BP — full event log

For the 2026 annual bonus, the emissions measure has been removed from the short-term scorecard. To maintain balance, the weighting of emissions within the long-term incentive award (EDIP) has been increased from 15% to 20%. bp's net zero by 2050 ambition remains unchanged but progress is now evaluated only through the long-term performance share award.

sustainability_report p.11

At Q4 2025 results in February 2026 the board decided to suspend share buybacks; excess cash now fully allocated to the balance sheet to optimize financing costs and strengthen balance sheet. Net debt targeted to reduce to $14-18 billion by end 2027.

sustainability_report p.40

In August bp announced an exploration discovery at Bumerangue with initial estimate of around 8 billion barrels of liquids in place.

sustainability_report p.43

bp aims for 45-50% reduction in Scope 1 and 2 emissions by 2030 against 2019 baseline (54.5 MtCO2e).

sustainability_report p.11

In February 2025 bp reset its strategy to invest selectively and with discipline in transition businesses (now $2.3bn in 2025), with a capital-light model for renewables. Lightsource bp and JERA Nex bp moved to JV/partner structures. Net zero operations 2030 aim is 45-50% reduction vs 2019 baseline; 2050 net zero ambition retained.

sustainability_report p.11

bp announced its intention to sell its refinery in Gelsenkirchen, Germany as part of portfolio high-grading to focus on most resilient assets.

sustainability_report p.13

In 2025 bp made an adjustment to the operational control boundary for Scope 1 and 2 GHG emissions. Certain operations, assets or sources which were previously included, such as power generation on contractor-operated drilling rigs, are now excluded. This change has a less than 1% impact on reported operational emissions.

sustainability_report p.11

At the fourth quarter 2025 results, the board decided to suspend share buybacks and fully allocate excess cash to the balance sheet to accelerate debt reduction.

sustainability_report p.18

Deloitte provides limited external assurance over 8 selected KPIs (LCI, fatalities, PSEs, Scope 1, Scope 2 market-based, Scope 1 CO2, Scope 1 methane, energy consumption) to ISAE 3000 (Revised) and ISAE 3410. Same level as prior year.

sustainability_report p.44

Previous just transition aim was retired in 2025 and replaced by a new people aim covering employee skills, just transition plans for select assets/regions, and inclusive culture. LRMS supplier evaluation target carried forward as ongoing work.

sustainability_report p.22

In 2025 bp made an adjustment to the operational control boundary for Scope 1 and 2 GHG emissions. Certain operations such as power generation on contractor-operated drilling rigs are now excluded. Less than 1% impact on reported operational emissions.

sustainability_report p.11

bp reset strategy in February 2025, changing model for renewables to selective and disciplined investments in partnerships that will be capital-light for bp. Retired water positive aim and replaced previous just transition aim with new people aim.

sustainability_report p.11

bp reset water aim in February 2025 and retired aim to be water positive, focusing instead on reducing freshwater use in stressed catchments.

sustainability_report p.30

Deloitte provides limited external assurance per ISAE 3000 (Revised) and ISAE 3410 over selected KPIs including Scope 1, Scope 2 market-based, energy consumption, LCI, fatalities, and process safety events.

sustainability_report p.44

Methane intensity for 2025 was 0.04% vs 2025 target of 0.20%, well below 'near-zero' threshold. Prior year methane data not directly comparable due to measurement approach change in 2024.

sustainability_report p.11

bp reset its water aim in February 2025. While still focused on reducing freshwater use in stressed catchments, the aim to be water positive has been retired. New aim is to reduce net freshwater use in stressed catchments, with freshwater management plans expected by 2028.

sustainability_report p.30

bp aims for 45-50% reduction in Scope 1 and 2 absolute emissions by 2030 against 2019 baseline of 54.5MtCO2e, with net zero by 2050. 2025 performance was 37% reduction (exceeded 20% target).

sustainability_report p.11

In 2025 bp adjusted operational control boundary for Scope 1 and 2 GHG emissions. Certain sources previously included (e.g. power generation on contractor-operated drilling rigs) are now excluded. Less than 1% impact on reported emissions.

sustainability_report p.11

In February 2025 bp reset its strategy to invest selectively and with discipline in transition businesses, in ways that are capital-light. Changed model for renewables to make selective and disciplined investments in partnerships rather than full ownership.

sustainability_report p.11

In June bp acquired a 10% interest in ADNOC's planned Ruwais LNG project (9.6 Mtpa total capacity).

sustainability_report p.44

In 2025 the executive-level group sustainability committee was replaced by the group operational risk committee (sustainability), chaired by the CFO.

sustainability_report p.8

bp's previous just transition aim was retired in 2025 and replaced by a new people aim focused on equipping employees with skills, developing just transition plans for select assets/regions, and fostering inclusive culture.

sustainability_report p.22

bp announced its intention to sell its refinery in Gelsenkirchen, Germany, as part of portfolio high-grading toward most resilient assets.

sustainability_report p.13

100% of high-risk tier 1 suppliers evaluated against LRMS principles by end of 2025. Pre-contract evaluations of ~700 suppliers, 70 corrective action plans issued; 285 post-contract self-assessments, ~75% issued corrective action plans; 7 on-site assessments of high-risk tier 1 suppliers.

sustainability_report p.22

Data from Archaea Energy, TravelCenters of America, Lightsource bp, bp bioenergy, X Convenience and new Eagle Ford bpx assets not yet included in 2025 safety reporting due to transition period for integration.

sustainability_report p.7

Deloitte LLP provided ISAE 3000 (Revised) and ISAE 3410 limited assurance over selected sustainability metrics including Scope 1, Scope 2 market-based, energy consumption, methane, LCI, fatalities, and process safety events.

sustainability_report p.44

In February 2025 bp announced a reset of its strategy including shifting from owning Lightsource bp outright to bringing in a strategic partner; renewables investments now intended to be capital-light. Reduces bp's direct contribution to renewable buildout.

sustainability_report p.17

bp reset its water aim in February 2025 and retired its prior aim to be water positive, replacing with a narrower aim to reduce net freshwater use in stressed catchments. Achieved 26% towards prior water-positive target.

sustainability_report p.30

In 2025 bp made an adjustment to the operational control boundary for Scope 1 and 2 GHG emissions, excluding certain previously-included sources such as power generation on contractor-operated drilling rigs. Less than 1% impact on reported emissions.

sustainability_report p.11

bp reset its water aim in February 2025 and retired the aim to be water positive, replacing it with an aim to reduce net freshwater use in stressed catchments. This represents a less ambitious water-related commitment.

sustainability_report p.30

In 2025 bp adjusted the operational control boundary for Scope 1 and 2 GHG emissions. Certain operations previously included (e.g. power generation on contractor-operated drilling rigs) are now excluded. Less than 1% impact on reported operational emissions.

sustainability_report p.17

In February 2025 bp announced a strategy reset, including four primary financial targets through 2027: >20% adjusted free cash flow CAGR, net debt of $14-18bn, structural cost reductions, and ROACE >16%. Five sustainability aims approved: net zero operations, net zero sales, people, biodiversity, water.

sustainability_report p.8

bp's previous aim 2 (net zero production) was retired in February 2025. Scope 3 category 11 metric now follows different methodology and is not directly comparable to prior years for that retired aim.

sustainability_report p.38

Four colleagues working in bp's US retail operations died in 2025 - three TravelCenters of America employees and one Thorntons contractor. Roadside assistance on active highways was permanently withdrawn in response.

sustainability_report p.5

Following the strategic review of Castrol and decision to divest a 65% shareholding, the $4-5 billion structural cost reduction target by end 2027 (introduced at February 2025 Capital Markets Update) has been increased to $5.5-6.5 billion.

sustainability_report p.2

Subsequent to year end, on 26 February 2025 the group announced a strategy reset, with a consequent impact on the group's key targets and metrics for 2025 and beyond. This was considered by management for 2024 financial statement assumptions.

sustainability_report p.20

Equity instruments include $958 million proceeds from sale of 25% interest in Trans-Anatolian gas pipeline holding subsidiary and $1,500 million from sale of 49%/50% interests in Permian and Eagle Ford midstream assets subsidiaries.

sustainability_report p.37

During 2025, the trustee extended its derisking strategy for the primary UK defined benefit plan by completing a bulk annuity buy-in transaction with Legal & General Assurance Society Limited covering approximately 12% of the plan's liabilities ($2,183 million transfer).

sustainability_report p.8

In line with reset strategy, the measure on transition growth engines has been removed from the 2025 annual bonus scorecard. Earnings (adjusted EBITDA) measure replaced with structural cost reductions. Weightings of modified free cash flow and bp-operated reliability/availability increased to focus on cash and operations.

sustainability_report p.6

Following agreement with works councils, defined benefit plans in Germany (~60% of active membership) and the Netherlands were closed to future accrual on 31 December 2025 and 31 August 2025 respectively. New cash balance and defined contribution arrangements introduced.

sustainability_report p.7

Return on average capital employed targeted to be over 16% in 2027 at $70/bbl Brent (2024 real terms), supported by adjusted free cash flow CAGR >20% from 2024 to 2027.

sustainability_report p.40

bp announced a strategic review of Castrol and intent to bring in a strategic partner to Lightsource bp. Proceeds expected to support net debt reduction.

