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Financial instruments and financial risk factors (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Instruments [Abstract]  
Disclosure of financial assets Other investments
$ million
2024
2023
Current
Non-current
Current
Non-current
Equity investmentsa
—
1,095
—
1,177
Contingent consideration
55
136
754
939
Other
110
61
89
73
165
1,292
843
2,189
aThe majority of equity investments are unlisted.
Unlisted equity investments are measured using observable recent market prices where available. The majority of investments are measured using models
with inputs that may include recent share price data, discounted future cash flows and other available active market pricing data using the maximum
available market information and bp’s understanding of the associated company’s performance and prospects. Contingent consideration relates to
amounts arising on disposals which are financial assets classified as measured at fair value through profit or loss. The contingent consideration in 2023
principally relates to the disposal of our Alaskan business. On 4 October 2024, bp completed the sale of this contingent consideration.
The accounting classification of each category of financial instruments and their carrying amounts are set out below.
$ million
At 31 December 2024
Note
Measured at
amortized cost
Mandatorily
measured at fair
value through
profit or loss
Derivative
hedging
instruments
Total carrying
amount
Financial assets
Other investments
18
26
1,431
—
1,457
Loans
1,807
377
—
2,184
Trade and other receivables
20
27,148
—
—
27,148
Derivative financial instruments
30
—
21,226
—
21,226
Cash and cash equivalents
25
32,547
6,657
—
39,204
Financial liabilities
Trade and other payables
22
(61,298)
—
—
(61,298)
Derivative financial instruments
30
—
(20,224)
(2,655)
(22,879)
Accruals
(7,397)
—
—
(7,397)
Lease liabilities
28
(12,000)
—
—
(12,000)
Finance debt
26
(59,547)
—
—
(59,547)
(78,714)
9,467
(2,655)
(71,902)
29. Financial instruments and financial risk factors – continued
$ million
At 31 December 2023
Note
Measured at
amortized cost
Mandatorily
measured at fair
value through
profit or loss
Derivative
hedging
instruments
Total carrying
amount
Financial assets
Other investments
18
26
3,006
—
3,032
Loans
1,725
457
—
2,182
Trade and other receivables
20
31,354
—
—
31,354
Derivative financial instruments
30
—
22,444
119
22,563
Cash and cash equivalents
25
27,804
5,226
—
33,030
Financial liabilities
Trade and other payables
22
(65,516)
—
—
(65,516)
Derivative financial instruments
30
—
(13,545)
(2,107)
(15,652)
Accruals
(7,837)
—
—
(7,837)
Lease liabilities
28
(11,121)
—
—
(11,121)
Finance debt
26
(51,954)
—
—
(51,954)
(75,519)
17,588
(1,988)
(59,919)
Disclosure of financial liabilities The accounting classification of each category of financial instruments and their carrying amounts are set out below.
$ million
At 31 December 2024
Note
Measured at
amortized cost
Mandatorily
measured at fair
value through
profit or loss
Derivative
hedging
instruments
Total carrying
amount
Financial assets
Other investments
18
26
1,431
—
1,457
Loans
1,807
377
—
2,184
Trade and other receivables
20
27,148
—
—
27,148
Derivative financial instruments
30
—
21,226
—
21,226
Cash and cash equivalents
25
32,547
6,657
—
39,204
Financial liabilities
Trade and other payables
22
(61,298)
—
—
(61,298)
Derivative financial instruments
30
—
(20,224)
(2,655)
(22,879)
Accruals
(7,397)
—
—
(7,397)
Lease liabilities
28
(12,000)
—
—
(12,000)
Finance debt
26
(59,547)
—
—
(59,547)
(78,714)
9,467
(2,655)
(71,902)
29. Financial instruments and financial risk factors – continued
$ million
At 31 December 2023
Note
Measured at
amortized cost
Mandatorily
measured at fair
value through
profit or loss
Derivative
hedging
instruments
Total carrying
amount
Financial assets
Other investments
18
26
3,006
—
3,032
Loans
1,725
457
—
2,182
Trade and other receivables
20
31,354
—
—
31,354
Derivative financial instruments
30
—
22,444
119
22,563
Cash and cash equivalents
25
27,804
5,226
—
33,030
Financial liabilities
Trade and other payables
22
(65,516)
—
—
(65,516)
Derivative financial instruments
30
—
(13,545)
(2,107)
(15,652)
Accruals
(7,837)
—
—
(7,837)
Lease liabilities
28
(11,121)
—
—
(11,121)
Finance debt
26
(51,954)
—
—
(51,954)
(75,519)
17,588
(1,988)
(59,919)
Disclosure of credit risk exposure Management information used to monitor credit risk, which reflects the impact of credit enhancements, indicates that the risk profile of financial assets
which are subject to review for impairment under IFRS 9 is as set out in the table below.
