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1、Resilient performance,committed distributionsFinancial summaryFirstFourthFirstquarterquarterquarter$million202420232023Profit for the period attributable to bp shareholders 2,263 371 8,218 Inventory holding(gains)losses*,net of tax(657)1,155 452 Replacement cost(RC)profit*1,606 1,526 8,670 Net(favou

2、rable)adverse impact of adjusting items*,net of tax 1,117 1,465 (3,707)Underlying RC profit*2,723 2,991 4,963 Operating cash flow*5,009 9,377 7,622 Capital expenditure*(4,278)(4,711)(3,625)Divestment and other proceeds(a)413 300 800 Net issue(repurchase)of shares(1,750)(1,350)(2,448)Net debt*(b)24,0

3、15 20,912 21,232 Adjusted EBITDA*10,306 10,568 13,066 Announced dividend per ordinary share(cents per share)7.270 7.270 6.610 Underlying RC profit per ordinary share*(cents)16.24 17.77 27.74 Underlying RC profit per ADS*(dollars)0.97 1.07 1.66 HighlightsResilient financial and operational performanc

4、e:Adjusted EBITDA$10.3 billion;underlying RC profit$2.7 billion;upstream*production grew+2.1%vs 1Q23;start up of new Azeri Central East(ACE)platform in Caspian SeaGrowing shareholder distributions:1Q24$1.75 billion share buyback announced as part of our$3.5 billion commitment for the first half of 2

5、024;Dividend per ordinary share of 7.270 cents Focus on delivering our six priorities:announcement to simplify organizational structure;target to deliver at least$2 billion of cash cost*savings by the end of 2026 Weve delivered another resilient quarter financially and continued to make progress on

6、our strategy.Oil production was up and our ACE platform in the Caspian is now producing.We are simplifying and reducing complexity across bp and plan to deliver at least$2 billion of cash cost savings by the end of 2026 through high grading our portfolio,digital transformation,supply chain efficienc

7、ies and global capability hubs.Murray Auchincloss Chief executive officer(a)Divestment proceeds are disposal proceeds as per the condensed group cash flow statement.There were no other proceeds for all periods stated.(b)See Note 9 for more information.RC profit,underlying RC profit,net debt,adjusted

8、 EBITDA,underlying RC profit per ordinary share and underlying RC profit per ADS are non-IFRS measures.Inventory holding(gains)losses and adjusting items are non-IFRS adjustments.*For items marked with an asterisk throughout this document,definitions are provided in the Glossary on page 30.FOR IMMED

9、IATE RELEASELondon 7 May 2024BP p.l.c.Group resultsFirst quarter 20241bp reported solid financial performance in the first quarter with adjusted EBITDA*of$10.3 billion and underlying replacement cost profit of$2.7 billion.Our financial frame is unchanged,and we are delivering competitive shareholder

10、 distributions,announcing a$1.75 billion share buyback for the first quarter as part of our commitment of$3.5 billion for the first half of 2024.Kate Thomson Chief financial officerHighlights1Q24 underlying replacement cost(RC)profit*$2.7 billion Underlying RC profit for the quarter was$2.7 billion,

11、compared with$3.0 billion for the previous quarter.Compared with the fourth quarter 2023,the result reflects lower oil and gas realizations,the impacts of the Whiting refinery outage and significantly weaker fuels margin,partially offset by significantly lower level of turnaround activity,a strong o

12、il trading result and higher realized refining margins.The underlying effective tax rate(ETR)*in the quarter was 43%.Reported profit for the quarter was$2.3 billion,compared with$0.4 billion for the fourth quarter 2023.The reported result for the first quarter is adjusted for inventory holding gains

13、*of$0.7billion(net of tax)and a net adverse impact of adjusting items*of$1.1 billion(net of tax)to derive the underlying RC profit.Adjusting items pre-tax include net impairment charges of$0.6 billion,largely as a result of regulatory and portfolio changes,and adverse fair value accounting effects*o

14、f$0.2 billion.Segment results Gas&low carbon energy:The RC profit before interest and tax for the first quarter 2024 was$1.0billion,compared with$2.2billion for the previous quarter.After adjusting RC profit before interest and tax for a net adverse impact of adjusting items of$0.6billion,the underl

15、ying RC profit before interest and tax*for the first quarter was$1.7billion,compared with$1.8billion in the fourth quarter 2023.The first quarter underlying result reflects lower realizations and foreign exchange losses on Egyptian pound balances,partially offset by lower exploration write-offs.Gas

16、marketing and trading was strong following a strong result in the fourth quarter.Oil production&operations:The RC profit before interest and tax for the first quarter 2024 was$3.1billion,compared with$1.9billion for the previous quarter.After adjusting RC profit before interest and tax for a net adv

17、erse impact of adjusting items of$0.1billion,the underlying RC profit before interest and tax for the first quarter was$3.1billion,compared with$3.5billion in the fourth quarter 2023.The first quarter underlying result reflects lower realizations,partially offset by higher production.Customers&produ

18、cts:The RC profit before interest and tax for the first quarter 2024 was$1.0billion,compared with a loss of$0.6billion for the previous quarter.After adjusting RC profit before interest and tax for a net adverse impact of adjusting items of$0.3billion,the underlying RC profit before interest and tax

19、 for the first quarter was$1.3billion,compared with$0.8billion in the fourth quarter 2023.The customers first quarter underlying result was lower by$0.5 billion,reflecting significantly weaker fuels margin,seasonally lower volumes,and the absence of one-off positive effects that benefited the prior

20、quarter,partly offset by lower costs.The products first quarter underlying result was higher by$1.0 billion,reflecting higher realized refining margins,a significantly lower level of turnaround activity and higher commercial optimization,partially offset by the impacts of the Whiting refinery outage

21、.The oil trading contribution was strong following a weak result in the fourth quarter.Operating cash flow*$5.0 billion Operating cash flow in the quarter of$5.0 billion includes a working capital*build(after adjusting for inventory holding gains,fair value accounting effects and other adjusting ite

22、ms)of$2.4 billion,reflecting seasonal inventory effects,timing of various payments and the price environment.(see page 27).Delivering the next wave of efficiencies-at least$2 billion cash cost*savings bp has a target to deliver at least$2 billion of cash cost savings by the end of 2026 relative to 2

23、023.The reduction is expected to result from cost-saving measures across bps business underpinned by high-grading the portfolio,digital transformation,supply chain efficiencies and global capability hubs.Some of these cost savings may have associated restructuring charges.Further$1.75 billion share

24、buyback announced for 1Q24;$3.5 billion for first half 2024 unchanged The$1.75 billion share buyback programme announced with the fourth quarter results was completed on 3 May 2024.A resilient dividend is bps first priority within its disciplined financial frame,underpinned by a cash balance point*o

25、f around$40 per barrel Brent,$11 per barrel RMM and$3 per mmBtu Henry Hub(all 2021 real).For the first quarter,bp has announced a dividend per ordinary share of 7.270 cents.bp is committed to maintaining a strong investment grade credit rating.Through the cycle,we are targeting to further improve ou

26、r credit metrics within an A grade credit range.bp continues to invest with discipline and a returns focused approach in our transition growth*engines and in our oil,gas and refining businesses.For 2024 and 2025 we expect capital expenditure of around$16 billion per annum.In setting the dividend per

27、 ordinary share and buyback each quarter,the board will continue to take into account factors including the cumulative level of and outlook for surplus cash flow*,the cash balance point and maintaining a strong investment grade credit rating.The commentary above contains forward-looking statements a

28、nd should be read in conjunction with the cautionary statement on page 36.BP p.l.c.Group resultsFirst quarter 20242Financial results In addition to the highlights on page 2:Profit attributable to bp shareholders in the first quarter was$2.3billion,compared with a profit of$8.2billion in the same per

29、iod of 2023.After adjusting profit attributable to bp shareholders for inventory holding gains*and net impact of adjusting items*,underlying replacement cost(RC)profit*for the first quarter was$2.7billion,compared with$5.0billion for the same period of 2023.This reduction in underlying RC profit for

30、 the first quarter mainly reflects lower realizations,lower industry refining margins,a strong gas marketing and trading result compared with an exceptional result in the first quarter in 2023 and the impacts of the Whiting refinery outage.Adjusting items in the first quarter had a net adverse pre-t

31、ax impact of$1.2billion,compared with a net favourable pre-tax impact of$3.9billion in the same period of 2023.Adjusting items for the first quarter of 2024 include an adverse impact of pre-tax fair value accounting effects*,relative to managements internal measure of performance,of$0.2 billion,comp

32、ared with a favourable pre-tax impact of$4.3billion in the same period of 2023.This difference is primarily due to a small decline in the forward price of LNG over the quarter compared to a large decline in this price during the first quarter of 2023.The effective tax rate(ETR)on RC profit or loss*f

33、or the first quarter was 54%,compared with 29%for the same period in 2023.Excluding adjusting items,the underlying ETR*for the first quarter was 43%,compared with 39%for the same period a year ago.The higher underlying ETR for the first quarter reflects foreign exchange impacts which are not tax ded

34、uctible.ETR on RC profit or loss and underlying ETR are non-IFRS measures.Operating cash flow*for the first quarter was$5.0billion,compared with$7.6billion for the same period in 2023,reflecting the difference in the underlying RC profit for the respective periods.Capital expenditure*in the first qu

35、arter was$4.3billion,compared with$3.6billion in the same period of 2023.Total divestment and other proceeds for the first quarter were$0.4billion,compared with$0.8billion for the same period in 2023.There were no other proceeds for both periods.At the end of the first quarter,net debt*was$24.0 bill

36、ion,compared with$20.9billion at the end of the fourth quarter 2023 and$21.2billion at the end of the first quarter 2023.The increase in the net debt is mainly attributable to a working capital*build.BP p.l.c.Group resultsFirst quarter 20243Analysis of RC profit(loss)before interest and tax and reco

37、nciliation to profit(loss)for the periodFirstFourthFirstquarterquarterquarter$million202420232023RC profit(loss)before interest and taxgas&low carbon energy 1,036 2,169 7,347 oil production&operations 3,060 1,879 3,317 customers&products 988 (554)2,680 other businesses&corporate(300)(16)(90)Consolid

38、ation adjustment UPII*32 95 (22)RC profit before interest and tax 4,816 3,573 13,232 Finance costs and net finance expense relating to pensions and other post-retirement benefits(1,034)(977)(785)Taxation on a RC basis(2,030)(1,005)(3,573)Non-controlling interests(146)(65)(204)RC profit attributable

39、to bp shareholders*1,606 1,526 8,670 Inventory holding gains(losses)*851 (1,497)(600)Taxation(charge)credit on inventory holding gains and losses(194)342 148 Profit for the period attributable to bp shareholders 2,263 371 8,218 Analysis of underlying RC profit(loss)before interest and tax FirstFourt

40、hFirstquarterquarterquarter$million202420232023Underlying RC profit(loss)before interest and taxgas&low carbon energy 1,658 1,777 3,456 oil production&operations 3,125 3,549 3,319 customers&products 1,289 803 2,759 other businesses&corporate(154)(97)(296)Consolidation adjustment UPII 32 95 (22)Under

