BP p.l.c. (BP) 20-F18 Mar 222021 FY Annual report (foreign)Financial data

Company Profile

Cover

Cover	12 Months Ended
Cover	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	1-06262
Entity Registrant Name	BP PLC
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	1 St James’s Square
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1Y 4PD
Entity Address, Country	GB
Security Reporting Obligation	15(d)
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000313807
Auditor Firm ID	1147
Auditor Name	Deloitte LLP
Auditor Location	London, United Kingdom
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	1 St James’s Square
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1Y 4PD
Entity Address, Country	GB
Contact Personnel Name	Murray Auchincloss
City Area Code	+44
Local Phone Number	(0) 20 7496 4000
Contact Personnel Fax Number	+44 (0) 20 7496 4630
American Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares
Trading Symbol	BP
Security Exchange Name	NYSE
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares of 25c each
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	20,778,081,819
Floating Rate Guaranteed Notes due 2022
Document Information [Line Items]
Title of 12(b) Security	Floating Rate Guaranteed Notes due 2022
Trading Symbol	BP/22D and BP/22H
Security Exchange Name	NYSE
2.500% Guaranteed Notes due 2022
Document Information [Line Items]
Title of 12(b) Security	2.500% Guaranteed Notes due 2022
Trading Symbol	BP/22B
Security Exchange Name	NYSE
2.750% Guaranteed Notes due 2023
Document Information [Line Items]
Title of 12(b) Security	2.750% Guaranteed Notes due 2023
Trading Symbol	BP/23 and BP/23D
Security Exchange Name	NYSE
3.994% Guaranteed Notes due 2023
Document Information [Line Items]
Title of 12(b) Security	3.994% Guaranteed Notes due 2023
Trading Symbol	BP/23A
Security Exchange Name	NYSE
3.535% Guaranteed Notes due 2024
Document Information [Line Items]
Title of 12(b) Security	3.535% Guaranteed Notes due 2024
Trading Symbol	BP/24A
Security Exchange Name	NYSE
3.814% Guaranteed Notes due 2024
Document Information [Line Items]
Title of 12(b) Security	3.814% Guaranteed Notes due 2024
Trading Symbol	BP/24
Security Exchange Name	NYSE
3.790% Guaranteed Notes due 2024
Document Information [Line Items]
Title of 12(b) Security	3.790% Guaranteed Notes due 2024
Trading Symbol	BP/24C
Security Exchange Name	NYSE
3.194% Guaranteed Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	3.194% Guaranteed Notes due 2025
Trading Symbol	BP/25B
Security Exchange Name	NYSE
3.506% Guaranteed Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	3.506% Guaranteed Notes due 2025
Trading Symbol	BP/25
Security Exchange Name	NYSE
3.796% Guaranteed Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	3.796% Guaranteed Notes due 2025
Trading Symbol	BP/25A
Security Exchange Name	NYSE
3.119% Guaranteed Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	3.119% Guaranteed Notes due 2026
Trading Symbol	BP/26 and BP/26A
Security Exchange Name	NYSE
3.410% Guaranteed Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	3.410% Guaranteed Notes due 2026
Trading Symbol	BP/26C
Security Exchange Name	NYSE
3.017% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.017% Guaranteed Notes due 2027
Trading Symbol	BP/27 and BP/27D
Security Exchange Name	NYSE
3.279% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.279% Guaranteed Notes due 2027
Trading Symbol	BP/27B
Security Exchange Name	NYSE
3.543% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.543% Guaranteed Notes due 2027
Trading Symbol	BP/27E
Security Exchange Name	NYSE
3.588% Guaranteed Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	3.588% Guaranteed Notes due 2027
Trading Symbol	BP/27A and BP/27C
Security Exchange Name	NYSE
3.723% Guaranteed Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	3.723% Guaranteed Notes due 2028
Trading Symbol	BP/28
Security Exchange Name	NYSE
3.937% Guaranteed Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	3.937% Guaranteed Notes due 2028
Trading Symbol	BP/28A
Security Exchange Name	NYSE
4.234% Guaranteed Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	4.234% Guaranteed Notes due 2028
Trading Symbol	BP/28B
Security Exchange Name	NYSE
1.749% Guaranteed Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	1.749% Guaranteed Notes due 2030
Trading Symbol	BP/30A
Security Exchange Name	NYSE
3.633% Guaranteed Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	3.633% Guaranteed Notes due 2030
Trading Symbol	BP/30
Security Exchange Name	NYSE
3.060% Guaranteed Notes due 2041
Document Information [Line Items]
Title of 12(b) Security	3.060% Guaranteed Notes due 2041
Trading Symbol	BP/41
Security Exchange Name	NYSE
2.772% Guaranteed Notes due 2050
Document Information [Line Items]
Title of 12(b) Security	2.772% Guaranteed Notes due 2050
Trading Symbol	BP/50B
Security Exchange Name	NYSE
3.000% Guaranteed Notes due 2050
Document Information [Line Items]
Title of 12(b) Security	3.000% Guaranteed Notes due 2050
Trading Symbol	BP/50A
Security Exchange Name	NYSE
3.067% Guaranteed Notes due 2050
Document Information [Line Items]
Title of 12(b) Security	3.067% Guaranteed Notes due 2050
Trading Symbol	BP/50
Security Exchange Name	NYSE
2.939% Guaranteed Notes due 2051
Document Information [Line Items]
Title of 12(b) Security	2.939% Guaranteed Notes due 2051
Trading Symbol	BP/51
Security Exchange Name	NYSE
3.001% Guaranteed Notes due 2052
Document Information [Line Items]
Title of 12(b) Security	3.001% Guaranteed Notes due 2052
Trading Symbol	BP/52
Security Exchange Name	NYSE
3.379% Guaranteed Notes due 2061
Document Information [Line Items]
Title of 12(b) Security	3.379% Guaranteed Notes due 2061
Trading Symbol	BP/61
Security Exchange Name	NYSE
4.375% Perpetual Subordinated Non-Call 5.25 Fixed Rate Reset Notes
Document Information [Line Items]
Title of 12(b) Security	4.375% Perpetual Subordinated Non-Call 5.25 Fixed Rate Reset Notes
Trading Symbol	BP/P1
Security Exchange Name	NYSE
4.875% Perpetual Subordinated Non-Call 10 Fixed Rate Reset Notes
Document Information [Line Items]
Title of 12(b) Security	4.875% Perpetual Subordinated Non-Call 10 Fixed Rate Reset Notes
Trading Symbol	BP/P2
Security Exchange Name	NYSE
First Preference Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	7,232,838
Second Preference Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	5,473,414

