(loss),underlying RC profit(loss),surplus cash flow,net debt,adjusted EBITDA,underlying RC profit per ordinary share and underlying RC profit per ADS are

10、non-IFRS measures.Inventory holding(gains)losses and adjusting items are non-IFRS adjustments.*For items marked with an asterisk throughout this document,definitions are provided in the Glossary on page 35.FOR IMMEDIATE RELEASELondon 1 August 2023BP p.l.c.Group resultsSecond quarter and first half 2

11、023(a)1HighlightsUnderlying replacement cost profit*$2.6 billionUnderlying replacement cost profit for the quarter was$2.6 billion,compared with$5.0 billion for the previous quarter.Compared to the first quarter 2023,the result reflects:significantly lower realized refining margins,a significantly h

12、igher level of turnaround and maintenance activity and a weak oil trading result;lower oil and gas realizations;and an exceptional gas marketing and trading result,albeit lower than the first quarter.Reported profit for the quarter was$1.8 billion,compared with$8.2 billion for the first quarter 2023

13、.The reported result for the second quarter is adjusted for inventory holding losses*of$0.5 billion(net of tax)and a net adverse impact of adjusting items*of$0.2 billion(net of tax)to derive the underlying replacement cost profit.Adjusting items include impairments of$1.2 billion and favourable fair

14、 value accounting effects*of$1.1 billion.Operating cash flow*$6.3 billionOperating cash flow in the quarter of$6.3 billion includes$1.2 billion of Gulf of Mexico oil spill payments within a working capital*release(after adjusting for inventory holding losses,fair value accounting effects and other a

15、djusting items)of$0.1 billion(see page 30).Capital expenditure*in the second quarter was$4.3 billion including$1.1 billion for the acquisition of TravelCenters of America,net of adjustments.bp continues to expect capital expenditure,including inorganic capital expenditure*,of$16-18 billion in 2023.D

16、uring the second quarter,bp completed$2.1 billion of share buybacks.This included$225 million as part of the$675 million programme announced on 7 February 2023 to offset the expected full-year dilution from the vesting of awards under employee share schemes in 2023.The$1.75 billion share buyback pro

17、gramme announced with the first quarter results was completed on 28 July 2023.Over the last four quarters bp has completed over$10 billion of buybacks from surplus cash flow*and reduced its issued share capital by over 9%.Net debt*was$23.7 billion at the end of the second quarter.Growing distributio

18、ns within an unchanged financial frameA resilient dividend is bps first priority within its disciplined financial frame,underpinned by a cash balance point*of around$40 per barrel Brent,$11 per barrel RMM and$3 per mmBtu Henry Hub(all 2021 real).For the second quarter,bp has announced a dividend per

19、 ordinary share of 7.270 cents,an increase of 10%.bp remains committed to using 60%of 2023 surplus cash flow for share buybacks,subject to maintaining a strong investment grade credit rating.bp intends to execute a further$1.5 billion share buyback prior to reporting third quarter results.In setting

20、 the dividend per ordinary share and buyback each quarter,the board will continue to take into account factors including the cumulative level of and outlook for surplus cash flow,the cash balance point and the maintenance of a strong investment grade credit rating.bps guidance for distributions rema

21、ins unchanged.Based on bps current forecasts,at around$60 per barrel Brent and subject to the boards discretion each quarter,bp expects to be able to deliver share buybacks of around$4.0 billion per annum,at the lower end of its$14-18 billion capital expenditure range,and have capacity for an annual

22、 increase in the dividend per ordinary share of around 4%.Strong momentum in transformation to an integrated energy companyIn resilient hydrocarbons,during the second quarter bp announced the start-up of the bp-operated Mad Dog Phase 2 project and the Reliance operated KG D6-MJ project,together expe

23、cted to add around 90 thousand barrels of oil equivalent per day of net production by 2025.In addition,bps Cherry Point refinery in the US successfully commissioned the hydrocracker improvement project and cooling water infrastructure project to improve availability and reduce costs and CO2 emission

24、s.In convenience and mobility,bp completed the acquisition of TravelCenters of America,adding a network of 288 sites,strategically located on major highways across the US.The deal is expected to almost double bps global convenience gross margin*,and bring growth opportunities in four of bps five tra

25、nsition growth*engines.In July,bp and Lekkerland extended their convenience partnership to deliver REWE To Go stores at Aral retail sites until 2028.And during the first half 2023 bp grew energy sold from EV charging by around 170%compared to the first half 2022.In low carbon energy,bp was awarded t

26、he rights to develop two offshore wind projects,with total potential generating capacity of 4GW,in the German tender round,marking its entry into offshore wind in continental Europe.In addition,bp has made significant progress growing its pipeline of hydrogen projects to reach 2.8mtpa at the end of

27、the second quarter.In the second quarter bp has continued to execute against its unchanged financial frame.We have increased our dividend by 10%;we are investing with discipline to advance our strategy;and we are committed to returning 60%of 2023 surplus cash flow through share buybacks with a furth

28、er$1.5 billion announced for the second quarter.Murray Auchincloss Chief financial officerThe commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 41.BP p.l.c.Group resultsSecond quarter and first half 20232Financial results In

29、addition to the highlights on page 2:Profit attributable to bp shareholders in the second quarter and half year was$1.8billion and$10.0billion respectively,compared with a profit of$9.3billion and a loss of$11.1billion in the same periods of 2022.After adjusting profit attributable to bp shareholder

30、s for inventory holding losses*and net impact of adjusting items*,underlying replacement cost profit*for the second quarter and half year was$2.6billion and$7.6billion respectively,compared with$8.5billion and$14.7billion for the same periods of 2022.This reduction in underlying replacement cost pro

31、fit for the second quarter and half year reflects lower oil and gas realizations,the impact of portfolio changes in oil production&operations,significantly lower refining margins,and a weak oil trading performance,partly offset by a higher gas marketing and trading result.Adjusting items in the seco

32、nd quarter and half year had a net adverse pre-tax impact of$0.6billion and a net favourable pre-tax impact of$3.3billion respectively,compared with an adverse pre-tax impact of$0.3billion and$31.1billion in the same periods of 2022.Adjusting items for the second quarter and half year of 2023 includ

33、e a favourable impact of pre-tax fair value accounting effects*,relative to managements internal measure of performance,of$1.1 billion and$5.3 billion respectively,compared with an adverse pre-tax impact of$0.8billion and$6.6billion in the same periods of 2022.This is primarily due to a decline in t

34、he forward price of LNG during the periods,but an increase in the comparative periods.Under IFRS,reported earnings include the mark-to-market value of the hedges used to risk-manage LNG contracts,but not of the LNG contracts themselves.The underlying result includes the mark-to-market value of the h

35、edges but also recognizes changes in value of the LNG contracts being risk managed.Adjusting items for the half year 2022 include a pre-tax charge of$24.0billion relating to bps decision to exit its 19.75%shareholding in Rosneft.A further$1.5 billion pre-tax charge relating to bps decision to exit i

36、ts other businesses with Rosneft in Russia is also included.The effective tax rate(ETR)on RC profit or loss*for the second quarter and half year was 41%and 32%respectively,compared with 33%and-62%for the same periods in 2022.Excluding adjusting items,the underlying ETR*for the second quarter and hal

37、f year was 43%and 41%respectively,compared with 29%and 30%for the same periods a year ago.The higher underlying ETR for the second quarter and half year reflects changes in the geographical mix of profits and the UK Energy Profits Levy on North Sea profits.ETR on RC profit or loss and underlying ETR

38、 are non-IFRS measures.Operating cash flow*for the second quarter and half year was$6.3billion and$13.9billion respectively,compared with$10.9billion and$19.1billion for the same periods in 2022,consistent with the movements in underlying replacement cost profit in the periods.Capital expenditure*in

39、 the second quarter and half year was$4.3billion and$7.9billion respectively,compared with$2.8billion and$5.8billion in the same periods of 2022,reflecting the inorganic$1.1 billion spend on the acquisition of TravelCenters of America in the second quarter 2023.Total divestment and other proceeds fo

40、r the second quarter and half year were$0.1billion and$0.9billion respectively,compared with$0.7billion and$1.9billion for the same periods in 2022.There were no other proceeds for the second quarter and half year of 2023.Other proceeds for the second quarter and half year of 2022 were$0.4 billion a

41、nd$0.6 billion respectively of proceeds from the disposal of a loan note related to the Alaska divestment.At the end of the second quarter,net debt*was$23.7 billion,compared with$21.2billion at the end of the first quarter 2023 and$22.8billion at the end of the second quarter 2022.BP p.l.c.Group res

42、ultsSecond quarter and first half 20233Analysis of RC profit(loss)before interest and tax and reconciliation to profit(loss)for the periodSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022RC profit(loss)before interest and taxgas&low carbon energy 2,289 7,347 2,737

43、9,636 1,213 oil production&operations 2,568 3,317 7,237 5,885 11,068 customers&products 555 2,680 3,531 3,235 5,512 other businesses&corporate(297)(90)(1,028)(387)(25,747)Of which:other businesses&corporate excluding Rosneft(297)(90)(1,028)(387)(1,714)Rosneft (24,033)Consolidation adjustment UPII*(3

44、0)(22)(21)(52)13 RC profit(loss)before interest and tax 5,085 13,232 12,456 18,317 (7,941)Finance costs and net finance expense relating to pensions and other post-retirement benefits(859)(785)(539)(1,644)(1,183)Taxation on a RC basis(1,724)(3,573)(3,988)(5,297)(5,681)Non-controlling interests(161)(

45、204)(279)(365)(593)RC profit(loss)attributable to bp shareholders*2,341 8,670 7,650 11,011 (15,398)Inventory holding gains(losses)*(732)(600)2,146 (1,332)5,647 Taxation(charge)credit on inventory holding gains and losses 183 148 (539)331 (1,376)Profit(loss)for the period attributable to bp sharehold

46、ers 1,792 8,218 9,257 10,010 (11,127)Analysis of underlying RC profit(loss)before interest and tax SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Underlying RC profit(loss)before interest and taxgas&low carbon energy 2,233 3,456 3,080 5,689 6,675 oil production&o

47、perations 2,777 3,319 5,902 6,096 10,585 customers&products 796 2,759 4,006 3,555 6,162 other businesses&corporate(170)(296)(201)(466)(460)Of which:other businesses&corporate excluding Rosneft(170)(296)(201)(466)(460)Rosneft Consolidation adjustment UPII(30)(22)(21)(52)13 Underlying RC profit before

48、 interest and tax 5,606 9,216 12,766 14,822 22,975 Finance costs and net finance expense relating to pensions and other post-retirement benefits(740)(681)(509)(1,421)(995)Taxation on an underlying RC basis(2,116)(3,368)(3,527)(5,484)(6,691)Non-controlling interests(161)(204)(279)(365)(593)Underlying