41、lying RC profit before interest and tax 5,950 6,127 9,216 Finance costs and net finance expense relating to pensions and other post-retirement benefits(942)(891)(681)Taxation on an underlying RC basis(2,139)(2,180)(3,368)Non-controlling interests(146)(65)(204)Underlying RC profit attributable to bp

42、shareholders*2,723 2,991 4,963 Reconciliations of underlying RC profit attributable to bp shareholders to the nearest equivalent IFRS measure are provided on page 1 for the group and on pages 6-14 for the segments.Operating MetricsOperating metricsFirst quarter 2024vs First quarter 2023Tier 1 and ti

43、er 2 process safety events*14+5Reported recordable injury frequency*0.218+8.9%upstream*production(a)(mboe/d)2,378+2.1%upstream unit production costs*(b)($/boe)6.00+4.7%bp-operated upstream plant reliability*94.9%-0.6bp-operated refining availability*(a)90.4%-5.7(a)See Operational updates on pages 6,

44、9 and 11.Because of rounding,upstream production may not agree exactly with the sum of gas&low carbon energy and oil production&operations.(b)Mainly reflecting portfolio mix.BP p.l.c.Group resultsFirst quarter 20244Outlook&Guidance 2Q 2024 guidance Looking ahead,bp expects second quarter 2024 report

45、ed upstream*production to be slightly lower compared with first-quarter 2024.In its customers business,bp expects seasonally higher volumes and fuels margin to remain sensitive to movements in the cost of supply.In products,bp expects realized margins to be impacted by narrower North American heavy

46、crude oil differentials,and to remain sensitive to relative movements in product cracks.In addition,bp expects the absence of the first quarter plant-wide power outage at the Whiting refinery to be partly offset by a higher level of turnaround activity.2024 guidanceIn addition to the guidance on pag

47、e 2:bp continues to expect both reported and underlying upstream production*to be slightly higher compared with 2023.Within this,bp continues to expect underlying production from oil production&operations to be higher and production from gas&low carbon energy to be lower.In its customers business,bp

48、 continues to expect growth from convenience,including a full year contribution from TravelCenters of America;a stronger contribution from Castrol underpinned by volume growth in focus markets;and continued margin growth from bp pulse driven by higher energy sold.In addition,bp continues to expect f

49、uels margin to remain sensitive to the cost of supply.In products,bp continues to expect a lower level of industry refining margins,with realized margins impacted by narrower North American heavy crude oil differentials.bp continues to expect refinery turnaround activity to have a similar impact on

50、both throughput and financial performance compared to 2023,with phasing of activity in 2024 heavily weighted towards the second half.bp continues to expect the other businesses&corporate underlying annual charge to be around$1.0 billion for 2024.The charge may vary from quarter to quarter.bp continu

51、es to expect the depreciation,depletion and amortization to be slightly higher than 2023.bp continues to expect the underlying ETR*for 2024 to be around 40%but it is sensitive to the impact that volatility in the current price environment may have on the geographical mix of the groups profits and lo

52、sses.bp continues to expect capital expenditure*for 2024 to be around$16 billion,but now expects the phasing to be split broadly evenly between the first half and the second half.bp continues to expect divestment and other proceeds of$2-3 billion in 2024,weighted towards the second half.Having reali

53、zed$18.2 billion of divestment and other proceeds since the second quarter of 2020,bp continues to expect to reach$25 billion of divestment and other proceeds between the second half of 2020 and 2025.bp continues to expect Gulf of Mexico oil spill payments for the year to be around$1.2 billion pre-t

54、ax including$1.1 billion pre-tax paid during the second quarter.The commentary above contains forward-looking statements and should be read in conjunction with the cautionary statement on page 36.BP p.l.c.Group resultsFirst quarter 20245gas&low carbon energy*Financial resultsThe replacement cost(RC)

55、profit before interest and tax for the first quarter was$1,036 million,compared with$7,347 million for the same period in 2023.The first quarter is adjusted by an adverse impact of net adjusting items*of$622 million,compared with a favourable impact of net adjusting items of$3,891 million for the sa

56、me period in 2023.Adjusting items include impacts of fair value accounting effects*,relative to managements internal measure of performance,which are a favourable impact of$113 million for the first quarter in 2024 and a favourable impact of$3,934 million for the same period in 2023.Under IFRS,repor

57、ted earnings include the mark-to-market value of the hedges used to risk-manage LNG contracts,but not of the LNG contracts themselves.The underlying result includes the mark-to-market value of the hedges but also recognizes changes in value of the LNG contracts being risk managed.After adjusting RC

58、profit before interest and tax for adjusting items,the underlying RC profit before interest and tax*for the first quarter was$1,658 million,compared with$3,456 million for the same period in 2023.The underlying RC profit for the first quarter,compared with the same period in 2023,reflects lower real

59、izations,foreign exchange losses on Egyptian pound balances,higher exploration write-offs,and a strong gas marketing and trading result compared with an exceptional result in the first quarter in 2023.Operational update Reported production for the quarter was 914mboe/d,5.7%lower than the same period

60、 in 2023.Underlying production*was 3.5%lower,mainly due to base decline partially offset by major projects*which started up in 2023.Reported production includes the effect of the disposal of the Algeria business in 2023.Renewables pipeline*at the end of the quarter was 58.5GW(bp net),including 20.4G

61、W bp net share of Lightsource bps(LSbps)pipeline.The renewables pipeline increased by 0.2GW net during the quarter.In addition,there is over 9.5GW(bp net)of early stage opportunities in LSbps hopper.Strategic progressgasOn 14 February,ADNOC and bp announced that they have agreed to form a new joint

62、venture(JV)in Egypt.The JV(51%bp and 49%ADNOC)will combine the pairs deep technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio.As part of the agreement,bp will contribute its interests in three development concessions,as well as exploration agreements

63、,in Egypt to the new JV.ADNOC will make a proportionate cash contribution which can be used for future growth opportunities.Subject to regulatory approvals and clearances,the formation of the JV is expected to complete during the second half of 2024.On 15 February,the floating liquefied natural gas(

64、FLNG)vessel that is a core component of the Greater Tortue Ahmeyim(GTA)LNG project arrived at its destination on the Mauritania and Senegal maritime border.GTA Phase 1 is operated by bp(56%)with partners Kosmos Energy,SocitMauritaniennedesHydrocarbures andSocit desPtrolesdu Sngal.In April bp and the

65、 Korea Gas Corporation signed an agreement for bp to supply up to 9.8 million tonnes of LNG over an 11 year period starting in 2026 from bps global LNG portfolio.low carbon energyFollowing the announcement in January that bp and Equinor had signed an agreement under which they would restructure thei

66、r investments in their US offshore wind projects,on 4 April,bp announced it has received all the necessary regulatory approvals and it is now 100%owner of the Beacon US offshore wind projects and Equinor the Empire projects.On March 15,our UK joint ventures Net Zero Teesside Power(bp 75%,Equinor 25%

67、)and the Northern Endurance Partnership(bp 45%,Equinor 45%,Total Energies 10%)announced the selection of contractors for engineering,procurement,and construction contracts with a combined value of around$5 billion.The final award of contracts is subject to the receipt of relevant regulatory clearanc

68、es and positive Final Investment Decisions(FID)by the projects and the UK government.BP p.l.c.Group resultsFirst quarter 20246gas&low carbon energy(continued)FirstFourthFirstquarterquarterquarter$million202420232023Profit before interest and tax 1,036 2,169 7,348 Inventory holding(gains)losses*(1)RC

69、 profit before interest and tax 1,036 2,169 7,347 Net(favourable)adverse impact of adjusting items 622 (392)(3,891)Underlying RC profit before interest and tax 1,658 1,777 3,456 Taxation on an underlying RC basis(518)(746)(961)Underlying RC profit before interest 1,140 1,031 2,495 FirstFourthFirstqu

70、arterquarterquarter$million202420232023Depreciation,depletion and amortizationTotal depreciation,depletion and amortization 1,293 1,290 1,440 Exploration write-offsExploration write-offs 203 349 (1)Adjusted EBITDA*Total adjusted EBITDA 3,154 3,416 4,895 Capital expenditure*gas 639 848 647 low carbon

71、 energy 659 478 366 Total capital expenditure 1,298 1,326 1,013 FirstFourthFirstquarterquarterquarter202420232023Production(net of royalties)(a)Liquids*(mb/d)102 99 114 Natural gas(mmcf/d)4,708 4,637 4,962 Total hydrocarbons*(mboe/d)914 899 969 Average realizations*(b)Liquids($/bbl)76.92 78.87 79.44

72、 Natural gas($/mcf)5.45 6.18 7.41 Total hydrocarbons*($/boe)36.64 40.17 46.95(a)Includes bps share of production of equity-accounted entities in the gas&low carbon energy segment.(b)Realizations are based on sales by consolidated subsidiaries only this excludes equity-accounted entities.BP p.l.c.Gro

73、up resultsFirst quarter 20247gas&low carbon energy(continued)31 March31 December31 Marchlow carbon energy(c)202420232023Renewables(bp net,GW)Installed renewables capacity*2.7 2.7 2.2 Developed renewables to FID*6.2 6.2 5.9 Renewables pipeline 58.5 58.3 38.8of which by geographical area:Renewables pi

74、peline Americas 18.1 18.8 17.5 Renewables pipeline Asia Pacific 21.3 21.3 12.2 Renewables pipeline Europe 15.7 14.6 8.9 Renewables pipeline Other 3.5 3.5 0.1 of which by technology:Renewables pipeline offshore wind 9.6 9.3 5.3 Renewables pipeline onshore wind 12.7 12.7 6.3 Renewables pipeline solar

75、36.2 36.3 27.2 Total Developed renewables to FID and Renewables pipeline 64.7 64.5 44.7(c)Because of rounding,some totals may not agree exactly with the sum of their component parts.BP p.l.c.Group resultsFirst quarter 20248oil production&operations Financial resultsThe replacement cost(RC)profit bef

76、ore interest and tax for the first quarter was$3,060 million,compared with$3,317 million for the same period in 2023.The first quarter is adjusted by an adverse impact of net adjusting items*of$65 million,compared with an adverse impact of net adjusting items of$2 million for the same period in 2023

77、.After adjusting RC profit before interest and tax for adjusting items,the underlying RC profit before interest and tax*for the first quarter was$3,125 million,compared with$3,319 million for the same period in 2023.The underlying RC profit for the first quarter,compared with the same period in 2023

78、,primarily reflects lower realizations and increased depreciation charges partly offset by increased volume.Operational updateReported production for the quarter was 1,463mboe/d,7.6%higher than the first quarter of 2023.Underlying production*for the quarter was 7.4%higher compared with the first qua

79、rter of 2023 reflecting bpx energy performance and major projects*partly offset by base performance.Strategic ProgressOn 16 April,bp,as operator of the Azeri-Chirag-Gunashli(ACG)project,announced the start-up of oil production from the new Azeri Central East(ACE)platform as part of the ACG field dev

80、elopment in the Azerbaijan sector of the Caspian Sea,which is the first remotely operated offshore platform in the Caspian(bp share 30.37%).In April bpx energy successfully brought online Checkmate,its third central processing facility in the Permian Basin.It is a low-emission,electrified facility t