%
As at 31 December
2024
2023
AAA to AA-
12%
7%
A+ to A-
50%
59%
BBB+ to BBB-
16%
15%
BB+ to BB-
10%
7%
B+ to B-
8%
4%
CCC+ and below
4%
8%
Disclosure of offsetting of financial assets Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements
The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and
the amounts offset in the balance sheet.
Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and
collateral received or pledged, are also presented in the table to show the total net exposure of the group.
$ million
Gross
amounts of
recognized
financial
assets
(liabilities)
Amounts
set off
Net amounts
presented on
the balance
sheet
Related amounts not set off
in the balance sheet
Net amount
At 31 December 2024
Master
netting
arrangements
Cash
collateral
(received)
pledged
Derivative assets
23,779
(2,553)
21,226
(5,624)
(362)
15,240
Derivative liabilities
(25,432)
2,553
(22,879)
5,624
294
(16,961)
Trade and other receivables
17,832
(9,445)
8,387
(1,532)
(206)
6,649
Trade and other payables
(20,289)
9,445
(10,844)
1,532
12
(9,300)
At 31 December 2023
Derivative assets
25,188
(2,625)
22,563
(3,436)
(1,245)
17,882
Derivative liabilities
(18,277)
2,625
(15,652)
3,436
263
(11,953)
Trade and other receivables
17,867
(7,789)
10,078
(1,141)
(633)
8,304
Trade and other payables
(16,284)
7,789
(8,495)
1,141
44
(7,310)
Disclosure of offsetting of financial liabilities Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements
The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and
the amounts offset in the balance sheet.
Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and
collateral received or pledged, are also presented in the table to show the total net exposure of the group.
$ million
Gross
amounts of
recognized
financial
assets
(liabilities)
Amounts
set off
Net amounts
presented on
the balance
sheet
Related amounts not set off
in the balance sheet
Net amount
At 31 December 2024
Master
netting
arrangements
Cash
collateral
(received)
pledged
Derivative assets
23,779
(2,553)
21,226
(5,624)
(362)
15,240
Derivative liabilities
(25,432)
2,553
(22,879)
5,624
294
(16,961)
Trade and other receivables
17,832
(9,445)
8,387
(1,532)
(206)
6,649
Trade and other payables
(20,289)
9,445
(10,844)
1,532
12
(9,300)
At 31 December 2023
Derivative assets
25,188
(2,625)
22,563
(3,436)
(1,245)
17,882
Derivative liabilities
(18,277)
2,625
(15,652)
3,436
263
(11,953)
Trade and other receivables
17,867
(7,789)
10,078
(1,141)
(633)
8,304
Trade and other payables
(16,284)
7,789
(8,495)
1,141
44
(7,310)
Disclosure of range of payment due dates of financial liabilities that are part of supplier finance arrangements Additional information about the group’s trade payables that are subject to supplier finance arrangements is provided in the table below.
2024
Letters of Credit
Promissory
Notes
Reverse
Factoring
Arrangements
Carrying amount of liabilities ($ million)
Presented within trade and other payablesa
7,431
1,778
390
of which suppliers have received payment from the financial institutionb
7,016
1,778
390
Range of payment due dates (days)
Liabilities that are part of the arrangementb
8 to 57
30 to 60
30 to 60
Trade payables that are not part of the arrangement
6 to 60
6 to 60
6 to 60
aLetters of credit, promissory notes and reverse factoring arrangements related to amounts presented within trade and other payables in 2023 were $10,066 million, $953 million and $nil respectively.
bThe group applied transitional relief available under IAS 7 and has not provided comparative information in the first year of adoption.
