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
Sensitivity analysis
The discount rate, inflation and the mortality assumptions all have a significant effect on the amounts reported. A one-percentage point change, in isolation, in certain assumptions as at 31 December 2023 for the group’s pensions and other post-retirement benefit expense would have had the effects shown in the tables below. The effects shown for the expense in 2024 comprise the total of current service cost and net finance income or expense.
| $ million | ||||||
|---|---|---|---|---|---|---|
| One percentage point | ||||||
| UK | US | Eurozone | ||||
| Increase | Decrease | Increase | Decrease | Increase | Decrease | |
| Discount ratea | ||||||
| Effect on expense in 2024 | (197) | 173 | (40) | 46 | (8) | 4 |
| Effect on obligation at 31 December 2023 | (2,259) | 2,811 | (449) | 651 | (608) | 737 |
| Inflation rateb | ||||||
| Effect on expense in 2024 | 89 | (83) | 7 | (6) | 34 | (29) |
| Effect on obligation at 31 December 2023 | 1,872 | (1,738) | 41 | (35) | 582 | (503) |
a The amounts presented reflect that the discount rate is used to determine the asset interest income as well as the interest cost on the obligation.
b The amounts presented reflect the total impact of an inflation rate change on the assumptions for rate of increase in salaries, pensions in payment and deferred pensions.
| $ million | |||
|---|---|---|---|
| One year increase | |||
| UK | US | Eurozone | |
| Longevity | |||
| Effect on expense in 2024 | 28 | 4 | 10 |
| Effect on obligation at 31 December 2023 | 577 | 64 | 216 |
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