81、hat will enable further production growth for bpx energy in the basin(bp 100%operator).Final investment decision taken on the Atlantis Drill Center Expansion which will be a two well tie back to the Atlantis facility in the Gulf of Mexico(bp share 56%).bp has been awarded a licence for two blocks in

82、 the central North Sea,consolidating our position around our Eastern Trough Area Project(ETAP)central processing facility.The award aligns with our strategic focus on oil and gas opportunities that can be developed through established production facilities.Aker BP was awarded interest in 27 licences

83、(of which it will operate 17)in the North Sea and Norwegian Sea(bp interest in Aker BP 15.9%).In May Azule Energy announced it had agreed to acquire a 42.5%interest in exploration block 2914A(PEL85),Orange Basin,offshore Namibia.Completion of the deal is subject to customary third-party approvals fr

84、om the Namibian authorities and JV parties.Azule Energy is a 50:50 joint venture between bp and Eni,based in Angola.FirstFourthFirstquarterquarterquarter$million202420232023Profit before interest and tax 3,059 1,879 3,318 Inventory holding(gains)losses*1 (1)RC profit before interest and tax 3,060 1,

85、879 3,317 Net(favourable)adverse impact of adjusting items 65 1,670 2 Underlying RC profit before interest and tax 3,125 3,549 3,319 Taxation on an underlying RC basis(1,509)(1,433)(1,766)Underlying RC profit before interest 1,616 2,116 1,553 BP p.l.c.Group resultsFirst quarter 20249oil production&o

86、perations(continued)FirstFourthFirstquarterquarterquarter$million202420232023Depreciation,depletion and amortizationTotal depreciation,depletion and amortization 1,657 1,563 1,327 Exploration write-offsExploration write-offs 3 32 51 Adjusted EBITDA*Total adjusted EBITDA 4,785 5,144 4,697 Capital exp

87、enditure*Total capital expenditure 1,776 1,636 1,520 FirstFourthFirstquarterquarterquarter202420232023Production(net of royalties)(a)Liquids*(mb/d)1,056 1,024 1,005 Natural gas(mmcf/d)2,364 2,305 2,060 Total hydrocarbons*(mboe/d)1,463 1,421 1,360 Average realizations*(b)Liquids($/bbl)70.53 76.22 71.

88、63 Natural gas($/mcf)2.66 3.65 6.57 Total hydrocarbons*($/boe)54.11 59.69 62.36(a)Includes bps share of production of equity-accounted entities in the oil production&operations segment.(b)Realizations are based on sales by consolidated subsidiaries only this excludes equity-accounted entities.BP p.l

89、.c.Group resultsFirst quarter 202410customers&productsFinancial results The replacement cost(RC)profit before interest and tax for the first quarter was$988 million,compared with a profit of$2,680 million for the same period in 2023.The first quarter is adjusted by an adverse impact of net adjusting

90、 items*of$301 million,compared with an adverse impact of net adjusting items of$79 million for the same period in 2023.Adjusting items include impacts of fair value accounting effects*,relative to managements internal measure of performance,which are an adverse impact of$144 million for the quarter

91、in 2024,compared with a favourable impact of$77 million for the same period in 2023.After adjusting RC profit before interest and tax for adjusting items,the underlying RC profit before interest and tax*for the first quarter was$1,289 million,compared with$2,759 million for the same period in 2023.T

92、he customers&products result for the first quarter was significantly lower than the same period in 2023,primarily reflecting a lower refining result.customers the convenience and mobility result,excluding Castrol,for the first quarter was lower than the same period in 2023.The first quarter result b

93、enefited from higher retail fuels margin and continued strong growth in convenience,more than offset by a weaker performance in midstream and biofuels.The contribution of TravelCenters of America was impacted by the ongoing US freight recession.Castrol result for the first quarter was higher compare

94、d with the same period in 2023,primarily due to higher margins partly offset by adverse foreign exchange impacts.products the products result for the first quarter was significantly lower compared with the same period in 2023.In refining,the result for the first quarter reflected lower industry refi

95、ning margins,with realized margins impacted by narrower North American heavy crude oil differentials.In addition,the first quarter was significantly impacted by the plant-wide power outage at the Whiting refinery.The oil trading contribution for the first quarter was strong,consistent with the resul

96、t in the same period last year.Operational update bp-operated refining availability*for the first quarter was 90.4%,lower compared with 96.1%for the same period in 2023,mainly due to the plant-wide power outage at the Whiting refinery.Strategic progress In March,bp announced plans to transform the G

97、elsenkirchen refinery site by the end of the decade.The plans include simplification of the site to improve competitiveness,including a controlled reduction in total production capacity from 2025 and increased production of lower-emission fuels using co-processing.In April,bps Archaea Energy announc

98、ed it had brought online in March its largest Archaea Modular Design(AMD)renewable natural gas(RNG)plant in Kansas City,Missouri.The plant can convert 9,600 standard cubic feet of landfill gas per minute into lower-carbon RNG.In addition,on 4 April,Archaea Energy completed the purchase of Sunshine G

99、as Producers and now fully owns and operates the current landfill-gas-to-electric facility in California,with plans to develop an RNG plant.In April,bp launched its new hydrotreated vegetable oil(HVO)bioenergy brand,commencing with roll out at sites across the UK and the Netherlands.Marketed as“bp b

100、ioenergy HVO”,it joins bp pulse as customers&products second transition growth engine brand.In March,bp acquired the freehold of one of the largest truck stops in Europe,Ashford International Truckstop in Kent.The acquisition presents bp with the opportunity to help meet the comprehensive needs of U

101、K and European HGV operators transitioning to EVs.In addition,in April,bp opened its first bp pulse branded Gigahub in Houston,Texas,with 24 ultra-fast charge points,building momentum in our US charging business offering.In February,bp New Zealand was announced as a foundation partner for Woolworths

102、 loyalty programme,“Everyday Rewards”.The loyalty scheme enables current customers and over one million new customers to collect points and obtain instant rewards at bp retail sites.BP p.l.c.Group resultsFirst quarter 202411customers&products(continued)FirstFourthFirstquarterquarterquarter$million20

103、2420232023Profit(loss)before interest and tax 1,840 (2,051)2,078 Inventory holding(gains)losses*(852)1,497 602 RC profit(loss)before interest and tax 988 (554)2,680 Net(favourable)adverse impact of adjusting items 301 1,357 79 Underlying RC profit before interest and tax 1,289 803 2,759 Of which:(a)

104、customers convenience&mobility 370 882 391 Castrol included in customers 184 213 161 products refining&trading 919 (79)2,368 Taxation on an underlying RC basis(333)(239)(777)Underlying RC profit before interest 956 564 1,982(a)A reconciliation to RC profit before interest and tax by business is prov

105、ided on page 28.FirstFourthFirstquarterquarterquarter$million202420232023Adjusted EBITDA*(b)customers convenience&mobility 854 1,348 732 Castrol included in customers 226 256 200 products refining&trading 1,379 397 2,824 2,233 1,745 3,556 Depreciation,depletion and amortizationTotal depreciation,dep

106、letion and amortization 944 942 797 Capital expenditure*customers convenience&mobility 566 790 458 Castrol included in customers 43 90 68 products refining&trading 554 813 532 Total capital expenditure 1,120 1,603 990(b)A reconciliation to RC profit before interest and tax by business is provided on

107、 page 28.Retail(c)FirstFourthFirstquarterquarterquarter202420232023bp retail sites*total(#)21,150 21,100 20,700 Strategic convenience sites*2,900 2,850 2,450(c)Reported to the nearest 50.Marketing sales of refined products(mb/d)FirstFourthFirstquarterquarterquarter202420232023US 1,080 1,205 1,078 Eu

108、rope 940 1,037 973 Rest of World 469 465 462 2,489 2,707 2,513 Trading/supply sales of refined products352 355 333 Total sales volume of refined products2,841 3,062 2,846 BP p.l.c.Group resultsFirst quarter 202412customers&products(continued)Refining marker margin*FirstFourthFirstquarterquarterquart

109、er202420232023bp average refining marker margin(RMM)($/bbl)20.6 18.5 28.1 Refinery throughputs(mb/d)FirstFourthFirstquarterquarterquarter202420232023US 525 634 686 Europe 830 678 832 Total refinery throughputs 1,355 1,312 1,518 bp-operated refining availability*(%)90.4 96.1 96.1 BP p.l.c.Group resul

110、tsFirst quarter 202413other businesses&corporateOther businesses&corporate comprises innovation&engineering,bp ventures,launchpad,regions,corporates&solutions,our corporate activities&functions and any residual costs of the Gulf of Mexico oil spill.Financial results The replacement cost(RC)loss befo

111、re interest and tax for the first quarter was$300 million,compared with a loss of$90 million for the same period in 2023.The first quarter is adjusted by an adverse impact of net adjusting items*of$146 million,compared with a favourable impact of net adjusting items of$206 million for the same perio

112、d in 2023.Adjusting items include impacts of fair value accounting effects*which are an adverse impact of$193 million for the quarter in 2024,and a favourable impact of$245 million for the same period in 2023.After adjusting RC loss before interest and tax for adjusting items,the underlying RC loss

113、before interest and tax*for the first quarter was$154 million,compared with a loss of$296 million for the same period in 2023.Strategic progressIn March,bp launchpad divested all of its 100%shareholding in Insight Analytics Solutions Holdings Limited(“Onyx”)to Macquarie Capital.FirstFourthFirstquart

114、erquarterquarter$million202420232023Profit(loss)before interest and tax(300)(16)(90)Inventory holding(gains)losses*RC profit(loss)before interest and tax(300)(16)(90)Net(favourable)adverse impact of adjusting items(a)146 (81)(206)Underlying RC profit(loss)before interest and tax(154)(97)(296)Taxatio

115、n on an underlying RC basis 99 121 29 Underlying RC profit(loss)before interest(55)24 (267)(a)Includes fair value accounting effects relating to hybrid bonds.See page 31 for more information.BP p.l.c.Group resultsFirst quarter 202414Financial statementsGroup income statementFirstFourthFirstquarterqu

116、arterquarter$million202420232023Sales and other operating revenues(Note 5)48,880 52,141 56,182 Earnings from joint venturesafter interest and tax 178 (290)195 Earnings from associatesafter interest and tax 298 156 173 Interest and other income 381 599 248 Gains on sale of businesses and fixed assets

117、 224 (20)153 Total revenues and other income 49,961 52,586 56,951 Purchases 27,647 31,062 29,122 Production and manufacturing expenses 6,847 5,751 6,982 Production and similar taxes 444 445 474 Depreciation,depletion and amortization(Note 6)4,150 4,060 3,800 Net impairment and losses on sale of busi

118、nesses and fixed assets(Note 3)737 3,958 88 Exploration expense 247 501 106 Distribution and administration expenses 4,222 4,733 3,747 Profit(loss)before interest and taxation 5,667 2,076 12,632 Finance costs 1,075 1,038 843 Net finance(income)expense relating to pensions and other post-retirement b

119、enefits(41)(61)(58)Profit(loss)before taxation 4,633 1,099 11,847 Taxation 2,224 663 3,425 Profit(loss)for the period 2,409 436 8,422 Attributable tobp shareholders 2,263 371 8,218 Non-controlling interests 146 65 204 2,409 436 8,422 Earnings per share(Note 7)Profit(loss)for the period attributable

