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Oil production & operations financial disclosure

“Oil production & operations is an important part of our strategic approach to hydrocarbons. While our oil and gas regions will be reported separately, allowing a focus on maximising commercial value from integrated value chains, a consistent set of disclosures provide transparency towards meeting our strategic aim of growing EBITDA to 2025 from a higher margin and more focused portfolio.”
Gordon Birrell

Gordon Birrell, EVP, production & operations

Hydrocarbons strategy, operations and reporting

Our strategic approach to hydrocarbons is to create a resilient and focused portfolio across oil, gas and refining. We aim to grow EBITDA to 2025 through delivery of high margin major projects and fast payback infrastructure-led investments, and the high grading of our portfolio via strict investment criteria and portfolio choices.


In addition, in our hydrocarbons businesses we plan to drive operational excellence and synergies, transforming our operations through our new combined operating model. This is expected to create around $1.5 billion of annual cost savings by 2023, relative to 2019, and drive improved reliability.  

 

While this combined operating model is expected to deliver significant benefits, we have separated the financial reporting of our oil, gas and refining businesses. This allows us to focus on the commercial integration of our gas value chains with our low carbon businesses as well as the value of integrated fuels value chains in our refining and oil products business. 

 

The map below shows the regions reported in oil production & operations. 

Map showing regions reported in oil production & operations

Oil production & operations

Our oil production & operations segment reports the results of our oil producing regions. 


This segment reports operational and financial performance consistent with our former combined oil and gas disclosures.  


In addition to segment financial disclosures, key segment-specific disclosures include:

 

(quarterly unless otherwise stated) 

 

  • Production
  • Realizations
  • Exploration expenditure written off 
  • Supplementary oil and gas information (annual)

Additional disclosures

To provide transparency of the performance of our combined operating model, we continue to report certain measures on an aggregate basis.  


Disclosures which relate to our combined oil and gas operations:

 

(quarterly unless otherwise stated) 

 

  • Production
  • Unit production costs
  • bp-operated plant reliability 
  • Supplementary oil and gas information (annual)

 

Guidance

In addition, to support modelling of oil production & operations, we provide guidance at both a segment and aggregate level (including gas), showing: 

  • production (quarterly and annual)
  • rule-of-thumb (annual).