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Bp Annual Report and Form 20-F 2020 (english)

22.03.2021 | 18:25

    bp Annual Report and Form 20-F 2020

^
DGAP-News: BP p.l.c. / Key word(s): Annual Report
bp Annual Report and Form 20-F 2020

22.03.2021 / 18:25
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

BP P.L.C. ANNUAL FINANCIAL REPORT - DTR 6.3.5 DISCLOSURE

BP p.l.c. ('the Company')

The Company announces that the bp Annual Report and Form 20-F 2020 has been
published. This document is publicly available via a direct link at
www.bp.com/annualreport. This follows the release on 2 February 2021 of the
Company's unaudited Fourth Quarter and Full Year 2020 results announcement
(the 'Preliminary Announcement').

In compliance with 9.6.1 of the Listing Rules, on 22 March 2021 the Company
submitted a copy of the bp Annual Report and Form 20-F 2020 to the National
Storage Mechanism.

This document will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The bp Annual Report and Form 20-F 2020 will be delivered to the Registrar
of Companies in due course and copies of this document may also be obtained
from:

The Company Secretary's Office

BP p.l.c.

1 St James's Square

London

SW1Y 4PD

Tel: +44 (0)20 7496 4000

The Disclosure Guidance and Transparency Rules (DTR) require that an
announcement of the publication of an Annual Report should include the
disclosure of such information from the Annual Report as is of a type that
would be required to be disseminated in a Half-yearly Report in compliance
with the DTR 6.3.5(2) disclosure requirement. Accordingly the following
disclosures are made in the Appendices below. References to page numbers and
notes to the accounts made in the following Appendices, refer to page
numbers and notes to the accounts in the bp Annual Report and Form 20-F
2020. This announcement should be read in conjunction with, and is not a
substitute for reading, the full bp Annual Report and Form 20-F 2020.


The extracts from bp Annual Report and Form 20-F 2020 included in this
announcement contain certain forecasts, projections and forward-looking
statements - that is, statements related to future, not past events and
circumstances - with respect to the financial condition, results of
operations and businesses of bp and certain of the plans and objectives of
bp with respect to these items. These statements may generally, but not
always, be identified by the use of words such as 'will', 'expects', 'is
expected to', 'aims', 'should', 'may', 'objective', 'is likely to',
'intends', 'believes', 'anticipates', 'plans', 'we see' or similar
expressions. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on circumstances that
will or may occur in the future and are outside of the control of bp. Actual
results may differ materially from those expressed in such statements,
depending on a variety of factors, including the specific factors identified
in the discussions accompanying such forward-looking statements and other
factors discussed elsewhere in bp Annual Report and Form 20-F 2020.

APPENDIX A - AUDIT REPORTS

Audited financial statements for 2020 are contained in the bp Annual Report
and Form 20-F 2020. The Independent Auditor's Report on the consolidated
financial statements is set out in full on pages 130-149 of the bp Annual
Report and Form 20-F 2020. The Independent Auditor's Report on the
consolidated financial statements is unqualified and does not contain any
statements under section 498(2) or section 498(3) of the Companies Act 2006.

APPENDIX B - DIRECTORS' RESPONSIBILITY STATEMENT


The following statement is extracted in full and is unedited text from page
127 of the bp Annual Report and Form 20-F 2020. This statement relates
solely to the bp Annual Report and Form 20-F 2020 and is not connected to
the extracted information set out in this announcement or the Preliminary
Announcement.

Statement of directors' responsibilities

The directors confirm that to the best of their knowledge:

* The consolidated financial statements, prepared on the basis of IFRS as
issued by the IASB, IFRS adopted pursuant to Regulation (EC) No 1606/2002 as
it applies in the EU and in accordance with the provisions of the Companies
Act 2006 as applicable to companies reporting under international accounting
standards, give a true and fair view of the assets, liabilities, financial
position and profit or loss of the group.

* The parent company financial statements, prepared in accordance with
United Kingdom generally accepted accounting practice, give a true and fair
view of the assets, liabilities, financial position, performance and cash
flows of the Company.

* The management report, which is incorporated in the strategic report and
directors' report, includes a fair review of the development and performance
of the business and the position of the group, together with a description
of the principal risks and uncertainties that they face.

Helge Lund

Chairman

22 March 2021


APPENDIX C - RISKS AND UNCERTAINITIES


The principal risks and uncertainties relating to the Company are set out on
pages 67-70 of the bp Annual Report and Form 20-F 2020. The following is
extracted in full and unedited text from the bp Annual Report and Form 20-F
2020:


Risk factors
The risks discussed below, separately or in combination, could have a
material adverse effect on the implementation of our strategy, our business,
financial performance, results of operations, cash flows, liquidity,
prospects, shareholder value and returns and reputation.

Strategic and commercial risks

Prices and markets - our financial performance is impacted by fluctuating
prices of oil, gas and refined products, technological change, exchange rate
fluctuations, and the general macroeconomic outlook.

Oil, gas and product prices are subject to international supply and demand
and margins can be volatile. Political developments, increased supply from
new oil and gas or alternative low carbon energy sources, technological
change, global economic conditions, public health situations (including the
continued impact of the COVID-19 pandemic or any future epidemic or
pandemic) and the influence of OPEC can impact supply and demand and prices
for our products. Decreases in oil, gas or product prices could have an
adverse effect on revenue, margins, profitability and cash flows. If
significant or for a prolonged period, we may have to write down assets and
re-assess the viability of certain projects, which may impact future cash
flows, profit, capital expenditure, the ability to work within our financial
frame and maintain our long-term investment programme. Conversely, an
increase in oil, gas and product prices may not improve margin performance
as there could be increased fiscal take, cost inflation and more onerous
terms for access to resources. The profitability of our refining activities
can be volatile, with periodic over-supply or supply tightness in regional
markets and fluctuations in demand.

Exchange rate fluctuations can create currency exposures and impact
underlying costs and revenues. Crude oil prices are generally set in US
dollars, while products vary in currency. Many of our major project
development costs are denominated in local currencies, which may be subject
to fluctuations against the US dollar.

Access, renewal and reserves progression - inability to access, renew and
progress upstream resources in a timely manner could adversely affect our
long-term replacement of reserves.

Focused renewal of our reserve base in line with our strategy depends on our
ability to progress upstream resources from our existing portfolio and
access new resource in our core areas, generating future opportunities for
oil and natural gas production. Competition for access to investment
opportunities, heightened political and economic risks where we operate,
unsuccessful exploration activity, technical challenges and capital
commitments may adversely affect our reserve replacement. This, and our
ability to progress upstream resources at a level in line with our strategic
outlook for hydrocarbon production, could impact our future production and
financial performance.

Major project delivery - failure to invest in the best opportunities or
deliver major projects successfully could adversely affect our financial
performance.

We face challenges in developing major projects, particularly in
geographically and technically challenging areas. Poor investment choice,
efficiency or delivery, or operational challenges at any major project that
underpins production or production growth could adversely affect our
financial performance.

Geopolitical - exposure to a range of political developments and consequent
changes to the operating and regulatory environment could cause business
disruption.