49、 RC profit attributable to bp shareholders*2,589 4,963 8,451 7,552 14,696 Reconciliations of underlying RC profit attributable to bp shareholders to the nearest equivalent IFRS measure are provided on page 1 for the group and on pages 6-15 for the segments.Operating MetricsOperating metricsFirst hal

50、f 2023vs First half 2022Tier 1 and tier 2 process safety events*20-4Reported recordable injury frequency*0.237+23.8%upstream*production(a)(mboe/d)2,301+3.4%upstream unit production costs*(b)($/boe)5.94-9.1%bp-operated upstream plant reliability*95.0%-0.3bp-operated refining availability*(a)95.9%1.5(

51、a)See Operational updates on pages 6,9 and 11.Because of rounding,upstream production may not agree exactly with the sum of gas&low carbon energy and oil production&operations.(b)Mainly reflecting impact of portfolio changes.BP p.l.c.Group resultsSecond quarter and first half 20234Outlook&Guidance M

52、acro outlook For the third quarter,bp expects oil prices to be supported by seasonal demand and the OPEC+production restrictions.During the third quarter,bp expects the risk of an earlier than normal seasonal fill of European gas storage to continue to weigh on European gas and Asian LNG prices abse

53、nt disruptions to supply.In the US,Henry Hub gas prices are expected to find support from coal-to-gas switching in the power sector.In the third quarter,bp expects industry refining margins to remain above historical average levels,supported by low product inventories and seasonal demand in the US.3

54、Q23 guidance Looking ahead,bp expects third-quarter 2023 reported upstream*production to be broadly flat compared to second quarter 2023.Within this,bp expects production from oil production&operations to be lower and gas&low carbon energy to be higher,including the effects of seasonal maintenance i

55、n higher margin regions offset by major project*delivery.In its customers business,bp expects seasonally higher volumes.In refining,bp expects a lower level of turnaround and maintenance activity compared to the second quarter.2023 guidanceIn addition to the guidance on page 2:bp now expects both re

56、ported and underlying upstream production to be higher compared with 2022.Within this,bp expects underlying production*from oil production&operations to be higher and production from gas&low carbon energy to be slightly lower.bp now expects four major project start-ups during 2023,with Greater Tortu

57、e Ahmeyim(GTA)Phase 1 now expected to start-up during the first quarter of 2024.bp continues to expect the other businesses&corporate underlying annual charge to be in a range of$1.1-1.3 billion for 2023.The charge may vary from quarter to quarter.bp continues to expect the depreciation,depletion an

58、d amortization to be slightly above 2022.bp continues to expect the underlying ETR*for 2023 to be around 40%but it is sensitive to the impact that volatility in the current price environment may have on the geographical mix of the groups profits and losses.Having realized$16.8 billion of divestment

59、and other proceeds since the second quarter of 2020,bp continues to expect divestment and other proceeds of$2-3 billion in 2023 and continues to expect to reach$25 billion of divestment and other proceeds between the second half of 2020 and 2025.bp continues to expect Gulf of Mexico oil spill paymen

60、ts for the year to be around$1.3 billion pre-tax including the$1.2 billion pre-tax payment made during the second quarter.bp continues to expect capital expenditure*of$16-18 billion in 2023 including inorganic capital expenditure*.bp is committed to maintaining a strong investment grade credit ratin

61、g,targeting further progress within an A grade credit rating.For 2023 bp continues to intend to allocate 40%of surplus cash flow*to further strengthening the balance sheet.For 2023 and subject to maintaining a strong investment grade credit rating,bp remains committed to using 60%of surplus cash flo

62、w for share buybacks.In setting the dividend per ordinary share and buyback each quarter,the board will continue to take into account factors including the cumulative level of and outlook for surplus cash flow,the cash balance point*and the maintenance of a strong investment grade credit rating.Base

63、d on bps current forecasts,at around$60 per barrel Brent and subject to the boards discretion each quarter,bp continues to expect to be able to deliver share buybacks of around$4.0 billion per annum,at the lower end of its$14-18 billion capital expenditure range,and have capacity for an annual incre

64、ase in the dividend per ordinary share of around 4%.The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 41.BP p.l.c.Group resultsSecond quarter and first half 20235gas&low carbon energy*Financial resultsThe replacement cost

65、(RC)profit before interest and tax for the second quarter and half year was$2,289 million and$9,636 million respectively,compared with$2,737 million and$1,213 million for the same periods in 2022.The second quarter and half year are adjusted by a favourable impact of net adjusting items*of$56 millio

66、n and$3,947 million respectively,compared with an adverse impact of net adjusting items of$343 million and$5,462 million for the same periods in 2022.Adjusting items include impacts of fair value accounting effects*,relative to managements internal measure of performance,which are a favourable impac

67、t of$1,222 million and$5,156 million for the second quarter and half year in 2023 and an adverse impact of$74 million and$5,089 million for the same periods in 2022.Under IFRS,reported earnings include the mark-to-market value of the hedges used to risk-manage LNG contracts,but not of the LNG contra

68、cts 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,which decreased as forward prices fell during the first half.Adjusting items also include a net impairment charge of$1,058million and$1,06

69、0million respectively,compared with net charges of$265million and$517million for the same periods in 2022.After adjusting RC profit before interest and tax for adjusting items,the underlying RC profit before interest and tax*for the second quarter and half year was$2,233 million and$5,689 million re

70、spectively,compared with$3,080 million and$6,675 million for the same periods in 2022.The underlying RC profit for the second quarter and for the half year,compared with the same periods in 2022,both reflect lower realizations and a higher depreciation,depletion and amortization charge partially off

71、set by a higher gas marketing and trading result.Operational update Reported production for the quarter was 903mboe/d,2.2%lower than the same period in 2022.Underlying production*was 2.9%lower,mainly due to lower base performance partially offset by new project delivery.Reported production for the h

72、alf year was 936mboe/d,0.9%lower than the same period in 2022.Underlying production was 2.0%lower,also mainly due to lower base performance partially offset by new project delivery.Renewables pipeline*at the end of the quarter was 39.6GW(bp net),including 16.6GW bp net share of Lightsource bps(LSbps

73、)pipeline.The renewables pipeline increased by 2.4GW during the half year due to additions to LSbps portfolio.In addition,there is over 10GW(bp net)of early stage opportunities in LSbps hopper.Strategic progressgasOn 30 June bp and Reliance(operator)announced that production has commenced from MJ,th

74、e last of three new deepwater developments in the KG D6 block off the coast of India.Production from the fields is expected to account for around one third of Indias current domestic gas production and meet approximately 15%of Indias gas demand.This builds on the progress announced in our first-quar

75、ter results,which comprised the following:bp signed an agreement with Shell to purchase Shells 27%interest in the Browse project,offshore Australia,subject to approvals;bp and its partners confirmed the development concept for the second phase of the bp-operated Greater Tortue Ahmeyim(GTA)liquefied

76、natural gas project,to take forward to the next stage of evaluation;bp and our co-venturers in the Shah Deniz Consortium have secured additional capacity in the Trans Adriatic Pipeline(TAP);bp announced that it had completed the sale of its upstream business in Algeria to Eni;and bp confirmed that,t

77、ogether with ADNOC,it has made a non-binding offer to take NewMed Energy private.low carbon energyHydrogen and CCSHydrogen pipeline*grew by 1.0mtpa in the first half to 2.8mtpa,reflecting projects moving into concept development in the US and Oman.Offshore wind On 12 July,bp was awarded the rights t

78、o develop two North Sea offshore wind projects in Germany.The sites are located 130km and 150km offshore,in water depths of about 40m,and have a total potential generating capacity of 4GW,raising our global offshore wind pipeline to 9.3GW.These events build on the progress announced in our first-qua

79、rter results,which comprised the following:it was announced that three bp-led hydrogen and CCS projects in north-east England-Net Zero Teesside Power gas-fired power station and CCS,H2Teesside blue hydrogen*and HyGreen Teesside green hydrogen*-have been chosen by the UK government to go to the next

80、stage of development;bp signed an agreement with Harbour Energy to take a 40%stake in the Viking carbon capture and storage(CCS)project in the North Sea;and bp launched plans for low-carbon green hydrogen cluster in Spains Valencia region.bp announced a successful bid in the Innovation and Targeted

81、Oil and Gas(INTOG)Scottish offshore wind leasing round,bps first step in floating offshore wind;and bp and Deep Wind Offshore announced the formation of a joint venture to develop offshore wind opportunities in South Korea.BP p.l.c.Group resultsSecond quarter and first half 20236gas&low carbon energ

82、y(continued)SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Profit before interest and tax 2,289 7,348 2,728 9,637 1,229 Inventory holding(gains)losses*(1)9 (1)(16)RC profit before interest and tax 2,289 7,347 2,737 9,636 1,213 Net(favourable)adverse impact of adj

83、usting items(56)(3,891)343 (3,947)5,462 Underlying RC profit before interest and tax 2,233 3,456 3,080 5,689 6,675 Taxation on an underlying RC basis(575)(961)(717)(1,536)(1,726)Underlying RC profit before interest 1,658 2,495 2,363 4,153 4,949 SecondFirstSecondFirstFirstquarterquarterquarterhalfhal

84、f$million20232023202220232022Depreciation,depletion and amortizationTotal depreciation,depletion and amortization 1,407 1,440 1,203 2,847 2,458 Exploration write-offsExploration write-offs(1)(1)(2)(2)Adjusted EBITDA*Total adjusted EBITDA 3,639 4,895 4,283 8,534 9,131 Capital expenditure*gas 697 647

85、681 1,344 1,323 low carbon energy 190 366 142 556 361 Total capital expenditure 887 1,013 823 1,900 1,684 SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf20232023202220232022Production(net of royalties)(a)Liquids*(mb/d)103 114 112 108 116 Natural gas(mmcf/d)4,641 4,962 4,709 4,801 4,803 Tota

86、l hydrocarbons*(mboe/d)903 969 924 936 944 Average realizations*(b)Liquids(c)($/bbl)73.57 79.44 105.50 76.42 95.40 Natural gas($/mcf)5.53 7.41 8.42 6.49 8.15 Total hydrocarbons*(c)($/boe)36.96 46.95 55.79 42.01 53.31(a)Includes bps share of production of equity-accounted entities in the gas&low carb

87、on energy segment.(b)Realizations are based on sales by consolidated subsidiaries only this excludes equity-accounted entities.(c)A minor amendment has been made to the first quarter of 2023.BP p.l.c.Group resultsSecond quarter and first half 20237gas&low carbon energy(continued)30 June 202331 March

88、 202330 June 2022low carbon energy(d)Renewables(bp net,GW)Installed renewables capacity*2.4 2.2 2.0 Developed renewables to FID*6.1 5.9 4.4 Renewables pipeline 39.6 38.825.8of which by geographical area:Renewables pipeline Americas 17.8 17.5 16.9 Renewables pipeline Asia Pacific(e)12.2 12.2 1.4 Rene

