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Annual report

Atlantis Deepwater Oil and Gas Platform in the Gulf of Mexico

From IOC to IEC

We have set our strategy to transform from an International Oil Company to an Integrated Energy Company focused on delivering solutions for customers.


This is a major, necessary step in support of our purpose to reimagine energy for people and our planet, and our ambition to become a net zero company by 2050 or sooner and help the world get to net zero.


After more than a century defined by oil and gas through two core businesses, upstream and downstream, our strategy positions us to become a very different energy company in the next decade.

This means we plan to 

Significantly scale-up our low carbon energy business

Wind turbines

Transform our customer mobility and convenience offer

Electric vehicle

Focus our oil, gas and refining portfolio 

Offshore platform

Drive down emissions as part of our net zero ambition

While this is a journey that will require patience, our goal is that bp over time will become a more valuable company for its shareholders and bring wider benefits for society.
Helge Lund, chairman


Helge Lund, chairman
Bernard Looney, chief executive officer
I want to pay particular tribute to those on the frontline of our business who have kept our plants and platforms running, our shops and forecourts open, and energy flowing to the world.Bernard Looney,chief executive officer


Our business model

Delivering value for bp, our shareholders and society. Our new business model is more integrated and faces the energy transition head on. We believe it can deliver for the changing demands of stakeholders, with an absolute focus on operational excellence, so that our businesses are safe, reliable and efficient.
Illustration of our business model

Our strategy

Low carbon electricity and energy
We aim to grow our renewables and bioenergy businesses, seek early positions in hydrogen and carbon capture, utilization and storage and strengthen our gas position. These activities form an integrated low carbon portfolio that will help transform bp as we transition from an International Oil Company to an Integrated Energy Company.
Metrics 2020 2025 2030
Developed renewables to final investment decision 3.3GW
2019 2.6GW
20GW 50GW
Bioenergy production 30Kb/d
2019 23Kb/d
50Kb/d  >100Kb/d 
LNG portfolio 20Mtpa
2019 15Mtpa 
25Mtpa  30Mtpa 
Traded electricity 214TWh 
2019 250TWh
350TWh  500TWh 
Convenience and mobility
We will continue to focus on customers and respond to their changing needs. We aim to redefine convenience and scale up our differentiated offers in growth markets and next-gen mobility solutions, including electrification, sustainable fuels and hydrogen.
Metrics 2020 2025 2030
Customer touchpoints 11.5 million
2019 >10 million
>15 million >20 million
Strategic convenience sites 1,900
2019 1,600
>2,300 >3,000
Retail sites in growth markets 2,700
2019 1,300
7,000 >8,000
Castrol sales and other operating revenues $5.4bn
2019 >$6.5bn
~$7.5bn ~$8bn
Electric vehicle charge points 10,100
2019 >7,500
>25,000 >70,000
Margin share from convenience and electrification 27.6%
2019 ~25%
~35% ~50%
Resilient and focused hydrocarbons
Our hydrocarbons business is essential to our transformation to an Integrated Energy Company. The cash flow from our oil, gas and refining activities enable our strategy, allowing us to invest in the energy transition and support our two growth areas – low carbon electricity and energy, and convenience and mobility.
Metric 2020 2025 2030
Unit production costs $6.39/boe
2019 $6.84/boe
~$6/boe .
Upstream production 2.4mmboe/d
2019 2.6mmboe/d
~2mmboe/d ~1.5mmboe/d
Upstream plant reliability 94%
2019 94.4%
96% >96%
Refining throughput 1.6mmb/d
2019 1.7mmb/d
<1.5mmb/d ~1.2mmb/d
Refining availability 96%
2019 94.9%
96% >96%

Case studies

In order to advance our purpose and ambition, we have identified three strategic focus areas, and we’ve set targets and aims against these out to 2025 and 2030. These provide the basis for a common set of enduring objectives for bp as we transform the organization consistent with the long-term energy transition. Here are some examples of how we performed in 2020.


Sustainability is a critical foundation of our strategy. Our new sustainability frame links our strategy to our purpose – to reimagine energy for people and our planet.

Our frame focuses on three areas where we believe we can make the biggest difference, with aims and objectives linked to the UN Sustainable Development Goals.


Sustainability frame

Energy Outlook

Our bp Energy Outlook considers three main scenarios that explore the possible pathways the energy transition may take over the next 30 years.

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 2020. A cross reference to Form 20-F requirements is included on page 351.

This document contains the Strategic report on the inside front cover and pages 1-70 and the Directors’ report on pages 71-102, 105 (in part only), 127-128, 231-258 and 301-349. 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 Guidance and Transparency Rules. The Directors’ remuneration report is on pages 103-126. The consolidated financial statements of the group are on pages 129-230 and the corresponding reports of the auditor are on pages 130-154. The parent company financial statements of BP p.l.c. are on pages 259-300.

The Directors’ statements (comprising the Statement of directors’ responsibilities; Risk management and internal control; Longer-term viability; Going concern; and Fair, balanced and understandable), the independent auditor’s report on the annual report and accounts to the members of BP p.l.c., the parent company financial statements of BP p.l.c. and corresponding auditor’s report and a non-GAAP measure of operating cash flow excluding Gulf of Mexico oil spill payments«  in the tables on pages 41, 43 and 46 do not form part of bp’s Annual Report on Form 20-F as filed with the SEC.

 To obtain a hard printed copy of BP's complete audited financial statements, free of charge, UK based investors should contact BP Distribution Services by clicking the link above or calling +44 (0)870 241 3269 or by emailing bpdistributionservices@bp.com. If based in the US or Canada investors should contact Issuer Direct by calling +1 888 301 2505 or by emailing bpreports@issuerdirect.com.  

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. The company and each of its subsidiaries« are separate legal entities. Unless otherwise stated or the context otherwise requires, the term “BP” or "bp" and terms such as “we”, “us” and “our” are used in this report for convenience to refer to one or more of the members of the bp group instead of identifying a particular entity or entities. 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.

The company’s primary share listing is the London Stock Exchange. In the US, the company’s securities are traded on the New York Stock Exchange (NYSE) in the form of ADSs (see page 332 for more details) and in Germany in the form of a global depositary certificate representing bp ordinary shares traded on the Frankfurt, Hamburg and Dusseldorf Stock Exchanges.

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 the company's 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.

Legal notice in relation to the material on this page
The material on the bp Annual Report 2020 webpage (the Material) relates to the year ended 31 December 2020 and is provided for general information only. The Material does not (i) form part of the bp Annual Report and Form 20-F 2020; or (ii) contain sufficient information to allow as full an understanding of the results and the state of affairs of BP p.l.c. as bp Annual Report and Form 20-F 2020. 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 2020 and other more complete or up-to-date sources of information. Information relating to BP p.l.c.'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 329 of the full bp Annual Report and Form 20-F 2020 for further information on forward-looking statements.