Group income statement

Group income statement - USD ($) $ in Millions	12 Months Ended
Group income statement - USD ($) $ in Millions	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Profit (loss) [abstract]
Sales and other operating revenuesa	$ 157,739		$ 105,944	[1]	$ 159,307	[1]
Earnings from joint ventures – after interest and tax	543		(302)		576
Earnings from associates – after interest and tax	3,456		(101)		2,681
Interest and other income	581		663		769
Gains on sale of businesses and fixed assets	1,876		2,874		193
Total revenues and other income	164,195		109,078		163,526
Purchasesa	92,923		57,682	[1]	90,582	[1]
Production and manufacturing expenses	25,843		22,494		21,815
Production and similar taxes	1,308		695		1,547
Depreciation, depletion and amortization	14,805		14,889		17,780
Net impairment and losses on sale of businesses and fixed assets	(1,121)		14,381		8,075
Exploration expense	424		10,280		964
Distribution and administration expenses	11,931		10,397		11,057
Profit (loss) before interest and taxation	18,082		(21,740)		11,706
Finance costs	2,857		3,115		3,489
Net finance (income) expense relating to pensions and other post-retirement benefits	(2)		33		63
Profit (loss) before taxation	15,227		(24,888)		8,154
Taxation	6,740		(4,159)		3,964
Profit (loss) for the year	8,487	[2]	(20,729)	[3]	4,190	[2]
Attributable to
bp shareholders	7,565		(20,305)		4,026
Non-controlling interests	$ 922		$ (424)		$ 164
Ordinary Shares
Profit (loss) for the year attributable to bp shareholders
Basic earnings (loss) per share (USD per share)	$ 0.3757		$ (1.0042)		$ 0.1984
Diluted earnings (loss) per share (USD per share)	0.3733		(1.0042)		0.1973
American Depositary Share
Profit (loss) for the year attributable to bp shareholders
Basic earnings (loss) per share (USD per share)	2.25		(6.03)		1.19
Diluted earnings (loss) per share (USD per share)	$ 2.24		$ (6.03)		$ 1.18

[1]	2020 and 2019 numbers have been restated as a result of changes to the presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy .
[2]	See Note 31 for further information.
[3]	See Note 31 for further information.

Group statement of comprehensiv

Group statement of comprehensive income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Statement of comprehensive income [abstract]
Profit (loss) for the year		$ 8,487	[1]	$ (20,729)	[2]	$ 4,190	[1]
Items that may be reclassified subsequently to profit or loss
Currency translation differences	[1]	(921)		(1,843)		1,538
Exchange (gains) losses on translation of foreign operations reclassified to gain or loss on sale of businesses and fixed assets	[1]	36		(353)		880
Cash flow hedges marked to market	[1]	(430)		78		(100)
Cash flow hedges reclassified to the income statement	[1]	255		(37)		106
Costs of hedging marked to market	[1]	(105)		42		(4)
Costs of hedging reclassified to the income statement	[1]	21		22		57
Share of items relating to equity-accounted entities, net of tax	[1]	44		312		82
Income tax relating to items that may be reclassified	[1]	65		66		(70)
Total items that may be reclassified subsequently to profit or loss	[1]	(1,035)		(1,713)		2,489
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset	[1]	4,416		170		328
Cash flow hedges that will subsequently be transferred to the balance sheet	[1]	1		7		(3)
Income tax relating to items that will not be reclassified	[1]	(1,317)		(105)		(157)
Total items that will not be reclassified to profit or loss	[1]	3,100		72		168
Other comprehensive income		2,065	[2]	(1,641)	[1]	2,657	[1]
Total comprehensive income		10,552	[2]	(22,370)	[1]	6,847	[1]
Attributable to
bp shareholders	[1]	9,654		(21,983)		6,674
Non-controlling interests	[1]	$ 898		$ (387)		$ 173

[1]	See Note 31 for further information.
[2]	See Note 31 for further information.

