Annual report

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.

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.

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.