BP has released its 2024 results, posting a profit of US$381m, compared to a profit of US$15.2bn in 2023. The reduction reflects lower refining margins, lower realizations, a lower gas marketing and trading result and a lower oil trading contribution. The company produced 1,470 kboe/d of hydrocarbons in 2024 (+6%), including 1,070 kb/d of liquids (+6%) and 2,318 mcf/d or 24 bcm of gas (+7%). About 53% of BP’s hydrocarbons production took place in the US in 2024, compared to 49% in 2023.
The company’s refinery throughput reached 1,394 kb/d (-1%), with Europe accounting for 56% of the total and the United States for 44%. Most of the sales of refined products, which remained stable at 2,714 kb/d in 2024, occurred in the US (45%), followed by Europe (38%). Finally, on the gas & low carbon energy segment, including upstream activities that predominantly produce gas, integrated gas and power, and gas trading, BP’s hydrocarbon production declined by 4% to 888 mboe/d, while its installed renewables capacity increased by 48% to 4 GW.