We operate and may seek new opportunities in countries, regions and cities
where political, economic and social transition may take place. Political
instability, changes to the regulatory environment or taxation,
international trade disputes and barriers to free trade, international
sanctions, expropriation or nationalization of property, civil strife,
strikes, insurrections, acts of terrorism, acts of war and public health
situations (including the continued impact of the COVID-19 pandemic or any
future epidemic or pandemic) may disrupt or curtail our operations or
development activities. These may in turn cause production to decline, limit
our ability to pursue new opportunities, affect the recoverability of our
assets or cause us to incur additional costs, particularly due to the
long-term nature of many of our projects and significant capital expenditure
required. Events in or relating to Russia, including trade restrictions and
other sanctions, could adversely impact our income and investment in or
relating to Russia. Our ability to pursue business objectives and to
recognize production and reserves relating to these investments could also
be adversely impacted.

Liquidity, financial capacity and financial, including credit, exposure -
failure to work within our financial framework could impact our ability to
operate and result in financial loss.

Failure to accurately forecast or work within our financial framework could
impact our ability to operate and result in financial loss. Trade and other
receivables, including overdue receivables, may not be recovered,
divestments may not be successfully completed and a substantial and
unexpected cash call or funding request could disrupt our financial
framework or overwhelm our ability to meet our obligations.

An event such as a significant operational incident, legal proceedings or a
geopolitical event in an area where we have significant activities, could
reduce our financial liquidity and our credit ratings. Credit rating
downgrades could potentially increase financing costs and limit access to
financing or engagement in our trading activities on acceptable terms, which
could put pressure on the group's liquidity.

bp's credit rating downgrades could also trigger a requirement for the
company to review its funding arrangements with the bp pension trustees and
may cause other impacts on financial performance. In the event of extended
constraints on our ability to obtain financing, we could be required to
reduce capital expenditure or increase asset disposals in order to provide
additional liquidity. See Liquidity and capital resources on page 306 and
Financial statements - Note 29.

Joint arrangements and contractors - varying levels of control over the
standards, operations and compliance of our partners, contractors and
sub-contractors could result in legal liability and reputational damage.

We conduct many of our activities through joint arrangements, associates or
with contractors and sub-contractors where we may have limited influence and
control over the performance of such operations. Our partners and
contractors are responsible for the adequacy of the resources and
capabilities they bring to a project. If these are found to be lacking,
there may be financial, operational or safety exposures for bp. Should an
incident occur in an operation that bp participates in, our partners and
contractors may be unable or unwilling to fully compensate us against costs
we may incur on their behalf or on behalf of the arrangement. Where we do
not have operational control of a venture, we may still be pursued by
regulators or claimants in the event of an incident.

Digital infrastructure and cyber security - breach or failure of our or
third parties' digital infrastructure or cyber security, including loss or
misuse of sensitive information could damage our operations, increase costs
and damage our reputation.

The energy industry is subject to fast-evolving risks from cyber threat
actors, including nation states, criminals, terrorists, hacktivists and
insiders. A breach or failure of our or third parties' digital
infrastructure - including control systems - due to breaches of our cyber
defences, or those of third parties, negligence, intentional misconduct or
other reasons, could seriously disrupt our operations. This could result in
the loss or misuse of data or sensitive information, injury to people,
disruption to our business, harm to the environment or our assets, legal or
regulatory breaches and legal liability. Furthermore, the rapid detection of
attempts to gain unauthorized access to our digital infrastructure, often
through the use of sophisticated and co-ordinated means, is a challenge and
any delay or failure to detect could compound these potential harms. These
could result in significant costs including fines, cost of remediation or
reputational consequences.

Climate change and the transition to a lower carbon economy - developments
in policy, law, regulation, technology and markets, including societal and
investor sentiment, related to the issue of climate change could increase
costs, constrain our operations and affect our business plans and financial
performance.

Laws, regulations, policies, obligations, government actions, social
attitudes and customer preferences relating to climate change and the
transition to a lower carbon economy, including the pace of change to any of
these factors, and also the pace of the transition itself, could have
adverse impacts on our business including on our access to and realization
of competitive opportunities in any of our strategic focus areas, a decline
in demand for, or constraints on our ability to sell certain products,
constraints on production and supply and access to new reserves, adverse
litigation and regulatory or litigation outcomes, increased costs from
compliance and increased provisions for environmental and legal liabilities.

Investor preferences and sentiment are influenced by environmental, social
and corporate governance (ESG) considerations including climate change and
the transition to a lower carbon economy. Changes in those preferences and
sentiment could affect our access to capital markets and our attractiveness
to potential investors, potentially resulting in reduced access to
financing, increased financing costs and impacts upon our business plans and
financial performance.

Technological improvements or innovations that support the transition to a
lower carbon economy, and customer preferences or regulatory incentives that
alter fuel or power choices, could impact demand for oil and gas. Depending
on the nature and speed of any such changes and our response, these changes
could increase costs, reduce our profitability, reduce demand for certain
products, limit our access to new opportunities, require us to write down
certain assets or curtail or cease certain operations, and affect investor
sentiment, our access to capital markets, our competitiveness and financial
performance.

Policy, legal regulatory, technological and market developments related to
climate change could also affect future price assumptions used in the
assessment of recoverability of asset carrying values including goodwill,
the judgement as to whether there is continued intent to develop exploration
and appraisal intangible assets, the timing of decommissioning of assets and
the useful economic lives of assets used for the calculation of depreciation
and amortization. See Financial statements - Note 1 and Climate change and
the environment on page 52.

Competition - inability to remain efficient, maintain a high-quality
portfolio of assets, innovate and retain an appropriately skilled workforce
could negatively impact delivery of our strategy in a highly competitive
market.

Our strategic progress and performance could be impeded if we are unable to
control our development and operating costs and margins, if we fail to scale
our businesses at pace, or to sustain, develop and operate a high-quality
portfolio of assets efficiently. Furthermore, as we transition from an
International Oil Company to an Integrated Energy Company, we face an
expanded and rapidly evolving range of competitors in the sectors in which
we operate. We could be adversely affected if competitors offer superior
terms for access rights or licences, or if our innovation in areas such as
new low carbon technologies, digital, customer offer, exploration,
production, refining, manufacturing or renewable energy lags those of our
competitors. Our performance could also be negatively impacted if we fail to
protect our intellectual property. Our industry faces increasing challenges
to recruit and retain diverse, skilled and experienced talent. Successful
recruitment, development and retention of specialist staff is essential to
our plans.

Crisis management and business continuity - failure to address an incident
effectively could potentially disrupt our business.

Our business activities could be disrupted if we do not respond, or are
perceived not to respond, in an appropriate manner to any major crisis or if
we are not able to restore or replace critical operational capacity.

Insurance - our insurance strategy could expose the group to material
uninsured losses.

bp generally purchases insurance only in situations where this is legally
and contractually required. Some risks are insured with third parties and
reinsured by group insurance companies. Uninsured losses could have a
material adverse effect on our financial position, particularly if they
arise at a time when we are facing material costs as a result of a
significant operational event which could put pressure on our liquidity and
cash flows.

