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Investments in joint ventures (Notes)
 12 Months Ended
Dec. 31, 2025
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
2025
2024
2023
2025
2024
Azule Energy
406
504
700
5,080
5,109
Other joint ventures
(706)
405
(633)
8,320
7,182
(300)
909
67
13,400
12,291
The joint venture that is material to the group at 31 December 2025 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.
The following table provides summarized financial information relating to Azule Energy for 2025, 2024 and 2023. This information is presented on a
100% basis and reflects adjustments made by bp to Azule Energy’s own results in applying the equity method of accounting. bp adjusts Azule
Energy Holdings Limited’s results for the accounting required under IFRS relating to bp’s purchase of its interests in Azule Energy Holdings Limited.
The operational and financial information is based on preliminary operational and financial results of Azule Energy Holdings Limited for 2025, 2024
and 2023. Actual results may differ from these amounts - immaterial adjustments to the 2023 numbers for Azule Energy Holdings Limited have
been included in the 2024 numbers.
$ million
Gross amount
2025
2024
2023
Sales and other operating revenues
4,426
5,410
5,164
Profit (loss) before interest and taxation
1,266
1,896
2,146
Finance costs
304
512
400
Profit (loss) before taxationa
962
1,384
1,746
Taxation
150
376
346
Profit (loss) for the year
812
1,008
1,400
Other comprehensive income
—
—
—
Total comprehensive income
812
1,008
1,400
Non-current assets
22,564
20,584
Current assetsb
4,010
3,384
Total assets
26,574
23,968
Current liabilitiesc
5,056
3,576
Non-current liabilitiesd
11,358
10,174
Total liabilities
16,414
13,750
Net assets
10,160
10,218
Less: non-controlling interests
—
—
10,160
10,218
aAzule Energy includes depreciation and amortisation of $2,729 million (2024 $2,844 million and 2023 $2,768 million), interest income of $nil (2024 $nil and 2023 $nil) and interest expense of $303
million (2024 $513 million and 2023 $407 million).
bAzule Energy includes cash and cash equivalents of $596 million (2024 $570 million).
cAzule Energy includes current financial liabilities of $4,635 million (2024 $3,417 million).
dAzule Energy includes non-current financial liabilities of $5,827 million (2024 $3,426 million).
The group received dividends of $437 million from Azule Energy Holdings Limited in 2025 (2024 $463 million and 2023 $708 million).
16. Investments in joint ventures – continued
The following table provides aggregated summarized financial information relating to the group’s share of joint ventures.
$ million
bp share
2025
2024
2023
Azule
Energy
Other
Total
Azule
Energy
Other
Total
Azule
Energy
Other
Total
Sales and other operating revenues
2,213
10,030
12,243
2,705
12,164
14,869
2,582
13,705
16,287
Profit (loss) before interest and taxation
633
(61)
572
948
(74)
874
1,073
8
1,081
Finance costs
152
398
550
256
249
505
200
421
621
Profit (loss) before taxation
481
(459)
22
692
(323)
369
873
(413)
460
Taxation
75
247
322
188
(729)
(541)
173
219
392
Non-controlling interest
—
—
—
—
1
1
—
1
1
Profit (loss) for the year
406
(706)
(300)
504
405
909
700
(633)
67
Other comprehensive income
—
—
—
—
(3)
(3)
—
45
45
Total comprehensive income
406
(706)
(300)
504
402
906
700
(588)
112
Non-current assets
11,282
18,162
29,444
10,292
13,871
24,163
Current assets
2,005
3,960
5,965
1,692
4,363
6,055
Total assets
13,287
22,122
35,409
11,984
18,234
30,218
Current liabilities
2,528
3,398
5,926
1,788
2,914
4,702
Non-current liabilities
5,679
7,244
12,923
5,087
5,057
10,144
Total liabilities
8,207
10,642
18,849
6,875
7,971
14,846
Net assets
5,080
11,480
16,560
5,109
10,263
15,372
Less: non-controlling interests
—
(90)
(90)
—
(11)
(11)
5,080
11,390
16,470
5,109
10,252
15,361
Group investment in joint ventures
Group share of net assets (as above)
5,080
11,390
16,470
5,109
10,252
15,361
Cumulative impairment charge
—
(3,066)
(3,066)
—
(3,066)
(3,066)
Loans made by group companies to joint ventures
—
(4)
(4)
—
(4)
(4)
5,080
8,320
13,400
5,109
7,182
12,291
Transactions between the group and its joint ventures are summarized below.
$ million
Sales to joint ventures
2025
2024
2023
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
2,470
469
3,653
507
3,585
501
Purchases from joint ventures
2025
2024
2023
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
2,230
426
2,952
468
3,328
427
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 2025 relate to heating oil, gasoline, diesel and lubricant product transactions with Mobene and Ocwen
Energy. The majority of purchases from joint ventures in 2025 relate to crude oil and oil products transactions with Azule Energy.
bp's share of net impairment charges recognized by joint ventures in 2025 was $1,111 million (2024 $477 million and 2023 $1,285 million) of which
$1,082 million charge (2024 $nil and 2023 $1,152 million) was in the gas and low carbon energy segment and $29 million charge (2024 $477 million
charge and 2023 $133 million charge) was in the oil production & operations segment. The 2025 charges in the gas and low carbon energy segment
principally relate to Archaea Energy and offshore wind. The 2023 charges in the gas and low carbon energy segment principally related to the
group's US offshore wind investments.