Annual reporting

An overview of the key activities, events and results in 2014, together with commentary on BP’s performance and our priorities as we move forward
Key downloads


a stronger,

safer BP


Our disciplined approach enables us to grow distributions to shareholders over time.


Profit attributable to BP shareholders
2013: $23.5bn


Gearing (net debt ratio)
2013: 16.2%


Operating cash flow
2013: $21.1bn


Barrels of oil equivalent per daya
2013: 3.2 million


Dividends paid


Ordinary shareholders annual dividend yield


ADS shareholders annual dividend yield



Growing demand for energy

We believe a diverse mix of fuels and technologies will be essential to meet the growing demand for energy and the challenges facing our industry.

Population and economic growth are the main drivers of global energy demand. The world’s population is projected to increase by 1.6 billion from 2013 to 2035, and the world economy is likely to more than double in size over the same period.

We expect world demand for energy to increase by as much as 37% between 2013 and 2035.







Energy consumption by fuel (billion tonnes of equivalent)

Source: BP Energy Outlook 2035
* Includes biofuels

Our strategy

Our goal is to be a focused oil and gas company that delivers value over volume. We are pursuing our strategy by setting clear priorities, actively managing a quality portfolio and employing our distinctive capabilities.

Our strategy in action

Running reliably

Running reliably

Running operations safely is Air BP's first priority

Increasing value

Increasing value

An alternative solution to increase long-term value.

Unlocking hidden resources

Unlocking hidden resources

Using our advanced technology and exploration experience to access gas in Oman.

Extending the life of the North Sea

Extending the life of the North Sea

Our latest discovery demonstrates the basin’s ongoing potential.

Committing to the future

Committing to the future

Increasing production in the Gulf of Mexico

Driving success

Driving success

Our retail partnership with Marks & Spencer is driving sales growth.


Upstream and Downstream performance

Key downloads

Our key reports include information about our financial and operating performance, sustainability performance and also global energy trends and projections.

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Related links

Carl-Henric Svanberg, Chairman

Annual General Meeting

Antony Burgmans, Non-Executive Director

Directors' remuneration


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a Includes BP’s share of Rosneft (2014 and 2013) and TNK-BP production (2013 and 2012).

Information for shareholders

This document constitutes the Annual Report and Accounts in accordance with UK requirements and the Annual Report on Form 20-F in accordance with the US Securities Exchange Act of 1934, for BP p.l.c. for the year ended 31 December 2014. A cross reference to Form 20-F requirements is included on page 257.

This document contains the Strategic report on pages 1- 50 and the inside cover (Who we are section) and the Directors’ report on pages 51- 71, 90, 167-196 and 207-255. The Strategic report and the Directors’ report together include the management report required by DTR 4.1 of the UK Financial Conduct Authority’s Disclosure and Transparency Rules. The Directors’ remuneration report is on pages 72-88. The consolidated financial statements of the group are on pages 89-166 and the corresponding reports of the auditor are on pages 91-95. The parent company financial statements of BP p.l.c. are on pages 197-206.

The statement of directors’ responsibilities, the independent auditor’s report on the annual report and accounts to the members of BP p.l.c. and the parent company financial statements of BP p.l.c. and corresponding auditor’s report do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.

BP Annual Report and Form 20-F 2014 and BP Strategic Report 2014 (comprising the Strategic report and supplementary information) may be downloaded from No material on the BP website, other than the items identified as BP Annual Report and Form 20-F 2014 or BP Strategic Report 2014 (comprising the Strategic report and supplementary information), forms any part of those documents. References in this document to other documents on the BP website, such as BP Energy Outlook, are included as an aid to their location and are not incorporated by reference into this document.

BP p.l.c. is the parent company of the BP group of companies. The company was incorporated in 1909 in England and Wales and changed its name to BP p.l.c. in 2001. Where we refer to the company, we mean BP p.l.c. Unless otherwise stated, the text does not distinguish between the activities and operations of the parent company and those of its subsidiaries, and information in this document reflects 100% of the assets and operations of the company and its subsidiaries that were consolidated at the date or for the periods indicated, including non-controlling interests.

BP’s primary share listing is the London Stock Exchange. Ordinary shares are also traded on the Frankfurt Stock Exchange in Germany and, in the US, the company’s securities are traded on the New York Stock Exchange (NYSE) in the form of ADSs (see page 244 for more details).

The term ‘shareholder’ in this report means, unless the context otherwise requires, investors in the equity capital of BP p.l.c., both direct and indirect. As BP shares, in the form of ADSs, are listed on the NYSE, an Annual Report on Form 20-F is filed with the SEC. Ordinary shares are ordinary fully paid shares in BP p.l.c. of 25 cents each. Preference shares are cumulative first preference shares and cumulative second preference shares in BP p.l.c. of £1 each.

NYSE corporate governance rules

Legal notice in relation to the material on this page

The material on this BP Annual Reporting 2014 webpage (the Material) relates to the year ended 31 December 2014 and is provided for general information only. The Material does not (i) form part of the BP Annual Report and Form 20-F 2013 or the BP Strategic Report; or (ii) contain sufficient information to allow as full an understanding of the results and the state of affairs of BP as BP Annual Report and Form 20-F 2014. As such this Material should not be relied upon or used as the basis for making voting or investment decisions without consulting the full BP Annual Report and Form 20-F 2014 and other more complete or up-to-date sources of information. Information relating to BP’s results for current and prior periods do not necessarily reflect future trends, nor do they provide indicators of results for like periods. This Material is not intended to be and shall not be deemed to be an invitation or inducement to invest in or otherwise deal in any securities of BP p.l.c. or in any other investment, nor to provide or constitute any advice or recommendation in connection with any investment decision, nor to constitute an offer to provide services in any jurisdiction in which BP p.l.c. is not permitted to do so under any applicable law or regulation.

Cautionary statement

The Material may contain certain forward-looking statements, forecasts or projections with respect to the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ materially from those expressed in such statements depending on a variety of factors.

Please refer to the Cautionary statement on page 241 of the full BP Annual Report and Form 20-F 2014 for further information on forward-looking statements.