Disclosure of detailed information of maturities of trade and other payables, accrued expenses, finance debt, and Interest The table below shows the timing of undiscounted cash outflows relating to finance debt, trade and other payables and accruals. As part of actively
managing the group’s debt portfolio it is possible that cash flows in relation to finance debt could be accelerated from the profile provided.
$ million
2024
2023
Trade and
other
payablesa
Accruals
Finance
debt
Interest on
finance debt
Trade and
other
payablesa
Accruals
Finance
debt
Interest on
finance debt
Within one year
53,663
6,071
4,402
2,490
56,852
6,527
3,054
2,394
1 to 2 years
1,670
260
4,716
2,217
1,876
329
3,820
2,151
2 to 3 years
1,177
150
6,449
1,947
1,158
147
4,767
1,907
3 to 4 years
1,139
130
5,649
1,678
1,178
135
5,367
1,666
4 to 5 years
1,138
125
3,928
1,447
1,141
121
5,778
1,396
5 to 10 years
3,889
375
17,301
4,877
5,028
382
12,939
4,894
Over 10 years
157
286
13,947
6,198
136
196
14,586
6,890
62,833
7,397
56,392
20,854
67,369
7,837
50,311
21,298
a2024 includes $9,520 million (2023 $10,662 million) in relation to the Gulf of America oil spill, of which $8,383 million (2023 $9,520 million) matures in greater than one year.
Disclosure of maturity analysis for derivative financial liabilities The table below shows the timing of cash outflows for derivative financial instruments entered into for the purpose of managing interest rate and foreign
currency exchange risk, whether or not hedge accounting is applied, based upon contractual payment dates. As part of actively managing the group’s debt
portfolio it is possible that cash flows in relation to associated derivatives could be accelerated from the profile provided. The amounts reflect the gross
settlement amount where the pay leg of a derivative will be settled separately from the receive leg, as in the case of cross-currency swaps hedging non-US
dollar finance debt or hybrid bonds. The swaps are with high investment-grade counterparties and therefore the settlement-day risk exposure is considered
to be negligible. Not shown in the table are the gross settlement amounts (inflows) for the receive leg of derivatives that are settled separately from the pay
leg, which amount to $24,206 million at 31 December 2024 (2023 $24,120 million) to be received on the same day as the related cash outflows.
$ million
Cash outflows for derivative financial instruments at 31 December
2024
2023
Within one year
1,718
2,071
1 to 2 years
5,136
1,718
2 to 3 years
3,077
5,136
3 to 4 years
1,743
3,077
4 to 5 years
3,696
1,743
5 to 10 years
8,307
6,708
Over 10 years
2,486
4,092
 
26,163
24,545
For further information on our derivative financial instruments, see Note 30.
Derivative liabilities held for trading have the following fair values and maturities.
$ million
2024
Less than
1 year
1-2 years
2-3 years
3-4 years
4-5 years
Over
5 years
Total
Currency derivatives
(111)
(529)
(172)
(4)
(562)
(360)
(1,738)
Oil price derivatives
(975)
(65)
(16)
(6)
(9)
—
(1,071)
Natural gas price derivatives
(2,075)
(836)
(515)
(409)
(363)
(6,308)
(10,506)
Power price derivatives
(1,062)
(779)
(569)
(401)
(471)
(3,611)
(6,893)
Other derivatives
(6)
(1)
—
(9)
—
—
(16)
(4,229)
(2,210)
(1,272)
(829)
(1,405)
(10,279)
(20,224)
$ million
2023
Less than
1 year
1-2 years
2-3 years
3-4 years
4-5 years
Over
5 years
Total
Currency derivatives
(341)
(3)
(405)
(166)
(7)
(589)
(1,511)
Oil price derivatives
(1,047)
(61)
(14)
(4)
(1)
(12)
(1,139)
Natural gas price derivatives
(2,126)
(796)
(473)
(348)
(293)
(2,672)
(6,708)
Power price derivatives
(1,692)
(666)
(413)
(306)
(227)
(883)
(4,187)
(5,206)
(1,526)
(1,305)
(824)
(528)
(4,156)
(13,545)