Strategic Progress and Portfolio Reshaping
BP made significant strategic progress in 2024, including 10 new FIDs, new access to Iraq and India, divesting tail assets, and forming a joint venture with JERA Nex bp. They also acquired full ownership of bp bioenergy and Lightsource bp.
Upstream Production Increase
Upstream production was around 2.36 million barrels per day, up 2% year-over-year with plant reliability above 95%.
Dividend and Share Buybacks
BP grew its dividend per share by 10% and announced $7 billion in share buybacks, including $1.75 billion announced on the call.
Trading Performance
The trading segment maintained a 4% uplift to group ROACE, sustaining a 5-year track record despite market volatility.
Archaea Performance Improvement
Archaea continues to improve with 12 new plants established in the year, showing competitive performance in the market.