1. Home
  2. Investors
  3. Results and reporting
  4. Financial disclosure framework
  5. Customers & products financial disclosure

Customers & products financial disclosure

“To enable the clear measurement of progress towards delivery of our targets and aims we are significantly enhancing our financial and operational disclosures in customers & products. In particular, providing more detail and transparency around our customer businesses where we aim to materially grow EBITDA, almost doubling it by 2030 while maintaining ROACE of 15-20%.”
Emma Delaney

Emma Delaney, EVP customers and products

In addition to segment financial disclosures, on a quarterly basis we will report EBITDA, pre-tax operating profit, DD&A and capital expenditure for each of the sub-segments within our customers & products (C&P) business group: 

 

  • Customers – convenience & mobility: Includes convenience, our mobility offer, including retail fuels, electrification as well as aviation, B2B and midstream, and our leading lubricants business Castrol
  • Products – refining & trading

Customers

Convenience & mobility

We intend to materially grow in convenience & mobility, almost doubling our 2019 EBITDA by 2030, while generating ROACE of 15-20%.  


We will achieve this through three primary growth areas:   

  • Redefining convenience in key focus markets
  • Scaling-up our differentiated offers in growth markets
  • Scaling-up next gen mobility solutions.

We will provide additional disclosures covering:

 

Convenience disclosure*

  • Convenience gross margin and growth (annual)
  • Strategic convenience sites

 

In 45 of the leading economies of the world, demand for convenience is forecast to nearly double by 2030, growing at more than 5% per annum1.  We aim to grow faster than the market – increasing revenues and expanding margin across our network to double our 2019 convenience gross margin to more than $2 billion by 2030.


We plan to continue the roll out of our successful strategic convenience sites in partnership with leading retailers, such M&S in the UK, Rewe in Germany and ampm in the US – to over 3000 by 2030 – and enhance our retail offers, supported by our digital and loyalty programmes.  

Mobility: retail fuels and next-gen disclosure:*

  • bp retail sites  
  • bp retail sites in growth markets 
  • Retail fuels gross margin (annual) 
  • Retail fuels volume (annual) 
  • Premium fuels (% of volume sold) (annual) 
  • Electric vehicle charge points (bp and JV operated) (annual) 
  • Customer touchpoints and digital downloads (annual) 

We have already established networks in some of the world’s fastest growing markets. We plan to grow our network in these key markets to more than 8,000 sites by 2030, and we will disclose progress.  


Our retail fuels offer is a source of differentiation, with our retail sites generally selling more fuel than the industry average. We will disclose the number of sites and retail fuels volumes sold. We will provide visibility into our leading premium fuels, which generate higher margins than our regular fuels. And we will disclose the retail fuels gross margin for our total network. 


We intend to approximately double customer touchpoints at our retail sites to more than 20 million per day by 2030 whilst driving customer intimacy and loyalty - we know that transacting customers on our loyalty schemes currently purchase four times as much fuel.  We plan to deliver this by creating a platform of leading digital offers, such as BPme. We will respond to shifting customer needs by continuing to evolve and personalise their experience of our digital and loyalty offers, supporting overall margin expansion. And we will share progress of our successful loyalty programmes through the disclosure of customer digital downloads.   


In next-gen mobility, electrification is fundamental to our strategy and will increasingly become an important source of revenue generation. We plan to provide the fastest, most convenient, reliable network of chargers. We aim to grow bp and JV operated EV charging points from 10,100 in 2020 to over 70,000 by 2030. We will provide progress on this key metric annually. As this business continues to grow, we will provide additional disclosures. 

Castrol disclosure*

  • Sales (annual) 
  • URCOPBIT 
  • EBITDA 
  • Capital expenditure 
  • DD&A 
  • Premium lubricants ratio (annual) 


Our leading lubricants brand, Castrol, has a strong presence both in growth and established markets and is expected to be a key driver of growth to 2030 – we aim to grow our sales revenue to over $8 billion by 2030.   


We expect lubricants demand in key growth markets, where we already have a strong presence, to continue to grow at 2% per annum to 2040. In addition, premium lubricants demand, which comprise around 50% of our volumes, is expected to remain strong with the same volume demand expected in 2040 as in 2020.  


Through a focus on operational efficiency, increased investment in marketing and technology, and by leveraging our strong partnerships, we plan to increase Castrol sales and earnings. We also expect to grow our premium offers and services as we respond to the energy transition.  


Through a focus on operational efficiency, increased investment in marketing and technology, and by leveraging our strong partnerships, we plan to increase our Castrol sales and earnings. We also expect to grow our premium offers and services as we respond to the energy transition.

Additional disclosures

We will publish additional disclosures to provide insight into strategic areas that span our businesses:

 (quarterly unless otherwise stated) 

 

  • Margin share from convenience and electrification (annual) 
  • Growth market RCOP and growth (annual) 
  • Marketed sales of refined products. 

 

As we respond to the energy transition, convenience and electrification are expected to form a greater proportion of our margins. We aim to increase share of our margin from convenience and electrification to around 50% by 2030.  


And, as mentioned, we are focused on growth markets, aiming to double combined 2019 earnings from our retail fuels and Castrol businesses in these markets by 2030.  


In addition, we will continue to disclose marketed sales of refined products, which represents all of the products we market, including retail, B2B, aviation and Castrol. 

Products

Refining & trading disclosure*

In addition to quarterly financial disclosures for our products – refining & trading business, we will continue to provide: 
 

  • refining availability
  • refining throughput
  • refining marker margin (RMM).

 

Our products – refining & trading business plays a key role in the optimization of the fuels value chain from crude supply to refining to marketing.  


In refining, we intend to high-grade the portfolio, drive synergies from our new operating model and continue to pursue an unrelenting focus on operational excellence, efficiency and commercial optimization through our long-established business improvement plans.  


We intend to continue to grow commercial value through campaign planning and margin improvement together with investment in digital and feedstock processing capabilities, such as bio co-processing. Taken together, these actions support our plan to move our portfolio to top-quartile net cash margin by 2025.  

* Quarterly unless otherwise stated
1. 2019 analysis from Euromonitor