sustainability_report p.18

In June bp signed agreements with SOCAR to acquire 35% participating interests and become operator of the Karabagh development block and the Ashrafi-Dan Ulduzu-Aypara exploration area.

sustainability_report p.44

Best estimate oil and gas price assumptions for value-in-use impairment testing were revised in 2025 and rebased in real 2024 terms. Brent prices reduced in short-term reflecting greater supply; medium-long term prices steadily decline to $60/bbl in 2050. Henry Hub gas reduced short-term then steady at $4.50/mmBtu to 2050.

sustainability_report p.62

On 24 December 2025, bp announced an agreement with Stonepeak to divest a 65% shareholding in the Castrol business with bp retaining 35%. Cash proceeds estimated at $6 billion. Transaction expected to complete by end of 2026. Castrol assets ($4,431m including $2,760m goodwill) classified as held for sale at year-end.

sustainability_report p.83

In February 2025 bp introduced a fundamentally reset strategy focused on growing free cash flow, returns and shareholder value. Original strategic pillars (resilient hydrocarbons, low carbon energy, convenience and mobility) and associated low-carbon targets were retired. Low carbon energy business underwent significant portfolio reset and rationalization including divestments.

sustainability_report p.7

In 2025 the executive-level group sustainability committee was replaced by the executive-level group operational risk committee (sustainability), chaired by the CFO.

sustainability_report p.10

bp announced its intention to sell its refinery in Gelsenkirchen, Germany as part of portfolio optimization to high-grade portfolio and focus on most resilient assets.

sustainability_report p.13

In March 2025 bp agreed for Apollo-managed funds to purchase a 25% non-controlling stake in BP Pipelines (TANAP) Limited (holds 12% in TANAP) for approximately $1.0 billion.

sustainability_report p.44

In November and December 2025 bp completed two-phase divestment of non-controlling interests in Permian and Eagle Ford midstream assets to investor Sixth Street for total $1.5 billion.

sustainability_report p.42

In October 2025 bp agreed to sell its 32% non-operated working interest in the Culzean development; NEO NEXT exercised pre-emption rights and the deal completed in December.

sustainability_report p.42

At Capital Markets Update February 2025, bp set four primary targets for end of 2027: >20% adjusted free cash flow CAGR (2024-27); $14-$18bn net debt; $4-$5bn structural cost reductions (later increased to $5.5-$6.5bn following Castrol decision); >16% ROACE.

sustainability_report p.7

Annual impairment test resulted in $2.0 billion goodwill impairment against transition businesses (Archaea Energy and Lightsource bp) due to slowdown in pace of energy transition, increased costs, lower forecast production/development rates, adversely impacting project values.

sustainability_report p.34

The committee determined that operated carbon emissions targets under the 2024-26 and 2025-27 EDIP awards should be adjusted to align with the strategy reset at start of 2025 and recalibration of internal goals around emissions. The effect is to widen the target range by reducing the threshold and increasing the maximum under both awards.

sustainability_report p.12

On 26 February 2025, bp announced a fundamentally reset strategy with significant capital reallocation. The strategy will see bp grow its upstream oil and gas business, focus its downstream business, and invest with increasing discipline into the transition. Builds on bp's strengths as an integrated energy company. Announced as event after the reporting period.

sustainability_report p.24

Castrol's MORECircular programme diverts used oil to re-refining via partner Safety-Kleen (US launch 2024; now in Türkiye, pilots in UK/Germany). In 2025 ~3 million litres of used oil sent for re-refining. A major car manufacturer adopted Castrol EDGE with 50% re-refined base oils as factory-fill engine oil — Castrol's first factory-fill product containing RRBO.

sustainability_report p.32

In August 2025 bp formed JERA Nex bp, a 50:50 offshore wind JV with JERA, bringing together complementary expertise for a balanced mix of operating assets and development projects.

sustainability_report p.17

In 2025 bp focused on delivering two green hydrogen projects sanctioned in 2024: 50:50 JV with Iberdrola at Castellón refinery (Spain, start-up 2026) and the Lingen refinery green hydrogen project (Germany, start-up 2027). Portfolio has been high-graded to jurisdictions with adequate regulatory frameworks and confirmed demand. Secured EU funding for the Lingen project working with the German Federal Ministry for Economic Affairs and Climate Action.

sustainability_report p.17

In 2025 bp sold more than 1.5TWh of energy via EV charging and increased charge points to more than 41,000 globally across four key markets. Aral pulse has charged more than 5 million EVs since 2020; new ultra-fast charging hubs opened at major US airports. Power and heat sales totaled 84TWh in 2025.

sustainability_report p.17

Deloitte provided limited assurance under ISAE 3000 (Revised) and ISAE 3410 over selected sustainability metrics including LCI, fatalities, PSEs, Scope 1 and 2 GHG emissions, energy consumption.

sustainability_report p.44

bp announced intention to sell its refinery in Gelsenkirchen, Germany as part of portfolio optimization.

sustainability_report p.13

Approximately 60% of active membership in Germany defined benefit plans closed to future accrual on 31 December 2025 (net past service cost $6m). In the Netherlands, defined benefit plans were closed to future accrual on 31 August 2025 with $40m curtailment gain. New defined contribution arrangements take effect from 2026/September 2025 respectively.

sustainability_report p.7

Biofuels production grew ~19% YoY in 2025 driven by full ownership of bp bioenergy (Brazil). Archaea Energy started up 8 new RNG landfill plants in 2025 (19 added since 2023, totaling 18 million mmBtu/yr capacity). SAF delivered to 60+ locations across 22 countries. January 2026 launched Etlas, 50:50 JV with Corteva to develop feedstocks aiming for 800,000 tonnes biofuels equivalent by mid-2030s.

sustainability_report p.17

Divestments contributed 18MtCO2e of the cumulative reduction since 2019 baseline. In 2025 bp announced intention to sell Gelsenkirchen refinery in Germany as part of focusing on most resilient assets. Going forward, portfolio optimization is a key driver toward the 45-50% 2030 reduction aim.

sustainability_report p.13

2025 emissions/energy efficiency reviews completed in 4 production regions (North Sea, Oman, Egypt, Asia Pacific) and 3 refineries (Gelsenkirchen, Castellón, Cherry Point). Projects delivered ~144ktCO2e via flare optimization at Tangguh (45kt), pneumatic controller electrification at bpx energy (80kt), absorbent upgrades at Cherry Point (28kt annualized).

sustainability_report p.13

Methane intensity reached 0.04% in 2025 vs 0.20% target (per OGCI methodology). bp deploys real-time measurement (drone/aircraft top-down surveys, predictive emissions monitoring on gas turbines), retains OGMP 2.0 Gold status, and pursues zero routine flaring by 2030 under the World Bank initiative. 2025 methane abatement projects delivered ~30ktCO2e reductions (pneumatic controller replacement, electrification, leak repair at bpx energy).

sustainability_report p.14

bp aims for 8-10% reduction in average lifecycle carbon intensity of sold energy products by 2030 against 2019 baseline of 84gCO2e/MJ.

sustainability_report p.11

In February 2025, bp announced a fundamental strategy reset. Previously had broader sustainability aims; now simplified to five aims (net zero operations, net zero sales, people, biodiversity, water). Retired aim for 'more investment into transition'. Reduced expected capital investment in transition businesses to $1.5-2.0bn/year through 2027 (more than $5bn lower per year than previous guidance). Increased upstream investment vs prior guidance.

sustainability_report p.7

bp's removals approach centers on engineered CCS rather than nature-based removals. With partners, bp is progressing the Northern Endurance Partnership (CO2 transport and storage in the UK North Sea) and Net Zero Teesside Power (potentially world's first gas-fired power station with carbon capture). The Tangguh UCC project in Indonesia will include enhanced gas recovery via CCUS. bp notes that 'abatement' for net zero may include 'netting by means of offsets as necessary'. No volumes of durable removals retired are disclosed.

sustainability_report p.17

During 2025, the trustee extended its derisking strategy for the primary UK defined benefit plan by completing a bulk annuity buy-in transaction with Legal & General Assurance Society Limited covering approximately 12% of the plan's liabilities, paid for by transfer of $2,183 million of government bonds.

sustainability_report p.8

In February 2025 bp announced a reset strategy that increased upstream investment, focused on the downstream, and pursued disciplined investment in transition. Set four new primary financial targets through 2027: adjusted free cash flow CAGR >20%, net debt $14-18bn, structural cost reduction $5.5-6.5bn, ROACE >16%.

sustainability_report p.2

bp retired its previous aim 2 (net zero production) in February 2025. The Scope 3 category 11 metric now follows a different methodology and boundary, and is not directly comparable to prior years.

sustainability_report p.38

In 2025 bp made an adjustment to the operational control boundary for Scope 1 and 2 GHG emissions. Certain operations such as power generation on contractor-operated drilling rigs are now excluded. Less than 1% impact on reported operational emissions.

sustainability_report p.17

On 24 December 2025, bp announced an agreement with Stonepeak to divest a 65% shareholding in the Castrol business with bp retaining a 35% interest through a holding in a newly incorporated entity.

sustainability_report p.79

In December 2025 bp approved the sale of a 65% shareholding in Castrol to Stonepeak at an enterprise value of $10.1bn, with approximately $6bn net proceeds expected. Completion anticipated by end of 2026.