120、to bp shareholders Per ordinary share(cents)Basic 13.57 2.20 45.93 Diluted 13.25 2.15 45.06 Per ADS(dollars)Basic 0.81 0.13 2.76 Diluted 0.80 0.13 2.70 BP p.l.c.Group resultsFirst quarter 202415Condensed group statement of comprehensive incomeFirstFourthFirstquarterquarterquarter$million202420232023

121、Profit(loss)for the period 2,409 436 8,422 Other comprehensive income Items that may be reclassified subsequently to profit or lossCurrency translation differences(448)711 453 Cash flow hedges and costs of hedging(115)125 546 Share of items relating to equity-accounted entities,net of tax(8)13 (203)

122、Income tax relating to items that may be reclassified(4)64 (76)(575)913 720 Items that will not be reclassified to profit or lossRemeasurements of the net pension and other post-retirement benefit liability or asset(66)(1,209)(87)Remeasurements of equity investments(13)51 Cash flow hedges that will

123、subsequently be transferred to the balance sheet(3)16 Income tax relating to items that will not be reclassified(a)674 357 23 592 (785)(64)Other comprehensive income 17 128 656 Total comprehensive income 2,426 564 9,078 Attributable tobp shareholders 2,303 461 8,861 Non-controlling interests 123 103

124、 217 2,426 564 9,078(a)First quarter 2024 includes a$658-million credit in respect of the reduction in the deferred tax liability on defined benefit pension plan surpluses following the reduction in the rate of the authorized surplus payments tax charge in the UK from 35%to 25%.BP p.l.c.Group result

125、sFirst quarter 202416Condensed group statement of changes in equitybp shareholdersNon-controlling interestsTotal$millionequityHybrid bondsOther interestequityAt 1 January 2024 70,283 13,566 1,644 85,493 Total comprehensive income 2,303 154 (31)2,426 Dividends(1,222)(126)(1,348)Cash flow hedges trans

126、ferred to the balance sheet,net of tax(2)(2)Repurchase of ordinary share capital(1,751)(1,751)Share-based payments,net of tax 154 154 Issue of perpetual hybrid bonds(a)(4)1,300 1,296 Redemption of perpetual hybrid bonds,net of tax(a)9 (1,300)(1,291)Payments on perpetual hybrid bonds (84)(84)Transact

127、ions involving non-controlling interests,net of tax 47 47 At 31 March 2024 69,770 13,636 1,534 84,940 bp shareholdersNon-controlling interestsTotal$millionequityHybrid bondsOther interestequityAt 1 January 2023 67,553 13,390 2,047 82,990 Total comprehensive income 8,861 142 75 9,078 Dividends(1,189)

128、(68)(1,257)Repurchase of ordinary share capital(3,421)(3,421)Share-based payments,net of tax(29)(29)Issue of perpetual hybrid bonds 45 45 Payments on perpetual hybrid bonds (80)(80)Transactions involving non-controlling interests,net of tax (145)(145)At 31 March 2023 71,775 13,497 1,909 87,181(a)Dur

129、ing the first quarter 2024 BP Capital Markets PLC issued$1.3 billion of US dollar perpetual subordinated hybrid bonds with a coupon fixed for an initial period up to 2034 of 6.45%and voluntarily bought back$1.3 billion of the non-call 2025 4.375%US dollar hybrid bond issued in 2020.Taken together th

130、ese transactions had no significant impact on net debt or gearing.BP p.l.c.Group resultsFirst quarter 202417Group balance sheet31 March31 December$million20242023Non-current assetsProperty,plant and equipment 102,744 104,719 Goodwill 12,378 12,472 Intangible assets 10,008 9,991 Investments in joint

131、ventures 12,467 12,435 Investments in associates 7,932 7,814 Other investments 2,267 2,189 Fixed assets 147,796 149,620 Loans 2,113 1,942 Trade and other receivables 1,735 1,767 Derivative financial instruments 9,686 9,980 Prepayments 665 623 Deferred tax assets 4,227 4,268 Defined benefit pension p

132、lan surpluses 7,804 7,948 174,026 176,148 Current assetsLoans 219 240 Inventories 24,310 22,819 Trade and other receivables 29,908 31,123 Derivative financial instruments 10,150 12,583 Prepayments 2,247 2,520 Current tax receivable 766 837 Other investments 615 843 Cash and cash equivalents 31,510 3

133、3,030 99,725 103,995 Assets classified as held for sale(Note 2)1,684 151 101,409 104,146 Total assets 275,435 280,294 Current liabilitiesTrade and other payables 58,621 61,155 Derivative financial instruments 4,772 5,250 Accruals 5,189 6,527 Lease liabilities 2,628 2,650 Finance debt 4,665 3,284 Cur

134、rent tax payable 2,804 2,732 Provisions 3,579 4,418 82,258 86,016 Liabilities directly associated with assets classified as held for sale(Note 2)30 62 82,288 86,078 Non-current liabilitiesOther payables 9,914 10,076 Derivative financial instruments 11,140 10,402 Accruals 1,286 1,310 Lease liabilitie

135、s 8,429 8,471 Finance debt 48,348 48,670 Deferred tax liabilities 8,980 9,617 Provisions 14,835 14,721 Defined benefit pension plan and other post-retirement benefit plan deficits 5,275 5,456 108,207 108,723 Total liabilities 190,495 194,801 Net assets 84,940 85,493 Equitybp shareholders equity 69,7

136、70 70,283 Non-controlling interests 15,170 15,210 Total equity 84,940 85,493 BP p.l.c.Group resultsFirst quarter 202418Condensed group cash flow statementFirstFourthFirstquarterquarterquarter$million202420232023Operating activitiesProfit(loss)before taxation 4,633 1,099 11,847 Adjustments to reconci

137、le profit(loss)before taxation to net cash provided by operating activitiesDepreciation,depletion and amortization and exploration expenditure written off 4,356 4,441 3,850 Net impairment and(gain)loss on sale of businesses and fixed assets 513 3,978 (65)Earnings from equity-accounted entities,less

138、dividends received(96)803 1 Net charge for interest and other finance expense,less net interest paid 192 202 63 Share-based payments 161 97 (22)Net operating charge for pensions and other post-retirement benefits,less contributions and benefit payments for unfunded plans(32)(63)(43)Net charge for pr

139、ovisions,less payments(683)(819)(1,099)Movements in inventories and other current and non-current assets and liabilities(2,131)1,942 (3,755)Income taxes paid(1,904)(2,303)(3,155)Net cash provided by operating activities 5,009 9,377 7,622 Investing activitiesExpenditure on property,plant and equipmen

140、t,intangible and other assets(3,718)(4,247)(3,129)Acquisitions,net of cash acquired(106)(38)52 Investment in joint ventures(353)(347)(540)Investment in associates(101)(79)(8)Total cash capital expenditure(4,278)(4,711)(3,625)Proceeds from disposal of fixed assets 66 31 15 Proceeds from disposal of b

141、usinesses,net of cash disposed 347 269 785 Proceeds from loan repayments 16 16 6 Cash provided from investing activities 429 316 806 Net cash used in investing activities(3,849)(4,395)(2,819)Financing activitiesNet issue(repurchase)of shares(Note 7)(1,750)(1,350)(2,448)Lease liability payments(694)(

142、722)(555)Proceeds from long-term financing 2,259 1,522 2,395 Repayments of long-term financing(674)(11)(799)Net increase(decrease)in short-term debt 16 87 (529)Issue of perpetual hybrid bonds(a)1,296 13 45 Redemption of perpetual hybrid bonds(a)(1,288)Payments relating to perpetual hybrid bonds(256)

143、(264)(236)Payments relating to transactions involving non-controlling interests(Other interest)(7)(180)Receipts relating to transactions involving non-controlling interests(Other interest)16 10 7 Dividends paid-bp shareholders(1,219)(1,224)(1,183)-non-controlling interests(126)(77)(68)Net cash provi

144、ded by(used in)financing activities(2,420)(2,023)(3,551)Currency translation differences relating to cash and cash equivalents(260)145 (14)Increase(decrease)in cash and cash equivalents(1,520)3,104 1,238 Cash and cash equivalents at beginning of period 33,030 29,926 29,195 Cash and cash equivalents

145、at end of period 31,510 33,030 30,433(a)See Condensed group statement of changes in equity-footnote(a)for further information.BP p.l.c.Group resultsFirst quarter 202419NotesNote 1.Basis of preparation The interim financial information included in this report has been prepared in accordance with IAS

146、34 Interim Financial Reporting.The results for the interim periods are unaudited and,in the opinion of management,include all adjustments necessary for a fair presentation of the results for each period.All such adjustments are of a normal recurring nature.This report should be read in conjunction w

147、ith the consolidated financial statements and related notes for the year ended 31 December 2023 included in bp Annual Report and Form 20-F 2023.bp prepares its consolidated financial statements included within bp Annual Report and Form 20-F on the basis of International Financial Reporting Standards

148、(IFRS)as issued by the International Accounting Standards Board(IASB),IFRS as adopted by the UK,and European Union(EU),and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under international accounting standards.IFRS as adopted by the UK does not d

149、iffer from IFRS as adopted by the EU.IFRS as adopted by the UK and EU differ in certain respects from IFRS as issued by the IASB.The differences have no impact on the groups consolidated financial statements for the periods presented.The financial information presented herein has been prepared in ac

150、cordance with the accounting policies expected to be used in preparing bp Annual Report and Form 20-F 2024 which are the same as those used in preparing bp Annual Report and Form 20-F 2023.There are no other new or amended standards or interpretations adopted from 1 January 2024 onwards that have a

151、significant impact on the financial information.Significant accounting judgements and estimatesbps significant accounting judgements and estimates were disclosed in bp Annual Report and Form 20-F 2023.These have been subsequently considered at the end of this quarter to determine if any changes were

152、 required to those judgements and estimates.No significant changes were identified.Note 2.Non-current assets held for sale The carrying amount of assets classified as held for sale at 31 March 2024 is$1,684million,with associated liabilities of$30million.These relate to the transactions described be

153、low.On 14 February 2024,bp and ADNOC announced that they had agreed to form a new joint venture(JV)in Egypt(51%bp and 49%ADNOC).As part of the agreement,bp will contribute its interests in three development concessions,as well as exploration agreements,in Egypt to the new JV.ADNOC will make a propor

154、tionate cash contribution.Subject to regulatory approvals and clearances,the formation of the JV is expected to complete during the second half of 2024.The carrying amount of assets classified as held for sale at 31 March 2024 is$1,583 million,with associated liabilities of$23 million.On 16 November

155、 2023,bp entered into an agreement to sell its Trkiye ground fuels business to Petrol Ofisi.This includes the groups interest in three joint venture terminals in Trkiye.Completion of the sale is subject to regulatory approvals.The carrying amount of assets classified as held for sale at 31 March 202

156、4 is$101 million,with associated liabilities of$7 million.Cumulative foreign exchange losses within reserves of approximately$900 million are expected to be recycled to the group income statement at completion.Note 3.Impairment and losses on sale of businesses and fixed assetsNet impairment charges

157、and losses on sale of businesses and fixed assets for the first quarter were$737million,compared with net charges of$88million for the same period in 2023 and include net impairment charges for the first quarter of$649million,compared with net impairment reversals of$41million for the same period in