Safety and operational risks

Process safety, personal safety, and environmental risks - exposure to a
wide range of health, safety, security and environmental risks could cause
harm to people, the environment and our assets and result in regulatory
action, legal liability, business interruption, increased costs, damage to
our reputation and potentially denial of our licence to operate.

Technical integrity failure, natural disasters, extreme weather or a change
in its frequency or severity, human error and other adverse events or
conditions, including breach of digital security, could lead to loss of
containment of hydrocarbons or other hazardous materials. This could also
lead to constrained availability of resources used in our operating
activities, as well as fires, explosions or other personal and process
safety incidents, including when drilling wells, operating facilities and
those associated with transportation by road, sea or pipeline. There can be
no certainty that our operating management system or other policies and
procedures will adequately identify all process safety, personal safety and
environmental risks or that all our operating activities, including acquired
businesses, will be conducted in conformance with these systems. See Safety
on page 59.

Such events or conditions, including a marine incident, or inability to
provide safe environments for our workforce and the public while at our
facilities, premises or during transportation, could lead to injuries, loss
of life or environmental damage. As a result we could face regulatory action
and legal liability, including penalties and remediation obligations,
increased costs and potentially denial of our licence to operate. Our
activities are sometimes conducted in hazardous, remote or environmentally
sensitive locations, where the consequences of such events or conditions
could be greater than in other locations.

Drilling and production - challenging operational environments and other
uncertainties could impact drilling and production activities.

Our activities require high levels of investment and are sometimes conducted
in challenging environments such as those prone to natural disasters and
extreme weather, which heightens the risks of technical integrity failure.
The physical characteristics of an oil or natural gas field, and cost of
drilling, completing or operating wells is often uncertain. We may be
required to curtail, delay or cancel drilling operations or stop production
because of a variety of factors, including unexpected drilling conditions,
pressure or irregularities in geological formations, equipment failures or
accidents, adverse weather conditions and compliance with governmental
requirements.

Security - hostile acts against our staff and activities could cause harm to
people and disrupt our operations.

Acts of terrorism, piracy, sabotage and similar activities directed against
our operations and facilities, pipelines, transportation or digital
infrastructure could cause harm to people and severely disrupt operations.
Our activities could also be severely affected by conflict, civil strife or
political unrest.

Product quality - supplying customers with off-specification products could
damage our reputation, lead to regulatory action and legal liability, and
impact our financial performance.

Failure to meet product quality specifications could cause harm to people
and the environment, damage our reputation, result in regulatory action and
legal liability, and impact financial performance.

Compliance and control risks

Ethical misconduct and non-compliance - ethical misconduct or breaches of
applicable laws by our businesses or our employees could be damaging to our
reputation, and could result in litigation, regulatory action and penalties.

Incidents of ethical misconduct or non-compliance with applicable laws and
regulations, including anti-bribery and corruption and anti-fraud laws,
trade restrictions or other sanctions, could damage our reputation, and
result in litigation, regulatory action, penalties and potentially affect
our licence to operate.

Regulation - changes in the law and regulation could increase costs,
constrain our operations and affect our business plans and financial
performance.

Our businesses and operations are subject to the laws and regulations
applicable in each country, state or other regional or local area in which
they occur. These laws and regulations result in an often complex, uncertain
and changing legal and regulatory environment for our global businesses and
operations. Changes in laws or regulations, including how they are
interpreted and enforced, can and does impact all aspects of our business.

Royalties and taxes, particularly those applied to our hydrocarbon
activities, tend to be high compared with those imposed on similar
commercial activities. In certain jurisdictions there is also a degree of
uncertainty relating to tax law interpretation and changes. Governments may
change their fiscal and regulatory frameworks in response to public pressure
on finances, resulting in increased amounts payable to them or their
agencies.

Changes in law or regulation could increase the compliance and litigation
risk and costs, reduce our profitability, reduce demand for or constrain our
ability to sell certain products, limit our access to new opportunities,
require us to divest or write down certain assets or curtail or cease
certain operations, or affect the adequacy of our provisions for pensions,
tax, decommissioning, environmental and legal liabilities. Changes in laws
or regulations could result in the nationalization, expropriation,
cancellation, non-renewal or renegotiation of our interests, assets and
related rights. Potential changes to pension or financial market regulation
could also impact funding requirements of the group. Following the Gulf of
Mexico oil spill, we may be subjected to a higher level of fines or
penalties imposed in relation to any alleged breaches of laws or
regulations, which could result in increased costs. See Regulation of the
group's business on page 321.

Treasury and trading activities - ineffective oversight of treasury and
trading activities could lead to business disruption, financial loss,
regulatory intervention or damage to our reputation.

We are subject to operational risk around our treasury and trading
activities in financial and commodity markets, some of which are regulated.
Failure to process, manage and monitor a large number of complex
transactions across many markets and currencies while complying with all
regulatory requirements could hinder profitable trading opportunities. There
is a risk that a single trader or a group of traders could act outside of
our delegations and controls, leading to regulatory intervention and
resulting in financial loss, fines and potentially damaging our reputation.
See Financial statements - Note 29.

Reporting - failure to accurately report our data could lead to regulatory
action, legal liability and reputational damage.

External reporting of financial and non-financial data, including reserves
estimates, relies on the integrity of the control environment, our systems
and people operating them. Failure to report data accurately and in
compliance with applicable standards could result in regulatory action,
legal liability and damage to our reputation.

APPENDIX D - RELATED PARTY TRANSACTIONS


Disclosures in relation to the related party transactions are set out on
pages 192-194 and page 326 of the bp Annual Report and Form 20-F 2020. The
following is extracted in full and unedited text from the bp Annual Report
and Form 20-F 2020:

Extract from Note 16 Investments in joint ventures, bp Annual Report and
Form 20-F 2020, page 192:


Transactions between the group and its joint ventures are summarized below.

                                                                                  $ million
  Sales to joint                       2020                    2019                    2018
  ventures
  Product               Sales        Amount     Sales        Amount     Sales        Amount
                                 receivabl-              receivabl-              receivabl-
                                    e at 31                 e at 31                 e at 31
                                   December                December                December
  LNG, crude oil        2,974           180     4,884           431     4,603           251
  and oil products,
  natural gas

                                                                                  $ million
  Purchases from                       2020                    2019                    2018
  joint ventures
  Product              Purch-        Amount    Purch-        Amount    Purch-        Amount
                         ases       payable      ases       payable      ases       payable
                                      at 31                   at 31                   at 31
                                   December                December                December
  LNG, crude oil          959            84     1,812           225     1,336           300
  and oil products,
  natural gas,
  refinery
  operating costs,
  plant processing
  fees
The terms of the outstanding balances receivable from joint ventures are
typically 30 to 45 days. The balances are unsecured and will be settled in
cash. There are no significant provisions for doubtful debts relating to
these balances and no significant expense recognized in the income statement
in respect of bad or doubtful debts. Dividends receivable are not included
in the table above.

Extract from Note 17 Investments in associates, bp Annual Report and Form
20-F 2020, page 194:

Transactions between the group and its associates are summarized below.