89、wables pipeline Europe 9.5 8.9 7.2 Renewables pipeline Other 0.1 0.1 0.2 of which by technology:Renewables pipeline offshore wind 5.3 5.3 5.2 Renewables pipeline onshore wind 6.3 6.3 Renewables pipeline solar 28.1 27.2 20.6 Total Developed renewables to FID and Renewables pipeline 45.7 44.7 30.1(d)B

90、ecause of rounding,some totals may not agree exactly with the sum of their component parts.(e)30 June 2023 and 31 March 2023 include 10.3GW of onshore wind and solar pipeline in support of hydrogen.BP p.l.c.Group resultsSecond quarter and first half 20238oil production&operations Financial resultsTh

91、e replacement cost(RC)profit before interest and tax for the second quarter and half year was$2,568 million and$5,885 million respectively,compared with$7,237 million and$11,068 million for the same periods in 2022.The second quarter and half year are adjusted by an adverse impact of net adjusting i

92、tems*of$209 million and$211 million respectively,compared with a favourable impact of net adjusting items of$1,335 million and$483 million for the same periods in 2022.After adjusting items,the underlying RC profit before interest and tax*for the second quarter and half year was$2,777 million and$6,

93、096 million respectively,compared with$5,902 million and$10,585 million for the same periods in 2022.The underlying RC profit for the second quarter and half year compared to the same periods in 2022,reflects lower realizations,and the impact of portfolio changes,partly offset by higher volumes.Oper

94、ational updateReported production for the quarter was 1,369mboe/d,7.5%higher than the second quarter of 2022.Underlying production*for the quarter was 5.5%higher compared with the second quarter of 2022 reflecting bpx energy performance,improved base performance and major projects*.Reported producti

95、on for the half year was 1,365mboe/d,6.6%higher than the same period of 2022.Underlying production for the half year was 5.8%higher compared with the same period of 2022 reflecting base performance,bpx energy performance and major projects.Strategic ProgressDuring the second quarter bp has been awar

96、ded 36 lease blocks in the Gulf of Mexico lease sale 259,which includes 22 leases that may provide options to further enhance our resource positions at Kaskida and Tiber.In May bp drilled a successful appraisal well in the southwest part of the Mad Dog field and is considering an extension of the cu

97、rrent development through a multi-well tie-back to Argos(bp 60.5%operator).Evaluating options to progress a bp operated Tiber development project in the Gulf of Mexico.On 28 June the Norwegian Ministry of Petroleum and Energy approved a total of nine plans for development and operation to Aker BP(bp

98、 15.9%),with estimated recoverable reserves to be above 700 million barrels of oil equivalent.Construction on the topside(upper)unit of the Azeri Central East(ACE)platform has been completed,sailaway is due to occur in the third quarter 2023.The ACE project is the next stage of development of the gi

99、ant Azeri-Chirag-Gunashli(ACG)field in the Azerbaijan sector of the Caspian Sea(bp 30.37%operator).These events build on the progress announced in our first-quarter results:Azule Energy(bp and Enis 50:50 joint venture in Angola)has taken the final investment decision for the Agogo Integrated West Hu

100、b Development oil project;MiQ,the non-profit global leader in methane certification,announced that it has independently audited and certified bp as the first energy major in the US to verify the methane intensity of its entire US onshore portfolio of natural gas;bp announced start-up of the Mad Dog

101、Phase 2 Argos platform.bp expects to safely and systematically ramp up production through 2023;and moving forward with concept selection for a bp-operated Kaskida development project in the Gulf of Mexico.SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Profit befo

102、re interest and tax 2,568 3,318 7,230 5,886 11,062 Inventory holding(gains)losses*(1)7 (1)6 RC profit before interest and tax 2,568 3,317 7,237 5,885 11,068 Net(favourable)adverse impact of adjusting items 209 2 (1,335)211 (483)Underlying RC profit before interest and tax 2,777 3,319 5,902 6,096 10,

103、585 Taxation on an underlying RC basis(1,413)(1,766)(2,295)(3,179)(4,207)Underlying RC profit before interest 1,364 1,553 3,607 2,917 6,378 BP p.l.c.Group resultsSecond quarter and first half 20239oil production&operations(continued)SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million202

104、32023202220232022Depreciation,depletion and amortizationTotal depreciation,depletion and amortization 1,370 1,327 1,371 2,697 2,800 Exploration write-offsExploration write-offs 242 51 79 293 130 Adjusted EBITDA*Total adjusted EBITDA 4,389 4,697 7,352 9,086 13,515 Capital expenditure*Total capital ex

105、penditure 1,478 1,520 1,208 2,998 2,462 SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf20232023202220232022Production(net of royalties)(a)Liquids*(mb/d)1,000 1,005 935 1,003 941 Natural gas(mmcf/d)2,140 2,060 1,964 2,100 1,964 Total hydrocarbons*(mboe/d)1,369 1,360 1,274 1,365 1,280 Average

106、 realizations*(b)Liquids($/bbl)69.19 71.63 100.34 70.40 92.00 Natural gas(c)($/mcf)3.23 6.57 9.83 4.90 9.69 Total hydrocarbons*(c)($/boe)54.57 62.36 90.03 58.40 83.52(a)Includes bps share of production of equity-accounted entities in the oil production&operations segment.(b)Realizations are based on

107、 sales by consolidated subsidiaries only this excludes equity-accounted entities.(c)Realizations calculation methodology has been changed to reflect gas price fluctuations within the North Sea region.Second quarter 2022 and first half 2022 were restated.There is no impact on financial results.BP p.l

108、.c.Group resultsSecond quarter and first half 202310customers&productsFinancial results The replacement cost(RC)profit before interest and tax for the second quarter and half year was$555 million and$3,235 million respectively,compared with$3,531 million and$5,512 million for the same periods in 202

109、2.The second quarter and half year are adjusted by an adverse impact of net adjusting items*of$241 million and$320 million respectively,compared with an adverse impact of net adjusting items of$475 million and$650 million for the same periods in 2022.Adjusting items include impacts of fair value acc

110、ounting effects*,relative to managements internal measure of performance,which are an adverse impact of$109 million for the quarter and$32 million for the half year in 2023,compared with an adverse impact of$62 million and$439 million for the same periods in 2022.After adjusting items,the underlying

111、 RC profit before interest and tax*for the second quarter and half year was$796 million and$3,555 million respectively,compared with$4,006 million and$6,162 million for the same periods in 2022.The customers&products results for the second quarter and half year were significantly lower than the same

112、 periods in 2022,primarily reflecting a lower refining result and a weak oil trading performance.customers the convenience and mobility results,excluding Castrol,for the second quarter and half year were higher than the same periods in 2022.The benefits of a stronger performance in retail fuels and

113、year on year growth in convenience,before the uplift from the acquisition of TravelCenters of America,were partially offset by higher costs,including increased expenditure in our transition growth*engines and the impact of inflation.Castrol results for the second quarter and half year were lower tha

114、n the same periods in 2022,with the impact of higher margins more than offset by adverse foreign exchange impacts and higher costs.products the products results for the second quarter and half year were lower compared with the same periods in 2022.In refining,the results reflected significantly lowe

115、r refining margins and a higher level of turnaround activity,compared to the same periods in 2022.The results also reflected a weak contribution from oil trading compared to the exceptional result in the same periods last year.Operational update bp-operated refining availability*for the second quart

116、er and half year was 95.7%and 95.9%respectively,higher compared with 93.9%and 94.4%for the same periods in 2022.Strategic progress In May,bp completed its purchase of TravelCenters of America,one of the biggest networks of highway travel centres in the US,adding a network of 288 sites,strategically

117、located on major highways across the US.The deal is expected to almost double bps global convenience gross margin*and brings growth opportunities in four of bps five transition growth*engines.In July,bp and Lekkerland extended their successful partnership to deliver REWE To Go stores at Aral retail

118、sites until 2028.This is bps largest European convenience supply agreement and brings together Germanys largest forecourt brand with one of the countrys leading convenience specialists in support of bps convenience growth engine delivery.EV charge points*installed and energy sold in the first half g

119、rew by around 70%and around 170%respectively,compared to the same period last year,with charge points now at more than 27,000.In May,Castrol opened its new EV lab at Castrol China Technology Centre in Shanghai,to focus on developing and testing EV fluids.The expansion supports bps strategy to drive

120、lower-carbon mobility in China and to help customers achieve their sustainability goals.In addition,in June,Castrol signed a strategic co-operation protocol with Yiwu TNFia,one of the largest automobile service chains in East China,positioning Castrol to expand its share of products in Yiwu TNFias l

121、arge and growing network of auto workshops.In May,bps Cherry Point refinery in the US successfully commissioned the hydrocracker improvement project and cooling water infrastructure project.The new vacuum tower and cooling water tower are now online and are expected to improve availability,reduce ma

122、intenance costs and CO2 emissions.These events build on the progress announced in our first-quarter results,including:bp signed a new agreement with Rontec,one of the UKs largest roadside retail networks,to supply around two billion litres of fuel over the next five years to more than 60 of Rontecs

123、sites;bp pulse signed a strategic collaboration agreement with Iberdrola to accelerate EV charging infrastructure roll-out in Spain and Portugal.bp and Iberdrola intend to form a joint venture with plans to invest up to 1 billion and install 5,000 fast(a)EV charge points by 2025 and around 11,000 by

124、 2030.The formation of the joint venture is subject to regulatory approval;bp announced a new global mobility agreement with Uber,which will see the companies work together to help accelerate Ubers commitment to become a global zero-tailpipe emissions mobility platform by 2040;bp completed the sale

125、of its 50%interest in the bp-Husky Toledo refinery in Ohio,US,to Cenovus Energy,its partner in the facility.(a)“fast charging”includes rapid charging 50kW and ultra-fast charging 150kW.BP p.l.c.Group resultsSecond quarter and first half 202311customers&products(continued)SecondFirstSecondFirstFirstq

126、uarterquarterquarterhalfhalf$million20232023202220232022Profit(loss)before interest and tax(177)2,078 5,693 1,901 11,149 Inventory holding(gains)losses*732 602 (2,162)1,334 (5,637)RC profit before interest and tax 555 2,680 3,531 3,235 5,512 Net(favourable)adverse impact of adjusting items 241 79 47

127、5 320 650 Underlying RC profit before interest and tax 796 2,759 4,006 3,555 6,162 Of which:(a)customers convenience&mobility 701 391 679 1,092 1,201 Castrol included in customers 171 161 223 332 479 products refining&trading 95 2,368 3,327 2,463 4,961 Taxation on an underlying RC basis(271)(777)(78

128、3)(1,048)(1,183)Underlying RC profit before interest 525 1,982 3,223 2,507 4,979(a)A reconciliation to RC profit before interest and tax by business is provided on page 32.SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Adjusted EBITDA*(b)customers convenience&mob

129、ility 1,149 732 994 1,881 1,842 Castrol included in customers 213 200 261 413 556 products refining&trading 541 2,824 3,727 3,365 5,752 1,690 3,556 4,721 5,246 7,594 Depreciation,depletion and amortizationTotal depreciation,depletion and amortization 894 797 715 1,691 1,432 Capital expenditure*custo

130、mers convenience&mobility 1,452 458 334 1,910 681 Castrol included in customers 44 68 43 112 95 products refining&trading 406 532 341 938 709 Total capital expenditure 1,858 990 675 2,848 1,390(b)A reconciliation to RC profit before interest and tax by business is provided on page 32.Retail(c)Second

131、FirstSecondFirstFirstquarterquarterquarterhalfhalf20232023202220232022bp retail sites*total(#)21,100 20,700 20,600 21,100 20,600 Strategic convenience sites*2,750 2,450 2,200 2,750 2,200(c)Reported to the nearest 50.Marketing sales of refined products(mb/d)SecondFirstSecondFirstFirstquarterquarterqu

132、arterhalfhalf20232023202220232022US 1,275 1,078 1,163 1,177 1,138 Europe 1,056 973 1,032 1,015 958 Rest of World 472 462 439 467 455 2,803 2,513 2,634 2,659 2,551 Trading/supply sales of refined products353 333 369 343 361 Total sales volume of refined products3,156 2,846 3,003 3,002 2,912 BP p.l.c.