sustainability_report p.81

In December 2025 bp completed the sale of US onshore wind business (bp Wind Energy) to LS Power, including 10 operating assets across seven US states.

sustainability_report p.29

In August 2025 bp formed JERA Nex bp, a 50:50 offshore wind joint venture between JERA and bp, moving offshore wind to a capital-light JV model.

sustainability_report p.29

In 2025 bp decided not to progress H2Teesside and ended participation in projects in Oman, Australia and the US Gulf Coast, refining its hydrogen and CCS portfolio.

sustainability_report p.29

Murray Auchincloss stepped down as CEO on 18 December 2025. Carol Howle appointed as interim CEO, with Meg O'Neill appointed as CEO effective 1 April 2026.

sustainability_report p.6

Following February 2025 strategy reset, bp now intends to make selective, disciplined, capital-light investments in renewables partnerships. Took full ownership of Lightsource bp in 2024 (which has delivered more than 12GW to FID since inception) and announced in 2025 the intention to bring in a strategic partner. In August 2025 formed JERA Nex bp, a 50:50 offshore wind JV. Some bp offices (Singapore, Ghent) procured renewable energy certificates to cover their energy use; Archaea Energy purchased RECs equivalent to 125ktCO2e of Scope 2 savings.

sustainability_report p.17

bp aims for 8-10% reduction in average lifecycle carbon intensity of energy products sold by 2030 vs 2019 baseline of 84gCO2e/MJ. 2025 performance was 79gCO2e/MJ (7% reduction).

sustainability_report p.15

bp aims for 45-50% absolute reduction in Scope 1+2 operational emissions by 2030 vs 2019 baseline of 54.5MtCO2e. Already 37% reduction achieved by 2025, exceeding 20% target.

sustainability_report p.12

bp received a CDP climate change score of B in 2025 (2024 B).

sustainability_report p.41

Deloitte provides limited assurance over selected sustainability metrics including Scope 1, Scope 2 market-based, energy consumption, methane, fatalities, LCIs and process safety events.

sustainability_report p.44

bp is a member of the TNFD Forum and applies a Net Positive Impact (NPI) methodology to new in-scope projects. 6 in-scope projects implementing or developing NPI plans by end-2025. All major operating sites in sensitive areas have biodiversity enhancement plans. Funded 8 biodiversity restoration projects since 2022.

sustainability_report p.29

In 2025 bp retained gold status under the Oil & Gas Methane Partnership (OGMP) 2.0 reporting framework for the implementation of its source-level methane emissions measurement approach.

sustainability_report p.14

Previous just transition aim was retired in 2025 and replaced by a new people aim focused on equipping employees with energy transition skills, developing targeted just transition plans for select assets, and fostering an inclusive culture.

sustainability_report p.22

At Q4 2025 results in February 2026, the board decided to suspend share buybacks and fully allocate excess cash to accelerate strengthening the balance sheet.

sustainability_report p.18

Following the outcome of the strategic review of Castrol resulting in the decision to divest a 65% shareholding, the $4-5 billion structural cost reduction target by end 2027 introduced at February 2025 CMU has increased to $5.5-6.5bn.

sustainability_report p.2

In 2025 bp made an adjustment to the operational control boundary for Scope 1 and 2 GHG emissions. Certain operations such as power generation on contractor-operated drilling rigs are now excluded. <1% impact on reported operational emissions.

sustainability_report p.11

bp acquired X Convenience, an Australian fuel and convenience retailer, adding nearly 50 sites to its national network in Australia.

sustainability_report p.34

On 26 February 2025 bp announced a strategy reset, with consequent impact on the group's key targets and metrics for 2025 and beyond. Disclosed in the audit report and Note 1 as a post balance sheet event. Performance share scorecards have replaced the prior 'transition growth engines' measure with structural cost reductions and modified free cash flow measures, signalling a pivot away from low-carbon transition focus.

sustainability_report p.20

As part of February 2025 strategy reset, bp revised its net zero sales aim. The 2030 target for reducing the average lifecycle carbon intensity of sold energy products was reduced from 15-20% to 8-10% against the 2019 baseline. The methodology and 2019 baseline were also restated.

sustainability_report p.355

bp aims for 45-50% reduction in Scope 1 and 2 operational emissions by 2030 vs 2019 baseline. Achieved 37% reduction by end-2025 vs 20% target.

sustainability_report p.37

For 2025 annual bonus, bp replaced the transition growth measure with structural cost reductions, and replaced earnings (adjusted EBITDA) with structural cost reductions in scorecards. Performance share plan also introduces adjusted free cash flow CAGR replacing adjusted EBIDA per share CAGR. Indicates de-emphasis of low-carbon transition.

sustainability_report p.6

The committee determined that operated carbon emissions targets under the 2024-26 and 2025-27 EDIP awards should be adjusted to align with the strategy reset at the start of 2025 and subsequent recalibration of internal goals. The effect is to widen the target range by reducing the threshold and increasing the maximum, making it easier to achieve partial vesting.

sustainability_report p.12

In February 2025, bp introduced a fundamentally reset strategy focusing on growing free cash flow, returns and shareholder value. Original 2023 strategic pillars (resilient hydrocarbons, low carbon energy, convenience and mobility) were retired/restructured. Low carbon energy business underwent significant portfolio reset and rationalization including sale of onshore wind to LS Power and formation of JERA Nex bp offshore wind JV.

sustainability_report p.5

bp completed the sale of its US onshore wind energy business (bp Wind Energy) to LS Power on 9 December 2025. The business had interests in ten operating onshore wind energy assets across seven US states.

sustainability_report p.83

On 1 August 2025, bp and JERA Co. completed the formation of JERA Nex bp, an equally-owned offshore wind JV. bp contributed development projects in UK, Germany and US into the JV. Reflects strategy reset away from low carbon energy.

sustainability_report p.83

On 24 December 2025, bp announced agreement with Stonepeak to divest 65% shareholding in Castrol with bp retaining 35%. Cash proceeds estimated at $6 billion. Transaction expected to complete by end of 2026.

sustainability_report p.83

During Q1 2025, the Archaea Energy renewable natural gas business was moved from the customers & products segment to the gas & low carbon energy segment, reflecting changes in resource allocation and performance assessment by the chief operating decision maker. Comparative 2024 information was restated.

sustainability_report p.66

Annual impairment test resulted in $2.0 billion impairment on goodwill associated with transition businesses (Archaea Energy and Lightsource bp), reflecting slowdown in pace of energy transition, increased costs, lower forecast production/development rates, and impacting investment decisions.

sustainability_report p.34

During 2025, bp's price assumptions for value-in-use impairment testing were revised. Brent oil prices in real 2024 terms reduced to $70/bbl declining to $60/bbl by 2050. Henry Hub gas prices reduced in near term then increasing to $4.50/mmBtu by 2050. Reflects assumption that energy system decarbonises but at a slower rate than previously assumed.

sustainability_report p.70

Capital Markets Update February 2025 established four primary targets for end of 2027: >20% adjusted free cash flow CAGR (2024-27), $14-18bn net debt, $4-5bn structural cost reductions (later increased to $5.5-6.5bn following Castrol divestment), >16% ROACE.

sustainability_report p.7

Murray Auchincloss stepped down as CEO on 18 December 2025 by mutual agreement. Carol Howle appointed interim CEO same date. Meg O'Neill announced to join as permanent CEO on 1 April 2026.

sustainability_report p.2

bp aims for a 45-50% reduction in Scope 1 and 2 emissions by end of 2030 against 2019 baseline, after exceeding 2025 target with 37% reduction. Previous bp targets had been more ambitious; this maintains the existing trajectory under reset strategy.

sustainability_report p.12

On 26 February 2025, bp announced a fundamentally reset strategy with significant capital reallocation. The strategy will see bp grow its upstream oil and gas business, focus its downstream business, and 'invest with increasing discipline into the transition'. This represents a material pivot away from the previous transition-focused strategy.

sustainability_report p.24

Murray Auchincloss stepped down as CEO on 18 December 2025. Carol Howle appointed as interim CEO. Meg O'Neill to be appointed CEO from 1 April 2026.

sustainability_report p.4

On 6 February 2025 bp announced its intention to market its Ruhr Oel GmbH – BP Gelsenkirchen operation in Germany for potential sale, including its refinery in Gelsenkirchen and DHC Solvent Chemie GmbH in Mülheim an der Ruhr.

sustainability_report p.29

Net debt target of $14-18bn by end-2027 reflects allocation of potential proceeds from any transactions related to the Castrol strategic review and announcement to bring a strategic partner into Lightsource bp.

sustainability_report p.18

In October bp agreed to sell its 32% non-operated working interest in the Culzean development in the central North Sea. NEO NEXT exercised pre-emption rights; deal completed in December 2025.

sustainability_report p.42

In November and December bp completed a two-phase divestment of non-controlling interests in Permian and Eagle Ford midstream assets to Sixth Street for total $1.5 billion.

sustainability_report p.42

At Q4 2025 results in February 2026, the board suspended share buybacks; excess cash now fully allocated to balance sheet to optimize financing costs and strengthen the balance sheet. Net debt targeted to $14-18bn by end 2027.

sustainability_report p.40

On 6 February 2025 bp announced its intention to market its Ruhr Oel GmbH – BP Gelsenkirchen operation in Germany for potential sale, including refinery in Gelsenkirchen and DHC Solvent Chemie.