                                                                                $ million
  Sales to                          2020                    2019                     2018
  associates
  Product            Sales        Amount     Sales        Amount      Sales        Amount
                              receivable              receivable               receivable
                                   at 31                   at 31                    at 31
                                December                December                 December
  LNG, crude           855           169     1,544           243      2,064           393
  oil and oil
  products,
  natural gas

                                                                                $ million
  Purchases                         2020                    2019                     2018
  from
  associates
  Product           Purch-        Amount    Purch-        Amount    Purcha-        Amount
                      ases    payable at      ases    payable at        ses    payable at
                                      31                      31                       31
                                December                December                 December
  Crude oil and      4,926         1,280     9,503         1,641     14,112         2,069
  oil products,
  natural gas,
  transportatio-
  n tariff
In addition to the transactions shown in the table above, in 2018 bp
acquired a 49% stake in LLC Kharampurneftegaz, a Rosneft subsidiary, which
develops resources within the Kharampurskoe and Festivalnoye licence areas
in Yamalo-Nenets in northern Russia. bp's interest in LLC Kharampurneftegaz
is accounted for as an associate.

The terms of the outstanding balances receivable from associates are
typically 30 to 45 days. The balances are unsecured and will be settled in
cash. There are no significant provisions for doubtful debts relating to
these balances and no significant expense recognized in the income statement
in respect of bad or doubtful debts. Dividends receivable are not included
in the table above.

The majority of purchases from associates relate to crude oil and oil
products transactions with Rosneft. Sales to associates are related to
various entities.

bp has commitments amounting to $10,777 million (2019 $11,198 million),
primarily in relation to contracts with its associates for the purchase of
transportation capacity. For information on capital commitments in relation
to associates see Note 13.

Extract from bp Annual Report and Form 20-F 2020, page 326:

Related-party transactions

Transactions between the group and its significant joint ventures and
associates are summarized in Financial statements - Note 16 and Note 17. In
the ordinary course of its business, the group enters into transactions with
various organizations with which some of its directors or executive officers
are associated. Except as described in this report, the group did not have
any material transactions or transactions of an unusual nature with, and did
not make loans to, related parties in the period commencing 1 January 2020
to 22 March 2021.

APPENDIX E - IMPORTANT EVENTS DURING THE YEAR

For a full glossary of terms, see bp Annual Report and Form 20-F 2020, pages
341-347.

1. Extracted in full and unedited text from the Chairman's letter, bp Annual
Report and Form 20-F 2020, pages 4-5:

Dear fellow shareholders,

2020: the year of the pandemic
In every sense, 2020 was an extraordinary year. The worst pandemic in a
century has cost well over 2 million lives and caused worldwide economic and
social disruption. While vaccination programmes are now building momentum,
the path to recovery remains uncertain.

Because demand for energy is closely linked to human activity, our sector
was deeply affected. The combination of a steep fall in share values for
almost all oil and gas companies and a new bp distribution policy
significantly affected your shareholder returns.

As chairman of your board, I am conscious of my responsibilities to bp's
shareholders. When the board decided to reset our distribution policy, it
did so with a view to your long-term interests. Our priorities were, and
remain, weathering the immediate challenge of the pandemic; paying a
resilient dividend; strengthening our balance sheet; investing into the
energy transition; investing in our resilient hydrocarbons business and,
after that, returning surplus cash to shareholders through buybacks.

The board was unanimous in its support for this course of action, which will
help establish bp as an integrated energy company. I hope that bp's new
investor proposition and financial frame give reasons for optimism about
bp's long-term prospects. As we turn to 2021, the board's focus is on
supporting bp's leadership team to deliver our new strategy, and on building
renewed shareholder confidence through strategic progress and operational
and financial performance.

2020 was also tough for our people. My board colleagues and I are proud of
them. Their commitment - on rigs, in refineries, across retail stations and
everywhere else in bp - helped keep the world's lights on and allowed us to
provide many emergency services with free or heavily discounted fuel.
Despite new COVID-19-related practical challenges, our people maintained the
safety of bp's operations. That is a testament to their careful work.

bp's new purpose
2020 was a remarkable year for bp for other reasons too. With the backing of
the board, our new CEO, Bernard Looney, introduced a new company purpose:
reimagining energy for people and our planet. That purpose - together with
our strong culture and values - underpins the net zero ambition that we set
out last year, together with our new strategy, financial frame and investor
proposition. It also informed bp's reinvention - the selection of a new
leadership team, and the replacement of bp's upstream/downstream model with
a new, integrated group structure.

Change of this scale necessitated a reorganization of how we work. That
reorganization will ultimately see close to 10,000 colleagues leaving bp.
Saying goodbye has been difficult, but the result is a leaner, flatter,
nimbler company - better able to realize the opportunities of the energy
transition.

Macro-economic developments have only strengthened the board's belief that
the direction in which we are taking bp is the right one - including China's
new net zero target, the EU's Green Deal, the UK's plan for a green
industrial revolution, and the US's recommitment to the Paris Agreement.
Today, global energy markets are even further down the path of fundamental
change - and bp is well-positioned to help to speed the world's journey to
net zero.

A year of engagement
While this is a journey that will require patience, our goal is that bp over
time will become a more valuable company for its shareholders and bring
wider benefits for society. Of course, the journey to net zero is, in part,
one of discovery. For that reason, the board and bp's leadership team know
that we must be fully open to advice, learning and challenge.

2020 was therefore a year of engagement with our stakeholders, and I am
grateful for the inputs we received - which helped us shape our new
strategy, financial frame and investor proposition, sustainability frame and
position on biodiversity. We will keep listening, and we count on you to
share your feedback with us as we travel the road to net zero together.

Evolution of the board
As the company evolves, the board's composition will evolve too - reflecting
the need for new experiences and skills aligned with bp's new direction.
During the year, the board said goodbye to our former CEO, Bob Dudley, and
to Brian Gilvary, our former CFO. Sir Ian Davis, Nils Andersen and Dame
Alison Carnwath have also stepped down from the board, and we shall shortly
say farewell to Brendan Nelson. Collectively and individually they served
with distinction - bp is very fortunate to have had their wise advice and
strong leadership. We are just as fortunate to welcome Tushar Morzaria,
Karen Richardson and Johannes Teyssen to bp's board for the first time.

Closing thanks
I would like to thank Bernard Looney, his leadership team and everyone in bp
for their work during 2020. Throughout this challenging year, they showed
characteristic determination.

Finally, I thank you, our shareholders. I am grateful both for the continued
support we received during 2020, and also for the support of our new
shareholders. During 2020, we received investment and other endorsement from
those who told us they would not have considered supporting bp were it not
for the transformation we have begun. We look forward to repaying the faith
you have placed in bp.

Helge Lund

Chairman

22 March 2021
2. Extracted in full and unedited text from the Chief executive officer's
letter, bp Annual Report and Form 20-F 2020, page 6:

Dear shareholders,

The year 2020 will be remembered above all for the pain, sadness and loss of
life caused by COVID-19. At bp, our thoughts are with the families and loved
ones of the colleagues we have lost. Thousands more on our teams have had
the virus, and life under lockdown has meant additional challenges, and
anxiety for everyone. I want to pay particular tribute to those on the
frontline of our business who have kept our plants and platforms running,
our shops and forecourts open, and energy flowing to the world. They have
sacrificed so much and earned our deepest respect and appreciation.