133、Group resultsSecond quarter and first half 202312customers&products(continued)Refining marker margin*SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf20232023202220232022bp average refining marker margin(RMM)(d)($/bbl)24.7 28.1 45.5 26.4 32.2(d)The RMM in the quarter is calculated based on bp

134、s current refinery portfolio.On a comparative basis,the second quarter and half year 2022 RMM would be$45.4/bbl and$32.5/bbl respectively.Refinery throughputs(mb/d)SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf20232023202220232022US 638 686 637 662 698 Europe 726 832 841 779 824 Rest of Wo

135、rld 2 43 Total refinery throughputs 1,364 1,518 1,480 1,441 1,565 bp-operated refining availability*(%)95.7 96.1 93.9 95.9 94.4 BP p.l.c.Group resultsSecond quarter and first half 202313other businesses&corporateOther businesses&corporate comprises innovation&engineering,bp ventures,Launchpad,region

136、s,corporates&solutions,our corporate activities&functions and any residual costs of the Gulf of Mexico oil spill.It also includes Rosneft results up to 27 February 2022.Financial results The replacement cost(RC)loss before interest and tax for the second quarter and half year was$297 million and$387

137、 million respectively,compared with$1,028 million and$25,747 million for the same periods in 2022.The second quarter and half year are adjusted by an adverse impact of net adjusting items*of$127 million and a favourable impact of net adjusting items of$79 million respectively,compared with an advers

138、e impact of net adjusting items of$827 million and$25,287 million for the same periods in 2022.Adjusting items include impacts of fair value accounting effects*which are an adverse impact of$48 million for the quarter and a favourable impact of$197 million for the half year in 2023,an adverse impact

139、 of$686 million and$1,111 million for the same periods in 2022.The adjusting items for the half year in 2022 mainly relate to Rosneft.After adjusting RC loss for net adjusting items,the underlying RC loss before interest and tax*for the second quarter and half year was$170 million and$466 million re

140、spectively,compared with$201 million and$460 million for the same periods in 2022.Strategic progressIn June bp ventures invested$10 million in WasteFuel,which is planning to develop a global network of plants to convert municipal and agricultural waste into bio-methanol,a biofuel which could play a

141、significant role in decarbonizing hard-to-abate sectors like shipping.In April bp ventures completed the investment of 7.5 million in Service4Charger,which offers intelligent,scalable e-mobility solutions and full-service implementation,including the planning,installation,operation,and maintenance o

142、f charging infrastructure for electric vehicles(EVs).These events build on the progress announced in our first-quarter results in which bp ventures invested$11 million in Magenta Mobility,one of Indias largest providers of electric mobility for last-mile delivery,the journey from hub to customer.Sec

143、ondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Profit(loss)before interest and tax(297)(90)(1,028)(387)(25,747)Inventory holding(gains)losses*RC profit(loss)before interest and tax(297)(90)(1,028)(387)(25,747)Net(favourable)adverse impact of adjusting items(a)127 (2

144、06)827 (79)25,287 Underlying RC profit(loss)before interest and tax(170)(296)(201)(466)(460)Taxation on an underlying RC basis 10 29 167 39 190 Underlying RC profit(loss)before interest(160)(267)(34)(427)(270)(a)Includes fair value accounting effects relating to the hybrid bonds that were issued on

145、17 June 2020.See page 36 for more information.other businesses&corporate(excluding Rosneft)SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Profit(loss)before interest and tax(297)(90)(1,028)(387)(1,714)Inventory holding(gains)losses*RC profit(loss)before interest

146、and tax(297)(90)(1,028)(387)(1,714)Net(favourable)adverse impact of adjusting items 127 (206)827 (79)1,254 Underlying RC profit(loss)before interest and tax(170)(296)(201)(466)(460)Taxation on an underlying RC basis 10 29 167 39 190 Underlying RC profit(loss)before interest(160)(267)(34)(427)(270)BP

147、 p.l.c.Group resultsSecond quarter and first half 202314other businesses&corporate(continued)other businesses&corporate(Rosneft)SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Profit(loss)before interest and tax (24,033)Inventory holding(gains)losses*RC profit(los

148、s)before interest and tax (24,033)Net(favourable)adverse impact of adjusting items 24,033 Underlying RC profit(loss)before interest and tax Taxation on an underlying RC basis Underlying RC profit(loss)before interest BP p.l.c.Group resultsSecond quarter and first half 202315This results announcement

149、 also represents BPs half-yearly financial report for the purposes of the Disclosure Guidance and Transparency Rules made by the UK Financial Conduct Authority.In this context:(i)the condensed set of financial statements can be found on pages 18-27;(ii)pages 1-15,and 28-41 comprise the interim manag

150、ement report;and(iii)the directors responsibility statement and auditors independent review report can be found on pages 16-17.Statement of directors responsibilitiesThe directors confirm that,to the best of their knowledge,the condensed set of financial statements on pages 18-27 has been prepared i

151、n accordance with United Kingdom adopted IAS 34 Interim Financial Reporting,and that the interim management report on pages 1-15,and 28-41 includes a fair review of the information required by the Disclosure Guidance and Transparency Rules.The directors of BP p.l.c.are listed on pages 80-83 of bp An

152、nual Report and Form 20-F 2022.By order of the boardBernard LooneyMurray AuchinclossChief Executive OfficerChief Financial Officer31 July 202331 July 2023BP p.l.c.Group resultsSecond quarter and first half 202316Independent review report to BP p.l.c.Conclusion We have been engaged by the company to

153、review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2023 which comprises the group income statement,condensed group statement of comprehensive income,condensed group statement of changes in equity,group balance sheet,condensed cash fl

154、ow statement and related notes 1 to 11.Based on our review,nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2023 is not prepared,in all material respects,in accordance with

155、United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdoms Financial Conduct Authority.Basis for ConclusionWe conducted our review in accordance with International Standard on Review Engagements(UK)2410 Review of Interim Fina

156、ncial Information Performed by the Independent Auditor of the Entity issued by the Financial Reporting Council for use in the United Kingdom(ISRE(UK)2410).A review of interim financial information consists of making inquiries,primarily of persons responsible for financial and accounting matters,and

157、applying analytical and other review procedures.A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing(UK)and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identi

158、fied in an audit.Accordingly,we do not express an audit opinion.As disclosed in Note 1,the annual financial statements of the group are prepared in accordance with International Financial Reporting Standards(IFRS)as issued by the International Accounting Standards Board(IASB),IFRS as adopted by the

159、UK,and European Union(EU).The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34,Interim Financial Reporting.Conclusion Relating to Going ConcernBased on our review proce

160、dures,which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report,nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified mat

161、erial uncertainties relating to going concern that are not appropriately disclosed.This Conclusion is based on the review procedures performed in accordance with ISRE(UK)2410;however future events or conditions may cause the entity to cease to continue as a going concern.Responsibilities of the dire

162、ctorsThe directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdoms Financial Conduct Authority.In preparing the half-yearly financial report,the directors are responsible for assessing the groups

163、ability to continue as a going concern,disclosing as applicable,matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations,or have no realistic alternative but to do so.Auditors Responsibilities

164、for the review of the financial informationIn reviewing the half-yearly financial report,we are responsible for expressing to the company a conclusion on the condensed set of financial statements in the half-yearly financial report.Our Conclusion,including our Conclusion Relating to Going Concern,ar

165、e based on procedures that are less extensive than audit procedures,as described in the Basis for Conclusion paragraph of this report.Use of our reportThis report is made solely to the company in accordance with ISRE(UK)2410.Our work has been undertaken so that we might state to the company those ma

166、tters we are required to state to it in an independent review report and for no other purpose.To the fullest extent permitted by law,we do not accept or assume responsibility to anyone other than the company,for our review work,for this report,or for the conclusions we have formed.Deloitte LLPStatut

167、ory AuditorLondon,United Kingdom31 July 2023The maintenance and integrity of the BP p.l.c.website are the responsibility of the directors;the review work carried out by the statutory auditors does not involve consideration of these matters and,accordingly,the statutory auditors accept no responsibil

168、ity for any changes that may have occurred to the financial information since it was initially presented on the website.Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.BP p.l.c.Group resultsSecon

169、d quarter and first half 202317Financial statementsGroup income statementSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Sales and other operating revenues(Note 6)48,538 56,182 67,866 104,720 117,124 Earnings from joint venturesafter interest and tax 360 195 62 55

170、5 441 Earnings from associatesafter interest and tax 231 173 127 404 998 Interest and other income 378 248 142 626 336 Gains on sale of businesses and fixed assets(28)153 1,309 125 1,827 Total revenues and other income 49,479 56,951 69,506 106,430 120,726 Purchases 29,172 29,122 39,141 58,294 66,949

171、 Production and manufacturing expenses 6,231 6,982 7,601 13,213 14,576 Production and similar taxes 404 474 624 878 1,129 Depreciation,depletion and amortization(Note 7)3,923 3,800 3,512 7,723 7,137 Net impairment and losses on sale of businesses and fixed assets(Note 4)1,269 88 445 1,357 26,476 Exp

172、loration expense 293 106 128 399 220 Distribution and administration expenses 3,834 3,747 3,453 7,581 6,533 Profit(loss)before interest and taxation 4,353 12,632 14,602 16,985 (2,294)Finance costs 920 843 556 1,763 1,220 Net finance(income)expense relating to pensions and other post-retirement benef

173、its(61)(58)(17)(119)(37)Profit(loss)before taxation 3,494 11,847 14,063 15,341 (3,477)Taxation 1,541 3,425 4,527 4,966 7,057 Profit(loss)for the period 1,953 8,422 9,536 10,375 (10,534)Attributable tobp shareholders 1,792 8,218 9,257 10,010 (11,127)Non-controlling interests 161 204 279 365 593 1,953

