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Annual report

Performing while transforming
A montage image of an oil rig, a lady at an EV point and solar panels
Helge Lund, chair
Throughout the transition, our goal will be to maintain the high performance and steady progress we have shown since our transformation journey began in 2020.Helge Lund,chair
Bernard Looney, chief executive officer
bp’s finances are strong and resilient. We are making substantial progress on our strategy to pivot from an international oil company to an integrated energy company.Bernard Looney,chief executive officer

Our strategy

Resilient hydrocarbons
Resilient hydrocarbons
High-grading our portfolio, lowering our emissions and driving returns.
Metric 2021 2025 target 2030 aim
Upstream unit production costs $6.82/boe
2020 $6.39/boe
~$6/boe ~$6/boe
Upstream production 2.2mmboe/d
2020 2.4mmboe/d
~2mmboe/d ~1.5mmboe/d
bp-operated hydrocarbon
plant reliability
94%
2020 94%
96% >96%
Refining throughput 1.6mmb/d
2020 1.6mmb/d
<1.5mmb/d ~1.2mmb/d
bp-operated
refining availability
94.8%
2020 96%
96% >96%
Bioenergy production 30Kb/d
2020 30Kb/d
50Kb/d >100Kb/d
LNG portfolio 18Mtpa
2020 20Mtpa
25Mtpa 30Mtpa
Convenience and mobility
Convenience and mobility
Doubling adjusted EBITDA, sustaining returns, focused on customers.
Metrics 2021 2025 target 2030 aim
Customer touchpoints > 12 million
2020 >11 million
>15 million >20 million
Strategic convenience sites 2,150
2020 1,900
~3000 ~3,500
Retail sites in growth markets 2,700
2020 2,700
~5,000 >6,000
Castrol sales and other operating revenues $6.8bn
2020 $5.4bn
~$7.5bn >$8bn
Electric vehicle charge points 13,100
10,100
>40,000 >100,000
Margin share from convenience and electrification 29.1%
2020 27.6%
~35% ~50%
Developed renewables to final
investment decision
4.4GW
2020 3.3GW
20GW 50GW
Traded electricity 202TWh
2020 214TWh
350TWh 500TWh
Low carbon energy
Low carbon energy
Building scale with capital discipline and returns focus.
Metrics 2021 2025 target 2030 aim
Developed renewables to final investment decision 4.4GW
2020 3.3GW
20GW 50GW
Traded electricity 202TWh 
2020 214TWh
350TWh  500TWh 

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 2021.

bp Energy Outlook 2022 edition

Energy Outlook

Energy Outlook 2022 explores the key uncertainties surrounding the energy transition and is focussed on three main scenarios: Accelerated, Net Zero and New Momentum

Information for shareholders

The bp Annual Report and Form 20-F 2021 available for download on this webpage 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 2021. A cross reference to Form 20-F requirements is included on page 390 of the bp Annual Report and Form 20-F 2021.

 

The bp Annual Report and Form 20-F 2021 contains the Strategic report on the inside front cover and pages 1-80 and the Directors’ report on pages 81-115, 116 (in part only), 142-143, 254-281 and 337-388. 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 116-141. The consolidated financial statements of the group are on pages 145-253 and the corresponding reports of the auditor are on pages 146-172. The parent company financial statements of BP p.l.c. are on pages 282-336.

 

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 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 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 the bp Annual Report and Form 20-F 2021 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 368 of the bp Annual Report and Form 20-F 2021 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 the bp Annual Report and Form 20-F 2021 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 webpage (the Material) relates to the year ended 31 December 2021 and is provided for general information only. The Material does not (i) form part of the bp Annual Report and Form 20-F 2021; 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 2021. 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 2021 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 364 of the full bp Annual Report and Form 20-F 2021 for further information on forward-looking statements.