Responding to brutal conditions

We began our transformation from an international oil company to an
integrated energy company against this backdrop, along with lower oil and
gas prices, lower refining margins and unprecedented falls in demand for our
retail and aviation fuels. Our response included lowering costs,
strengthening the balance sheet with an innovative hybrid bond issue, and
advancing our strategy to become a more diversified, resilient and lower
carbon company. As part of our strategy planning process, we reviewed our
portfolio and development plans. This work - informed by bp's views of the
long-term price environment - led to significant impairment charges and
non-cash exploration write-offs in the second quarter.

For shareholders, all this was reflected in a reset dividend and a
diminished share price. I recognize the financial impact this must have had
on you. However, I wholeheartedly believe we will not just restore, but will
enhance the long-term sustainable value of your company through the actions
we are taking to reinvent bp. And despite the most brutal operating
conditions I can remember in almost 30 years in this industry, we have made
considerable operational and strategic progress.

Performing while transforming

The loss of $20.3 billion we reported for the year is clearly disappointing.
However, it in no way reflects the heroic efforts of the bp team in
extremely difficult circumstances, or their deep commitment to performing
while transforming:

* Most importantly - our safety performance continued to improve.

* Reliability of 94% for bp's operated plants and refining availability of
96% represents remarkably strong performance, especially given the
challenges faced by our frontline staff.

* Capital was reset and we delivered at the lower end of the range.

* We made good progress towards our net debt target, including the
contribution from high grading our portfolio and $6.6 billion of divestment
and other proceeds received during the year.

* New oil and gas production came on from four major projects« - in India,
Oman, the UK and the US.

* Natural gas from the Shah Deniz field in the Caspian Sea arrived in Italy
following final completion of the historic Southern Gas Corridor project.

* And we doubled our retail network in growth markets to around 2,700 retail
sites, plus the addition of around 300 strategic convenience sites.

Reinventing bp

This performance is even more remarkable given that we have been carrying
out the most extensive reorganization in bp's 112-year history. We have
retired the upstream/downstream business model that has served bp very well.
In its place we have introduced a leaner, flatter structure, stripping away
tiers of management and lowering the workforce towards a target of around
10,000 fewer jobs. My role is now five layers at most away from more than
half of our employees. That means people's ideas and voices can be more
easily heard - and decisions taken much faster.

We are now more centralized, more agile, and better integrated. This enables
us to maximize value creation in a rapidly evolving market through economies
of scale, and by exploiting synergies and driving continuous improvement in
operational performance.

We are now organized around four business groups.

* Production & operations is the operating heart of the company - and is
focusing our resilient hydrocarbons portfolio on value.

* Customers & products is growing our convenience and mobility offers for an
increasing number of customers.

* Gas & low carbon energy is growing to help meet rapidly increasing clean
energy demand.

* Innovation & engineering acts as a catalyst, opening up new and disruptive
business models and driving our digital transformation.

And our trading & shipping business and regions, cities & solutions team
knit together the offers of our four core groups to drive greater value
creation.

Reimagining energy

Completing our transformation to a net zero Integrated Energy Company will
take time. But we are led by our purpose - to reimagine energy for people
and our planet - and motivated by the opportunity we see in the energy
transition. Trillions of dollars of investment will be needed over the next
30 years in replumbing and rewiring the global energy system.

We now have offshore wind partnerships in the US with Equinor and in the UK
with EnBW - two of the best regions globally for the world's fastest-growing
source of energy. Our solar development joint venture«, Lightsource bp, is
growing prolifically. We are working with Ørsted to develop green hydrogen
for our Lingen refinery. We have joined forces with the mobility platform
DiDi to build a network of electric vehicle chargers in China, by far the
world's biggest market for EVs. And we have a growing list of low carbon
partnerships with cities such as Aberdeen and Houston and some of the
world's leading companies, including Amazon, Microsoft, Qantas and Uber.

A compelling investor proposition

We are fully focused at all times on the bottom line of the business - on
executing our strategy while operating safely, reliably and with discipline.
We continue to build resilience and strength in the balance sheet as
conditions remain challenging and uncertain while vaccines

roll out, the pandemic recedes, and economies look to recover. At the same
time, we are transforming to create value from the energy transition over
the long term.

We see tremendous business opportunity in providing people with the
reliable, affordable, clean energy they want and need. Our net zero ambition
is clearly the right thing for society, but we know it does not give us a
free pass in a fast-changing world. We have to show you the evidence that we
can compete fiercely and add value - in service of the compelling investor
proposition we believe we offer:

* Committed distributions - including the dividend as the number one
priority;

* Profitable growth; and

* Sustainable value.

This is all in service of growing long-term shareholder value, that is our
job. And I promise to keep you well informed as we execute our plans. As
ever, thank you for your continued support - I will never take that for
granted. And I look forward to any feedback you might have.

Thank you.

Bernard Looney

Chief executive officer

22 March 2021



3. Extracted in full and unedited text from "Group performance", bp Annual
Report and Form 20-F 2020, pages 42-47:

Financial and operating performance

                                               $ million
                                              except per
                                           share amounts
                                                    2020       2019       2018
  Sales and other operating revenues             180,366    278,397    298,756
  Profit before interest and taxation           (21,740)     11,706     19,378
  Finance costs and net finance expense          (3,148)    (3,552)    (2,655)
  relating to pensions and other
  post-retirement benefits
  Taxation                                         4,159    (3,964)    (7,145)
  Non-controlling interests                          424      (164)      (195)
  Profit (loss) for the year                    (20,305)      4,026      9,383
  attributable to bp shareholders
  Inventory holding (gains) losses,                2,868      (667)        801
  before tax
  Taxation charge (credit) on inventory            (667)        156      (198)
  holding gains and losses
  RC profit (loss) for the year                 (18,104)      3,515      9,986
  attributable to bp shareholders
  Net (favourable) adverse impact of              16,649      8,263      3,380
  non-operating items and fair value
  accounting effects before tax
  Taxation charge (credit) on                    (4,235)    (1,788)      (643)
  non-operating items and fair value
  accounting effects
  Underlying RC profit (loss) for the            (5,690)      9,990     12,723
  year attributable to bp shareholders
  Dividends paid per share - cents                  31.5       41.0       40.5
  - pence                                         24.458     31.977     30.568
Results
The loss for the year ended 31 December 2020 attributable to bp shareholders
was $20.3 billion, compared with a profit of $4.0 billion in 2019. Adjusting
for inventory holding losses, replacement cost (RC) loss was $18.1 billion,
compared with a profit of $3.5 billion in 2019.

After adjusting RC loss for a net charge for non-operating items of $12.2
billion and net adverse fair value accounting effects of $0.2 billion (both
on a post-tax basis), underlying RC loss for the year ended 31 December 2020
was $5.7 billion. The result reflected lower oil and gas prices, significant
exploration write-offs and lower refining margins and depressed demand.

