Published 06 February 2024

4Q and full-year 2023 results: A year of delivery

Our strategy delivered again in 2023 as we move from an international oil company to an integrated energy company.

We’re investing in today’s energy system, with four major start-ups. Plus, we’re building tomorrow’s, and increasing bioenergy production, installing new EV charging points, growing the number of convenience sites, and more.

We’ve selected some of the year’s key highlights below.

“Our destination remains unchanged – from IOC to IEC – focused on growing the value of bp. We are confident in our strategy, on delivering as a simpler, more focused and higher-value company, and committed to growing long-term value for our shareholders.”

Murray Auchincloss

Chief executive officer, bp

Oil and gas

Managed base decline ~4% (2018-2023 average)

~23mtpa LNG portfolio (up from 19mtpa in 2022)

Transition growth engines

The businesses driving our transformation from an international oil company to an integrated energy company

Bioenergy

18% increase in biofuel production volumes

Convenience

EV charging

35% increase in the number of charge points

Hydrogen

Renewables & power

Renewables pipeline grew to 58.3GW, net to bp (up from 37.2GW in FY22)

^{All comparisons referenced are versus 2022; absolute figures are 2023.}
^{1. Including Archaea Energy in 2023.}
^{2. Excluding TravelCenters of America (TA).
3. At constant forex and excluding TA and other portfolio changes.
4. In GWh.}

Continue your journey on bp.com

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4Q and full-year 2023 results: A year of delivery

Oil and gas