158、 2023.BP p.l.c.Group resultsFirst quarter 202420Note 4.Analysis of replacement cost profit(loss)before interest and tax and reconciliation to profit(loss)before taxationFirstFourthFirstquarterquarterquarter$million202420232023gas&low carbon energy 1,036 2,169 7,347 oil production&operations 3,060 1,

159、879 3,317 customers&products 988 (554)2,680 other businesses&corporate(300)(16)(90)4,784 3,478 13,254 Consolidation adjustmentUPII*32 95 (22)RC profit(loss)before interest and tax 4,816 3,573 13,232 Inventory holding gains(losses)*gas&low carbon energy 1 oil production&operations(1)1 customers&produ

160、cts 852 (1,497)(602)Profit(loss)before interest and tax 5,667 2,076 12,632 Finance costs 1,075 1,038 843 Net finance expense/(income)relating to pensions and other post-retirement benefits(41)(61)(58)Profit(loss)before taxation 4,633 1,099 11,847 RC profit(loss)before interest and tax*US 1,610 1,154

161、 3,075 Non-US 3,206 2,419 10,157 4,816 3,573 13,232 BP p.l.c.Group resultsFirst quarter 202421Note 5.Sales and other operating revenuesFirstFourthFirstquarterquarterquarter$million202420232023By segmentgas&low carbon energy 8,675 11,670 17,886 oil production&operations 6,432 6,749 6,153 customers&pr

162、oducts 39,895 40,374 38,882 other businesses&corporate 606 657 738 55,608 59,450 63,659 Less:sales and other operating revenues between segmentsgas&low carbon energy 270 65 536 oil production&operations 5,913 6,464 6,261 customers&products 293 (105)144 other businesses&corporate 252 885 536 6,728 7,

163、309 7,477 External sales and other operating revenuesgas&low carbon energy 8,405 11,605 17,350 oil production&operations 519 285 (108)customers&products 39,602 40,479 38,738 other businesses&corporate 354 (228)202 Total sales and other operating revenues 48,880 52,141 56,182 By geographical areaUS 1

164、9,858 20,920 19,160 Non-US 39,208 40,808 46,350 59,066 61,728 65,510 Less:sales and other operating revenues between areas 10,186 9,587 9,328 48,880 52,141 56,182 Revenues from contracts with customersSales and other operating revenues include the following in relation to revenues from contracts wit

165、h customers:Crude oil 548 760 637 Oil products 29,840 32,124 30,141 Natural gas,LNG and NGLs 5,751 7,660 9,644 Non-oil products and other revenues from contracts with customers 2,928 2,911 1,872 Revenue from contracts with customers 39,067 43,455 42,294 Other operating revenues(a)9,813 8,686 13,888

166、Total sales and other operating revenues 48,880 52,141 56,182(a)Principally relates to commodity derivative transactions including sales of bp own production in trading books.BP p.l.c.Group resultsFirst quarter 202422Note 6.Depreciation,depletion and amortizationFirstFourthFirstquarterquarterquarter

167、$million202420232023Total depreciation,depletion and amortization by segmentgas&low carbon energy 1,293 1,290 1,440 oil production&operations 1,657 1,563 1,327 customers&products 944 942 797 other businesses&corporate 256 265 236 4,150 4,060 3,800 Total depreciation,depletion and amortization by geo

168、graphical areaUS 1,570 1,547 1,254 Non-US 2,580 2,513 2,546 4,150 4,060 3,800 Note 7.Earnings per share and shares in issue Basic earnings per ordinary share(EpS)amounts are calculated by dividing the profit(loss)for the period attributable to ordinary shareholders by the weighted average number of

169、ordinary shares outstanding during the period.Against the authority granted at bps 2023 annual general meeting,292million ordinary shares repurchased for cancellation were settled during the first quarter 2024 for a total cost of$1,750million.A further 115million ordinary shares were repurchased bet

170、ween the end of the reporting period and the date when the financial statements are authorised for issue for a total cost of$747 million.This amount has been accrued at 31 March 2024.The number of shares in issue is reduced when shares are repurchased,but is not reduced in respect of the period-end

171、commitment to repurchase shares subsequent to the end of the period.The calculation of EpS is performed separately for each discrete quarterly period,and for the year-to-date period.As a result,the sum of the discrete quarterly EpS amounts in any particular year-to-date period may not be equal to th

172、e EpS amount for the year-to-date period.For the diluted EpS calculation the weighted average number of shares outstanding during the period is adjusted for the number of shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method.FirstF

173、ourthFirstquarterquarterquarter$million202420232023Results for the periodProfit(loss)for the period attributable to bp shareholders 2,263 371 8,218 Less:preference dividend Less:(gain)loss on redemption of perpetual hybrid bonds(a)(10)Profit(loss)attributable to bp ordinary shareholders 2,273 371 8,

174、218 Number of shares(thousand)(b)Basic weighted average number of shares outstanding 16,751,887 16,834,354 17,891,455 ADS equivalent(c)2,791,981 2,805,725 2,981,909 Weighted average number of shares outstanding used to calculate diluted earnings per share 17,153,505 17,269,574 18,238,522 ADS equival

175、ent(c)2,858,917 2,878,262 3,039,753 Shares in issue at period-end 16,687,850 16,824,651 17,703,285 ADS equivalent(c)2,781,308 2,804,108 2,950,547(a)See Condensed group statement of changes in equity-footnote(a)for further information.(b)Excludes treasury shares and includes certain shares that will

176、be issued in the future under employee share-based payment plans.(c)One ADS is equivalent to six ordinary shares.BP p.l.c.Group resultsFirst quarter 202423Note 8.Dividends Dividends payablebp today announced an interim dividend of 7.270 cents per ordinary share which is expected to be paid on 28 Jun

177、e 2024 to ordinary shareholders and American Depositary Share(ADS)holders on the register on 17 May 2024.The ex-dividend date will be 16 May 2024.The corresponding amount in sterling is due to be announced on 11 June 2024,calculated based on the average of the market exchange rates over three dealin

178、g days between 5 June 2024 and 7 June 2024.Holders of ADSs are expected to receive$0.43620 per ADS(less applicable fees).The board has decided not to offer a scrip dividend alternative in respect of the first quarter 2024 dividend.Ordinary shareholders and ADS holders(subject to certain exceptions)w

179、ill be able to participate in a dividend reinvestment programme.Details of the first quarter dividend and timetable are available at and further details of the dividend reinvestment programmes are available at paid per ordinary sharecents 7.270 7.270 6.610 pence 5.692 5.737 5.551 Dividends paid per

180、ADS(cents)43.62 43.62 39.66 Note 9.Net debt Net debt*31 March31 December31 March$million202420232023Finance debt(a)53,013 51,954 48,595 Fair value(asset)liability of hedges related to finance debt(b)2,512 1,988 3,070 55,525 53,942 51,665 Less:cash and cash equivalents 31,510 33,030 30,433 Net debt(c

181、)24,015 20,912 21,232 Total equity 84,940 85,493 87,181 Gearing*22.0%19.7%19.6%(a)The fair value of finance debt at 31 March 2024 was$49,263million(31 December 2023$48,795 million,31 March 2023$45,071 million).(b)Derivative financial instruments entered into for the purpose of managing foreign curre

182、ncy exchange risk associated with net debt with a fair value liability position of$96million at 31March 2024(fourth quarter 2023 liability of$73million and first quarter 2023 liability of$97million)are not included in the calculation of net debt shown above as hedge accounting is not applied for the

183、se instruments.(c)Net debt does not include accrued interest,which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as operating cash flows in the group cash flow statement.Note 10.Statutory accountsThe financial infor

184、mation shown in this publication,which was approved by the Board of Directors on 6 May 2024,is unaudited and does not constitute statutory financial statements.Audited financial information will be published in bp Annual Report and Form 20-F 2024.bp Annual Report and Form 20-F 2023 has been filed wi

185、th the Registrar of Companies in England and Wales.The report of the auditor on those accounts was unqualified,did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under section 498(2)or sectio

186、n 498(3)of the UK Companies Act 2006.BP p.l.c.Group resultsFirst quarter 202424Additional informationCapital expenditure*FirstFourthFirstquarterquarterquarter$million202420232023Capital expenditureOrganic capital expenditure*3,979 4,673 3,495 Inorganic capital expenditure*299 38 130 4,278 4,711 3,62

187、5 FirstFourthFirstquarterquarterquarter$million202420232023Capital expenditure by segmentgas&low carbon energy 1,298 1,326 1,013 oil production&operations 1,776 1,636 1,520 customers&products 1,120 1,603 990 other businesses&corporate 84 146 102 4,278 4,711 3,625 Capital expenditure by geographical

188、areaUS 1,776 2,164 1,697 Non-US 2,502 2,547 1,928 4,278 4,711 3,625 BP p.l.c.Group resultsFirst quarter 202425Adjusting items*FirstFourthFirstquarterquarterquarter$million202420232023gas&low carbon energyGains on sale of businesses and fixed assets 2 3 15 Net impairment and losses on sale of busines

189、ses and fixed assets(536)(937)(2)Environmental and other provisions Restructuring,integration and rationalization costs Fair value accounting effects(a)(b)113 1,887 3,934 Other(c)(201)(561)(56)(622)392 3,891 oil production&operationsGains on sale of businesses and fixed assets 184 (55)137 Net impair

190、ment and losses on sale of businesses and fixed assets(120)(1,635)8 Environmental and other provisions(77)48 (49)Restructuring,integration and rationalization costs Fair value accounting effects Other(52)(28)(98)(65)(1,670)(2)customers&productsGains on sale of businesses and fixed assets 5 23 1 Net

191、impairment and losses on sale of businesses and fixed assets(96)(1,396)(83)Environmental and other provisions (86)(10)Restructuring,integration and rationalization costs 1 (2)Fair value accounting effects(b)(144)144 77 Other(67)(42)(62)(301)(1,357)(79)other businesses&corporateGains on sale of busin

192、esses and fixed assets 32 1 Net impairment and losses on sale of businesses and fixed assets 26 19 (6)Environmental and other provisions(d)(9)(565)(14)Restructuring,integration and rationalization costs 11 51 (10)Fair value accounting effects(b)(193)579 245 Gulf of Mexico oil spill(11)(11)(9)Other(2

193、)7 (146)81 206 Total before interest and taxation(1,134)(2,554)4,016 Finance costs(e)(92)(86)(104)Total before taxation(1,226)(2,640)3,912 Taxation on adjusting items(f)109 1,175 (205)Total after taxation for period(1,117)(1,465)3,707(a)Under IFRS bp marks-to-market the value of the hedges used to r

194、isk-manage LNG contracts,but not the contracts themselves,resulting in a mismatch in accounting treatment.The fair value accounting effect includes the change in value of LNG contracts that are being risk managed,and the underlying result reflects how bp risk-manages its LNG contracts.(b)For further

195、 information,including the nature of fair value accounting effects reported in each segment,see pages 3,6 and 31.(c)Fourth quarter 2023 includes$600 million of impairment charges recognized through equity-accounted earnings relating to our US offshore wind projects.(d)Fourth quarter 2023 includes ch