sustainability_report p.50

Net debt at end 2025 was $22.2bn, expected to reduce over time to a targeted range of $14-18 billion by end of 2027.

sustainability_report p.40

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.

sustainability_report p.48

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.

sustainability_report p.17

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).

sustainability_report p.11

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.

sustainability_report p.17

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.

sustainability_report p.65

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.

sustainability_report p.41

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.

sustainability_report p.12

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.

sustainability_report p.7

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.

sustainability_report p.21

$942 million recycling of cumulative foreign exchange losses from reserves relating to the sale of bp's Türkiye ground fuels business to Petrol Ofisi.

sustainability_report p.14

As part of February 2025 strategy reset, bp retired its aim to reach net zero CO2 emissions from carbon in upstream oil and gas production. Updates will continue but no target.

sustainability_report p.17

bp adjusted its 2030 aim for the average lifecycle carbon intensity of sold energy products from a previous 15-20% reduction against 2019 baseline to 8-10% reduction.

sustainability_report p.17

bp adjusted its previous 50% reduction aim for Scope 1 and 2 emissions by end of 2030 to a range of 45-50% against 2019 baseline.

sustainability_report p.17

bp updated net zero sales methodology to follow net volume accounting approach guided by Ipieca's sectoral guidance for Scope 3 reporting. 2019 baseline restated to 84gCO2e/MJ and historical years restated.

sustainability_report p.21

2024 was first year reporting using new methane measurement approach across major operated oil and gas processing sites. Prior years not directly comparable. Methane intensity rose from 0.05% to 0.07%.

sustainability_report p.19

In October 2024, bp acquired remaining 50% of bp Bunge Bioenergia, a top-three sugar cane bioethanol producer in Brazil. Increased Scope 1 and 2 emissions by 69.9ktCO2e in part-year 2024.

sustainability_report p.23

bp completed acquisition of GETEC ENERGIE in August 2024, expanding power supply to commercial and industrial customers in Europe.

sustainability_report p.2

2024 has been restated for material items to reflect the move of bp's Archaea Energy business from the customers & products segment to the gas & low carbon energy segment.

sustainability_report p.28

Divestments contributed 18MtCO2e to total reduction from 2019 baseline; in 2024 alone, divestments reduced Scope 1 and 2 emissions by 60ktCO2e. Includes sale of mature gas fields in Trinidad and Tobago to Perenco.

sustainability_report p.18

On 16 September 2024, bp announced plans to sell its US onshore wind energy business with interests in 10 operating onshore wind energy assets across 7 US states. Carrying amount classified as held for sale at year-end 2024 is $569 million. Signals retreat from US onshore renewables.

sustainability_report p.65

On 9 December 2024, bp and JERA Co., Inc. agreed to combine their offshore wind businesses into a new standalone, equally-owned joint venture - JERA Nex bp. bp is contributing development projects in UK, Japan, Germany and US into the new JV. Effectively deconsolidates offshore wind from bp's balance sheet.

sustainability_report p.65

Updated methodology for net zero sales aim. Energy included for 2019 baseline restated to 7.9EJ and associated lifecycle emissions to 671MtCO2e; 2019 carbon intensity baseline restated to 84gCO2e/MJ. All other reporting years also updated.

sustainability_report p.355

In October 2024, bp completed acquisition of full ownership of Lightsource bp (renewable solar platform). Contributed to ~110,000 tCO2e increase in Scope 1+2 emissions. Note: in August 2025 (post-reporting) bp completed formation of JERA Nex bp, moving renewables to capital-light partnership model.

sustainability_report p.243

In October 2024, bp completed acquisition of full ownership of bp Bunge Bioenergia (now bp bioenergy) in Brazil, accessing ~50kb/d of biofuels production. Approved by board.

sustainability_report p.243

In August 2024 bp acquired GETEC ENERGIE GmbH, contributing part-year sales to net zero sales calculations.

sustainability_report p.243

Logistics South Africa divested in February 2024; Logistics Turkey divested in October 2024. Together accounted for ~100,000 tCO2e of Scope 1+2 emissions decrease.

sustainability_report p.243

In November 2024, FID for $7bn Tangguh UCC project including Indonesia's first at-scale CCS (up to 15 Mt CO2 sequestration in initial phase). In September 2024, FID for 25MW green hydrogen project at Castellón refinery (with Iberdrola JV) targeting ~23ktCO2e annual reduction. Lingen, Germany hydrogen project also sanctioned in 2024.

sustainability_report p.342

Acquisition of bp bioenergy completed in 2024, contributing to increased biofuels production (~19% YoY growth) and inorganic transition spend of $0.8bn in 2025.

sustainability_report p.11

2024 segment data was restated to reflect the move of the Archaea Energy business from the customers & products segment to the gas & low carbon energy segment.

sustainability_report p.5

Operational issues at Tangguh facility in Indonesia, combined with Train 3 ramp-up and a temporary operating mode quantified under new measurement methodology, caused notable increase in flaring methane emissions in 2024. Methane intensity rose from 0.05% (2023) to 0.07% (2024).

sustainability_report p.266

EY provided limited assurance under ISAE 3000/ISAE 3410 on Scope 1, Scope 2 (location and market based), Scope 1 CO2, Scope 1 methane, methane intensity, and energy consumption.

sustainability_report p.255

Includes $942 million recycling of cumulative foreign exchange losses from reserves relating to the sale of bp's Türkiye ground fuels business to Petrol Ofisi.

sustainability_report p.34

During 2024, oil and gas price assumptions for value-in-use impairment testing were revised. Brent oil assumption held constant at $70/bbl near term, declining after 2030 to $50/bbl by 2050. Henry Hub gas held constant at $4.00/mmBtu to 2050. Assumptions are consistent with limiting temperature rise to well below 2°C and pursuing 1.5°C, but do not correspond to any specific Paris-consistent scenario.

sustainability_report p.58

On 9 December 2024, bp and JERA Co., Inc. agreed to combine their offshore wind businesses to form a new standalone, equally-owned joint venture - JERA Nex bp. bp will contribute its development projects in UK, Japan, Germany and US.

sustainability_report p.65

On 1 December 2024 bp completed the sale of its 50% ownership in the bp-Husky Toledo / SAPREF refinery to Central Energy Fund SOC Ltd (South African state-owned entity).

sustainability_report p.29

During 2024, bp's oil and gas price assumptions for value-in-use impairment testing were revised. Brent oil held constant at $70/bbl near term, declining to $50/bbl by 2050. Henry Hub held constant at $4.00/mmBtu through 2050. Revised assumptions sit within range of scenarios consistent with Paris well below 2°C and 1.5°C ambition. Resulted in $2.0bn net impairment charges in 2024 (2023: $3.6bn).

sustainability_report p.54

In 2024 bp started reporting methane intensity based on a new measurement approach across major operated oil and gas assets. Prior year data is not directly comparable.

sustainability_report p.17

In 2024 auditor (Deloitte) changed materiality basis from profit before tax to cash flow from operations and underlying replacement cost profit before interest and tax due to changing macroeconomic conditions and significant impact on PBT. Materiality reduced from $1,000m (2023) to $800m (2024).

sustainability_report p.30

The Castrol performance KPI was retired during the performance period and performance has therefore been considered 'in the round' including reference to earnings and volume growth.

sustainability_report p.3

On 16 September 2024 bp announced plans to sell its US onshore wind energy business. Carrying amount of assets held for sale was $569 million.

sustainability_report p.65

On 1 October 2024 bp acquired bp bioenergy (formerly Bunge Bioenergia). Total consideration for both Lightsource bp and bp Bunge Bioenergia step acquisitions was $1,328 million.

sustainability_report p.41

On 24 October 2024, bp completed the acquisition of the remaining 50.03% of Lightsource bp. Assets classified as held for sale at 31 Dec 2024 were $1,702 million with associated liabilities of $1,050 million.

sustainability_report p.65

Previously reported figures for 2019-2023 have been restated to update the 2019 baseline and the years 2020-2023 in line with updated methodology for net zero sales metric.

sustainability_report p.41

From 2024, bp changed from using industry standard emission factors for incomplete combustion of hydrocarbons from fuel gas and flare to measurement-based approaches across major operated oil and gas processing sites. Resulted in +470,000 tCO2e increase in reported emissions (1.46%), partly due to operational issues at Tangguh and a temporary operating mode quantified by the new approach. Improves accuracy of methane reporting.

sustainability_report p.244

Other movements include $3,726 million of finance debt and $585 million of lease liabilities acquired as part of the Lightsource bp and bp Bunge Bioenergia business combinations.

sustainability_report p.15

In October 2024, the UK government announced changes (effective 1 November 2024) to the Energy Profits Levy including a 3% increase taking the headline rate of tax on North Sea profits to 78%, an extension of the period of application of the Levy to 31 March 2030, and removal of the main investment allowance. Resulted in an additional non-cash deferred tax charge of approximately $0.1 billion in 2024.

sustainability_report p.63

Management identified impairment indicators in respect of the Gelsenkirchen refinery in Germany during the year and recorded an impairment charge of $0.8 billion (2023: $1.3 billion) primarily driven by changes in economic assumptions.

sustainability_report p.20

On 1 December 2024 bp completed the sale of its 50% ownership in the SAPREF refinery to the South African state-owned entity Central Energy Fund SOC Ltd.