174、 8,422 9,536 10,375 (10,534)Earnings per share(Note 8)Profit(loss)for the period attributable to bp shareholders Per ordinary share(cents)Basic 10.22 45.93 47.74 56.53 (57.21)Diluted 10.01 45.06 47.18 55.40 (57.21)Per ADS(dollars)Basic 0.61 2.76 2.86 3.39 (3.43)Diluted 0.60 2.70 2.83 3.32 (3.43)BP p

175、.l.c.Group resultsSecond quarter and first half 202318Condensed group statement of comprehensive incomeSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Profit(loss)for the period 1,953 8,422 9,536 10,375 (10,534)Other comprehensive income Items that may be reclassi

176、fied subsequently to profit or lossCurrency translation differences(a)11 453 (2,454)464 (4,203)Exchange(gains)losses on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets(b)10,791 Cash flow hedges and costs of hedging(56)546 99 490 321 Share of item

177、s relating to equity-accounted entities,net of tax(27)(203)59 (230)144 Income tax relating to items that may be reclassified 71 (76)(70)(5)(172)(1)720 (2,366)719 6,881 Items that will not be reclassified to profit or lossRemeasurements of the net pension and other post-retirement benefit liability o

178、r asset(855)(87)(392)(942)1,736 Cash flow hedges that will subsequently be transferred to the balance sheet (3)(4)Income tax relating to items that will not be reclassified 308 23 179 331 (489)(547)(64)(216)(611)1,243 Other comprehensive income (548)656 (2,582)108 8,124 Total comprehensive income 1,

179、405 9,078 6,954 10,483 (2,410)Attributable tobp shareholders 1,240 8,861 6,742 10,101 (2,936)Non-controlling interests 165 217 212 382 526 1,405 9,078 6,954 10,483 (2,410)(a)Second quarter 2022 is principally affected by movements in the Pound Sterling against the US dollar.First half 2022 principal

180、ly affected by movements in the Pound Sterling and Russian rouble against the US dollar.(b)First half 2022 predominantly relates to the loss of significant influence over Rosneft.BP p.l.c.Group resultsSecond quarter and first half 202319Condensed group statement of changes in equitybp shareholdersNo

181、n-controlling interestsTotal$millionequityHybrid bondsOther interestequityAt 1 January 2023 67,553 13,390 2,047 82,990 Total comprehensive income 10,101 288 94 10,483 Dividends(2,348)(135)(2,483)Repurchase of ordinary share capital(5,166)(5,166)Share-based payments,net of tax 205 205 Issue of perpet

182、ual hybrid bonds(1)133 132 Payments on perpetual hybrid bonds(5)(409)(414)Transactions involving non-controlling interests,net of tax (144)(144)At 30 June 2023 70,339 13,402 1,862 85,603 bp shareholdersNon-controlling interestsTotal$millionequity(a)Hybrid bondsOther interestequityAt 1 January 2022 7

183、5,463 13,041 1,935 90,439 Total comprehensive income(2,936)254 272 (2,410)Dividends(2,130)(128)(2,258)Cash flow hedges transferred to the balance sheet,net of tax(1)(1)Issue of ordinary share capital(b)820 820 Repurchase of ordinary share capital(4,490)(4,490)Share-based payments,net of tax 380 380

184、Issue of perpetual hybrid bonds(2)130 128 Payments on perpetual hybrid bonds 15 (394)(379)Transactions involving non-controlling interests,net of tax(510)(156)(666)At 30 June 2022 66,609 13,031 1,923 81,563(a)In 2022$9.2 billion of the opening foreign currency translation reserve has been moved to t

185、he profit and loss account reserve as a result of bps decision to exit its shareholding in Rosneft and its other businesses with Rosneft in Russia.(b)Relates to ordinary shares issued as non-cash consideration for the acquisition of the public units of BP Midstream Partners LP.BP p.l.c.Group results

186、Second quarter and first half 202320Group balance sheet30 June31 December$million20232022Non-current assetsProperty,plant and equipment 108,126 106,044 Goodwill 12,206 11,960 Intangible assets 10,447 10,200 Investments in joint ventures 13,081 12,400 Investments in associates 7,941 8,201 Other inves

187、tments 2,328 2,670 Fixed assets 154,129 151,475 Loans 1,468 1,271 Trade and other receivables 1,209 1,092 Derivative financial instruments 10,655 12,841 Prepayments 685 576 Deferred tax assets 3,747 3,908 Defined benefit pension plan surpluses 8,860 9,269 180,753 180,432 Current assetsLoans 304 315

188、Inventories 23,349 28,081 Trade and other receivables 27,701 34,010 Derivative financial instruments 12,042 11,554 Prepayments 1,673 2,092 Current tax receivable 660 621 Other investments 671 578 Cash and cash equivalents 28,914 29,195 95,314 106,446 Assets classified as held for sale(Note 3)1,242 9

189、5,314 107,688 Total assets 276,067 288,120 Current liabilitiesTrade and other payables 56,183 63,984 Derivative financial instruments 6,351 12,618 Accruals 6,004 6,398 Lease liabilities 2,465 2,102 Finance debt 2,338 3,198 Current tax payable 3,550 4,065 Provisions 4,574 6,332 81,465 98,697 Liabilit

190、ies directly associated with assets classified as held for sale(Note 3)321 81,465 99,018 Non-current liabilitiesOther payables 9,282 10,387 Derivative financial instruments 11,071 13,537 Accruals 1,245 1,233 Lease liabilities 8,496 6,447 Finance debt 47,400 43,746 Deferred tax liabilities 10,648 10,

191、526 Provisions 15,572 14,992 Defined benefit pension plan and other post-retirement benefit plan deficits 5,285 5,244 108,999 106,112 Total liabilities 190,464 205,130 Net assets 85,603 82,990 Equitybp shareholders equity 70,339 67,553 Non-controlling interests 15,264 15,437 Total equity 85,603 82,9

192、90 BP p.l.c.Group resultsSecond quarter and first half 202321Condensed group cash flow statementSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Operating activitiesProfit(loss)before taxation 3,494 11,847 14,063 15,341 (3,477)Adjustments to reconcile profit(loss)b

193、efore taxation to net cash provided by operating activitiesDepreciation,depletion and amortization and exploration expenditure written off 4,164 3,850 3,591 8,014 7,265 Net impairment and(gain)loss on sale of businesses and fixed assets 1,297 (65)(864)1,232 24,649 Earnings from equity-accounted enti

194、ties,less dividends received(31)1 72 (30)(1,021)Net charge for interest and other finance expense,less net interest paid 102 63 (46)165 138 Share-based payments 243 (22)208 221 378 Net operating charge for pensions and other post-retirement benefits,less contributions and benefit payments for unfund

195、ed plans(47)(43)(36)(90)(182)Net charge for provisions,less payments(221)(1,099)796 (1,320)1,280 Movements in inventories and other current and non-current assets and liabilities(742)(3,755)(4,416)(4,497)(6,187)Income taxes paid(1,966)(3,155)(2,505)(5,121)(3,770)Net cash provided by operating activi

196、ties 6,293 7,622 10,863 13,915 19,073 Investing activitiesExpenditure on property,plant and equipment,intangible and other assets(3,453)(3,129)(2,666)(6,582)(5,268)Acquisitions,net of cash acquired(Note 2)(804)52 3 (752)(5)Investment in joint ventures(50)(540)(159)(590)(453)Investment in associates(

197、7)(8)(16)(15)(41)Total cash capital expenditure(4,314)(3,625)(2,838)(7,939)(5,767)Proceeds from disposal of fixed assets 28 15 202 43 670 Proceeds from disposal of businesses,net of cash disposed 60 785 111 845 660 Proceeds from loan repayments 21 6 16 27 45 Cash provided from investing activities 1

198、09 806 329 915 1,375 Net cash used in investing activities(4,205)(2,819)(2,509)(7,024)(4,392)Financing activitiesNet issue(repurchase)of shares(Note 8)(2,073)(2,448)(2,288)(4,521)(3,880)Lease liability payments(620)(555)(472)(1,175)(970)Proceeds from long-term financing 3,643 2,395 6,038 2,002 Repay

199、ments of long-term financing(2,828)(799)(4,573)(3,627)(5,465)Net increase(decrease)in short-term debt(348)(529)(688)(877)(964)Issue of perpetual hybrid bonds 87 45 62 132 128 Payments relating to perpetual hybrid bonds(250)(236)(161)(486)(309)Payments relating to transactions involving non-controlli

200、ng interests(Other interest)(180)(1)(180)(6)Receipts relating to transactions involving non-controlling interests(Other interest)2 7 9 7 Dividends paid-bp shareholders(1,153)(1,183)(1,062)(2,336)(2,130)-non-controlling interests(67)(68)(63)(135)(128)Net cash provided by(used in)financing activities(

201、3,607)(3,551)(9,246)(7,158)(11,715)Currency translation differences relating to cash and cash equivalents (14)(414)(14)(539)Increase(decrease)in cash and cash equivalents(1,519)1,238 (1,306)(281)2,427 Cash and cash equivalents at beginning of period 30,433 29,195 34,414 29,195 30,681 Cash and cash e

202、quivalents at end of period 28,914 30,433 33,108 28,914 33,108 BP p.l.c.Group resultsSecond quarter and first half 202322NotesNote 1.Basis of preparation The interim financial information included in this report has been prepared in accordance with IAS 34 Interim Financial Reporting.The results for

203、the interim periods are unaudited and,in the opinion of management,include all adjustments necessary for a fair presentation of the results for each period.All such adjustments are of a normal recurring nature.This report should be read in conjunction with the consolidated financial statements and r

204、elated notes for the year ended 31 December 2022 included in BP Annual Report and Form 20-F 2022.The directors consider it appropriate to adopt the going concern basis of accounting in preparing these interim financial statements.bp prepares its consolidated financial statements included within BP A

205、nnual Report and Form 20-F on the basis of International Financial Reporting Standards(IFRS)as issued by the International Accounting Standards Board(IASB),IFRS as adopted by the UK,and European Union(EU),and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies r

206、eporting under international accounting standards.IFRS as adopted by the UK does not differ from IFRS as adopted by the EU except for Pillar Two amendments noted below.IFRS as adopted by the UK and EU differ in certain respects from IFRS as issued by the IASB.The differences have no impact on the gr

207、oups consolidated financial statements for the periods presented.The financial information presented herein has been prepared in accordance with the accounting policies expected to be used in preparing BP Annual Report and Form 20-F 2023 which are the same as those used in preparing BP Annual Report

208、 and Form 20-F 2022.In May 2023 the IASB issued International Tax Reform Pillar Two Model Rules-Amendments to IAS 12 Income Taxes to clarify the application of IAS 12 to tax legislation enacted or substantively enacted to implement Pillar Two of the Organisation for Economic Co-operation and Develop

209、ments Base Erosion and Profit Shifting project,which aims to address the tax challenges arising from the digitalisation of the economy.The amendments include a mandatory temporary exception from accounting for deferred tax on such tax law.The amendments were adopted by the UK in July and are yet to

210、be adopted by the EU,however no impact is expected on the financial statements for 2023.There are no other new or amended standards or interpretations adopted from 1 January 2023 onwards,including IFRS 17 Insurance Contracts,that have a significant impact on the financial information.In July 2023 th

211、e UK government enacted legislation to implement the Pillar Two rules.The legislation is effective for bp from 1 January 2024 and includes an income inclusion rule and a domestic minimum tax,which together are designed to ensure a minimum effective tax rate of 15%in each country in which the group o

212、perates.Similar legislation is being enacted by other governments around the world.As a result of the amendments to IAS 12,no impact is expected on the financial statements in 2023,and work is ongoing to assess the potential impact in the 2024 financial statements.Significant accounting judgements a

213、nd estimatesbps significant accounting judgements and estimates were disclosed in BP Annual Report and Form 20-F 2022.These have been subsequently considered at the end of each quarter to determine if any changes were required to those judgements and estimates.No significant changes were identified.