Group statement of changes in e

Group statement of changes in equity - USD ($) $ in Millions		Total		Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Share Capital And Capital Reserve [Member]		Share Capital And Capital Reserve [Member]Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Treasury shares [member]		Treasury shares [member]Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Reserve of exchange differences on translation [member]		Reserve of exchange differences on translation [member]Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]		Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Retained earnings [member]		Retained earnings [member]Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Equity attributable to owners of parent [member]		Equity attributable to owners of parent [member]Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Non-controlling interests, hybrid bonds [Member]		Non-controlling interests, hybrid bonds [Member]Cumulative Effect, Period of Adoption, Adjusted Balance	Non-controlling interests, other interest [Member]		Non-controlling interests, other interest [Member]Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	IFRS 16 Leases [Member]Cumulative Effect, Period of Adoption, Adjustment	IFRS 16 Leases [Member]Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]Cumulative Effect, Period of Adoption, Adjustment	IFRS 16 Leases [Member]Retained earnings [member]Cumulative Effect, Period of Adoption, Adjustment	IFRS 16 Leases [Member]Equity attributable to owners of parent [member]Cumulative Effect, Period of Adoption, Adjustment	IFRS 16 Leases [Member]Non-controlling interests, other interest [Member]	IFRS 16 Leases [Member]Non-controlling interests, other interest [Member]Cumulative Effect, Period of Adoption, Adjustment
Equity outstanding, beginning of period (Adjustment on adoption of IFRS) at Dec. 31, 2018	[1]																																				$ 330	$ 0	$ 329	$ 329	$ 1
Equity outstanding, beginning of period at Dec. 31, 2018		$ 101,548	[1]	$ 101,218		$ 46,352	[1]	$ 46,352		$ (15,767)	[1]	$ (15,767)		$ (8,902)	[1]	$ (8,902)		$ (987)	[1]	$ (987)		$ 78,748	[1]	$ 78,419		$ 99,444	[1]	$ 99,115		$ 0		$ 0	$ 2,104	[1]	$ 2,103		$ (330)		$ (329)	$ (329)		$ (1)
Profit (loss) for the year		4,190	[2]																			4,026	[1]			4,026	[1]			0			164	[1]
Other comprehensive income		2,657	[2]											2,407	[1]			52	[1]			189	[1]			2,648	[1]						9	[1]
Total comprehensive income		6,847	[2]											2,407	[1]			52	[1]			4,215	[1]			6,674	[1]						173	[1]
Dividends		(7,142)	[1],[3]			0																(6,929)	[1],[3]			(6,929)	[1],[3]						(213)	[1],[3]
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(23)																(23)								(23)
Repurchase of ordinary share capitalc		(1,511)	[1]			0																(1,511)	[1]			(1,511)	[1]
Share-based payments, net of tax	[1]	719				173				1,355												(809)				719
Share of equity-accounted entities’ changes in equity, net of tax	[1]	5																				5				5
Transactions involving non-controlling interests, net of tax	[1]	549																				316				316							233
Equity outstanding, end of period at Dec. 31, 2019		100,708	[1]			46,525	[1]			(14,412)	[1]			(6,495)	[1]			(912)	[1]			73,706	[1]			98,412	[1]			0			2,296	[1]
Profit (loss) for the year	[1]	(20,729)																				(20,305)				(20,305)				256			(680)
Other comprehensive income		(1,641)	[2]											(2,224)	[1]			98	[1]			448	[1]			(1,678)	[1]						37	[1]
Total comprehensive income		(22,370)	[2]											(2,224)	[1]			98	[1]			(19,857)	[1]			(21,983)	[1]			256	[1]		(643)	[1]
Dividends		(6,605)	[1],[3]			0																(6,367)	[1],[3]			(6,367)	[1],[3]						(238)	[1],[3]
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(6)																(6)								(6)
Repurchase of ordinary share capitalc		(776)	[1]			0																(776)	[1]			(776)	[1]
Share-based payments, net of tax	[1]	726				176				1,188												(638)				726
Share of equity-accounted entities’ changes in equity, net of tax	[1]	1,341																				1,341				1,341
Issue of perpetual hybrid bonds	[1]	11,861																				(48)				(48)				11,909
Payments on issue of perpetual hybrid bonds	[1]	(89)																												(89)
Tax on issue of perpetual hybrid bonds	[1]	3																				3				3
Transactions involving non-controlling interests, net of tax	[1]	763																				(64)				(64)							827
Equity outstanding, end of period at Dec. 31, 2020	[1]	85,568				46,701				(13,224)				(8,719)				(808)				47,300				71,250				12,076			2,242
Profit (loss) for the year		8,487	[2]																			7,565	[1]			7,565	[1]			507	[1]		415	[1]
Other comprehensive income	[1]	2,065												(846)				(209)				3,144				2,089							(24)
Total comprehensive income	[1]	10,552												(846)				(209)				10,709				9,654				507			391
Dividends		(4,627)	[1],[3]			0																(4,316)	[1],[3]			(4,316)	[1],[3]						(311)	[1],[3]
Cash flow hedges transferred to the balance sheet, net of tax	[1]	10																10								10
Repurchase of ordinary share capitalc		(3,151)	[1],[4]			0																(3,151)	[1],[4]			(3,151)	[1],[4]
Share-based payments, net of tax	[1]	632				170				600												(138)				632
Share of equity-accounted entities’ changes in equity, net of tax	[1]	556																				556				556
Issue of perpetual hybrid bonds	[1]	924																				(26)				(26)				950
Payments on issue of perpetual hybrid bonds	[1]	(499)												(7)												(7)				(492)
Tax on issue of perpetual hybrid bonds	[1]	0																				0				0
Transactions involving non-controlling interests, net of tax	[1]	494																				881				881							(387)
Equity outstanding, end of period at Dec. 31, 2021	[1]	$ 90,439				$ 46,871				$ (12,624)				$ (9,572)				$ (1,027)				$ 51,815				$ 75,463				$ 13,041			$ 1,935

