bp publishes Annual Report and Form 20-F 2022 and Net zero ambition progress update
"bp’s focus in 2022 has been to perform while transforming – delivering the energy the world wants and needs today and tomorrow while creating long-term sustainable value for shareholders. It is still early in our transformation, but we believe the company has made substantial progress. We are a stronger bp today."
Our Annual Report and Form 20-F 2022 and our Net zero ambition progress update are now available to download using the links below.
Our Net zero ambition progress update sets out progress against bp’s ten net zero aims, a reminder of why we believe our ambition is consistent with the Paris goals and our planned actions this decade.
We have updated our progress to date to take account of our performance in 2022 and reflected the updates to some of the pathways for our aims announced in February 2023.
Our ambition to achieve net zero across operations, production and sales, by 2050 or sooner, remains unchanged.
Net zero ambition progress report
- In 2022 bp delivered its highest upstream plant reliability on record and its lowest per-barrel production costs since 2006. These two performance measures, combined with high commodity prices, contributed towards operating cash flow of $40.9 billion for theyear, an underlying replacement cost profit of $27.7 billion, ROACE of 30.5% and net debt of$21.4 billion at the end of the year.
- The board decided to increase the dividend per ordinary share by 21% through the year and we announced a total of $11.25 billion to shareholders in buybacks from 2022 surplus cash flow. We are delivering for shareholders by executing our clear, consistent and disciplined financial frame.
The proportion of bp’s total capital investment in our transition growth engines – bioenergy, EV charging, convenience, hydrogen and renewables and power – has risen from around 3% in 2019 to around 30% in 2022. Our cumulative investment in these transition growth engines is expected to be in a range of $55-65 billion between 2023 and 2030.
This included:
- The acquisition in 2022 of Archaea Energy, a leading US producer of renewable natural gas, accelerating the growth of our bioenergy business.
- The establishment of new businesses in offshore wind and hydrogen.
- A tripling in the number of bp pulse EV charge points globally, from more than 7,500 in 2019, to around 22,000.
- The addition of more than 750 strategic convenience sites to our global retail network since 2019.
We also plan to invest up to $8 billion more than previously planned into focusing and improving our core oil and gas business so we can keep delivering energy that’s needed today.
Since 2019, bp has also reduced emissions from our oil and gas operations and production, further rationalized the portfolio and started up 13 major projects.
across operations, production and sales
The progress we have made over the last three years since we set out bp’s integrated energy company strategy – growing new businesses and beginning to decarbonize bp while delivering for shareholders – gives us confidence to lean in further to a strategy that is working.
This included:
- In 2022
- We reduced emissions from our operations by 41% (aim 1), reduced the absolute emissions from the carbon in our upstream oil and gas production by 15% (aim 2), reduced the carbon intensity of the products we sell by 2% (aim 3), and decreased our methane intensity to less than half its previous value, from 0.14% to 0.05% (aim 4) – all since 2019.
- Increased transition growth investment tenfold – from ~3% in 2019 to ~30% of total bp capital expenditure in 2022 (aim 5).
- We reduced emissions from our operations by 41% (aim 1), reduced the absolute emissions from the carbon in our upstream oil and gas production by 15% (aim 2), reduced the carbon intensity of the products we sell by 2% (aim 3), and decreased our methane intensity to less than half its previous value, from 0.14% to 0.05% (aim 4) – all since 2019.
“bp’s strategy is deliberately set up to help us contribute to a rapid and orderly energy transition”
Bernard Looney
bp Annual Report
Our 2022 annual report includes information about our financial and operating performance, sustainability performance, and global energy trends and projections
Notice of Meeting
bp has also published its Notice of Meeting with details of the 2023 Annual General Meeting
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