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Investments in joint ventures (Notes)
 12 Months Ended
Dec. 31, 2024
Separate Financial Statements [Abstract]  
Investments in joint ventures Investments in joint ventures
The following table provides aggregated summarized financial information for the group's joint ventures as it relates to the amounts recognized in the
group income statement and on the group balance sheet.
$ million
Income statement
Balance sheet
Earnings from joint ventures
- after interest and tax
Investments in
joint ventures
2024
2023
2022
2024
2023
Azule Energy
504
700
540
5,109
5,066
Pan American Energy Group
—
—
538
—
—
Other joint venturesa
405
(633)
50
7,182
7,369
909
67
1,128
12,291
12,435
a2024 and 2023 includes Pan American Energy Group as no longer considered material to the group post 2022 impairment.
The joint venture that is material to the group at 31 December 2024 is Azule Energy, which was formed during 2022 and in which bp owns a 50% stake.
bp classifies its investment in Azule Energy Holdings Limited as a joint venture because, per the terms of the shareholders' agreements, bp has joint
control over Azule Energy. Azule Energy Holdings Limited is based in Angola and its functional currency is USD.
Following the 2022 impairment of bp's investment in PAEG, this is no longer considered material to the group for 2023 and 2024 and is now included with
Other joint ventures.
The following table provides summarized financial information relating to Azule Energy for 2024, 2023 and 2022 and Pan American Energy Group for 2022.
This information is presented on a 100% basis and reflects adjustments made by bp to Azule Energy and Pan American Energy Group’s own results in
applying the equity method of accounting. bp adjusts Azule Energy Holdings Limited and Pan American Energy Group’s results for the accounting required
under IFRS relating to bp’s purchase of its interests in Azule Energy Holdings Limited and Pan American Energy Group S.L.
16. Investments in joint ventures – continued
The operational and financial information is based on preliminary operational and financial results of Azule Energy Holdings Limited for 2024, 2023 and
2022 and Pan American Energy Group S.L. for 2022. Actual results may differ from these amounts - immaterial adjustments to the 2023 and 2022
numbers for Azule Energy Holdings Limited have been included in the 2024 and 2023 numbers respectively.
$ million
Gross amount
2024
2023
2022
Azule Energy
Azule Energy
Azule Energy
PAEG
Sales and other operating revenues
5,410
5,164
2,274
6,408
Profit (loss) before interest and taxation
1,896
2,146
1,460
1,560
Finance costs
512
400
218
376
Profit (loss) before taxationa
1,384
1,746
1,242
1,184
Taxation
376
346
162
108
Profit (loss) for the year
1,008
1,400
1,080
1,076
Other comprehensive income
—
—
—
—
Total comprehensive income
1,008
1,400
1,080
1,076
Non-current assets
20,584
18,788
Current assetsb
3,384
3,928
Total assets
23,968
22,716
Current liabilitiesc
3,576
2,510
Non-current liabilitiesd
10,174
10,074
Total liabilities
13,750
12,584
Net assets
10,218
10,132
Less: non-controlling interests
—
—
10,218
10,132
aAzule Energy includes depreciation and amortisation of $2,844 million (2023 $2,768 million and 2022 $1,145 million), interest income of $nil (2023 $nil and 2022 $11 million) and interest expense of $513
million (2023 $407 million and 2022 $218 million). For 2022 PAEG includes depreciation and amortisation of $1,039 million, interest income of $29 million  and interest expense of $375 million.
bAzule Energy includes cash and cash equivalents of $570 million (2023 $603 million).
cAzule Energy includes current financial liabilities of $3,417 million (2023 $2,409 million).
dAzule Energy includes non-current financial liabilities of $3,426 million (2023 $4,735 million).
The group received dividends of $463 million from Azule Energy Holdings Limited in 2024 (2023 $708 million and 2022 $500 million).
The group received dividends, net of withholding tax, of $35 million from Pan American Energy Group S.L. in 2022.