[1]	See Note 31 for further information.
[2]	See Note 31 for further information.
[3]	See Note 9 for further information.
[4]	See Note 30 for further information.

Group balance sheet

Group balance sheet - USD ($) $ in Millions		Dec. 31, 2021	Dec. 31, 2020
Non-current assets
Property, plant and equipment		$ 112,902	$ 114,836
Goodwill		12,373	12,480
Intangible assets		6,451	6,093
Investments in joint ventures		9,982	8,362
Investments in associates		21,001	18,975
Other investments		2,544	2,746
Fixed assets		165,253	163,492
Loans		922	840
Trade and other receivables		2,693	4,351
Derivative financial instruments		7,006	9,755
Prepayments		479	533
Deferred tax assets		6,410	7,744
Defined benefit pension plan surpluses		11,919	7,957
Non-current assets		194,682	194,672
Current assets
Loans		355	458
Inventories		23,711	16,873
Trade and other receivables		27,139	17,948
Derivative financial instruments		5,744	2,992
Prepayments		2,486	1,269
Current tax receivable		542	672
Other investments		280	333
Cash and cash equivalents		30,681	31,111
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners		90,938	71,656
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners		1,652	1,326
Current assets		92,590	72,982
Total assets		287,272	267,654
Current liabilities
Trade and other payables		52,611	36,014
Derivative financial instruments		7,565	2,998
Accruals		5,638	4,650
Current lease liabilities		1,747	1,933
Current finance debt		5,557	9,359
Current tax payable		1,554	1,038
Provisions		5,256	3,761
Current liabilities other than liabilities included in disposal groups classified as held for sale		79,928	59,753
Liabilities included in disposal groups classified as held for sale		359	46
Current liabilities		80,287	59,799
Non-current liabilities
Other payables		10,567	12,112
Derivative financial instruments		6,356	5,404
Accruals		968	852
Non-current lease liabilities		6,864	7,329
Finance debt		55,619	63,305
Deferred tax liabilities		8,780	6,831
Provisions		19,572	17,200
Defined benefit pension plan and other post-retirement benefit plan deficits		7,820	9,254
Non-current liabilities		116,546	122,287
Total liabilities		196,833	182,086
Net assets		90,439	85,568
Equity
bp shareholders’ equity		75,463	71,250
Non-controlling interests		14,976	14,318
Total equity	[1]	$ 90,439	$ 85,568

[1]	See Note 31 for further information.