sustainability_report p.29

Since 2024 reported absolute methane emissions from major operated oil and gas processing sites are based on a new measurement approach. Prior years used different methodology and don't directly correlate.

sustainability_report p.11

Full ownership of bp bioenergy completed in 2024, increasing biofuels production by ~19% year on year in 2025. Also resulted in increased freshwater use that was excluded from water target measurement.

sustainability_report p.11

In 2024 bp completed acquisitions of bp Bunge Bioenergia (1 October 2024) and Lightsource bp (24 October 2024). 2024 capex includes cash acquired net of acquisition payments on completion of these acquisitions.

sustainability_report p.14

Since 2024 reported absolute methane emissions from major operated oil and gas processing sites are based on a new measurement approach. Prior to 2024 these emissions were calculated using a different methodology. Methane intensity reported in those years does not directly correlate to progress toward 2025 target.

sustainability_report p.11

On 16 January 2024 bp announced a major group restructuring programme expected to result in charges of more than $1 billion over a defined period. 2024 includes charges for provisions arising from the transformation project.

sustainability_report p.15

In October 2024 the UK government announced changes to the EPL including a 3% rate increase from 1 November 2024, removal of main investment allowance, and extension to 31 March 2030. Resulted in a non-cash deferred tax charge of around $0.5 billion in year ended 31 December 2025.

sustainability_report p.16

Includes $3,726 million of finance debt and $585 million of lease liabilities acquired as part of the Lightsource bp and bp Bunge Bioenergia business combinations during 2024.

sustainability_report p.15

bp took full ownership of Lightsource bp in 2024 and completed acquisition of bp bioenergy in 2024. In 2025 announced intention to bring strategic partner into Lightsource bp.

sustainability_report p.11

2024 and 2023 figures restated to reflect the move of Archaea Energy business from customers & products to gas & low carbon energy segment.

sustainability_report p.37

bp adjusted its previous 50% Scope 1+2 reduction aim for the end of 2030 to a range of 45-50%, against the 2019 baseline of 54.5MtCO2e. This reflects bp's strategy reset toward more upstream investment.

sustainability_report p.40

bp updated its net zero sales aim, now targeting 8-10% reduction in average lifecycle carbon intensity of energy products by end of 2030 vs 2019 baseline (previously 15-20%). Methodology also updated to a net volume accounting approach guided by Ipieca's sectoral guidance (2016).

sustainability_report p.41

2024 includes charges for provisions arising from the group's transformation project announced on 16 January 2024, classified as adjusting items affecting more than one segment.

sustainability_report p.15

bp guided capex of around $15 billion in 2025 and $13-15 billion per annum from 2026 to 2027, down from $16.2 billion in 2024. Net debt target range of $14-18 billion by end of 2027, reflecting allocation of potential proceeds from Castrol strategic review and Lightsource bp partnering.

sustainability_report p.18

In February 2025 strategy reset, bp simplified sustainability aims from previous set, retiring some net zero aims. Now focuses on net zero operations and net zero sales (Scope 1+2 and lifecycle intensity of products sold). Other previous aims have been retired.

sustainability_report p.40

In 2024 bp started reporting methane on the basis of a new measurement approach across major operated upstream oil and gas assets. Methane intensity reported as 0.07% in 2024 (vs 0.05% in 2023 under old method). Prior years calculated using different methodology and not directly comparable.

sustainability_report p.41

In October 2024 bp took full ownership of bp bioenergy (formerly Bunge Bioenergia JV) in Brazil, adding capacity to produce ~50,000 barrels/day of ethanol equivalent across 11 agro-industrial units. Adds ~8,800 employees and 5,600 contractors. Acquisition contributes to employee headcount increase from 87,800 to 100,500.

sustainability_report p.25

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 seeking to hold defendant companies responsible for impacts allegedly caused by/relating to climate change.

sustainability_report p.21

bp completed full acquisition of bp bioenergy (Brazil) in 2024 contributing to ~19% YoY increase in biofuels production; took full ownership of Lightsource bp in 2024.

sustainability_report p.17

bp disclosed estimated Scope 3 emissions from carbon in upstream oil and gas production: 322MtCO2 in 2024, an 11% reduction relative to 2019 baseline (315MtCO2 in 2023, indicating slight increase year-on-year).

sustainability_report p.41

At Capital Markets Update February 2025 bp set four primary financial targets: adjusted free cash flow CAGR >20% from 2024-27, net debt $14-18bn by end 2027, structural cost reduction $4-5bn by end 2027, and ROACE >16% in 2027.

sustainability_report p.10

Murray Auchincloss appointed permanent CEO 17 January 2024, Kate Thomson appointed CFO 2 February 2024. New leadership team structure effective from April 2024 reflecting organizational focus, simplification, and value growth.

sustainability_report p.89

Sale of Türkiye ground fuels business to Petrol Ofisi recognised loss of $1.1 billion. Other 2024 divestments include 20% stake in TAP, 49% interest in midstream assets offshore US, 8.3% in Channel Infrastructure (NZ), and 50% in SAPREF refinery.

sustainability_report p.35

In June bp agreed to take full ownership of Brazilian biofuels JV, acquiring Bunge's 50% interest. Acquisition completed 1 October 2024. Adds capacity to produce around 50,000 barrels/day of ethanol equivalent across 11 agro-industrial units. Also added 8,800 employees and 5,600 contractors.

sustainability_report p.25

In 2024 bp updated its net zero sales methodology to follow a net volume accounting approach, guided by Ipieca's sectoral guidance (2016) for Scope 3 reporting. Previously reported figures for 2019-2023 have been restated to update the 2019 baseline and the years 2020-2023 in line with the updated methodology.

sustainability_report p.41

In 2024 bp started reporting methane intensity based on a new measurement approach across major operated oil and gas assets. Methane emissions from upstream operations increased to 46kt in 2024 from 31kt in 2023, partly reflecting improved measurement methodology revealing previously under-reported emissions at Tangguh.

sustainability_report p.18

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. Capital reallocation toward upstream oil and gas growth.

sustainability_report p.7

In February 2025, as part of strategy reset, bp announced simplification of sustainability aims to focus on five aims: net zero operations, net zero sales, people, biodiversity and water. Retired some previous net zero aims and previous advocacy aim for net zero.

sustainability_report p.40

bp adjusted its previous 15-20% reduction aim for average lifecycle carbon intensity of sold energy products by end of 2030 to 8-10% against the 2019 baseline. This represents a significant weakening of the transition target.

sustainability_report p.41

In 2024, bp reported absolute methane emissions from upstream major oil and gas processing sites using a new measurement approach (real-time monitoring, drone/aircraft sensors, predictive emissions monitoring on gas turbines). Prior years used different methodology and are not directly comparable. The new approach showed methane emissions were generally lower than previously reported, but identified a Tangguh facility issue that increased reported methane by 24kt.

sustainability_report p.19

As part of February 2025 strategy reset, bp adjusted its previous 50% reduction aim for end of 2030 to a range of 45-50% against 2019 baseline. Current outlook is around 45%.

sustainability_report p.17

bp's aim for end of 2030 reduction in average lifecycle carbon intensity of sold energy products was reduced from previously 15-20% to 8-10% against 2019 baseline.

sustainability_report p.17

In October 2024 bp acquired the remaining 50% of bp Bunge Bioenergia, now called bp bioenergy. Top-three sugar cane bioethanol producer in Brazil with capacity for ~50,000 barrels/day ethanol equivalent across 11 agro-industrial units in five Brazilian states. Increased Scope 1+2 emissions by 69.9ktCO2e (part-year).

sustainability_report p.23

bp completed acquisition of GETEC ENERGIE in August 2024, expanding power supply to commercial and industrial customers in Europe.

sustainability_report p.2

In September 2024 bp announced the sale of mature gas fields in Trinidad and Tobago to Perenco as part of refocusing of gas business. Reduced Scope 1+2 emissions by 60ktCO2e.

sustainability_report p.19

The 2019 baseline for net zero sales was restated to 7.9EJ energy and 671 MtCO2e lifecycle emissions, with carbon intensity baseline now 84 gCO2e/MJ. All years 2020-2023 were also restated under new methodology.

sustainability_report p.21

Deloitte LLP provided independent limited assurance over selected sustainability metrics including Scope 1 and 2 GHG emissions (operational and equity boundary), methane emissions, methane intensity, energy consumption, RIF, fatalities, and process safety events under ISAE 3000 and ISAE 3410.

sustainability_report p.48

Updated methodology adds part-year accounting from GETEC ENERGIE, full ownership of bp bioenergy and Lightsource bp. Strategic investment activities including significant retail power volumes from EDF Energy Services 2022 acquisition contributed to reduction in carbon intensity.

sustainability_report p.21

In February 2025 strategy reset, bp adjusted its previous 50% reduction aim for Scope 1 and 2 operational emissions by end of 2030 to a range of 45-50% against the 2019 baseline of 54.5MtCO2e. This effectively widens/loosens the target range.

sustainability_report p.40

In 2024 bp completed acquisition of remaining 50.03% interest in Lightsource bp, one of the world's leading developers and operators of utility-scale solar and battery storage. Contributes to employee headcount increase.