The profit for the year ended 31 December 2019 attributable to bp
shareholders was $4.0 billion, excluding inventory holding gains, RC profit
was $3.5 billion. After adjusting RC profit for a net charge for
non-operating items of $7.2 billion and net favourable fair value accounting
effects of $0.7 billion (both on a post-tax basis), underlying RC profit for
the year ended 31 December 2019 was $10.0 billion, a decrease of $2.7
billion compared with 2018. The decrease was predominantly due to lower oil
and gas prices in the Upstream segment and a significantly weaker
environment in the Downstream segment.

Non-operating items
In 2020 the net charge for non-operating items was $12.2 billion, mainly
related to impairment charges, a gain on the disposal of our petrochemicals
business, certain exploration write-offs (reported within the 'other'
category), and restructuring costs associated with the reinvent bp
programme. The impairment charges mainly relate to producing assets and
principally arose as a result of changes to the group's oil and gas price
assumptions. Impairment charges also include amounts relating to the
disposal of the group's interests in its Alaska business.

In 2019 the net charge was $7.2 billion, mainly related to impairment
charges, principally resulting from the announcements to dispose of certain
assets in the US and reclassification of accumulated foreign exchange losses
from reserves to the income statement on the formation of the bp Bunge
Bioenergia joint venture.

See pages 304 and 305 for more information on non-operating items and fair
value accounting effects.

Taxation
The credit for corporate income taxes was $4,159 million in 2020 compared
with a charge of $3,964 million in 2019. The decrease mainly reflects the
loss in 2020. The effective tax rate (ETR) on the loss for the year in 2020
was impacted by the impairment charges and exploration write-offs. The ETRs
for 2020 and 2019 were also impacted by various other one-off items.

Adjusting for inventory holding impacts, non-operating items and fair value
accounting effects, the underlying ETR in 2020 was lower than in 2019,
mainly reflecting the exploration write-offs with a limited deferred tax
benefit and the reassessment of deferred tax asset recognition. The
underlying ETR for 2021 is expected to be higher than 40% but is sensitive
to the impact that volatility in the current environment may have on the
geographical mix of the group's profits and losses. Underlying ETR is a
non-GAAP measure. A reconciliation to GAAP information is provided on page
348.

                                                                               $
                                                                         million
  Non-operating items                                 2020       2019       2018
  Gains on sale of businesses and fixed assets       2,874        193        456
  Impairment and losses on sale of businesses     (14,369)    (8,075)      (860)
  and fixed assets
  Environmental and other provisions                 (212)      (341)      (758)
  Restructuring, integration and                   (1,296)          2      (726)
  rationalization costs
  Fair value gain (loss) on embedded                     -          -         17
  derivatives
  Gulf of Mexico oil spill response                  (255)      (319)      (714)
  Other                                            (2,554)       (78)      (372)
  Total before interest and taxation              (15,812)    (8,618)    (2,957)
  Finance costs                                      (625)      (511)      (479)
                                                  (16,437)    (9,129)    (3,436)
  Taxation credit (charge) on non-operating          4,345      1,943        510
  items
  Taxation - impact of US tax reform                     -          -        121
  Taxation - impact of foreign exchange               (99)          -          -
  Total after taxation                            (12,191)    (7,186)    (2,805)
                                                                %
  Effective tax rate                                         2020    2019    2018
  Effective tax rate (ETR) on profit or loss for the year      17      49      43
  Underlying ETR                                             (14)      36      38
Reporting
The group's organizational structure reflects the various activities in
which bp is engaged. At 31 December 2020, bp reported Upstream, Downstream,
Rosneft and Other businesses and corporate.

Upstream's activities included oil and natural gas exploration, field
development and production; midstream transportation, storage and
processing; and the marketing and trading of natural gas, including
liquefied natural gas (LNG), together with power and natural gas liquids
(NGLs). For further details of Upstream's activities during the year see
page 308.

Downstream's activities covered convenience and mobility offers, including
next-gen mobility to our customers. It also included the refining,
manufacturing, marketing, transportation, and supply and trading of crude
oil, petroleum, lubricants and petrochemicals products.

The Rosneft segment result includes equity-accounted earnings arising from
bp's interest in Rosneft.

Other businesses and corporate comprised the biofuels and wind businesses,
the group's shipping and treasury functions, and corporate activities
worldwide.

In February 2020 bp announced plans for a future reorganization of the
group's operating segments. The group's segmental reporting structure
described above remained in place throughout 2020 and changes, as described
on page 38, were effective from 1 January 2021.

                                                                             $
                                                                       million
                                            2020               2019       2018
  Sales and other operating revenues
  Upstream                                34,197             54,501     56,399
  Downstream                             162,974            250,897    270,689
  Other businesses and corporate           1,716              1,788      1,678
                                         198,887            307,186    328,766
  Less: sales and other operating         18,521             28,789     30,010
  revenues between segments
  Total sales and other operating        180,366            278,397    298,756
  revenues
  RC profit (loss) before interest
  and tax
  Upstream                              (21,547)              4,917     14,328
  Downstream                               3,418              6,502      6,940
  Rosneft                                  (149)              2,316      2,221
  Other businesses and corporate           (683)            (2,771)    (3,521)
  Consolidation adjustment - UPII             89                 75        211
                                        (18,872)             11,039     20,179
  Net (favourable) adverse impact of
  non-operating items and fair value
  accounting effects
  Upstream                                16,506              6,241        222
  Downstream                               (330)               (83)        621
  Rosneft                                    205                103         95
  Other businesses and corporate           (357)              1,491      1,963
                                          16,024              7,752      2,901
  Underlying RC profit (loss) before
  interest and tax
  Upstream                               (5,041)             11,158     14,550
  Downstream                               3,088              6,419      7,561
  Rosneft                                     56              2,419      2,316
  Other businesses and corporate         (1,040)            (1,280)    (1,558)
  Consolidation adjustment - UPII             89                 75        211
                                         (2,848)             18,791     23,080

  bp average realizationsa                                               $ per
                                                                        barrel
  Crude oilb                               38.46              61.56      67.81
  Natural gas liquids                      12.91              18.23      29.42
  Liquids                                  36.16              57.73      64.98
                                                     $ per thousand
                                                         cubic feet
  Natural gas                               2.75               3.39       3.92
  US natural gas                            1.30               1.93       2.43
                                                    $ per barrel of
                                                     oil equivalent
  Total hydrocarbons                       26.31              38.00      43.47

  Average oil marker pricesc
  Brent                                    41.84              64.21      71.31
  West Texas Intermediate                  39.25              57.03      65.20

  Average natural gas marker prices                   $ per million
                                                    British thermal
                                                              units
  Average Henry Hub gas priced              2.08               2.63       3.09

                                                                         pence
                                                                           per
                                                                         therm
  Average UK National Balancing            24.93              34.70      60.38
  Point gas price

                                                                         $/bbl
  bp average refining marker margin          6.7               13.2       13.1
  (RMM)
a Realizations are based on sales by consolidated subsidiaries« only, which
excludes equity-accounted entities.

b Includes condensate.

c All traded days average.

d Henry Hub First of Month Index.

Upstream
Sales and other operating revenues for 2020 were lower due to lower liquids
and gas realizations, lower gas marketing and trading revenues and were
further impacted by lower sales volumes.