214、Investment in RosneftSince the first quarter 2022,bp accounts for its interest in Rosneft and its other businesses with Rosneft within Russia,as financial assets measured at fair value within Other investments.It is considered by management that any measure of fair value,other than nil,would be subj

215、ect to such high measurement uncertainty that no estimate would provide useful information even if it were accompanied by a description of the estimate made in producing it and an explanation of the uncertainties that affect the estimate.Accordingly,it is not currently possible to estimate any carry

216、ing value other than zero when determining the measurement of the interest in Rosneft and the other businesses with Rosneft within Russia as at 30 June 2023.Note 2.Business combinationsThe group undertook a number of business combinations during the first half of 2023.Total consideration paid in cas

217、h for the second quarter and half year 2023 amounted to$1,313million and$1,250million respectively,offset by cash acquired of$509million and$498million respectively.The provisional fair value of the net assets(including goodwill)recognized from business combinations,inclusive of measurement period a

218、djustments for business combinations in previous periods,for the half year 2023 was$1,223million.This principally related to the acquisition of TravelCenters of America.BP p.l.c.Group resultsSecond quarter and first half 202323Note 3.Non-current assets held for sale There were no assets or liabiliti

219、es classified as held for sale at 30 June 2023.Note 4.Impairment and losses on sale of businesses and fixed assetsNet impairment charges and losses on sale of businesses and fixed assets for the second quarter and half year were$1,269million and$1,357million respectively,compared with net charges of

220、$445million and$26,476million for the same periods in 2022 and include net impairment charges for the second quarter and half year of$1,208million and$1,167million respectively,compared with net charges of$402million and$14,788million for the same periods in 2022.Second quarter and half year 2023 im

221、pairments includes a net impairment charge of$1,058million and$1,060million respectively,compared with net charges of$265million and$517million for the same periods in 2022 in the gas&low carbon energy segment.The impairment charge and the loss on sale of businesses and fixed assets for 2022 mainly

222、relates to bps investment in Rosneft,which has been reported in other businesses and corporate.Note 5.Analysis of replacement cost profit(loss)before interest and tax and reconciliation to profit(loss)before taxationSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022

223、gas&low carbon energy 2,289 7,347 2,737 9,636 1,213 oil production&operations 2,568 3,317 7,237 5,885 11,068 customers&products 555 2,680 3,531 3,235 5,512 other businesses&corporate(297)(90)(1,028)(387)(25,747)5,115 13,254 12,477 18,369 (7,954)Consolidation adjustmentUPII*(30)(22)(21)(52)13 RC prof

224、it(loss)before interest and tax 5,085 13,232 12,456 18,317 (7,941)Inventory holding gains(losses)*gas&low carbon energy 1 (9)1 16 oil production&operations 1 (7)1 (6)customers&products(732)(602)2,162 (1,334)5,637 Profit(loss)before interest and tax 4,353 12,632 14,602 16,985 (2,294)Finance costs 920

225、 843 556 1,763 1,220 Net finance expense/(income)relating to pensions and other post-retirement benefits(61)(58)(17)(119)(37)Profit(loss)before taxation 3,494 11,847 14,063 15,341 (3,477)RC profit(loss)before interest and tax*US 2,244 3,075 3,322 5,319 5,599 Non-US 2,841 10,157 9,134 12,998 (13,540)

226、5,085 13,232 12,456 18,317 (7,941)BP p.l.c.Group resultsSecond quarter and first half 202324Note 6.Sales and other operating revenuesSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022By segmentgas&low carbon energy 10,428 17,886 13,243 28,314 21,409 oil production&o

227、perations 5,777 6,153 9,504 11,930 17,662 customers&products 38,051 38,882 55,557 76,933 97,720 other businesses&corporate 590 738 516 1,328 968 54,846 63,659 78,820 118,505 137,759 Less:sales and other operating revenues between segmentsgas&low carbon energy 840 536 1,621 1,376 3,569 oil production

228、&operations 5,236 6,261 8,753 11,497 15,789 customers&products(180)144 392 (36)1,084 other businesses&corporate 412 536 188 948 193 6,308 7,477 10,954 13,785 20,635 External sales and other operating revenuesgas&low carbon energy 9,588 17,350 11,622 26,938 17,840 oil production&operations 541 (108)7

229、51 433 1,873 customers&products 38,231 38,738 55,165 76,969 96,636 other businesses&corporate 178 202 328 380 775 Total sales and other operating revenues 48,538 56,182 67,866 104,720 117,124 By geographical areaUS 20,065 19,160 27,331 39,225 46,483 Non-US 38,492 46,350 54,331 84,842 97,128 58,557 6

230、5,510 81,662 124,067 143,611 Less:sales and other operating revenues between areas 10,019 9,328 13,796 19,347 26,487 48,538 56,182 67,866 104,720 117,124 Revenues from contracts with customersSales and other operating revenues include the following in relation to revenues from contracts with custome

231、rs:Crude oil 520 637 2,034 1,157 4,178 Oil products 31,218 30,141 43,267 61,359 75,018 Natural gas,LNG and NGLs 5,841 9,644 8,944 15,485 19,624 Non-oil products and other revenues from contracts with customers 2,750 1,872 1,825 4,622 4,170 Revenue from contracts with customers 40,329 42,294 56,070 8

232、2,623 102,990 Other operating revenues(a)8,209 13,888 11,796 22,097 14,134 Total sales and other operating revenues 48,538 56,182 67,866 104,720 117,124(a)Principally relates to commodity derivative transactions including sales of bp own production in trading books.BP p.l.c.Group resultsSecond quart

233、er and first half 202325Note 7.Depreciation,depletion and amortizationSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Total depreciation,depletion and amortization by segmentgas&low carbon energy 1,407 1,440 1,203 2,847 2,458 oil production&operations 1,370 1,327

234、1,371 2,697 2,800 customers&products 894 797 715 1,691 1,432 other businesses&corporate 252 236 223 488 447 3,923 3,800 3,512 7,723 7,137 Total depreciation,depletion and amortization by geographical areaUS 1,338 1,254 1,159 2,592 2,242 Non-US 2,585 2,546 2,353 5,131 4,895 3,923 3,800 3,512 7,723 7,

235、137 Note 8.Earnings per share and shares in issue Basic earnings per ordinary share(EpS)amounts are calculated by dividing the profit(loss)for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.Against the authority grante

236、d at bps 2022 annual general meeting,329million ordinary shares repurchased for cancellation were settled during the second quarter 2023 for a total cost of$2,073million.A further 152million ordinary shares were repurchased between the end of the reporting period and the date when the financial stat

237、ements are authorised for issue for a total cost of$917 million.This amount,plus a further$224million,has been accrued at 30 June 2023.The number of shares in issue is reduced when shares are repurchased,but is not reduced in respect of the period-end commitment to repurchase shares subsequent to th

238、e end of the period.The calculation of EpS is performed separately for each discrete quarterly period,and for the year-to-date period.As a result,the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to the EpS amount for the year-to-date period.For the

239、 diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for the number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method.SecondFirstSecondFirstFirstquarterquarterquarterhalfha

240、lf$million20232023202220232022Results for the periodProfit(loss)for the period attributable to bp shareholders 1,792 8,218 9,257 10,010 (11,127)Less:preference dividend 1 1 1 1 Profit(loss)attributable to bp ordinary shareholders 1,791 8,218 9,256 10,009 (11,128)Number of shares(thousand)(a)(b)Basic

241、 weighted average number of shares outstanding 17,523,778 17,891,455 19,388,427 17,706,388 19,451,040 ADS equivalent(c)2,920,629 2,981,909 3,231,404 2,951,064 3,241,840 Weighted average number of shares outstanding used to calculate diluted earnings per share 17,900,984 18,238,522 19,619,628 18,068,

242、256 19,451,040 ADS equivalent(c)2,983,497 3,039,753 3,269,938 3,011,376 3,241,840 Shares in issue at period-end 17,379,366 17,703,285 19,135,400 17,379,366 19,135,400 ADS equivalent(c)2,896,561 2,950,547 3,189,233 2,896,561 3,189,233(a)Excludes treasury shares and includes certain shares that will b

243、e issued in the future under employee share-based payment plans.(b)If the inclusion of potentially issuable shares would decrease loss per share,the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share.The number

244、s of potentially issuable shares that have been excluded from the calculation for the first half 2022 are 202,620 thousand(ADS equivalent 33,770 thousand).(c)One ADS is equivalent to six ordinary shares.BP p.l.c.Group resultsSecond quarter and first half 202326Note 9.Dividends Dividends payableBP to

245、day announced an interim dividend of 7.270 cents per ordinary share which is expected to be paid on 22 September 2023 to ordinary shareholders and American Depositary Share(ADS)holders on the register on 11 August 2023.The ex-dividend date will be 10 August 2023.The corresponding amount in sterling

246、is due to be announced on 5 September 2023,calculated based on the average of the market exchange rates over three dealing days between 30 August 2023 and 1 September 2023.Holders of ADSs are expected to receive$0.43620 per ADS(less applicable fees).The board has decided not to offer a scrip dividen

247、d alternative in respect of the second quarter 2023 dividend.Ordinary shareholders and ADS holders(subject to certain exceptions)will be able to participate in a dividend reinvestment programme.Details of the second quarter dividend and timetable are available at and further details of the dividend

248、reinvestment programmes are available at paid per ordinary sharecents 6.610 6.610 5.460 13.220 10.920 pence 5.309 5.551 4.356 10.860 8.515 Dividends paid per ADS(cents)39.66 39.66 32.76 79.32 65.52 Note 10.Net debt Net debt*SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million202320232022

249、20232022Finance debt(a)49,738 48,595 52,866 49,738 52,866 Fair value(asset)liability of hedges related to finance debt(b)2,836 3,070 3,058 2,836 3,058 52,574 51,665 55,924 52,574 55,924 Less:cash and cash equivalents 28,914 30,433 33,108 28,914 33,108 Net debt(c)23,660 21,232 22,816 23,660 22,816 To