196、arges related to the control,abatement,clean-up or elimination of environmental pollution and legal settlements.(e)Includes the unwinding of discounting effects relating to Gulf of Mexico oil spill payables and the income statement impact of temporary valuation differences associated with the groups

197、 interest rate and foreign currency exchange risk management of finance debt.(f)Includes certain foreign exchange effects on tax as adjusting items.These amounts represent the impact of:(i)foreign exchange on deferred tax balances arising from the conversion of local currency tax base amounts into f

198、unctional currency,and(ii)taxable gains and losses from the retranslation of US dollar-denominated intra-group loans to local currency.BP p.l.c.Group resultsFirst quarter 202426Net debt including leasesNet debt including leases*31 March31 December31 March$million202420232023Net debt 24,015 20,912 21

199、,232 Lease liabilities 11,057 11,121 8,605 Net partner(receivable)payable for leases entered into on behalf of joint operations(130)(131)19 Net debt including leases 34,942 31,902 29,856 Total equity 84,940 85,493 87,181 Gearing including leases*29.1%27.2%25.5%Gulf of Mexico oil spill31 March31 Dece

200、mber$million20242023Gulf of Mexico oil spill payables and provisions(8,826)(8,735)Of which-current(1,138)(1,133)Deferred tax asset 1,334 1,320 Payables and provisions presented in the table above reflect the latest estimate for the remaining costs associated with the Gulf of Mexico oil spill.Where a

201、mounts have been provided on an estimated basis,the amounts ultimately payable may differ from the amounts provided and the timing of payments is uncertain.Further information relating to the Gulf of Mexico oil spill,including information on the nature and expected timing of payments relating to pro

202、visions and other payables,is provided in bp Annual Report and Form 20-F 2023-Financial statements-Notes 7,22,23,29,and 33.Working capital*reconciliationFirstFourthFirstquarterquarterquarter$million202420232023Movements in inventories and other current and non-current assets and liabilities as per c

203、ondensed group cash flow statement(a)(2,131)1,942 (3,755)Adjusted for inventory holding gains(losses)*(Note 4)851 (1,497)(600)Adjusted for fair value accounting effects*relating to subsidiaries(274)2,610 4,242 Other adjusting items(b)(834)(966)(1,298)Working capital release(build)after adjusting for

204、 net inventory gains(losses),fair value accounting effects and other adjusting items(2,388)2,089 (1,411)(a)The movement in working capital includes outflows relating to the Gulf of Mexico oil spill on a pre-tax basis of$7million in the first quarter 2024(fourth quarter 2023 nil,first quarter 2023$12

205、million).(b)Other adjusting items relate to the non-cash movement of US emissions obligations carried as a provision that will be settled by allowances held as inventory.BP p.l.c.Group resultsFirst quarter 202427Adjusted earnings before interest,taxation,depreciation and amortization(adjusted EBITDA

206、)*FirstFourthFirstquarterquarterquarter$million202420232023Profit for the period 2,409 436 8,422 Finance costs 1,075 1,038 843 Net finance(income)expense relating to pensions and other post-retirement benefits(41)(61)(58)Taxation 2,224 663 3,425 Profit before interest and tax 5,667 2,076 12,632 Inve

207、ntory holding(gains)losses*,before tax(851)1,497 600 RC profit before interest and tax 4,816 3,573 13,232 Net(favourable)adverse impact of adjusting items*,before interest and tax 1,134 2,554 (4,016)Underlying RC profit before interest and tax 5,950 6,127 9,216 Add back:Depreciation,depletion and am

208、ortization 4,150 4,060 3,800 Exploration expenditure written off 206 381 50 Adjusted EBITDA 10,306 10,568 13,066 Reconciliation of customers&products RC profit before interest and tax to underlying RC profit before interest and tax*to adjusted EBITDA*by business FirstFourthFirstquarterquarterquarter

209、$million202420232023RC profit before interest and taxfor customers&products 988 (554)2,680 Less:Adjusting items*gains(charges)(301)(1,357)(79)Underlying RC profit before interest and taxfor customers&products 1,289 803 2,759 By business:customers convenience&mobility 370 882 391 Castrol included in

210、customers 184 213 161 products refining&trading 919 (79)2,368 Add back:Depreciation,depletion and amortization 944 942 797 By business:customers convenience&mobility 484 466 341 Castrol included in customers 42 43 39 products refining&trading 460 476 456 Adjusted EBITDAfor customers&products 2,233 1

211、,745 3,556 By business:customers convenience&mobility 854 1,348 732 Castrol included in customers 226 256 200 products refining&trading 1,379 397 2,824 BP p.l.c.Group resultsFirst quarter 202428Realizations*and marker pricesFirstFourthFirstquarterquarterquarter202420232023Average realizations(a)Liqu

212、ids*($/bbl)US 62.20 67.66 62.66 Europe 85.00 81.02 79.26 Rest of World 79.83 87.27 82.55 bp average 71.24 76.50 72.58 Natural gas($/mcf)US 1.69 2.04 2.47 Europe 10.27 15.12 26.83 Rest of World 5.45 6.18 7.41 bp average 4.62 5.45 7.20 Total hydrocarbons*($/boe)US 41.50 45.68 45.00 Europe 76.65 83.21

213、107.07 Rest of World 46.61 50.74 54.63 bp average 46.42 50.90 54.96 Average oil marker prices($/bbl)Brent 83.16 84.34 81.17 West Texas Intermediate 77.01 78.60 75.97 Western Canadian Select 59.45 55.06 56.67 Alaska North Slope 81.33 84.23 79.02 Mars 76.90 78.35 74.24 Urals(NWE cif)68.34 72.48 46.19

214、Average natural gas marker pricesHenry Hub gas price(b)($/mmBtu)2.25 2.88 3.44 UK Gas National Balancing Point(p/therm)68.72 98.68 130.81(a)Based on sales of consolidated subsidiaries only this excludes equity-accounted entities.(b)Henry Hub First of Month Index.Exchange ratesFirstFourthFirstquarter

215、quarterquarter202420232023$/average rate for the period 1.27 1.24 1.21$/period-end rate 1.26 1.28 1.24$/average rate for the period 1.09 1.07 1.07$/period-end rate 1.08 1.11 1.09$/AUD average rate for the period 0.66 0.65 0.68$/AUD period-end rate 0.65 0.69 0.67 BP p.l.c.Group resultsFirst quarter 2

216、02429Legal proceedingsFor a full discussion of the groups material legal proceedings,see pages 242-243 of bp Annual Report and Form 20-F 2023.GlossaryNon-IFRS measures are provided for investors because they are closely tracked by management to evaluate bps operating performance and to make financia

217、l,strategic and operating decisions.Non-IFRS measures are sometimes referred to as alternative performance measures.Adjusted EBITDA is a non-IFRS measure presented for bps operating segments and is defined as replacement cost(RC)profit before interest and tax,excluding net adjusting items*before int

218、erest and tax,and adding back depreciation,depletion and amortization and exploration write-offs(net of adjusting items).Adjusted EBITDA by business is a further analysis of adjusted EBITDA for the customers&products businesses.bp believes it is helpful to disclose adjusted EBITDA by operating segme

219、nt and by business because it reflects how the segments measure underlying business delivery.The nearest equivalent measure on an IFRS basis for the segment is RC profit or loss before interest and tax,which is bps measure of profit or loss that is required to be disclosed for each operating segment

220、 under IFRS.A reconciliation to IFRS information is provided on page 28 for the customers&products businesses.Adjusted EBITDA for the group is defined as profit or loss for the period,adjusting for finance costs and net finance(income)or expense relating to pensions and other post-retirement benefit

221、s and taxation,inventory holding gains or losses before tax,net adjusting items before interest and tax,and adding back depreciation,depletion and amortization(pre-tax)and exploration expenditure written-off(net of adjusting items,pre-tax).The nearest equivalent measure on an IFRS basis for the grou

222、p is profit or loss for the period.A reconciliation to IFRS information is provided on page 28 for the group.Adjusting items are items that bp discloses separately because it considers such disclosures to be meaningful and relevant to investors.They are items that management considers to be importan

223、t to period-on-period analysis of the groups results and are disclosed in order to enable investors to better understand and evaluate the groups reported financial performance.Adjusting items include gains and losses on the sale of businesses and fixed assets,impairments,environmental and other prov

224、isions and charges,restructuring,integration and rationalization costs,fair value accounting effects and costs relating to the Gulf of Mexico oil spill and other items.Adjusting items within equity-accounted earnings are reported net of incremental income tax reported by the equity-accounted entity.

225、Adjusting items are used as a reconciling adjustment to derive underlying RC profit or loss and related underlying measures which are non-IFRS measures.An analysis of adjusting items by segment and type is shown on page 26.Blue hydrogen Hydrogen made from natural gas in combination with carbon captu

226、re and storage(CCS).Capital expenditure is total cash capital expenditure as stated in the condensed group cash flow statement.Capital expenditure for the operating segments,gas&low carbon energy businesses and customers&products businesses is presented on the same basis.Cash balance point is define

227、d as the implied Brent oil price 2021 real to balance bps sources and uses of cash assuming an average bp refining marker margin around$11/bbl and Henry Hub at$3/mmBtu in 2021 real terms.Cash costs is a non-IFRS measure and a subset of production and manufacturing expenses plus distribution and admi

228、nistration expenses and excludes costs that are classified as adjusting items.They represent the substantial majority of the remaining expenses in these line items but exclude certain costs that are variable,primarily with volumes(such as freight costs).Management believes that cash costs is a perfo

229、rmance measure that provides investors with useful information regarding the companys financial performance because it considers these expenses to be the principal operating and overhead expenses that are most directly under their control although they also include certain foreign exchange and commo

230、dity price effects.Consolidation adjustment UPII is unrealized profit in inventory arising on inter-segment transactions.Developed renewables to final investment decision(FID)Total generating capacity for assets developed to FID by all entities where bp has an equity share(proportionate to equity sh

231、are at the time of FID).If asset is subsequently sold bp will continue to record capacity as developed to FID.Divestment proceeds are disposal proceeds as per the condensed group cash flow statement.Effective tax rate(ETR)on replacement cost(RC)profit or loss is a non-IFRS measure.The ETR on RC prof

232、it or loss is calculated by dividing taxation on a RC basis by RC profit or loss before tax.Taxation on a RC basis for the group is calculated as taxation as stated on the group income statement adjusted for taxation on inventory holding gains and losses.Information on RC profit or loss is provided

233、below.bp believes it is helpful to disclose the ETR on RC profit or loss because this measure excludes the impact of price changes on the replacement of inventories and allows for more meaningful comparisons between reporting periods.Taxation on a RC basis and ETR on RC profit or loss are non-IFRS m

234、easures.The nearest equivalent measure on an IFRS basis is the ETR on profit or loss for the period.Electric vehicle charge points/EV charge points are defined as the number of connectors on a charging device,operated by either bp or a bp joint venture as adjusted to be reflective of bps accounting

235、share of joint arrangements.BP p.l.c.Group resultsFirst quarter 202430Glossary(continued)Fair value accounting effects are non-IFRS adjustments to our IFRS profit(loss).They reflect the difference between the way bp manages the economic exposure and internally measures performance of certain activit

