Investments in associates

12 Months Ended

Dec. 31, 2024

Interest In Other Entities [Abstract]

Investments in associates

Investments in associates

The following table provides aggregated summarized financial information for the group’s associates as it relates to the amounts recognized in the group

income statement and on the group balance sheet. There were no individually material associates to the Group at 31 December 2024. On 27 February

2022, bp announced it would exit its shareholding in Rosneft and bp's two nominated Rosneft directors both stepped down from Rosneft's board. As a

result, the significant judgement on significant influence over Rosneft was reassessed. Since the first quarter 2022, bp accounts for its interest in Rosneft

and its other businesses with Rosneft within Russia, as financial assets measured at fair value within ‘Other investments’. For further information see Note

1 Significant judgements and estimate: investment in Rosneft.

					$ million
		Income statement			Balance sheet
		Earnings from associates - after interest and tax			Investments in associates
	2024	2023	2022	2024	2023
Rosneft	—	—	528	—	—
Other associates	1,084	831	874	7,741	7,814
	1,084	831	1,402	7,741	7,814

The group recognized dividends, net of withholding tax, of $nil from Rosneft in 2024 (2023 $nil and 2022 $nil).

17. Investments in associates – continued

Summarized financial information for the group’s share of associates is shown below.

			$ million
			bp share
	2024	2023	2022
Sales and other operating revenues	12,859	11,396	14,841
Profit before interest and taxation	2,389	2,279	3,053
Finance costs	41	41	73
Profit (loss) before taxation	2,348	2,238	2,980
Taxation	1,264	1,407	1,498
Non-controlling interests	—	—	80
Profit (loss) for the year	1,084	831	1,402
Other comprehensive income	(9)	(237)	352
Total comprehensive income	1,075	594	1,754
Non-current assets	11,395	11,483
Current assets	4,230	3,776
Total assets	15,625	15,259
Current liabilities	3,009	3,003
Non-current liabilities	4,886	4,473
Total liabilities	7,895	7,476
Net assets	7,730	7,783
Less: non-controlling interests	—	—
	7,730	7,783
Group investment in associates
Group share of net assets (as above)	7,730	7,783
Loans made by group companies to associates	11	31
	7,741	7,814

Transactions between the group and its associates are summarized below.

						$ million
Sales to associates		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	844	148	1,009	368	1,042	417
						$ million
Purchases from associates		2024		2023		2022
Product	Purchases	Amount payable at 31 December	Purchases	Amount payable at 31 December	Purchases	Amount payable at 31 December
Crude oil and oil products, natural gas, transportation tariff	7,034	2,223	5,473	2,607	6,199	2,086

In the normal course of business, bp enters into various arm’s length transactions with associates 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 associates 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 purchases from associates in 2024, 2023 and 2022 relate to crude oil and oil products transactions with Aker BP. Sales to associates are

related to various entities.

bp has commitments amounting to $7,921 million million (2023 $8,615 million), primarily in relation to contracts with its associates for the purchase of

transportation capacity. For information on capital commitments in relation to associates see Note 13.

bp's share of impairment charges taken by associates in 2024 was $14 million (2023 $nil).