Group cash flow statement

Group cash flow statement - USD ($) $ in Millions	12 Months Ended
Group cash flow statement - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Profit (loss) before taxation	$ 15,227	$ (24,888)	$ 8,154
Adjustments to reconcile profit before taxation to net cash provided by operating activities
Exploration expenditure written off	167	9,920	631
Depreciation, depletion and amortization	14,805	14,889	17,780
Impairment and (gain) loss on sale of businesses and fixed assets	(2,997)	11,507	7,882
Earnings from joint ventures and associates	(3,999)	403	(3,257)
Dividends received from joint ventures and associates	1,842	1,442	1,962
Interest receivable	(235)	(258)	(441)
Interest received	320	74	416
Finance costs	2,857	3,115	3,489
Interest paid	(2,474)	(2,728)	(2,870)
Net finance expense relating to pensions and other post-retirement benefits	(2)	33	63
Share-based payments	627	723	730
Net operating charge for pensions and other post-retirement benefits, less contributions and benefit payments for unfunded plans	(655)	(282)	(238)
Net charge for provisions, less payments	2,934	735	(176)
(Increase) decrease in inventories	(7,458)	3,963	(3,406)
(Increase) decrease in other current and non-current assets	(13,263)	4,230	(2,335)
Increase (decrease) in other current and non-current liabilities	20,095	(8,278)	2,823
Income taxes paid	(4,179)	(2,438)	(5,437)
Cash flows from (used in) operating activities	23,612	12,162	25,770
Investing activities
Expenditure on property, plant and equipment, intangible and other assets	(10,887)	(12,306)	(15,418)
Acquisitions, net of cash acquired	(186)	(44)	(3,562)
Investment in joint ventures	(1,440)	(567)	(137)
Investment in associates	(335)	(1,138)	(304)
Total cash capital expenditure	(12,848)	(14,055)	(19,421)
Proceeds from disposals of fixed assets	1,145	491	500
Proceeds from disposals of businesses, net of cash disposed	5,812	4,989	1,701
Proceeds from loan repayments	197	717	246
Net cash used in investing activities	(5,694)	(7,858)	(16,974)
Financing activities
Repurchase of shares	(3,151)	(776)	(1,511)
Payments of lease liabilities, classified as financing activities	(2,082)	(2,442)	(2,372)
Proceeds from long-term financing	6,987	14,736	8,597
Repayments of long-term financing	(16,804)	(12,179)	(7,118)
Net increase (decrease) in short-term debt	1,077	(1,234)	180
Proceeds from issuing other equity instruments	924	11,861	0
Payments of other equity instruments	(538)	(89)	0
Payments from changes in ownership interests in subsidiaries that do not result in loss of control	(560)	(8)	0
Receipts relating to transactions involving non-controlling interests (other)	683	665	566
Dividends paid
bp shareholders	(4,304)	(6,340)	(6,946)
Non-controlling interests	(311)	(238)	(213)
Net cash provided by (used in) financing activities	(18,079)	3,956	(8,817)
Currency translation differences relating to cash and cash equivalents	(269)	379	25
Increase (decrease) in cash and cash equivalents	(430)	8,639	4
Cash and cash equivalents at beginning of year	31,111	22,472
Cash and cash equivalents at end of year	$ 30,681	$ 31,111	$ 22,472