The following table provides aggregated summarized financial information relating to the group’s share of joint ventures.
$ million
bp share
2024
2023
2022
Azule
Energy
Other
Total
Azule
Energy
Other
Total
Azule
Energy
PAEG
Other
Total
Sales and other operating revenues
2,705
12,164
14,869
2,582
13,705
16,287
1,137
3,204
9,770
14,111
Profit (loss) before interest and taxation
948
(74)
874
1,073
8
1,081
730
780
255
1,765
Finance costs
256
249
505
200
421
621
109
188
137
434
Profit (loss) before taxation
692
(323)
369
873
(413)
460
621
592
118
1,331
Taxation
188
(729)
(541)
173
219
392
81
54
67
202
Non-controlling interest
—
1
1
—
1
1
—
—
1
1
Profit (loss) for the year
504
405
909
700
(633)
67
540
538
50
1,128
Other comprehensive income
—
(3)
(3)
—
45
45
—
—
50
50
Total comprehensive income
504
402
906
700
(588)
112
540
538
100
1,178
Non-current assets
10,292
13,871
24,163
9,394
16,505
25,899
Current assets
1,692
4,363
6,055
1,964
4,387
6,351
Total assets
11,984
18,234
30,218
11,358
20,892
32,250
Current liabilities
1,788
2,914
4,702
1,255
2,992
4,247
Non-current liabilities
5,087
5,057
10,144
5,037
7,505
12,542
Total liabilities
6,875
7,971
14,846
6,292
10,497
16,789
Net assets
5,109
10,263
15,372
5,066
10,395
15,461
Less: non-controlling interests
—
(11)
(11)
—
(15)
(15)
5,109
10,252
15,361
5,066
10,380
15,446
Group investment in joint ventures
Group share of net assets (as above)
5,109
10,252
15,361
5,066
10,380
15,446
Cumulative impairment charge
—
(3,066)
(3,066)
—
(3,007)
(3,007)
Loans made by group companies to joint ventures
—
(4)
(4)
—
(4)
(4)
5,109
7,182
12,291
5,066
7,369
12,435
16. Investments in joint ventures – continued
Transactions between the group and its joint ventures are summarized below.
$ million
Sales to joint ventures
2024
2023
2022
Product
Sales
Amount
receivable at
31 December
Sales
Amount
receivable at
31 December
Sales
Amount
receivable at
31 December
LNG, crude oil and oil products, natural gas
3,653
507
3,585
501
4,212
316
Purchases from joint ventures
2024
2023
2022
Product
Purchases
Amount
payable at
31 December
Purchases
Amount
payable at
31 December
Purchases
Amount
payable at
31 December
LNG, crude oil and oil products, natural gas, refinery operating
costs, plant processing fees
2,952
468
3,328
427
1,893
574
In the normal course of business, bp enters into various arm’s length transactions with joint ventures including fixed price commitments to sell and to
purchase commodities, forward sale and purchase contracts and agency agreements.
The terms of the outstanding balances receivable from joint ventures are typically 30 to 45 days. The balances are unsecured and will be settled in cash.
There are no significant provisions for doubtful debts relating to these balances and no significant expense recognized in the income statement in respect
of bad or doubtful debts. Dividends receivable are not included in the table above.
The majority of sales to joint ventures in 2024 relate to heating oil, gasoline, diesel and lubricant product transactions with Mobene and Ocwen Energy. The
majority of purchases from joint ventures in 2024 relate to crude oil and oil products transactions with Azule Energy.
bp's share of net impairment charges recognized by joint ventures in 2024 was $477 million (2023 $1,285 million and 2022 $256 million) of which $nil
charge (2023 $1,152 million and 2022 $276 million) was in the gas and low carbon energy segment and $477 million charge (2023 $133 million charge
and 2022 reversals of $20 million) was in the oil production & operations segment. The 2023 charges in the gas and low carbon energy segment principally
relate to the group's US offshore wind investments.