236、ies and the way those activities are measured under IFRS.Fair value accounting effects are included within adjusting items.They relate to certain of the groups commodity,interest rate and currency risk exposures as detailed below.Other than as noted below,the fair value accounting effects described

237、are reported in both the gas&low carbon energy and customer&products segments.bp uses derivative instruments to manage the economic exposure relating to inventories above normal operating requirements of crude oil,natural gas and petroleum products.Under IFRS,these inventories are recorded at histor

238、ical cost.The related derivative instruments,however,are required to be recorded at fair value with gains and losses recognized in the income statement.This is because hedge accounting is either not permitted or not followed,principally due to the impracticality of effectiveness-testing requirements

239、.Therefore,measurement differences in relation to recognition of gains and losses occur.Gains and losses on these inventories,other than net realizable value provisions,are not recognized until the commodity is sold in a subsequent accounting period.Gains and losses on the related derivative commodi

240、ty contracts are recognized in the income statement,from the time the derivative commodity contract is entered into,on a fair value basis using forward prices consistent with the contract maturity.bp enters into physical commodity contracts to meet certain business requirements,such as the purchase

241、of crude for a refinery or the sale of bps gas production.Under IFRS these physical contracts are treated as derivatives and are required to be fair valued when they are managed as part of a larger portfolio of similar transactions.Gains and losses arising are recognized in the income statement from

242、 the time the derivative commodity contract is entered into.IFRS require that inventory held for trading is recorded at its fair value using period-end spot prices,whereas any related derivative commodity instruments are required to be recorded at values based on forward prices consistent with the c

243、ontract maturity.Depending on market conditions,these forward prices can be either higher or lower than spot prices,resulting in measurement differences.bp enters into contracts for pipelines and other transportation,storage capacity,oil and gas processing,liquefied natural gas(LNG)and certain gas a

244、nd power contracts that,under IFRS,are recorded on an accruals basis.These contracts are risk-managed using a variety of derivative instruments that are fair valued under IFRS.This results in measurement differences in relation to recognition of gains and losses.The way that bp manages the economic

245、exposures described above,and measures performance internally,differs from the way these activities are measured under IFRS.bp calculates this difference for consolidated entities by comparing the IFRS result with managements internal measure of performance.We believe that disclosing managements est

246、imate of this difference provides useful information for investors because it enables investors to see the economic effect of these activities as a whole.These include:Under managements internal measure of performance the inventory,transportation and capacity contracts in question are valued based o

247、n fair value using relevant forward prices prevailing at the end of the period.Fair value accounting effects also include changes in the fair value of the near-term portions of LNG contracts that fall within bps risk management framework.LNG contracts are not considered derivatives,because there is

248、insufficient market liquidity,and they are therefore accrual accounted under IFRS.However,oil and natural gas derivative financial instruments used to risk manage the near-term portions of the LNG contracts are fair valued under IFRS.The fair value accounting effect,which is reported in the gas and

249、low carbon energy segment,represents the change in value of LNG contacts that are being risk managed and which is reflected in the underlying result,but not in reported earnings.Management believes that this gives a better representation of performance in each period.Furthermore,the fair values of d

250、erivative instruments used to risk manage certain other oil,gas,power and other contracts,are deferred to match with the underlying exposure.The commodity contracts for business requirements are accounted for on an accruals basis.In addition,fair value accounting effects include changes in the fair

251、value of derivatives entered into by the group to manage currency exposure and interest rate risks relating to hybrid bonds to their respective first call periods.The hybrid bonds which wereissued on 17 June 2020 are classified as equity instruments and were recorded in the balance sheet at that dat

252、e at their USD equivalent issued value.Under IFRS these equity instruments are not remeasured from period to period,and do not qualify for application of hedge accounting.The derivative instruments relating to the hybrid bonds,however,are required to be recorded at fair value with mark to market gai

253、ns and losses recognized in the income statement.Therefore,measurement differences in relation to the recognition of gains and losses occur.The fair value accounting effect,which is reported in the other businesses&corporate segment,eliminates the fair value gains and losses of these derivative fina

254、ncial instruments that are recognized in the income statement.We believe that this gives a better representation of performance,by more appropriately reflecting the economic effect of these risk management activities,in each period.Gas&low carbon energy segment comprises our gas and low carbon busin

255、esses.Our gas business includes regions with upstream activities that predominantly produce natural gas,integrated gas and power,and gas trading.Our low carbon business includes solar,offshore and onshore wind,hydrogen and CCS and power trading.Power trading includes trading of both renewable and no

256、n-renewable power.BP p.l.c.Group resultsFirst quarter 202431Glossary(continued)Gearing and net debt are non-IFRS measures.Net debt is calculated as finance debt,as shown in the balance sheet,plus the fair value of associated derivative financial instruments that are used to hedge foreign currency ex

257、change and interest rate risks relating to finance debt,for which hedge accounting is applied,less cash and cash equivalents.Net debt does not include accrued interest,which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are prese

258、nted as operating cash flows in the group cash flow statement.Gearing is defined as the ratio of net debt to the total of net debt plus total equity.bp believes these measures provide useful information to investors.Net debt enables investors to see the economic effect of finance debt,related hedges

259、 and cash and cash equivalents in total.Gearing enables investors to see how significant net debt is relative to total equity.The derivatives are reported on the balance sheet within the headings Derivative financial instruments.The nearest equivalent measures on an IFRS basis are finance debt and f

260、inance debt ratio.A reconciliation of finance debt to net debt is provided on page 24.We are unable to present reconciliations of forward-looking information for net debt or gearing to finance debt and total equity,because without unreasonable efforts,we are unable to forecast accurately certain adj

261、usting items required to present a meaningful comparable IFRS forward-looking financial measure.These items include fair value asset(liability)of hedges related to finance debt and cash and cash equivalents,that are difficult to predict in advance in order to include in an IFRS estimate.Gearing incl

262、uding leases and net debt including leases are non-IFRS measures.Net debt including leases is calculated as net debt plus lease liabilities,less the net amount of partner receivables and payables relating to leases entered into on behalf of joint operations.Gearing including leases is defined as the

263、 ratio of net debt including leases to the total of net debt including leases plus total equity.bp believes these measures provide useful information to investors as they enable investors to understand the impact of the groups lease portfolio on net debt and gearing.The nearest equivalent measures o

264、n an IFRS basis are finance debt and finance debt ratio.A reconciliation of finance debt to net debt including leases is provided on page 27.Green hydrogen Hydrogen produced by electrolysis of water using renewable power.Hydrocarbons Liquids and natural gas.Natural gas is converted to oil equivalent

265、 at 5.8 billion cubic feet=1 million barrels.Hydrogen pipeline Hydrogen projects which have not been developed to final investment decision(FID)but which have advanced to the concept development stage.Inorganic capital expenditure is a subset of capital expenditure on a cash basis and a non-IFRS mea

266、sure.Inorganic capital expenditure comprises consideration in business combinations and certain other significant investments made by the group.It is reported on a cash basis.bp believes that this measure provides useful information as it allows investors to understand how bps management invests fun

267、ds in projects which expand the groups activities through acquisition.The nearest equivalent measure on an IFRS basis is capital expenditure on a cash basis.Further information and a reconciliation to IFRS information is provided on page 25.Installed renewables capacity is bps share of capacity for

268、operating assets owned by entities where bp has an equity share.Inventory holding gains and losses are non-IFRS adjustments to our IFRS profit(loss)and represent:the difference between the cost of sales calculated using the replacement cost of inventory and the cost of sales calculated on the first-

269、in first-out(FIFO)method after adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost.Under the FIFO method,which we use for IFRS reporting of inventories other than for trading inventories,the cost of inventory charged to the income statement

270、is based on its historical cost of purchase or manufacture,rather than its replacement cost.In volatile energy markets,this can have a significant distorting effect on reported income.The amounts disclosed as inventory holding gains and losses represent the difference between the charge to the incom

271、e statement for inventory on a FIFO basis(after adjusting for any related movements in net realizable value provisions)and the charge that would have arisen based on the replacement cost of inventory.For this purpose,the replacement cost of inventory is calculated using data from each operations pro

272、duction and manufacturing system,either on a monthly basis,or separately for each transaction where the system allows this approach;andan adjustment relating to certain trading inventories that are not price risk managed which relate to a minimum inventory volume that is required to be held to maint

273、ain underlying business activities.This adjustment represents the movement in fair value of the inventories due to prices,on a grade by grade basis,during the period.This is calculated from each operations inventory management system on a monthly basis using the discrete monthly movement in market p

274、rices for these inventories.The amounts disclosed are not separately reflected in the financial statements as a gain or loss.No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions that are price risk-managed.See

275、Replacement cost(RC)profit or loss definition below.Liquids Liquids comprises crude oil,condensate and natural gas liquids.For the oil production&operations segment,it also includes bitumen.Low carbon activity An activity relating to low carbon including:renewable electricity;bioenergy;electric vehi

276、cles and other future mobility solutions;trading and marketing low carbon products;blue or green hydrogen*and carbon capture,use and storage(CCUS).Note that,while there is some overlap of activities,these terms do not mean the same as bps strategic focus area of low carbon energy or our low carbon e

277、nergy sub-segment,reported within the gas&low carbon energy segment.BP p.l.c.Group resultsFirst quarter 202432Glossary(continued)Major projects have a bp net investment of at least$250 million,or are considered to be of strategic importance to bp or of a high degree of complexity.Operating cash flow

278、 is net cash provided by(used in)operating activities as stated in the condensed group cash flow statement.Organic capital expenditure is a non-IFRS measure.Organic capital expenditure comprises capital expenditure on a cash basis less inorganic capital expenditure.bp believes that this measure prov

279、ides useful information as it allows investors to understand how bps management invests funds in developing and maintaining the groups assets.The nearest equivalent measure on an IFRS basis is capital expenditure on a cash basis and a reconciliation to IFRS information is provided on page 25.We are

280、unable to present reconciliations of forward-looking information for organic capital expenditure to total cash capital expenditure,because without unreasonable efforts,we are unable to forecast accurately the adjusting item,inorganic capital expenditure,that is difficult to predict in advance in ord

281、er to derive the nearest IFRS estimate.Production-sharing agreement/contract(PSA/PSC)is an arrangement through which an oil and gas company bears the risks and costs of exploration,development and production.In return,if exploration is successful,the oil company receives entitlement to variable phys

282、ical volumes of hydrocarbons,representing recovery of the costs incurred and a stipulated share of the production remaining after such cost recovery.Realizations are the result of dividing revenue generated from hydrocarbon sales,excluding revenue generated from purchases made for resale and royalty

283、 volumes,by revenue generating hydrocarbon production volumes.Revenue generating hydrocarbon production reflects the bp share of production as adjusted for any production which does not generate revenue.Adjustments may include losses due to shrinkage,amounts consumed during processing,and contractua

284、l or regulatory host committed volumes such as royalties.For the gas&low carbon energy and oil production&operations segments,realizations include transfers between businesses.Refining availability represents Solomon Associates operational availability for bp-operated refineries,which is defined as

285、the percentage of the year that a unit is available for processing after subtracting the annualized time lost due to turnaround activity and all planned mechanical,process and regulatory downtime.The Refining marker margin(RMM)is the average of regional indicator margins weighted for bps crude refin