Significant accounting policies

Significant accounting policies, judgements, estimates and assumptions	12 Months Ended
	Dec. 31, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract]
Significant accounting policies, judgements, estimates and assumptions	Significant accounting policies, judgements, estimates and assumptions Authorization of financial statements and statement of compliance with International Financial Reporting Standards The consolidated financial statements of BP p.l.c and its subsidiaries (collectively referred to as bp or the group) for the year ended 31 December 2021 were approved and signed by the chief executive officer and chairman on 18 March 2022 having been duly authorized to do so by the board of directors. BP p.l.c. is a public limited company incorporated and domiciled in England and Wales. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted in the European Union (EU) and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under international accounting standards. As a result of the UK's withdrawal from the EU, with effect from 1 January 2021, the consolidated financial statements are also prepared in accordance with IFRS as adopted by the UK. IFRS as adopted by the UK does not differ from IFRS as adopted by the EU. IFRS as adopted by the UK and EU differs in certain respects from IFRS as issued by the IASB. The differences have no impact on the group’s consolidated financial statements for the years presented. The UK’s withdrawal from the EU has not had a significant impact on the consolidated financial statements. The significant accounting policies and accounting judgements, estimates and assumptions of the group are set out below. Basis of preparation The consolidated financial statements have been prepared on a going concern basis and in accordance with IFRS and IFRS Interpretations Committee (IFRIC) interpretations issued and effective for the year ended 31 December 2021. The accounting policies that follow have been consistently applied to all years presented, except where otherwise indicated. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest million dollars ($ million), except where otherwise indicated. Significant accounting policies: use of judgements, estimates and assumptions Inherent in the application of many of the accounting policies used in preparing the consolidated financial statements is the need for bp management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual outcomes could differ from the estimates and assumptions used. The accounting judgements and estimates that have a significant impact on the results of the group are set out in boxed text below, and should be read in conjunction with the information provided in the Notes on financial statements. The areas requiring the most significant judgement and estimation in the preparation of the consolidated financial statements are: accounting for the investments in Rosneft and Aker BP; exploration and appraisal intangible assets; the recoverability of asset carrying values, including the estimation of reserves; supplier financing arrangements; derivative financial instruments; provisions and contingencies; and pensions and other post-retirement benefits. Judgements and estimates, not all of which are significant, made in assessing the impact of the COVID-19 pandemic, and climate change and the transition to a lower carbon economy on the consolidated financial statements are also set out in boxed text below. Where an estimate has a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year this is specifically noted within the boxed text. Judgements and estimates made in assessing the impact of climate change and the transition to a lower carbon economy Climate change and the transition to a lower carbon economy were considered in preparing the consolidated financial statements. These may have significant impacts on the currently reported amounts of the group’s assets and liabilities discussed below and on similar assets and liabilities that may be recognized in the future. The group’s assumptions for investment appraisal (see page 32) form part of an investment decision-making framework for currently unsanctioned future capital expenditure on property, plant and equipment, and intangibles including exploration and appraisal assets, that is designed to support the effective and resilient implementation of bp’s strategy. The price assumptions used for investment appraisal include oil and gas price assumptions, which are producer prices and are therefore net of any future carbon prices that the purchaser may be required to pay, and an assumption of a single carbon emissions cost imposed on the producer in respect of operational greenhouse gas (GHG) emissions (carbon dioxide and methane) in order to incentivize engineering solutions to mitigate GHG emissions on projects. The group's oil, gas and carbon price assumptions for value-in-use impairment testing are aligned with those investment appraisal assumptions, except for, 2022 oil and gas prices which reflect near-term market conditions, and the assumptions for future carbon emissions costs described below. Impairment of property, plant and equipment, and goodwill The energy transition is likely to impact the future prices of commodities such as oil and natural gas which in turn may affect the recoverable amount of property, plant and equipment, and goodwill in the oil and gas industry. Management’s best estimate of oil price assumptions for value-in-use impairment testing was revised during 2021. The assumption up to 2030 was increased to reflect near-term supply constraints whereas the long-term assumption was decreased as bp's management expects an acceleration of the pace of transition to a lower carbon economy. Henry Hub gas price assumptions remain unchanged from 2020 except that the assumption for 2022 has been increased to reflect short-term market conditions. The revised assumptions sit within the range of external scenarios considered by management and are in line with a range of transition paths consistent with the temperature goal of the Paris climate change agreement, of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels. As noted above, the group’s investment appraisal process includes a single carbon emissions price assumption for the investment economics which is applied to bp's anticipated share of bp's forecast of the investments assets' scope 1 and 2 GHG emissions where they exceed defined thresholds, and is assumed to be payable by bp as the producer or as a non-operator. However, for value-in-use impairment testing on bp's existing cash generating units (CGUs), consistent with all other relevant cash flows estimated, bp is required to reflect management's best estimate of any expected applicable carbon emission costs payable by bp, including where bp in not the operator, in the future for each jurisdiction in which the group has interests. This requires management’s best estimate of how future changes to relevant carbon emission cost policies and/or legislation are likely to affect the future cash flows of the group’s applicable CGUs, whether currently enacted or not. Future potential carbon pricing and/or costs of carbon emissions allowances are included in the value-in-use calculations to the extent management has sufficient information to make such an estimate. Currently this results in limited application of carbon price assumptions in value-in-use impairment tests given that carbon pricing legislation in most jurisdictions where the group has interests is not in place and there is not sufficient information available as to the relevant policy makers' future intentions regarding carbon pricing to support an estimate. 