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Annual report

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Annual Report 2023

From IOC to IEC

bp had a strong operational performance in 2023 and its strategy remains well-suited to the energy transition as it unfolds. Flexibility will be important and the strategy allows for this.

Helge Lund, chair

The last few years were about generating options. As we drive to 2025, we will focus on executing to deliver value. To guide that effort, we’ve set out six near-term priorities for bp.

Murray Auchincloss, CEO

2023 at a glance




2022: 67,000

Countries of operation


2022: 62

Upstream production


2022: 2.3mmboe/d

EV charge points


2022: ~22,000

Retail sites


2022: 20,650


Profit for the year attributable to bp shareholders


2022: loss $(2.5)bn

Underlying replacement cost (RC) profit


2022: $27.7bn

Upstream unit production costs


2022: $6.07/boe

bp-operated refining availability


2022: 94.5%

Strategic convenience sites


2022: 2,400

Developed renewables to FID (net)


2022: 5.8GW

Safety and sustainability

Tier 1 and tier 2 process safety events


2022: 50

Sustainable GHG emission reductions


2022: 1.5MtCO2

Our strategy in action

Resilient hydrocarbons

Upstream unit production costs  


2022  $6.07/boe

Biogas supply volumes


2022 12mboe/d

Convenience and mobility

Strategic convenience sites


2022  2,400

Customer touchpoints per day  

>12 million

2022  ~12 million

Low carbon energy

Installed renewables capacity (net)


2022 2.2GW

Developed renewables to final investment decision


2022  5.8GW

Transforming to an integrated energy company

We are investing in today’s energy system – while helping build out tomorrow’s. All in service of growing the value of bp

The three strategic pillars

The three strategic pillars

a Bioenergy includes customer-facing and midstream biofuels activities that form part of convenience and mobility.

Progress against our strategy

Resilient hydrocarbons

Renewable gas at Archaea Energy

We started up our first Archaea Modular Design (AMD) plant in Indiana, US in October 2023. AMD allows the plant to be built on skids with interchangeable components for faster builds.

The plant converts landfill gas (a form of greenhouse gas) by capturing it from landfill and converting it to electricity, heat or renewable natural gas (RNG). This helps to improve local air quality and provide lower carbon fuel for homes, businesses and transportation.

It is the first of 15-20 new plants we aim to bring online per year through 2025, with Archaea Energy production volumes contributing to our 2025 target of around 40mboe/d of biogas supply volumes.

Plant workers make safety checks in Indiana, US
Convenience and mobility

Growing convenience

We strengthened our strategic convenience partnerships and customer offers in 2023.


REWE To Go: bp and Lekkerland extended their successful partnership to continue to deliver REWE To Go stores at Aral retail sites until 2028. This is bp’s largest European convenience supply agreement and brings together Germany’s largest forecourt brand with one of the country’s leading convenience specialists in support of bp’s convenience transition growth engine delivery.

Auchan, Poland: We signed an agreement with leading convenience retailer, Auchan, with plans to add more than 100 stores to our retail network. The partnership supports our aim to grow our strategic convenience sites and convenience gross margin globally.


BPme: We strengthened our BPme Rewards loyalty scheme with the launch of loyalty pricing, giving customers exclusive discounts on retail store products at around 300 bp-owned retail sites across the UK.

A happy bp convenience customer checks her phone while buying some Wild bean coffee
Low carbon energy

Peacock Solar construction starts

We started construction of our 187MW solar project in Texas, US, in mid-2023. The project is planned to come online in the second half of 2024. At full capacity, the installation is expected to generate enough electricity annually to power the equivalent of 34,000 homes.


Peacock will sell all of the electricity it generates under a long-term power purchase agreement, and will also be home to a range of agricultural and biodiversity activities.

This supports our aim to develop 50GW of renewable energy capacity to FID by 2030.

Solar technicians complete checks at the Peacock solar project in Texas, US,

The bp Annual Report and Form 20-F 2023 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 2023. A cross reference to Form 20-F requirements is included on page 386 of the bp Annual Report and Form 20-F 2023.  


The bp Annual Report and Form 20-F 2023 contains the Strategic report on the inside front cover and pages 1-80 and the Directors’ report on pages 81-104, 105 (in part only), 133-135, 247-274 and 335-384. 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 105-132. The consolidated financial statements of the group are on pages 138-246 and the corresponding reports of the auditor are on pages 138-156. The parent company financial statements of BP p.l.c. are on pages 275-334.  


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 p.l.c.'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 2023 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 364 of the bp Annual Report and Form 20-F 2023 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 2023 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 webpage (the Material) relates to the year ended 31 December 2023 and is provided for general information only. The Material does not (i) form part of the bp Annual Report and Form 20-F 2023; 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 2023. As such this Material should not be relied upon or used as the basis for making voting or investment decisions and should be read together with the full bp Annual Report and Form 20-F 2023 and other more complete or up-to-date sources of information including any of BP p.l.c.’s more recent public reports. 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 and are outside the control of bp. Actual results may differ materially from those expressed in such statements depending on a variety of factors, including the risk factors discussed under “Risk factors” on pages 77 to 79 of the bp Annual Report and Form 20-F 2023.  


Please refer to the Cautionary statement on pages 361-362 of the full bp Annual Report and Form 20-F 2023 for further information on forward-looking statements