286、ing capacity in each region.Each regional marker margin is based on product yields and a marker crude oil deemed appropriate for the region.The regional indicator margins may not be representative of the margins achieved by bp in any period because of bps particular refinery configurations and crude

287、 and product slate.Renewables pipeline Renewable projects satisfying the following criteria until the point they can be considered developed to final investment decision(FID):Site based projects that have obtained land exclusivity rights,or for power purchase agreement based projects an offer has be

288、en made to the counterparty,or for auction projects pre-qualification criteria has been met,or for acquisition projects post a binding offer being accepted.Replacement cost(RC)profit or loss/RC profit or loss attributable to bp shareholders reflects the replacement cost of inventories sold in the pe

289、riod and is calculated as profit or loss attributable to bp shareholders,adjusting for inventory holding gains and losses(net of tax).RC profit or loss for the group is not a recognized IFRS measure.bp believes this measure is useful to illustrate to investors the fact that crude oil and product pri

290、ces can vary significantly from period to period and that the impact on our reported result under IFRS can be significant.Inventory holding gains and losses vary from period to period due to changes in prices as well as changes in underlying inventory levels.In order for investors to understand the

291、operating performance of the group excluding the impact of price changes on the replacement of inventories,and to make comparisons of operating performance between reporting periods,bps management believes it is helpful to disclose this measure.The nearest equivalent measure on an IFRS basis is prof

292、it or loss attributable to bp shareholders.A reconciliation to IFRS information is provided on page 1.RC profit or loss before interest and tax is bps measure of profit or loss that is required to be disclosed for each operating segment under IFRS.Reported recordable injury frequency measures the nu

293、mber of reported work-related employee and contractor incidents that result in a fatality or injury per 200,000 hours worked.This represents reported incidents occurring within bps operational HSSE reporting boundary.That boundary includes bps own operated facilities and certain other locations or s

294、ituations.Reported incidents are investigated throughout the year and as a result there may be changes in previously reported incidents.Therefore comparative movements are calculated against internal data reflecting the final outcomes of such investigations,rather than the previously reported compar

295、ative period,as this represents a more up to date reflection of the safety environment.Retail sites include sites operated by dealers,jobbers,franchisees or brand licensees or joint venture(JV)partners,under the bp brand.These may move to and from the bp brand as their fuel supply agreement or brand

296、 licence agreement expires and are renegotiated in the normal course of business.Retail sites are primarily branded bp,ARCO,Amoco,Aral,Thorntons and TravelCenters of America and also includes sites in India through our Jio-bp JV.Solomon availability See Refining availability definition.Strategic con

297、venience sites are retail sites,within the bp portfolio,which sell bp-supplied vehicle energy(e.g.bp,Aral,Arco,Amoco,Thorntons,bp pulse,TA and PETRO)and either carry one of the strategic convenience brands(e.g.M&S,Rewe to Go)or a differentiated bp-controlled convenience offer.To be considered a stra

298、tegic convenience site,the convenience offer should have a demonstrable level of differentiation in the market in which it operates.Strategic convenience site count includes sites under a pilot phase.BP p.l.c.Group resultsFirst quarter 202433Glossary(continued)Surplus cash flow does not represent th

299、e residual cash flow available for discretionary expenditures.It is a non-IFRS financial measure that should be considered in addition to,not as a substitute for or superior to,net cash provided by operating activities,reported in accordance with IFRS.bp believes it is helpful to disclose the surplu

300、s cash flow because this measure forms part of bps financial frame.Surplus cash flow refers to the net surplus of sources of cash over uses of cash,after reaching the$35 billion net debt target.Sources of cash include net cash provided by operating activities,cash provided from investing activities

301、and cash receipts relating to transactions involving non-controlling interests.Uses of cash include lease liability payments,payments on perpetual hybrid bond,dividends paid,cash capital expenditure,the cash cost of share buybacks to offset the dilution from vesting of awards under employee share sc

302、hemes,cash payments relating to transactions involving non-controlling interests and currency translation differences relating to cash and cash equivalents as presented on the condensed group cash flow statement.Technical service contract(TSC)Technical service contract is an arrangement through whic

303、h an oil and gas company bears the risks and costs of exploration,development and production.In return,the oil and gas company receives entitlement to variable physical volumes of hydrocarbons,representing recovery of the costs incurred and a profit margin which reflects incremental production added

304、 to the oilfield.Tier 1 and tier 2 process safety events Tier 1 events are losses of primary containment from a process of greatest consequence causing harm to a member of the workforce,damage to equipment from a fire or explosion,a community impact or exceeding defined quantities.Tier 2 events are

305、those of lesser consequence.These represent reported incidents occurring within bps operational HSSE reporting boundary.That boundary includes bps own operated facilities and certain other locations or situations.Reported process safety events are investigated throughout the year and as a result the

306、re may be changes in previously reported events.Therefore comparative movements are calculated against internal data reflecting the final outcomes of such investigations,rather than the previously reported comparative period,as this represents a more up to date reflection of the safety environment.T

307、ransition growth Activities,represented by a set of transition growth engines,that transition bp toward its objective to be an integrated energy company,and that comprise our low carbon activity*alongside other businesses that support transition,such as our power trading and marketing business and c

308、onvenience.Underlying effective tax rate(ETR)is a non-IFRS measure.The underlying ETR is calculated by dividing taxation on an underlying replacement cost(RC)basis by underlying RC profit or loss before tax.Taxation on an underlying RC basis for the group is calculated as taxation as stated on the g

309、roup income statement adjusted for taxation on inventory holding gains and losses and total taxation on adjusting items.Information on underlying RC profit or loss is provided below.Taxation on an underlying RC basis presented for the operating segments is calculated through an allocation of taxatio

310、n on an underlying RC basis to each segment.bp believes it is helpful to disclose the underlying ETR because this measure may help investors to understand and evaluate,in the same manner as management,the underlying trends in bps operational performance on a comparable basis,period on period.Taxatio

311、n on an underlying RC basis and underlying ETR are non-IFRS measures.The nearest equivalent measure on an IFRS basis is the ETR on profit or loss for the period.We are unable to present reconciliations of forward-looking information for underlying ETR to ETR on profit or loss for the period,because

312、without unreasonable efforts,we are unable to forecast accurately certain adjusting items required to present a meaningful comparable IFRS forward-looking financial measure.These items include the taxation on inventory holding gains and losses and adjusting items,that are difficult to predict in adv

313、ance in order to include in an IFRS estimate.Underlying production 2024 underlying production,when compared with 2023,is production after adjusting for acquisitions and divestments,curtailments,and entitlement impacts in our production-sharing agreements/contracts and technical service contract*.Und

314、erlying RC profit or loss/underlying RC profit or loss attributable to bp shareholders is a non-IFRS measure and is RC profit or loss*(as defined on page 33)after excluding net adjusting items and related taxation.See page 26 for additional information on the adjusting items that are used to arrive

315、at underlying RC profit or loss in order to enable a full understanding of the items and their financial impact.Underlying RC profit or loss before interest and tax for the operating segments or customers&products businesses is calculated as RC profit or loss(as defined above)including profit or los

316、s attributable to non-controlling interests before interest and tax for the operating segments and excluding net adjusting items for the respective operating segment or business.bp believes that underlying RC profit or loss is a useful measure for investors because it is a measure closely tracked by

317、 management to evaluate bps operating performance and to make financial,strategic and operating decisions and because it may help investors to understand and evaluate,in the same manner as management,the underlying trends in bps operational performance on a comparable basis,period on period,by adjus

318、ting for the effects of these adjusting items.The nearest equivalent measure on an IFRS basis for the group is profit or loss attributable to bp shareholders.The nearest equivalent measure on an IFRS basis for segments and businesses is RC profit or loss before interest and taxation.A reconciliation

319、 to IFRS information is provided on page 1 for the group and pages 6-14 for the segments.BP p.l.c.Group resultsFirst quarter 202434Glossary(continued)Underlying RC profit or loss per share/underlying RC profit or loss per ADS is a non-IFRS measure.Earnings per share is defined in Note 7.Underlying R

320、C profit or loss per ordinary share is calculated using the same denominator as earnings per share as defined in the consolidated financial statements.The numerator used is underlying RC profit or loss attributable to bp shareholders,rather than profit or loss attributable to bp ordinary shareholder

321、s.Underlying RC profit or loss per ADS is calculated as outlined above for underlying RC profit or loss per share except the denominator is adjusted to reflect one ADS equivalent to six ordinary shares.bp believes it is helpful to disclose the underlying RC profit or loss per ordinary share and per

322、ADS because these measures may help investors to understand and evaluate,in the same manner as management,the underlying trends in bps operational performance on a comparable basis,period on period.The nearest equivalent measure on an IFRS basis is basic earnings per share based on profit or loss fo

323、r the period attributable to bp ordinary shareholders.upstream includes oil and natural gas field development and production within the gas&low carbon energy and oil production&operations segments.upstream/hydrocarbon plant reliability(bp-operated)is calculated taking 100%less the ratio of total unp

324、lanned plant deferrals divided by installed production capacity,excluding non-operated assets and bpx energy.Unplanned plant deferrals are associated with the topside plant and where applicable the subsea equipment(excluding wells and reservoir).Unplanned plant deferrals include breakdowns,which doe

325、s not include Gulf of Mexico weather related downtime.upstream unit production costs are calculated as production cost divided by units of production.Production cost does not include ad valorem and severance taxes.Units of production are barrels for liquids and thousands of cubic feet for gas.Amount

326、s disclosed are for bp subsidiaries only and do not include bps share of equity-accounted entities.Working capital is movements in inventories and other current and non-current assets and liabilities as reported in the condensed group cash flow statement.Change in working capital adjusted for invent

327、ory holding gains/losses,fair value accounting effects relating to subsidiaries and other adjusting items is a non-IFRS measure.It is calculated by adjusting for inventory holding gains/losses reported in the period;fair value accounting effects relating to subsidiaries reported within adjusting ite

328、ms for the period;and other adjusting items relating to the non-cash movement of US emissions obligations carried as a provision that will be settled by allowances held as inventory.This represents what would have been reported as movements in inventories and other current and non-current assets and

329、 liabilities,if the starting point in determining net cash provided by operating activities had been underlying replacement cost profit rather than profit for the period.The nearest equivalent measure on an IFRS basis for this is movements in inventories and other current and non-current assets and

330、liabilities.bp utilizes various arrangements in order to manage its working capital including discounting of receivables and,in the supply and trading business,the active management of supplier payment terms,inventory and collateral.Trade marksTrade marks of the bp group appear throughout this annou

331、ncement.They include:bp,Amoco,Aral,bp pulse,Castrol,PETRO,TA,Thorntons and GigahubBP p.l.c.Group resultsFirst quarter 202435Cautionary statement In order to utilize the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995(the PSLRA)and the general doctrine of

332、cautionary statements,bp is providing the following cautionary statement:The discussion in this results announcement contains certain forecasts,projections and forward-looking statements-that is,statements related to future,not past events and circumstances-with respect to the financial condition,re

333、sults of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items.These statements may generally,but not always,be identified by the use of words such as will,expects,is expected to,aims,should,may,objective,is likely to,intends,believes,anticipates,plans,we see or similar expressions.In particular,the following,among other statements,are all forwar