BP PLC

concerns about the energy transition to impact

banks’ or debt investors’ appetite to finance

hydrocarbon activity, we do not anticipate any

material change to funding in the short to

medium term. We are committed to

strengthening our balance sheet, introducing a

net debt target of $14-18 billiona by the end of

2027 to further improve credit metrics within the

‘A’ range. In 2022 we reduced our net debt by

over $9 billion and by a further $0.5 billion in

2023. In 2024 net debt increased from

$20.9 billion to $23.0 billion, reflecting acquired

debt from the bp Bunge Bioenergia and

Lightsource bp transactions. Since the end of

2019 we have repurchased around $24 billion of

short-dated existing bonds and issued over $12

billion of new bonds with a duration of 20 years

or longer, doubling the duration of our debt book.

Additionally, we have continued to have good

access to the commercial paper markets. We

provide more detail on financial risk factors,

including liquidity risk in Financial statements –

Note 29.