Deloitte limited assurance maintained on key metrics Deloitte LLP provided limited assurance under ISAE 3000 (Revised) and ISAE 3410 over selected sustainability metrics including Scope 1, Scope 2 (market), methane intensity, RIF, fatalities, process safety events, energy consumption.
▾ expand
Retired aims 6-15 sustainability framework restructured As part of February 2025 strategy reset, bp retired multiple sustainability aims (advocacy, transparency leader, aligning associations, incentivizing employees, more clean energy, sustainable livelihoods, greater equity, enhance wellbeing, championing nature-based solutions, unlock circularity, sustainable purchasing). Now focused on 5 areas: net zero ops, net zero sales, people, biodiversity, water.
▾ expand
Fundamental strategy reset announced February 2025 On 26 February 2025 bp announced new strategy, retiring previous strategic pillars, targets and aims. New strategy: growing upstream, focusing downstream, disciplined investment in transition. Retired concept of 'transition growth engines'. From 2025 will report on new primary metrics (free cash flow CAGR, net debt, structural cost reduction, ROACE).
▾ expand
Retired multiple previous net zero and sustainability aims bp retired several previous aims as part of February 2025 strategy reset: aim 2 (net zero production / Scope 3 from upstream production), aim 5 (more investment in transition), aim 6 (advocating), aim 8 (aligning trade associations), aim 9 (transparency leader), aim 11 (more clean energy), aims 12-15 (people aims), aims 16-20 (planet aims). Now focused on five aims: net zero operations, net zero sales, people, biodiversity, water.
▾ expand
Acquired remaining 50.03% of Lightsource bp On 24 October 2024, bp completed the acquisition of the remaining 50.03% of Lightsource bp (solar developer). Total consideration for Lightsource bp and Bunge Bioenergia step-up acquisitions was $1,328 million. Lightsource bp comprises 6.3% of net assets and 2.4% of total assets at year-end 2024.
▾ expand
Acquired 100% of bp Bunge Bioenergia (renamed bp bioenergy) On 1 October 2024, bp completed step acquisition of bp Bunge Bioenergia. Bioenergy assets to be moved to gas & low carbon energy segment in February 2025.
▾ expand
New methane measurement approach Since 2024 absolute methane emissions from major operated oil and gas processing sites are based on new measurement approach. Prior to 2024 different methodology used; therefore methane intensities in prior years not directly comparable.
▾ expand
Reduced transition investment guidance to $1.5-2.0bn/year through 2027 bp now expects to invest between $1.5-2.0 billion per year into transition businesses through 2027 - more than $5 billion lower per year than previous guidance. Reflects strategy reset toward upstream growth and discipline in transition.
▾ expand
Climate change litigation: ~30 lawsuits pending against BP entities BP p.l.c., BP America Inc. and BP Products North America Inc. are co-defendants with other oil and gas companies in approximately 30 lawsuits brought in various state and federal courts on behalf of governmental and private parties, alleging deceptive communication and disinformation regarding climate change.
▾ expand
Sale of Türkiye ground fuels business (Petrol Ofisi) $942 million recycling of cumulative foreign exchange losses from reserves relating to the sale of bp's Türkiye ground fuels business to Petrol Ofisi.
▾ expand
see 79 more events →