250、tal equity 85,603 87,181 81,563 85,603 81,563 Gearing*21.7%19.6%21.9%21.7%21.9%(a)The fair value of finance debt at 30 June 2023 was$45,580million(31 March 2023$45,071 million,30 June 2022$49,056 million).(b)Derivative financial instruments entered into for the purpose of managing interest rate and

251、foreign currency exchange risk associated with net debt with a fair value liability position of$98million at 30 June 2023(first quarter 2023 liability of$97million and second quarter 2022 liability of$246million)are not included in the calculation of net debt shown above as hedge accounting is not a

252、pplied for these instruments.(c)Net debt does not include accrued interest,which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as operating cash flows in the group cash flow statement.As part of actively managing it

253、s debt portfolio,in the second quarter the group bought back$1.7 billion equivalent of finance debt consisting entirely of euro bonds(first quarter 2023$nil,second quarter 2022$4.5 billion USD bonds).Year to date the group has bought back a total of$1.7 billion equivalent of finance debt($4.5 billio

254、n for the comparative period in 2022).Derivatives associated with non-US dollar debt bought back were also terminated.These transactions have no significant impact on net debt or gearing.Note 11.Statutory accountsThe financial information shown in this publication,which was approved by the Board of

255、Directors on 31 July 2023,is unaudited and does not constitute statutory financial statements.Audited financial information will be published in BP Annual Report and Form 20-F 2023.BP Annual Report and Form 20-F 2022 has been filed with the Registrar of Companies in England and Wales.The report of t

256、he auditor on those accounts was unqualified,did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under section 498(2)or section 498(3)of the UK Companies Act 2006.BP p.l.c.Group resultsSecond

257、quarter and first half 202327Additional informationCapital expenditure*SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Capital expenditureOrganic capital expenditure*3,233 3,495 2,845 6,728 5,418 Inorganic capital expenditure*(a)1,081 130 (7)1,211 349 4,314 3,625

258、2,838 7,939 5,767 SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Capital expenditure by segmentgas&low carbon energy 887 1,013 823 1,900 1,684 oil production&operations 1,478 1,520 1,208 2,998 2,462 customers&products(a)1,858 990 675 2,848 1,390 other businesses&

259、corporate 91 102 132 193 231 4,314 3,625 2,838 7,939 5,767 Capital expenditure by geographical areaUS 2,661 1,697 1,253 4,358 2,350 Non-US 1,653 1,928 1,585 3,581 3,417 4,314 3,625 2,838 7,939 5,767(a)Second quarter and first half 2023 include$1.1 billion,net of adjustments,in respect of the TravelC

260、enters of America acquisition.BP p.l.c.Group resultsSecond quarter and first half 202328Adjusting items*SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022gas&low carbon energyGains on sale of businesses and fixed assets 1 15 16 9 Net impairment and losses on sale of

261、 businesses and fixed assets(a)(1,058)(2)(265)(1,060)(517)Environmental and other provisions Restructuring,integration and rationalization costs 1 1 1 5 Fair value accounting effects(b)(c)1,222 3,934 (74)5,156 (5,089)Other(110)(56)(5)(166)130 56 3,891 (343)3,947 (5,462)oil production&operationsGains

262、 on sale of businesses and fixed assets(d)(31)137 1,278 106 1,527 Net impairment and losses on sale of businesses and fixed assets(140)8 268 (132)(936)Environmental and other provisions(44)(49)(204)(93)(146)Restructuring,integration and rationalization costs(1)(7)(1)(17)Fair value accounting effects

263、 Other 7 (98)(91)55 (209)(2)1,335 (211)483 customers&productsGains on sale of businesses and fixed assets 2 1 31 3 292 Net impairment and losses on sale of businesses and fixed assets(36)(83)(434)(119)(447)Environmental and other provisions(1)(10)(35)(11)(35)Restructuring,integration and rationaliza

264、tion costs 1 (2)9 (1)10 Fair value accounting effects(c)(109)77 (62)(32)(439)Other(98)(62)16 (160)(31)(241)(79)(475)(320)(650)other businesses&corporateGains on sale of businesses and fixed assets (1)Net impairment and losses on sale of businesses and fixed assets(31)(6)(15)(37)(16)Environmental and

265、 other provisions(17)(14)(89)(31)(92)Restructuring,integration and rationalization costs (10)(3)(10)10 Fair value accounting effects(c)(48)245 (686)197 (1,111)Rosneft (24,033)Gulf of Mexico oil spill(18)(9)(21)(27)(40)Other(13)(13)(13)(4)(127)206 (827)79 (25,287)Total before interest and taxation(52

266、1)4,016 (310)3,495 (30,916)Finance costs(e)(119)(104)(30)(223)(188)Total before taxation(640)3,912 (340)3,272 (31,104)Taxation on adjusting items(f)160 (205)(461)(45)1,010 Taxation tax rate change effect of UK energy profits levy(g)232 232 Total after taxation for period(h)(248)3,707 (801)3,459 (30,

267、094)(a)See Note 4 for further information.(b)Under IFRS bp marks-to-market the value of the hedges used to risk-manage LNG contracts,but not the contracts themselves,resulting in a mismatch in accounting treatment.The fair value accounting effect includes the change in value of LNG contracts that ar

268、e being risk managed,and the underlying result reflects how bp risk-manages its LNG contracts.(c)For further information,including the nature of fair value accounting effects reported in each segment,see pages 3,6 and 36.(d)Second quarter and first half 2022 include gains of$904 million related to t

269、he deemed disposal of 12%of the groups interest in Aker BP,an associate of bp,following completion of Aker BPs acquisition of Lundin Energy,and$361 million in relation to the disposal of the groups interest in the Rumaila field in Iraq to Basra Energy Company,an associate of bp.(e)Includes the unwin

270、ding of discounting effects relating to Gulf of Mexico oil spill payables,the income statement impact associated with the buyback of finance debt(see Note 10 for further information)and temporary valuation differences associated with the groups interest rate and foreign currency exchange risk manage

271、ment of finance debt.(f)Includes certain foreign exchange effects on tax as adjusting items.These amounts represent the impact of:(i)foreign exchange on deferred tax balances arising from the conversion of local currency tax base amounts into functional currency,and(ii)taxable gains and losses from

272、the retranslation of US dollar-denominated intra-group loans to local currency.(g)Second quarter 2023 includes a revision to the deferred tax impact of the introduction of the UK Energy Profits Levy(EPL)on temporary differences existing at 31 December 2022 that are expected to unwind over the period

273、 1 January 2023 to 31 March 2028.The EPL increases the headline rate of tax to 75%and applies to taxable profits from bps North Sea business made from 1 January 2023 until 31 March 2028.(h)Second quarter and first half 2023 include a$34-million charge and a$78-million charge respectively for the EU

274、Solidarity Contribution.BP p.l.c.Group resultsSecond quarter and first half 202329Net debt including leasesNet debt including leases*SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Net debt 23,660 21,232 22,816 23,660 22,816 Lease liabilities 10,961 8,605 8,056 10

275、,961 8,056 Net partner(receivable)payable for leases entered into on behalf of joint operations(136)19 14 (136)14 Net debt including leases 34,485 29,856 30,886 34,485 30,886 Total equity 85,603 87,181 81,563 85,603 81,563 Gearing including leases*28.7%25.5%27.5%28.7%27.5%Gulf of Mexico oil spill30

276、June31 December$million20232022Gulf of Mexico oil spill payables and provisions(8,549)(9,566)Of which-current(1,111)(1,216)Deferred tax asset 1,293 1,444 During the second quarter pre-tax payments of$1,204 million were made relating to the 2016 consent decree and settlement agreement with the United

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

278、ts provided and the timing of payments is uncertain.Further information relating to the Gulf of Mexico oil spill,including information on the nature and expected timing of payments relating to provisions and other payables,is provided in BP Annual Report and Form 20-F 2022-Financial statements-Notes

279、 7,22,23,29,and 33.Working capital*reconciliationSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Movements in inventories and other current and non-current assets and liabilities as per condensed group cash flow statement(a)(742)(3,755)(4,416)(4,497)(6,187)Adjuste

280、d for inventory holding gains(losses)*(Note 5)(732)(600)2,146 (1,332)5,647 Adjusted for fair value accounting effects relating to subsidiaries 1,053 4,242 (676)5,295 (6,493)Other adjusting items(b)558 (1,298)1,011 (740)1,449 Working capital release(build)after adjusting for net inventory gains(losse

281、s),fair value accounting effects and other adjusting items 137 (1,411)(1,935)(1,274)(5,584)(a)The movement in working capital includes outflows relating to the Gulf of Mexico oil spill on a pre-tax basis of$1,204million and$1,216million in the second quarter and first half of 2023 respectively.For t

282、he same periods in 2022 the amount was an outflow of$1,209million and$1,256million respectively.(b)Other adjusting items relate to the non-cash movement of US emissions obligations carried as a provision that will be settled by allowances held as inventory.BP p.l.c.Group resultsSecond quarter and fi

283、rst half 202330Surplus cash flow*reconciliationSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Sources:Net cash provided by operating activities 6,293 7,622 10,863 13,915 19,073 Cash provided from investing activities 109 806 329 915 1,375 Other(a)(42)(59)365 (101

284、)485 Cash inflow 6,360 8,369 11,557 14,729 20,933 Uses:Lease liability payments(620)(555)(472)(1,175)(970)Payments on perpetual hybrid bonds(250)(236)(161)(486)(309)Dividends paid BP shareholders(1,153)(1,183)(1,062)(2,336)(2,130)non-controlling interests(67)(68)(63)(135)(128)Total capital expenditu

285、re*(4,314)(3,625)(2,838)(7,939)(5,767)Net repurchase of shares relating to employee share schemes(225)(225)(450)(500)Payments relating to transactions involving non-controlling interests (180)(1)(180)(6)Currency translation differences relating to cash and cash equivalents (14)(414)(14)(539)Cash out

286、flow(6,629)(6,086)(5,011)(12,715)(10,349)Surplus cash flow(269)2,283 6,546 2,014 10,584(a)Other includes adjustments for net operating cash received or paid which is held on behalf of third parties for medium-term deferred payment and prior periods have been adjusted accordingly.Second quarter and f

287、irst half 2022 include$409 million and$573 million respectively of proceeds from the disposal of a loan note related to the Alaska divestment.The cash was received in the fourth quarter 2021,was reported as a financing cash flow and was not included in other proceeds at the time due to potential rec

288、ourse from the counterparty.The proceeds were recognized as the potential recourse reduces and by end second quarter 2022 all were recognized.BP p.l.c.Group resultsSecond quarter and first half 202331Adjusted earnings before interest,taxation,depreciation and amortization(adjusted EBITDA)*SecondFirs

289、tSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022Profit(loss)for the period 1,953 8,422 9,536 10,375 (10,534)Finance costs 920 843 556 1,763 1,220 Net finance(income)expense relating to pensions and other post-retirement benefits(61)(58)(17)(119)(37)Taxation 1,541 3,425 4,52