RC loss before interest and tax for the segment included a net non-operating
charge of $15,768 million. This primarily relates to impairments associated
with revisions to the long-term price assumptions. See Financial statements
- Note 5 for further information. Fair value accounting effects had an
adverse impact of $738 million relative to management's view of performance.

The 2019 result included a net non-operating charge of $6,947 million,
primarily related to impairment charges arising from disposal transactions.
Fair value accounting effects had a favourable impact of $706 million
relative to management's view of performance.

After adjusting for non-operating items and fair value accounting effects,
the underlying RC result before interest and tax was lower in 2020 compared
with 2019. This primarily reflected lower liquids and gas realizations and
the impact of writing down certain exploration intangible carrying values.

Downstream
Sales and other operating revenues in 2020 were lower than in 2019, mainly
due to lower crude and product prices and the demand impact of COVID-19.

RC profit before interest and tax for 2020 included a net non-operating gain
of $479 million. The gain reflected a profit of $2.3 billion on the sale of
our petrochemicals business, which was partially offset by restructuring
costs and impairments. In addition, fair value accounting effects for 2020
had an adverse impact of $149 million, compared with a favourable impact of
$160 million in 2019.

After adjusting for non-operating items and fair value accounting effects,
underlying RC profit before interest and tax for the year was $3,088
million.

The fuels business reported a lower underlying RC profit before interest and
tax compared with 2019, due to an exceptionally weak refining environment,
with COVID-19 restrictions impacting refining utilization and fuel volumes.
The 2020 result also reflects a higher contribution from supply and trading.

Our fuels marketing business demonstrated continued resilience, delivering
significant profit in 2020, despite COVID-19 - which adversely impacted
retail fuel and aviation volumes by 14% and 50% respectively.

Refining loss in 2020 reflects the continued impact of historically low
industry margins. Although refining availability was strong at 96%,
utilization was around 6% lower than 2019, due to the impact of COVID-19 on
demand. These factors were partially offset by a lower level of turnaround
activity and lower costs.

In the fourth quarter of 2020, we announced plans to cease production at our
Kwinana refinery and convert it to an import terminal, helping secure
ongoing fuel supply for Western Australia.

We continued to redefine convenience in 2020, delivering a 6% growth in
convenience gross margin. We also expanded our retail network by more than
1,400 sites, to a total of 20,300, including more than 1,900 strategic
convenience sites. And we completed the formation of Jio-bp, our Indian
joint venture with Reliance, helping more than double the number of retail
sites in growth markets, see page 24.

We also progressed our electrification agenda, growing our network to 10,100
bp and joint venture operated electric vehicle charge points,see Our
strategy on page 15.

The lubricants business reported a lower underlying RC profit before
interest and tax compared with 2019 and this reflected significant COVID-19
demand impacts, with volumes 15% lower for the year. We continued to expand
our service offer in 2020, growing the number of Castrol branded independent
workshops by more than 4,000 to over 28,000 globally.

The petrochemicals business reported a lower underlying RC profit before
interest and tax compared with 2019, reflecting the impact of COVID-19 on
demand and a significantly weaker margin environment. In December we
completed the divestment of bp's petrochemicals business to INEOS for a
total consideration of $5 billion. Final payments, totalling $1 billion,
were received in February 2021.

For more information see Additional information for Downstream on page 318.

Rosneft
RC loss before interest and tax for 2020 and RC profit before interest and
tax for 2019 for the segment included a non-operating charge of $205 million
for 2020 and $103 million for 2019.

After adjusting for non-operating items, the underlying RC profit before
interest and tax in 2020 primarily reflected lower oil prices and
unfavourable foreign exchange and adverse duty lag effects compared with
2019 underlying profit.

Financial and operating performance for 2020 also reflected the increased
average economic interest that bp holds in Rosneft as a result of Rosneft's
share buyback programme and the transaction to sell Rosneft's business in
Venezuela in exchange for its own shares, which completed in April 2020.

For more information see Additional information for Rosneft on page 320.

Other businesses and corporate
RC loss before interest and tax for the year ended 31 December 2020 was $683
million (2019 $2,771 million). The 2020 result included a net charge for
non-operating items of $318 million, primarily relating to Gulf of Mexico
oil spill related costs of $255 million and restructuring costs, partly
offset by a gain on disposal (non-operating items in 2019 $1,491 million).
In addition, fair value accounting effects had a favourable impact of $675
million.

After adjusting for non-operating items and fair value accounting effects,
the underlying RC loss before interest and tax for the year ended 31
December 2020 was $1,040 million (2019 $1,280 million). This result mainly
reflected an uplift in valuation of a venture investment of $284 million.

Outlook for 2021
* From the oil supply side, limited growth from non-OPEC+ countries coupled
with active market management from OPEC+ means that for 2021 we anticipate a
normalization of the currently high inventory levels.

* Oil demand is anticipated to recover in 2021. The speed and degree of the
rebound depends on governments' policies and individuals' self-imposed
actions as vaccine distribution proceeds. 46 bp Annual Report and Form 20-F
2020

* Oil prices have risen since the end of October, supported by vaccine
rollout programmes and continued active supply management by OPEC+
countries. Prices are expected to remain subject to the decisions of OPEC+,
confidence in efforts to manage the rollout of vaccination and further virus
control measures.

* We expect the US gas market to tighten in 2021 as supply declines and
demand for LNG exports recovers. The current tightness on global LNG markets
and higher US gas prices will lift other regional gas prices.

* US gas markets are likely to benefit from lower production and a recovery
in international LNG demand driven by demand in Asia.

* In Downstream we expect the outlook for the first part of the year to
remain challenged due to COVID-19, but to improve. While COVID-19 has had
material impacts at the start of the year, with increased restrictions
resulting in lower product demand, we expect this uncertainty to improve
subject to the successful rollout of vaccination and virus control measures.
Industry refining margins and utilization continue to remain restrained by
uncertainty about the pace of demand recovery. The weak margin environment
combined with continued capacity additions in developing markets has
prompted a raft of third-party closure announcements. However, these
closures are unlikely to be sufficient to see a sustained rebound in margins
to pre-COVID levels in 2021.

* Full-year 2021 underlying production is expected to be slightly higher
than 2020 due to the ramp-up of major projects, primarily in gas regions,
partly offset by the impacts of reduced capital investment and decline in
lower-margin gas assets. Reported production is expected to be lower due to
the impact of the ongoing divestment programme.

* Other businesses and corporate charges for 2021, excluding non-operating
items, fair value accounting effects and foreign exchange volatility impact,
are expected to be $1.2-1.4 billion although the quarterly charge may vary
quarter to quarter.

