BP PLC had a strong operational performance in 2023, with a focus on executing to deliver value. The company's strategy remains well suited to the energy transition as it unfolds, transitioning from an international oil company to an integrated energy company. Safety is a top priority for BP, with a goal to eliminate fatalities, life-changing injuries, and tier 1 process safety events. In 2023, there was a 22% reduction in tier 1 and tier 2 process safety events compared to 2022.
The company made progress against its targets for 2025, with resilient hydrocarbons business, scale and value in low carbon energy, and growth in convenience and mobility. Notable achievements included oil and gas production growth, increased refining availability, and the start of major oil and gas production projects. Additionally, there was significant growth in convenience gross margin, EV charge points, energy sold, biogas supply volumes, and biofuels production. BP also saw substantial growth in its renewables and hydrogen pipeline.
Financially, BP delivered a resilient operational and financial performance in 2023, with earnings (adjusted EBITDA) of $43.7 billion and operating cash flow of $32.0 billion. The company's net debt reduced to $20.9 billion, its lowest in a decade. BP remains committed to its net zero ambition, with a goal to be a net zero company by 2050 or sooner. In 2023, the company reduced its operational emissions by 41% since 2019 and maintained its methane intensity at 0.05%.
The Annual Report includes comprehensive information about BP's financial and operating performance, sustainability performance, and global energy trends and projections. Additionally, BP has published its Notice of Meeting with details of the 2024 Annual General Meeting and non-financial performance in the 2023 ESG datasheet.