1. Significant accounting policies, judgements, estimates and assumptions – continued However, as bp’s forecast future prices are producer prices, the group considers it reasonable to assume that if, in addition to the costs already in place, further scope 1 and 2 emission costs were partially to be borne directly by oil and gas producers including bp in future and the prevalence of such costs were to become widespread, the gross oil and gas prices realised by producers would be correspondingly higher over the long term, resulting in no expected overall materially negative impacts on the group’s net cash flows. See significant judgements and estimates: recoverability of asset carrying values for further information including sensitivity analysis in relation to reasonably possible changes in the price assumptions and carbon costs. Production assumptions within upstream property, plant and equipment, and goodwill value-in-use impairment tests reflect management’s current best estimate of future production of the existing upstream portfolio. The group’s sees the expected reduction in upstream hydrocarbon production by around 40% by 2030 from its 2019 baseline (see page 17) being achieved through future active management and high-grading of the portfolio. Changes in upstream production since 2019 will be included in the best estimate however as the specific future changes to the portfolio are not yet known, the current best estimate does not include the full extent of the expected upstream production reduction. See significant judgements and estimates: recoverability of asset carrying values and Note 13 for sensitivity analyses in relation to reasonably possible changes in production for upstream oil and gas properties and goodwill respectively. Impairment reversals were recognized on certain upstream oil and gas properties partly as a result of the higher near-term assumptions. See Note 3 for further information. For the customers & products segment, though the energy transition may impact demand for certain refined products in the future, management anticipates sufficiently robust demand for the remainder of each refinery’s useful life. Management will continue to review price assumptions as the energy transition progresses and this may result in impairment charges or reversals in the future. Exploration and appraisal intangible assets The energy transition may affect the future development or viability of exploration prospects. A significant proportion of exploration and appraisal intangible assets were written off in 2020 as a result of lower price assumptions and work to develop bp’s new strategy. The recoverability of the remaining intangibles was considered during 2021 and no significant write-offs were identified. These assets will continue to be assessed as the energy transition progresses . See significant judgement: exploration and appraisal intangible assets and Note 7 for further information. Property, plant and equipment – depreciation and expected useful lives The energy transition may curtail the expected useful lives of oil and gas industry assets thereby accelerating depreciation charges. However, the significant majority of bp’s existing upstream oil and natural gas properties are likely to be fully depreciated within the next 10 years and, as outlined in bp's strategy, oil and natural gas production will remain an important part of bp’s business activities over that period. Similarly, for refineries, demand for refined products is expected to remain sufficient to support the remaining useful life of existing assets. Therefore, management does not expect the useful lives of bp’s reported property, plant and equipment to change and do not consider this to be a significant accounting judgement or estimate. Significant capital expenditure is still required for ongoing projects and therefore the useful lives of future capital expenditure may be different. See significant accounting policy: property, plant and equipment for more information. Provisions: decommissioning The energy transition may bring forward the decommissioning of oil and gas industry assets thereby increasing the present value of associated decommissioning provisions. The majority of bp’s existing upstream oil and gas properties are expected to start decommissioning within the next two decades. The group’s expectation to reduce its upstream hydrocarbon production by around 40% by 2030 from its 2019 baseline (see page 17) is expected to be achieved through future active management and high-grading of the portfolio. Any resulting increases or decreases to the weighted average timing of decommissioning will be driven by the profile of assets held in the revised portfolio. Currently, the expected timing of decommissioning expenditures for the upstream oil and gas assets in the group’s portfolio has not materially been brought forward. Management does not expect any reasonable change in the expected timing of decommissioning to have a material effect on the upstream decommissioning provisions, assuming cash flows remain unchanged. Decommissioning cost estimates are based on the known regulatory and external environment. These cost estimates may change in the future, including as a result of the transition to a lower carbon economy. For refineries, decommissioning provisions are generally not recognized as the associated obligations have indeterminate settlement dates, typically driven by the cessation of manufacturing. Management will continue to review facts and circumstances to assess if decommissioning provisions need to be recognized. See significant judgements and estimates: provisions for further information. Judgements and estimates made in assessing the impact of the COVID-19 pandemic and the economic environment In preparing the consolidated financial statements, the following areas involving judgement and estimates were identified as most relevant with regards to the impact of the COVID-19 pandemic and current economic environment. Going concern Forecast liquidity has been assessed under a number of stressed scenarios, including a significant decline in oil prices over the 12-month period. Reverse stress tests performed indicated that the group will continue to operate as a going concern for at least 12 months from the date of approval of the consolidated financial statements even if the Brent price fell to zero. No material uncertainties over going concern or significant judgements or estimates in the assessment were identified. See also Note 28 Financial instruments and financial risk factors – Liquidity risk for further information. Discount rate assumptions The discount rates used for impairment testing and provisions were reassessed during the year in light of changing economic and geopolitical outlooks. The nominal discount rate applied to provisions was reduced during the year to reflect the enduring reduction in US Treasury yields. The principal impact of this rate reduction was a $1.3 billion increase in the decommissioning provision with a corresponding increase in the carrying amount of property, plant and equipment of $1.0 billion. Impairment discount rates and country risk premiums were unchanged due to COVID-19 from those reported in 2020. See significant judgements and estimates: recoverability of asset carrying values and provisions for further information. Pensions and other post-retirement benefits The volatility in the financial markets during 2021 impacted the assumptions used for determining the fair value of plan assets and the present value of defined benefit obligations in the group’s defined benefit pension plans. See significant estimate: pensions and other post-retirement benefits and Note 23 for further information. 