sustainability_report p.31

Since 2024 reported absolute methane emissions from major operated oil and gas processing sites are based on a new direct measurement approach. Prior years used a different methodology and are not directly comparable.

sustainability_report p.14

In October 2024 bp completed sale of Türkiye ground fuels business to Petrol Ofisi. Sale of 8.3% Channel Infrastructure (NZ) shareholding completed June 2024. SAPREF 50% interest sold December 2024. Various divestments contribute to $4.2bn divestment proceeds.

sustainability_report p.37

Previously reported aim 3 figures for 2019-2022 have been restated to correct misstatements in sales data identified through business reviews and digital improvement projects. The restatement does not alter the previously disclosed average lifecycle carbon intensity.

sustainability_report p.19

In May 2023 bp acquired TravelCenters of America, a leading travel centre operator in the US with around 290 travel centres on major US highways. Increased employee count from 67,600 to 87,800 and added emissions in 2023.

sustainability_report p.27

In February 2023, BP revised its Aim 2 target. Previously aimed for 35-40% reduction in upstream oil & gas Scope 3 emissions by 2030 vs 2019 baseline; now aiming for 20-30%. 2025 target also revised from 20% to 10-15%. Driven by decision to slow divestments and invest more in oil and gas. Aim is now to reduce oil and gas production by ~25% by 2030 vs 2019 (previously 40%).

sustainability_report p.79

$942 million recycling of cumulative foreign exchange losses from reserves relating to the sale of bp's Türkiye ground fuels business to Petrol Ofisi.

sustainability_report p.14

Deloitte provided limited external assurance under ISAE 3000 on selected sustainability metrics including Scope 1, 2, methane intensity, RIF, process safety events.

sustainability_report p.62

In February 2023, BP updated its capex target for transition growth engines: now targeting >40% by 2025 and ~50% by 2030, with up to $8 billion more this decade in transition growth engines but also up to $8 billion more in oil and gas.

sustainability_report p.46

2019 baseline for Scope 1+2 emissions changed from 54.4MtCO2e to 54.5MtCO2e for consistency in rounding.

sustainability_report p.19

Completed implementation of methane measurement approach across all operated upstream oil and gas assets, including software for flare efficiency, predictive emissions monitoring on gas turbines, and additional/updated meters. Will result in a new methane intensity baseline.

sustainability_report p.24

In 2023 bp reset its 2025 diverse supplier spend target from $1 billion to $650 million of US-related annual spend with certified diverse suppliers, citing divestments and other factors that impacted the original target.

sustainability_report p.40

bp joined 50+ companies signing the OGDC at COP28 in December 2023, with aims for net zero operations by 2050, zero routine flaring and near-zero methane emissions by 2030. bp also pledged $25m to Global Flaring and Methane Reduction trust fund.

sustainability_report p.25

Divestment of Toledo Refinery contributed to a 29% fall in freshwater withdrawals and a 15% fall in freshwater consumption vs 2020 baseline. Divestments overall reduced Scope 1+2 emissions by 1.9MtCO2e.

sustainability_report p.46

In 2023 improvements in aim 3 methodology included a more granular assignment of environmental attributes to power and increased consistency between financial and carbon reporting, resulting in inclusion of additional sales volumes by equity accounted entities.

sustainability_report p.22

On 27 February 2022 bp announced intention to exit its shareholding in Rosneft and other Russian businesses including Russian joint ventures, following events in Ukraine. Reported emissions exclude Rosneft share.

sustainability_report p.117

In February 2022, bp increased its 2030 aim for net zero operations from a 30-35% absolute reduction to a 50% absolute reduction vs. 2019 baseline.

sustainability_report p.3

The sales boundary of energy products in aim 3 was expanded to include physically traded sales of energy products in addition to marketing sales. Increases the volume of emissions covered.

sustainability_report p.24

On 27 February 2022, following the military action in Ukraine, bp announced its intent to exit its 19.75% shareholding in Rosneft. Rosneft emissions are excluded from bp's reported equity-share emissions.

sustainability_report p.24

In February 2022, bp announced it expects more than 40% of capital expenditure in transition growth businesses by 2025 and around 50% by 2030.

sustainability_report p.4

In February 2022 bp announced acceleration of net zero ambition: Aim 1 (net zero operations) 2030 reduction target raised from 30-35% to 50%; Aim 3 (carbon intensity of products sold) expanded scope to include physically traded energy products as well as marketing sales, and 2030 target moved to 15-20% reduction in lifecycle carbon intensity (previously 50% emissions intensity reduction). Now aim to be net zero across operations, production and sales by 2050 or sooner.

sustainability_report p.51

On 27 February 2022, following Russia's military action in Ukraine, bp announced it will exit its 19.75% shareholding in Rosneft and other businesses with Rosneft within Russia. Bernard Looney and Bob Dudley stepped down from Rosneft board. Rosneft will no longer be reported as a separate segment from Q1 2022. Material non-cash charges expected (~$11bn cumulative FX losses, $14bn carrying value of investment).

sustainability_report p.253

In February 2022 bp announced aim to increase proportion of capital expenditure in transition growth businesses to more than 40% by 2025 and around 50% by 2030, with low carbon investment increased to $3-4bn/year by 2025 and at least $5bn/year by 2030.

sustainability_report p.16

Russia's military action in Ukraine in February 2022 triggered material economic and geopolitical consequences. bp's Rosneft exit, Russian asset write-downs, and broad sanctions affect group financial reporting from Q1 2022.

sustainability_report p.253

bp acquired Archaea Energy, a leading US producer of renewable natural gas (RNG), through a deal announced in 2022. Boosts biogas supply volumes 80% YoY.

sustainability_report p.26

In February 2023, bp adjusted its aim 2 (net zero production) targets. Compared to 2019, now targeting a 10-15% reduction by 2025 (previously 20%) and 20-30% reduction by 2030 (previously 35-40%). Reflects plan to slow divestments and invest more in oil and gas.

sustainability_report p.4

bp now aims for a 50% reduction in operational Scope 1 and 2 emissions by 2030 (formerly 30-35%) against 2019 baseline.

sustainability_report p.18

In February 2022, bp expanded aim 3 from average carbon intensity of marketed energy products to sold energy products including physically traded products. Methodology improvements for power and updated carbon intensity factors. Baseline 2019 energy increased from 12.6EJ to 20.9EJ; emissions from 993 to 1,638 MtCO2e. All 2019-2021 data recalculated.

sustainability_report p.26

Aim 5 metric changed from low carbon investment to transition growth investment. 2025 target updated from $3-4bn (low carbon) to $6-8bn (transition growth); 2030 aim from ~$5bn to $7-9bn. Most spend on biogas, EV charging, offshore wind, power, convenience.

sustainability_report p.28

bp announced ~$3 billion deal to acquire Archaea Energy, a leading US producer of renewable natural gas (RNG), to expand bioenergy transition growth engine.

sustainability_report p.28

On 27 February 2022, following military action in Ukraine, bp announced intent to exit its 19.75% shareholding in Rosneft Oil Company. Rosneft excluded from production reporting.

sustainability_report p.23

Transition of bp's Angola business to the Azule integrated joint venture contributed to Scope 1+2 emissions decrease of 1.2MtCO2e (combined with bpx energy divestments).

sustainability_report p.23

In December 2022 bp completed purchase of EDF Energy Services to expand US commercial and industrial retail energy business.

sustainability_report p.29

Aim 3 expanded to include physically traded energy products as well as marketed sales, increasing transparency of carbon intensity reporting.

sustainability_report p.25

In February 2022 bp announced acceleration of its 2030 aim for Scope 1+2 operational emissions from a 30-35% reduction to a 50% reduction against a 2019 baseline.

sustainability_report p.42

In February 2022, Aim 3 (carbon intensity of products sold) was changed to a net zero target by 2050 (from 50% reduction) and now includes physical trades of energy products as well as marketing sales. 2030 aim revised to 15-20% intensity reduction.

sustainability_report p.53

In March 2022 bp published its 'Net Zero – from ambition to action' report alongside resolution 3 at 2022 AGM. Shareholders voted 88.5% in favour, providing first advisory vote on net zero ambition.

sustainability_report p.1

In February 2022, BP accelerated its Aim 1 (Scope 1+2 operational emissions) 2030 reduction target from 30-35% to 50% against the 2019 baseline.

sustainability_report p.45

On 2 August 2022, BP transitioned its Angola business to the Azule Energy incorporated joint venture, removing these assets from operational control. Contributed to the 1.2 MtCO2e Scope 1+2 reduction from divestments in 2022.

sustainability_report p.125

In October/December 2022, BP completed the ~$3 billion acquisition of Archaea Energy, a leading US producer of renewable natural gas (RNG). Doubled adjusted EBITDA aim for biogas in 2030. Supports bioenergy transition growth engine.

sustainability_report p.34

In December 2022, BP completed the purchase of EDF Energy Services, expanding its presence in US commercial and industrial retail energy.

sustainability_report p.103

For the 2023-2025 EDIP, BP introduced a new emissions target by way of a net zero measure aligned to Aim 1, weighted at 15% of the long-term incentive plan.

sustainability_report p.11

On 27 February 2022, following the war in Ukraine, BP announced its intent to exit its 19.75% shareholding in Rosneft. 2022 volumes reflect estimated share of Rosneft production for the period 1 January to 27 February only. Affects scope of reported data going forward.