Cash flow and net debt information

                                                                             $
                                                                       million
                                                  2020        2019        2018
  Operating cash flow excluding Gulf of         13,770      28,199      26,091
  Mexico oil spill paymentsa
  Operating cash flow                           12,162      25,770      22,873
  Net cash used in investing activities        (7,858)    (16,974)    (21,571)
  Net cash used in financing activities          3,956     (8,817)     (4,079)
  Cash and cash equivalents at end of year      31,111      22,472      22,468
  Capital expenditure
  Organic capital expenditure                 (12,034)    (15,238)    (15,140)
  Inorganic capital expenditure                (2,021)     (4,183)     (9,948)
                                              (14,055)    (19,421)    (25,088)
  Divestment and other proceeds
  Divestment proceeds                            5,480       2,201       2,851
  Other proceeds                                 1,106         566         666
                                                 6,586       2,767       3,517
  Debt
  Finance debt                                  72,664      67,724      65,132
  Net debt                                      38,941      45,442      43,477
  Finance debt ratio (%)                      45.9%       40.2%       39.3%
  Gearing (%)                                 31.3%       31.1%       30.0%
  Gearing including leases (%)                36.0%       35.3%       N/A
a This does not form part of bp's Annual Report on Form 20-F as filed with
the SEC.

Operating cash flow
Operating cash flow for the year ended 31 December 2020 was $12.2 billion,
$13.6 billion lower than 2019. Operating cash flow in 2020 reflects $1.8
billion of pre-tax cash outflows related to the Gulf of Mexico oil spill.
Compared with 2019, operating cash flows in 2020 reflected lower oil and gas
realizations, lower refining margins and lower fuels volumes partly offset
by lower tax payments and lower working capital build.

Movements in working capital adversely impacted cash flow in the year by
$0.1 billion, including an adverse impact on working capital from the Gulf
of Mexico oil spill of $1.6 billion. Other working capital effects,
principally a decrease in inventory and other current and non-current assets
partially offset by a decrease in other current and non-current liabilities,
had a favourable effect of $1.5 billion. bp actively manages its working
capital balances to optimize and reduce volatility in cash flow.

Operating cash flow for the year ended 31 December 2019 was $25.8 billion,
$2.9 billion higher than 2018. Operating cash flow in 2019 reflected $2.7
billion of pre-tax cash outflows related to the Gulf of Mexico oil spill.
Compared with 2018, operating cash flows in 2019 also reflected the
favourable effect of an estimated $2.0 billion of lease payments being
classified as financing cash flows from 1 January 2019 following the
implementation of IFRS 16.

Movements in working capital adversely impacted cash flow in the year by
$2.9 billion, including an adverse impact on working capital from the Gulf
of Mexico oil spill of $2.6 billion.

Net cash used in investing activities
Net cash used in investing activities for the year ended 31 December 2020
decreased by $9.1 billion compared with 2019.

The decrease mainly reflected lower capital expenditure, particularly due to
payments of $3.5 billion in 2019 for the acquisition of unconventional
onshore US oil and gas assets from BHP, and $3.9 billion of disposal
proceeds from the petrochemicals divestment.

Total capital expenditure for 2020 was $14.1 billion (2019 $19.4 billion),
of which organic capital expenditure was $12.0 billion (2019 $15.2 billion)
in line with the guidance given in April. Sources of funding are fungible,
but the majority of the group's funding requirements for new investment
comes from cash generated by existing operations. We expect 2021 total
capital expenditure, including organic capital expenditure, to be around $13
billion.

Total divestment and other proceeds for 2020 amounted to $6.6 billion,
including $3.9 billion of proceeds from the petrochemicals divestment and
$1.1 billion other proceeds. Other proceeds represented a loan repayment
relating to the TANAP pipeline refinancing; and proceeds in relation to the
sale of interests in bp's retail property portfolio in the UK and New
Zealand.

Total divestment and other proceeds for 2019 amounted to $2.8 billion,
including $0.6 billion received in relation to the sale of an interest in
bp's retail property portfolio in Australia. The proceeds from the UK, New
Zealand and Australia property transactions are reported within financing
activities in the group cash flow statement.

bp has completed or agreed transactions for over half of its target of $25
billion in proceeds by 2025. bp expects proceeds from divestments and other
disposals of $4-6 billion in 2021, weighted towards the second half.


Net cash provided by (used in) financing activities
Net cash provided by financing activities for the year ended 31 December
2020 was $4.0 billion, compared with net cash used of $8.8 billion in 2019.
This was mainly due to the issue of perpetual hybrid bonds with a US$
equivalent value of $11.9 billion.

Total dividends distributed to shareholders in 2020 were 31.5 cents per
share, 9.5 cents lower than 2019. This amounted to a total distribution to
shareholders of $6.3 billion in 2020. In 2019 the total distribution to
shareholders was $8.3 billion, of which shareholders elected to receive $1.4
billion in shares under the scrip dividend programme. The board decided not
to offer a scrip dividend alternative in respect of the 2020 dividends.

Debt
Finance debt at the end of 2020 increased by $4.9 billion from the end of
2019. The finance debt ratio at the end of 2020 increased to 45.9% from
40.2% at the end of 2019. Net debt at the end of 2020 decreased by $6.5
billion from the 2019 year-end position. Gearing at the end of 2020
increased to 31.3% from 31.1%, reflecting significant impairments and
exploration write-offs, offset by the hybrid bond issue in June 2020. Net
debt and gearing are non-GAAP measures. See Financial statements - Notes 26
and 27 for further information on finance debt and net debt.


For information on financing the group's activities, see Financial
statements - Note 29 and Liquidity and capital resources on page 306.

Group reserves and production
Total hydrocarbon proved reserves at 31 December 2020, on an oil equivalent
basis including equity-accounted entities, decreased by 7% compared with 31
December 2019. Natural gas represented about 41% (47% for subsidiaries and
36% for equity-accounted entities) of these reserves. The change includes a
net decrease from acquisitions and disposals of 1,069mmboe (decrease of
1,072mmboe within our subsidiaries and increase of 3mmboe within our
equity-accounted entities). Acquisition and divestment activity occurred in
our equity-accounted entities in Russia, and divestment activity in our
subsidiaries in the US including Alaska.

Total hydrocarbon production for the group was 8% lower compared with 2019.
The decrease comprised an 11% decrease (6% decrease for liquids and 16%
decrease for gas) for subsidiaries and a 2% decrease (4% decrease for
liquids and 2% increase for gas) for equity-accounted entities.

  Group reserves and production (including Rosneft
  segment)a
                                                        2020      2019      2018
  Estimated net proved reserves (net of royalties)
  Liquids (mmb)                                       10,661    11,478    11,456
  Natural gas (bcf)                                   42,467    45,601    49,239
  Total hydrocarbons (mmboe)                          17,982    19,341    19,945
  Of which:
  Equity-accounted entitiesb                          10,100     9,965     9,757
  Production (net of royalties)
  Liquids (mmb)                                        2,106     2,211     2,191
  Natural gas (bcf)                                    7,929     9,102     8,659
  Total hydrocarbons (mmboe)                           3,473     3,781     3,683
  Of which:
  Subsidiaries                                         2,146     2,420     2,328
  Equity-accounted entitiesc                           1,326     1,360     1,355
a Because of rounding, some totals may not agree exactly with the sum of
their component parts.

b Includes BP's share of Rosneft. See Supplementary information on oil and
natural gas on page 231 for further information.

c Includes BP's share of Rosneft. See Oil and gas disclosures for the group
on page 312 for further information.


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service of EQS Group AG.
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Vorstände und Aufsichtsräte
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
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