BP PLC
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2023 · Filed Mar 8, 2024
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Contents
Adjusted EBITDA«
| $ million | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Profit (loss) for the period | 15,880 | (1,357) | 8,487 |
| Finance costs | 3,840 | 2,703 | 2,857 |
| Net finance (income) expense relating to pensions and other post-retirement benefits | (241) | (69) | (2) |
| Taxation | 7,869 | 16,762 | 6,740 |
| Profit (loss) before interest and tax | 27,348 | 18,039 | 18,082 |
| Inventory holding (gains) losses, before tax | 1,236 | (1,351) | (3,655) |
| 28,584 | 16,688 | 14,427 | |
| Net (favourable) adverse impact of adjusting items, before interest and tax | (1,548) | 29,356 | 7,915 |
| Underlying RC profit (loss) before interest and tax | 27,036 | 46,044 | 22,342 |
| Add back: | |||
| Depreciation, depletion and amortization | 15,928 | 14,318 | 14,805 |
| Exploration expenditure written off | 746 | 385 | 168 |
| Adjusted EBITDA | 43,710 | 60,747 | 37,315 |
Reconciliation of RC profit before interest and tax for gas & low carbon energy and oil production & operations to adjusted EBITDA«
| $ million | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| gas & low carbon energy | |||
| RC profit before interest and tax | 14,080 | 14,696 | 2,133 |
| Less: Net favourable (adverse) impact of adjusting items« | 5,358 | (1,367) | (5,395) |
| Underlying RC profit before interest and tax« | 8,722 | 16,063 | 7,528 |
| Add back: Depreciation, depletion and amortization | 5,680 | 5,008 | 4,464 |
| Exploration expenditure written off | 362 | 2 | 43 |
| Adjusted EBITDA | 14,764 | 21,073 | 12,035 |
| oil production & operations | |||
| RC profit before interest and tax | 11,191 | 19,721 | 10,501 |
| Less: Net favourable (adverse) impact of adjusting items | (1,590) | (503) | 209 |
| Underlying RC profit before interest and tax | 12,781 | 20,224 | 10,292 |
| Add back: Depreciation, depletion and amortization | 5,692 | 5,564 | 6,528 |
| Exploration expenditure written off | 384 | 383 | 125 |
| Adjusted EBITDA | 18,857 | 26,171 | 16,945 |
The Directors’ report on pages 81-104, 105 (in respect of the remuneration committee), 133, 247-274 and 335-384 was approved by the board and signed on its behalf by Ben J. S. Mathews, company secretary on 8 March 2024.
Registered in England and Wales No. 102498
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