sustainability_report p.165

In February 2022, BP expanded Aim 3 (carbon intensity of energy products sold) to include physically traded energy products as well as marketed sales. Methodology improvements for power, updated carbon intensity factors. As a result, 2019 baseline energy increased from 12.6 EJ to 20.9 EJ and emissions from 993 MtCO2e to 1,638 MtCO2e (carbon intensity unchanged at 79 gCO2e/MJ).

sustainability_report p.98

Following bp's decision to exit its shareholding in Rosneft on 27 February 2022, $10,372 million was reclassified from currency translation reserve and $651 million from cash flow hedges and costs of hedging reserves to the income statement. Russia reserves were treated as sales of reserves-in-place.

sustainability_report p.16

For aim 3, bp now aims to reduce to net zero the lifecycle emissions for energy products it sells by 2050 or sooner — up from a previous 50% reduction aim. The scope was expanded to include physically traded sales of energy products as well as marketing sales. 2030 aim now 15-20% reduction.

sustainability_report p.3

Following bp's decision to exit its shareholding in Rosneft on 27 February 2022, $10,372 million was reclassified to the income statement (cash flow hedges $651 million separately reclassified). bp's decision to exit Russia business is treated as sales of reserves in place, removing significant Russian oil & gas reserves from the group portfolio.

sustainability_report p.16

Location-based Scope 2 base year (2020) emissions were recalculated due to an error involving double counting of Scope 1 and 2 emissions between Whiting Refinery and Whiting Clean Energy.

sustainability_report p.80

Following minor data corrections and methodological improvements identified after publication of 2020 reports, bp now reports aim 3 carbon intensity to the nearest whole number, restating prior reported figures.

sustainability_report p.24

Deloitte provided ISAE 3000 limited assurance over Scope 1, 2, and Scope 3 (Aim 2) emissions, plus SERs, energy consumption, methane intensity and lifecycle carbon intensity.

sustainability_report p.127

Aim 11: develop 50GW of renewable generating capacity to FID by 2030 (20GW by 2025), up from previous trajectory. 4.4GW developed to FID by end of 2021.

sustainability_report p.35

Deloitte LLP provided independent limited assurance under ISAE 3000 (Revised) over selected safety and environmental KPIs including Scope 1, Scope 2, methane intensity, and aim 2/3 metrics for 2021.

sustainability_report p.57

Permanent operational changes in 2021 included repurposing of Kwinana refinery (0.7 MtCO2e reduction) and cessation of production at Foinaven FPSO (0.2 MtCO2e reduction).

sustainability_report p.24

GHG emissions KPI now comprises Scope 1 and Scope 2 data on an operational control basis, aligned with Aim 1 (net zero operations). Previous equity share GHG KPI was retired as it was not aligned with Aim 1. Equity share data still tracked and reported separately.

sustainability_report p.24

Following publication of the ESG Datasheet 2020, minor data reporting corrections to 2019 production volumes adjusted the Aim 2 (Scope 3 Cat 11) baseline from 360.6 to 360.9 MtCO2e.

sustainability_report p.52

From 1 January 2021 reportable segments changed to gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Previously segments were Upstream, Downstream and Rosneft. Comparative 2019 and 2020 data restated.

sustainability_report p.3

From 1 January 2021 revenue and purchases related to physically settled derivative contracts that are part of trading/optimisation activities are presented net (as gains/losses in other operating revenues), rather than gross. 2019 and 2020 sales and purchases restated. No impact on profit before tax or EPS.

sustainability_report p.197

Divestments in 2021 (Alaska operations, petrochemicals business, bpx energy divestments) accounted for 9.3MtCO2e of the Scope 1 and Scope 2 emissions decrease vs 2020.

sustainability_report p.24

In August 2020 bp announced interim targets: 20% reduction in Aim 1 (Scope 1+2) by 2025 with 30-35% by 2030; 20% reduction in Aim 2 upstream oil/gas Scope 3 emissions by 2025 with 35-40% by 2030; 5% reduction in product carbon intensity by 2025 with >15% by 2030.

sustainability_report p.37

In February 2020 bp announced its ambition to become a net zero company by 2050 or sooner, supported by 10 aims including Aim 1 (net zero across operations Scope 1+2), Aim 2 (net zero on upstream oil and gas production carbon), Aim 3 (50% reduction in carbon intensity of products sold).

sustainability_report p.1

Alaska upstream business divested June 2020, contributing to overall 2021 emissions reduction.

sustainability_report p.79

BP divested its global aromatics, acetyls and related petrochemicals businesses to INEOS, completed 31 December 2020. Contributed to 9.3 MtCO2e Scope 1+2 emission reduction across divestments.

sustainability_report p.79

COVID-19 pandemic and lower long-term oil/gas price assumptions ($55/bbl Brent, $2.90/mmBtu Henry Hub from 2021-2050) led to $12.9bn pre-tax upstream impairment charges and $9.9bn pre-tax E&A write-offs. Resulted in $20.3bn loss attributable to shareholders.

sustainability_report p.42

Board reset distribution policy. Quarterly dividend fixed at 5.25 cents per ordinary share (down from previous level). Total dividends distributed in 2020 was $6.4bn vs $8.3bn in 2019. Once net debt reaches $35bn target, at least 60% of surplus cash will be returned via share buybacks.

sustainability_report p.24

In February 2020 bp set out its ambition to be a net zero company by 2050 or sooner, supported by 10 aims: five to help bp become a net zero company (covering Scope 1+2 operations, Scope 3 oil & gas production, halving carbon intensity of products by 50%, 0.20% methane intensity by 2025, increasing investment into non-oil and gas businesses) and five to help the world get to net zero. Aim 2 covers Scope 3 emissions from upstream production - the first major IOC commitment to address operated production emissions.

sustainability_report p.51

In February 2020, bp announced its ambition to be a net zero company by 2050 or sooner across operations (Scope 1+2), upstream production (Scope 3), and energy products sold (full value chain), supported by 10 aims and a strategic pivot from IOC to integrated energy company.

sustainability_report p.1

100% of Scope 1, 2 and 3 emissions verified under ISAE3000 limited assurance, including new metrics underlying Aim 1-4 (carbon intensity of marketed products, methane intensity, etc.)

sustainability_report p.102

In 2020 bp resigned from American Fuel and Petrochemical Manufacturers (AFPM) and Western States Petroleum Association (WSPA) due to misalignment on climate policy positions, particularly carbon pricing.

sustainability_report p.128

In 2020 bp revised central carbon price assumptions to $100/tCO2 in 2030, $200/tCO2 in 2040, $250/tCO2 in 2050 (2020 $ real), used for evaluating capex investments above $250M for Paris consistency.

sustainability_report p.35

In August 2020 bp announced new strategy to become integrated energy company. Plans to grow renewable generating capacity from 2.6GW to 50GW by 2030; bioenergy from 23kbd to 100+kbd by 2030; EV charging points from 7,500 to 70,000 by 2030; low carbon capex from $750M (2020) to ~$5bn by 2030.

sustainability_report p.1

COVID-19 reduced energy demand and a 1MtCO2e reduction came from Whiting refinery putting in place an agreement to purchase electricity from Whiting Clean Energy facility. Combined approx 2.8MtCO2e (5.1%) reduction.

sustainability_report p.83

Acquisition of BHP US onshore assets in December 2019 added approximately 300,000 tCO2e (0.6%) to 2020 Scope 1+2 emissions.

sustainability_report p.83

Divestment of Alaska business and some legacy bpx energy assets reduced Scope 1+2 emissions by approximately 5.4 million tonnes CO2e (9.9% decrease) compared to 2019.

sustainability_report p.83

Aim 4 to install methane measurement at all major oil/gas processing sites by 2023 and drive 50% reduction in methane intensity. Target moved from 0.2% (calculated using emission factors) to a new 0.20% target based on direct measurement, representing a more rigorous approach.

sustainability_report p.43

On 12 February 2020, BP announced new ambition to become a net zero company by 2050 or sooner across operations (Scope 1+2) and upstream oil and gas production (Scope 3, equity basis excluding Rosneft), plus aim to cut carbon intensity of products sold by 50% by 2050, install methane measurement at all major processing sites by 2023 and drive 50% reduction in methane intensity, and increase non-oil and gas investment proportion.

sustainability_report p.4

Selected sustainability information in the ESG datasheet was subject to limited assurance by Deloitte LLP in accordance with the International Standard for Assurance Engagements (ISAE 3000 Revised).

sustainability_report p.64

From Q1 2021 bp reports across new segments: gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Replaces previous Upstream, Downstream, Rosneft, Other businesses & corporate structure. Will require restating 2019 and 2020 comparatives.

sustainability_report p.178

On 29 June 2020 bp announced agreement to sell its global petrochemicals business to INEOS for $5 billion. Disposal completed 31 December 2020, generating $2.3bn gain. Supports divestment programme.

sustainability_report p.177

On 30 June 2020 bp completed the disposal of BP Exploration (Alaska) Inc. to Hilcorp Energy for up to $5.6 billion. TAPS pipeline interest disposal completed 18 December 2020. Reduces upstream production and emissions but consideration was below original announced value.

