- bp has announced full year and 4Q 2024 financial results.
Highlights
- Financial and operational performance: 2024 Operating cash flow $27.3bn; 2024 Adjusted EBITDA $38.0bn; 2024 upstream production 2,358mmboe/d, 2.0% higher than 2023.
- Driving focus and efficiency: High-grading portfolio, agreed to form offshore wind JV with JERA Co.,Inc, divesting non-core assets. We delivered $0.8 billion structural cost reduction* in 2024.
- Growing our portfolio: FID taken on 10 major projects*, including Tangguh UCC project in Papua Barat, Indonesia; established a new gas joint venture, Arcius Energy with XRG; signed an agreement with ONGC as the technical services provider for the largest offshore oil field in India, which accounts for around 25% of the country's oil production; Start up of new Azeri Central East (ACE) platform in Caspian Sea in 2Q24.
- Shareholder distributions: Dividend per ordinary share of 8 cents; $1.75 billion share buyback announced for 4Q24.
Highlights
• Financial and operational performance: 2024 Operating cash flow $27.3bn; 2024 Adjusted EBITDA $38.0bn; 2024 upstream production 2,358mmboe/d, 2.0% higher than 2023.
• Driving focus and efficiency: High-grading portfolio, agreed to form offshore wind JV with JERA Co.,Inc, divesting non-core assets. We delivered $0.8 billion structural cost reduction* in 2024.
• Growing our portfolio: FID taken on 10 major projects*, including Tangguh UCC project in Papua Barat, Indonesia; established a new gas joint venture, Arcius Energy with XRG; signed an agreement with ONGC as the technical services provider for the largest offshore oil field in India, which accounts for around 25% of the country's oil production; Start up of new Azeri Central East (ACE) platform in Caspian Sea in 2Q24.
• Shareholder distributions: Dividend per ordinary share of 8 cents; $1.75 billion share buyback announced for 4Q24.
'In 2024 we laid the foundations for growth. We have been reshaping our portfolio - sanctioning new major projects, and focusing our low-carbon investment - and we have made strong progress in reducing costs. Building on the actions taken in the last 12 months, we now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns. It will be a new direction for bp and we look forward to sharing it at our Capital Markets Update on 26 February,' said Murray Auchincloss Chief executive officer.
Click here for Stock exchange announcement
Source: bp