290、7 4,966 7,057 Profit(loss)before interest and tax 4,353 12,632 14,602 16,985 (2,294)Inventory holding(gains)losses*,before tax 732 600 (2,146)1,332 (5,647)RC profit(loss)before interest and tax 5,085 13,232 12,456 18,317 (7,941)Net(favourable)adverse impact of adjusting items*,before interest and ta

291、x 521 (4,016)310 (3,495)30,916 Underlying RC profit before interest and tax 5,606 9,216 12,766 14,822 22,975 Add back:Depreciation,depletion and amortization 3,923 3,800 3,512 7,723 7,137 Exploration expenditure written off 241 50 79 291 128 Adjusted EBITDA 9,770 13,066 16,357 22,836 30,240 Reconcil

292、iation of customers&products RC profit before interest and tax to underlying RC profit before interest and tax*to adjusted EBITDA*by business SecondFirstSecondFirstFirstquarterquarterquarterhalfhalf$million20232023202220232022RC profit before interest and taxfor customers&products 555 2,680 3,531 3,

293、235 5,512 Less:Adjusting items*gains(charges)(241)(79)(475)(320)(650)Underlying RC profit before interest and taxfor customers&products 796 2,759 4,006 3,555 6,162 By business:customers convenience&mobility 701 391 679 1,092 1,201 Castrol included in customers 171 161 223 332 479 products refining&t

294、rading 95 2,368 3,327 2,463 4,961 Add back:Depreciation,depletion and amortization 894 797 715 1,691 1,432 By business:customers convenience&mobility 448 341 315 789 641 Castrol included in customers 42 39 38 81 77 products refining&trading 446 456 400 902 791 Adjusted EBITDAfor customers&products 1

295、,690 3,556 4,721 5,246 7,594 By business:customers convenience&mobility 1,149 732 994 1,881 1,842 Castrol included in customers 213 200 261 413 556 products refining&trading 541 2,824 3,727 3,365 5,752 BP p.l.c.Group resultsSecond quarter and first half 202332Realizations*and marker pricesSecondFirs

296、tSecondFirstFirstquarterquarterquarterhalfhalf20232023202220232022Average realizations(a)Liquids*($/bbl)US 60.53 62.66 89.80 61.59 80.41 Europe 75.14 79.26 113.92 77.06 108.72 Rest of World(b)79.35 82.55 106.77 80.98 97.82 BP Average(b)69.76 72.58 100.94 71.17 92.41 Natural gas($/mcf)US 1.58 2.47 6.

297、28 2.01 5.12 Europe(c)12.46 26.83 26.78 19.80 30.73 Rest of World 5.53 7.41 8.42 6.49 8.15 BP Average(c)4.91 7.20 8.77 6.06 8.52 Total hydrocarbons*($/boe)US 40.84 45.00 69.71 42.89 61.21 Europe(c)74.20 107.07 129.12 90.00 132.87 Rest of World(b)45.97 54.63 71.65 50.37 66.98 BP Average(b)(c)46.27 54

298、.96 74.65 50.62 69.73 Average oil marker prices($/bbl)Brent 78.05 81.17 113.93 79.66 107.94 West Texas Intermediate 73.56 75.97 108.77 74.76 101.99 Western Canadian Select 60.07 56.67 90.25 58.37 85.08 Alaska North Slope 78.26 79.02 112.17 78.64 104.15 Mars 73.17 74.24 105.27 73.70 99.35 Urals(NWE c

299、if)54.56 46.19 77.29 50.24 82.40 Average natural gas marker pricesHenry Hub gas price(d)($/mmBtu)2.09 3.44 7.17 2.77 6.06 UK Gas National Balancing Point(p/therm)83.18 130.81 130.11 107.76 182.73(a)Based on sales of consolidated subsidiaries only this excludes equity-accounted entities.(b)A minor am

300、endment has been made to the first quarter of 2023.(c)Realizations calculation methodology has been changed to reflect gas price fluctuations within the North Sea region.Second quarter 2022 and first half 2022 were restated.There is no impact on financial results.(d)Henry Hub First of Month Index.Ex

301、change ratesSecondFirstSecondFirstFirstquarterquarterquarterhalfhalf20232023202220232022$/average rate for the period 1.25 1.21 1.26 1.23 1.30$/period-end rate 1.26 1.24 1.21 1.26 1.21$/average rate for the period 1.09 1.07 1.06 1.08 1.09$/period-end rate 1.09 1.09 1.05 1.09 1.05$/AUD average rate f

302、or the period 0.67 0.68 0.71 0.68 0.72$/AUD period-end rate 0.66 0.67 0.69 0.66 0.69 BP p.l.c.Group resultsSecond quarter and first half 202333Principal risks and uncertaintiesThe principal risks and uncertainties affecting bp are described in the Risk factors section of bp Annual Report and Form 20

303、-F 2022(pages 73-75)and are summarized below.There are no material changes in those principal risks and uncertainties for the remaining six months of the financial year.The risks and uncertainties summarized below,separately or in combination,could have a material adverse effect on the implementatio

304、n of our strategy,our business,financial performance,results of operations,cash flows,liquidity,prospects,shareholder value and returns and reputation.Strategic and commercial risksPrices and markets our financial performance is impacted by fluctuating prices of oil,gas and refined products,technolo

305、gical change,exchange rate fluctuations,and the general macroeconomic outlook.Accessing and progressing hydrocarbon resources and low carbon opportunities inability to access and progress hydrocarbon resources and low carbon opportunities could adversely affect delivery of our strategy.Major project

306、*delivery failure to invest in the best opportunities or deliver major projects successfully could adversely affect our financial performance.Geopolitical exposure to a range of political developments and consequent changes to the operating and regulatory environment could cause business disruption.

307、Liquidity,financial capacity and financial,including credit,exposure failure to work within our financial framework could impact our ability to operate and result in financial loss.Joint arrangements and contractors varying levels of control over the standards,operations and compliance of our partne

308、rs,contractors and sub-contractors could result in legal liability and reputational damage.Digital infrastructure,cyber security and data protection breach or failure of our or third parties digital infrastructure or cyber security,including loss or misuse of sensitive information could damage our o

309、perations,increase costs and damage our reputation.Climate change and the transition to a lower carbon economy developments in policy,law,regulation,technology and markets,including societal and investor sentiment,related to the issue of climate change and the transition to a lower carbon economy co

310、uld increase costs,reduce revenues,constrain our operations and affect our business plans and financial performance.Competition inability to remain efficient,maintain a high-quality portfolio of assets and innovate could negatively impact delivery of our strategy in a highly competitive market.Talen

311、t and capability inability to attract,develop and retain people with necessary skills and capabilities could negatively impact delivery of our strategy.Crisis management and business continuity failure to address an incident effectively could potentially disrupt our business.Insurance our insurance

312、strategy could expose the group to material uninsured losses.Safety and operational risksProcess safety,personal safety,and environmental risks exposure to a wide range of health,safety,security and environmental risks could cause harm to people,the environment and our assets and result in regulator

313、y action,legal liability,business interruption,increased costs,damage to our reputation and potentially denial of our licence to operate.Drilling and production challenging operational environments and other uncertainties could impact drilling and production activities.Security hostile acts against

314、our employees and activities could cause harm to people and disrupt our operations.Product quality supplying customers with off-specification products could damage our reputation,lead to regulatory action and legal liability,and impact our financial performance.Compliance and control risksEthical mi

315、sconduct and non-compliance ethical misconduct or breaches of applicable laws by our businesses or our employees could be damaging to our reputation,and could result in litigation,regulatory action and penalties.Regulation changes in the law and regulation could increase costs,constrain our operatio

316、ns and affect our strategy,business plans and financial performance.Trading and treasury trading activities ineffective oversight of trading and treasury trading activities could lead to business disruption,financial loss,regulatory intervention or damage to our reputation and affect our permissions

317、 to trade.Reporting failure to accurately report our data could lead to regulatory action,legal liability and reputational damage.BP p.l.c.Group resultsSecond quarter and first half 202334Legal proceedingsThe following discussion sets out the material developments in the groups material legal procee

318、dings during the first half of 2023.For a full discussion of the groups material legal proceedings,see pages 258-259 of bp Annual Report and Form 20-F 2022.Other legal proceedings Climate change BP p.l.c.,BP America Inc.and BP Products North America Inc.are co-defendants with other oil and gas compa

319、nies in over 20 lawsuits brought in various state and federal courts on behalf of various governmental and private parties.The lawsuits generally assert claims under a variety of legal theories seeking to hold the defendant companies responsible for impacts allegedly caused by and/or relating to cli

320、mate change.Underlying many of the legal theories are allegations regarding deceptive communication and disinformation to the public.The lawsuits seek remedies including payment of money and other forms of equitable relief.If such suits were successful,the cost of the remedies sought in the various

321、cases could be substantial.Over the last several years,defendants removed each lawsuit to federal court and the removals were contested by plaintiffs,eventually resulting in multiple decisions by several Circuit Court of Appeals rejecting defendants attempts to have the cases moved to federal court.

322、The US Supreme Court recently declined to review the various Circuit Court of Appeals decisions.Accordingly,the cases will proceed in the various state courts.Due to these jurisdictional challenges,the lawsuits all remain at relatively early stages.While it is not possible to predict the outcome of

323、these legal actions,bp believes that it has valid defences,and it intends to defend such actions vigorously.GlossaryNon-IFRS measures are provided for investors because they are closely tracked by management to evaluate bps operating performance and to make financial,strategic and operating decision

324、s.Non-IFRS measures are sometimes referred to as alternative performance measures.Adjusted EBITDA is a non-IFRS measure presented for bps operating segments and is defined as replacement cost(RC)profit before interest and tax,excluding net adjusting items*before interest and tax,and adding back depr

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

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

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

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

329、.A reconciliation to GAAP information is provided on page 32 for the group.Adjusting items are items that bp discloses separately because it considers such disclosures to be meaningful and relevant to investors.They are items that management considers to be important to period-on-period analysis of

330、the groups results and are disclosed in order to enable investors to better understand and evaluate the groups reported financial performance.Adjusting items include gains and losses on the sale of businesses and fixed assets,impairments,environmental and other provisions,restructuring,integration a

331、nd rationalization costs,fair value accounting effects,financial impacts relating to Rosneft for the 2022 financial reporting period and costs relating to the Gulf of Mexico oil spill and other items.Adjusting items within equity-accounted earnings are reported net of incremental income tax reported

332、 by the equity-accounted entity.Adjusting items are used as a reconciling adjustment to derive underlying RC profit or loss and related underlying measures which are non-IFRS measures.An analysis of adjusting items by segment and type is shown on page 29.Blue hydrogen Hydrogen made from natural gas

333、in combination with carbon capture and storage(CCS).Capital expenditure is total cash capital expenditure as stated in the condensed group cash flow statement.Capital expenditure for the operating segments and customers&products businesses is presented on the same basis.Cash balance point is defined as the implied Brent oil price 2021 real to balance bps sources and uses of cash assuming an averag