sustainability_report p.177

bp retired its upstream/downstream model and replaced it with a new integrated structure of four business groups (Production & operations; Customers & products; Gas & low carbon energy; Innovation & engineering) and three integrators. The reorganisation will see around 10,000 employees leave bp by early 2022. Recognized $1,237m termination costs in 2020. Headcount reduced from 70,100 (2019) to 63,600 (2020).

sustainability_report p.9

In August 2020 bp announced a new strategy to transform from an International Oil Company to an Integrated Energy Company. Targets include: 40% reduction in hydrocarbon production by 2030 vs 2019 (~1 million boe/d), 50GW developed renewables by 2030 (vs 2.6GW in 2019), $5bn/year low carbon investment by 2030 (vs $750m in 2020), increase low carbon investment 10x by 2030.

sustainability_report p.27

In 2020 bp formed strategic US offshore wind partnership with Equinor, purchasing 50% in Empire Wind and Beacon Wind projects (4.4GW potential), marking entry into offshore wind market.

sustainability_report p.40

In Q4 2020 bp acquired a controlling interest in Finite Carbon, the leading provider of forest carbon offsets in the US, to support development of natural climate solutions.

sustainability_report p.42

Demand for products fell dramatically. bp had a $20.3bn loss attributable to shareholders (vs $4.0bn profit in 2019). Reduced 2020 capital expenditure by ~25% and delivered $15bn divestments a year earlier than expected. Affected operational emissions through reduced demand.

sustainability_report p.14

bp declared support for TCFD recommendations on 12 February 2020. Expanded TCFD disclosures, used SASB Oil & Gas standard for first time, published first tax transparency report, adopted GRI tax standard early.

sustainability_report p.47

bp aims to be water positive by 2035, replenishing more freshwater than it consumes. Targeting 20% towards water positive by 2025 against 2020 baseline freshwater consumption of 55.8 million m3.

sustainability_report p.69

In June 2020 launched new biodiversity position. From 2022 all new applicable bp projects to have net positive impact (NPI) plans in place; aim to enhance biodiversity at all major operating sites; supports 5 (2025) and 10 (2030) sustainability projects.

sustainability_report p.67

Following publication of bp annual report 20-F 2019, some data improvements related to the reported 2019 figures for aims 2 (Scope 3 upstream emissions) and 3 (carbon intensity) were identified and the 2019 figures were adjusted.

sustainability_report p.33

In 2020, bp launched its biggest restructuring, reducing workforce by ~10,000 employees (from 70,100 in 2019 to 63,600 at end 2020), pivoting from International Oil Company to Integrated Energy Company. New strategy and leadership team announced in Q3 2020.

sustainability_report p.80

Announced sale of bp petrochemicals to Ineos in Q2 2020 to help focus the portfolio. Part of $15bn announced divestments completed a year earlier than expected.

sustainability_report p.13

Completed divestment of bp's Alaska business in Q3 2020. This accounted for 5.4Mte of the Scope 1 emissions decrease in 2020 versus 2019, and significantly reduced freshwater and methane footprints.

sustainability_report p.34

In addition to the 10 net zero aims, bp added 10 more aims for people and planet, including water positive by 2035, 50GW renewable generating capacity by 2030, biodiversity net positive impact, and supplier diversity spend of $1bn by 2025.

sustainability_report p.9

In February 2020 bp introduced new purpose and announced ambition to be net zero by 2050 or sooner with 10 supporting aims including: Aim 1 net zero operations (Scope 1+2, 20% by 2025, 30-35% by 2030, 100% by 2050); Aim 2 net zero on upstream oil and gas (Scope 3, 20% by 2025, 35-40% by 2030, 100% by 2050); Aim 3 50% cut in carbon intensity of products sold by 2050.

sustainability_report p.32

bp announced a new methane measurement approach to be rolled out at all major oil and gas processing sites by 2023, moving away from emission-factor based calculation. Set 0.20% methane intensity target by 2025 based on new measurement approach. Current 2020 intensity of 0.12% calculated using existing methodology will not directly correlate with future targets.

sustainability_report p.38

Following publication of the bp Annual Report 2019, some data improvements related to the reported 2019 figures for aims 2 and 3 were identified. Although these are not considered to be material, for each of aims 2 and 3 the 2019 figure has been adjusted.

sustainability_report p.51

BP announced agreement to divest its assets in Alaska in 2019, while continuing involvement in decommissioning the Trans-Alaska Pipeline System.

sustainability_report p.56

Deloitte LLP provided independent limited assurance under ISAE 3000 (Revised) on selected safety, environmental and product emissions indicators including Scope 1 GHG emissions (operational and equity), methane intensity, and product carbon intensity metrics for FY2019.

sustainability_report p.77

For Scope 3 Category 11 'use of sold products', BP now reports estimated CO2 emissions from the carbon in upstream oil and gas production (equity share, excluding Rosneft). This metric replaces the previously reported 'customer emissions' metric, to better align with the new aim to be net zero across upstream oil and gas production.

sustainability_report p.24

Major acquisitions over the past 18 months (BHP American shale assets into BPX Energy) drove an increase in total GHG emissions and tier 1/2 process safety events in 2019. Scope 1 emissions increased by 0.4MteCO2e largely due to the acquisitions, partially offset by sustainable emission reductions.

sustainability_report p.24

During 2019 BP reviewed and strengthened group-wide environmental and social requirements supporting the OMS. New requirements apply to operations as well as projects, mandate carbon management plans for all operations above a threshold, and require closer community engagement. Rolled out from January 2020.

sustainability_report p.55

Divested some North Sea oil and gas assets contributing to GHG emissions decrease. Also divested three wind energy operations in Texas as part of US wind portfolio restructuring.

sustainability_report p.14

In 2018, BP set targets for sustainable GHG emissions reductions of 3.5 million tonnes by 2025, zero net growth in operational emissions out to 2025, methane intensity of 0.2% (held below 0.3%), and $500 million invested in low carbon activities each year.

sustainability_report p.6

Acquired Chargemaster, operator of the UK's largest electric vehicle charging network with more than 6,500 charging points.

sustainability_report p.11

BP acquired BHP's US unconventional assets in 2018, significantly upgrading the US onshore portfolio. This adds shale gas operations.

sustainability_report p.53

BP set a 2025 target of 3.5Mte sustainable GHG emissions reductions for the period 2016-2025. In 2019, with cumulative reductions of 3.9MteCO2 since 2016, this target was exceeded six years ahead of schedule.

sustainability_report p.23

BP set a methane intensity target of 0.2% for upstream oil and gas operations, aligned with OGCI methodology. Achieved 0.2% in 2018, with methane emissions reduced by more than 10%.

sustainability_report p.14

In 2018 BP aligned the way it calculates methane intensity with that of the Oil and Gas Climate Initiative. On a like-for-like basis this shows a reduction from 0.3% in both 2016 and 2017 to 0.2% in 2018.

sustainability_report p.73

Deloitte provided independent limited assurance under ISAE 3000 (Revised) on safety indicators, Scope 1 GHG (operational and equity), sustainable GHG emissions reductions, and methane emissions intensity.

sustainability_report p.78

BP launched its low carbon ambitions targeting zero net growth in operational emissions out to 2025, 3.5Mte of sustainable GHG reductions by 2025, and methane intensity of 0.2%. Achieved zero net growth in operational emissions in 2018.

sustainability_report p.10

Historical and current data for the LOPC metric was restated in 2017 to exclude incidents where there is a safe release of gas to the atmosphere from US Lower 48 operations from a hung dump valve in a remote location.

sustainability_report p.81

Divestment of Decatur petrochemical plant in US contributed to reduced freshwater withdrawal and lower non-methane hydrocarbon emissions. Divestment of some North Sea assets affected upstream energy efficiency metrics.

sustainability_report p.18

Figures for 2014-2016 include increased reporting due to introduction of enhanced automated monitoring for remote sites in BP's US Lower 48 business. Like-for-like 2016 LOPC would be 233 vs reported 275.

sustainability_report p.8

BP factors a carbon cost into investment decisions and engineering designs for large new projects in industrialized countries at $40/tonne CO2e, stress tested at $80/tonne.

sustainability_report p.13

Around a quarter of the 2016 increase in direct GHG emissions was due to changes in how BP calculates emissions, rather than operational changes.

sustainability_report p.19

BP updated the global warming potential factor for methane from 21 to 25 in line with IPIECA's guidelines, increasing reported direct GHG emissions for 2015 vs prior years.

sustainability_report p.9

BP joined seven other oil and gas companies in calling for a price on carbon and signed up to the Carbon Pricing Leadership Coalition. Also active participant in OGCI.

sustainability_report p.6

BP signed up to the World Bank Zero Routine Flaring by 2030 initiative and the Climate and Clean Air Coalition's Oil and Gas Methane Partnership.

sustainability_report p.7

BP committed to eliminate routine flaring from oil assets by 2030. Routine flaring constitutes less than 5% of total flaring in BP's upstream operations.

sustainability_report p.18

2015 direct CO2 amended from 45.0 to 45.1 Mte; 2014 direct GHG amended from 48.6 to 48.7; 2015 direct GHG amended from 48.9 to 49.0; upstream GHG intensity 2014 amended from 31.9 to 32.0 and 2015 from 32.4 to 32.7.

sustainability_report p.8

BP Sustainability Report 2014 contains data for fiscal years 2010-2014. All reporting years fall below the 2020 minimum threshold specified for extraction, so no metrics were extracted.

sustainability_report