1. Significant accounting policies, judgements, estimates and assumptions – continued Impairment of financial assets measured at amortized cost The current economic environment and future credit risk outlook were considered in updating the estimate of expected credit loss allowances on financial assets measured at amortized cost and no significant impact was determined relative to the total expected credit loss allowances recognized as at 31 December 2021. Management does not consider the calculation of expected credit loss allowances to be a significant accounting estimate. See Note 20 and 28 for further information. Income taxes The carrying amounts of the group’s deferred tax assets were reviewed and updated to the extent that there are changes in the probability of sufficient taxable profits being available to utilize the reported deferred tax assets. Management does not consider the measurement of deferred tax assets to be a significant accounting estimate. See significant accounting policy: income taxes and Note 8 for further information. Basis of consolidation The consolidated group financial statements consolidate the financial statements of BP p.l.c. and its subsidiaries drawn up to 31 December each year. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control, including when control is obtained via potential voting rights, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid securities issued by subsidiaries and for which the group has the unconditional right to avoid transferring cash or another financial asset to the holders. Profit or loss attributable to bp shareholders is adjusted to reflect the coupon/interest related to these hybrid securities whether or not such distribution has been deferred. Interests in other entities Business combinations and goodwill Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are recognized at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognized for any non-controlling interest and the acquisition-date fair values of any previously held interest in the acquiree over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. The amount recognized for any non-controlling interest is measured at the present ownership's proportionate share in the recognized amounts of the acquiree’s identifiable net assets. At the acquisition date, any goodwill acquired is allocated to each of the cash-generating units, or groups of cash-generating units, expected to benefit from the combination’s synergies. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill arising on business combinations prior to 1 January 2003 is stated at the previous carrying amount under UK generally accepted accounting practice, less subsequent impairments. Goodwill may arise upon investments in joint ventures and associates, being the surplus of the cost of investment over the group’s share of the net fair value of the identifiable assets and liabilities. Any such goodwill is recorded within the corresponding investment in joint ventures and associates. Goodwill may also arise upon acquisition of interests in joint operations that meet the definition of a business. The amount of goodwill separately recognized is the excess of the consideration transferred over the group's share of the net fair value of the identifiable assets and liabilities. Interests in joint arrangements The results, assets and liabilities of joint ventures are incorporated in these consolidated financial statements using the equity method of accounting as described below. Certain of the group’s activities, particularly in the oil production & operations and gas & low carbon energy segments, are conducted through joint operations. bp recognizes, on a line-by-line basis in the consolidated financial statements, its share of the assets, liabilities and expenses of these joint operations incurred jointly with the other partners, along with the group’s income from the sale of its share of the output and any liabilities and expenses that the group has incurred in relation to the joint operation. Interests in associates The results, assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting as described below. Significant judgements: investments in Rosneft and Aker BP Judgement is required in assessing the level of control or influence over another entity in which the group holds an interest. For bp, the judgements that the group had significant influence over Rosneft Oil Company (Rosneft), a Russian oil and gas company, and expects to continue to have significant influence over Aker BP, a Norwegian oil and gas company, following completion of Aker BP's proposed acquisition of Lundin Energy, are significant. Significant influence is defined in IFRS as the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies. Significant influence is presumed when an entity owns 20% or more of the voting power of the investee. Significant influence is presumed not to be present when an entity owns less than 20% of the voting power of the investee. IFRS identifies several indicators that may provide evidence of significant influence, including representation on the board of directors of the investee and participation in policy-making processes. 1. Significant accounting policies, judgements, estimates and assumptions – continued Rosneft At 31 December 2021, bp owned 19.75% of the voting shares of Rosneft. Rosneft’s largest shareholder is Rosneftegaz JSC (Rosneftegaz), which is wholly owned by the Russian government. At 31 December 2021, Rosneftegaz held 40.4% (2020 40.4%) of the voting shares of Rosneft. bp’s group chief executive, Bernard Looney, was approved as a member of the board of directors of Rosneft in June 2020 as one of bp’s two nominated directors. bp’s other nominated director, Bob Dudley, was approved as a member of the Rosneft board in 2013. He was also chairman of the Rosneft board’s Strategic and Sustainable Development Committee during 2021. bp also held the voting rights at general meetings of shareholders conferred by its 19.75% stake in Rosneft. bp’s economic interest in Rosneft at 31 December 2021 was 22.03% (2020 22.03%), which was higher than bp's ownership stake due to transactions by Rosneft in its own shares in previous years. bp's management considers, therefore, that the group has significant influence over Rosneft, as defined by IFRS, as at 31 December 2021. As a consequence of this judgement, bp used the equity method of accounting for its investment and bp's share of Rosneft's oil and natural gas reserves was included in the group's estimated net proved reserves of equity-accounted entities. On 27 February 2022, bp announced it will exit its shareholding in Rosneft. bp's two nominated directors to the Rosneft board stepped down from that date and submitted letters of resignation. As a result, bp’s management considers that the group no longer has significant influence over Rosneft, as defined by IFRS, from that date. Following the loss of significant influence, bp’s equity accounting of its investment ceased from that date and the investment will be accounted for as an investment in an equity instrument measured at fair value, as described under 'Financial assets' below, instead. No share of Rosneft's oil and natural gas reserves will be reported going forward. See Note 37 Events after the reporting period for further information. Aker BP bp owned 27.85% of the voting shares of Aker BP at 31 December 2021 and significant influence was presumed. On completion of Aker BP's acquisition of Lundin Energy, which remains subject to shareholder and regulatory approval, bp expects its interest to be diluted to 15.9% of the voting shares of Aker BP as a result of new Aker BP shares being issued as partial consideration to Lundin Energy shareholders. bp’s group chief financial officer, Murray Auchincloss, has been a member of the Aker BP board since 2017. bp’s other nominated director, Kate Thomson has been a member of the Aker BP board since formation of that company in 2016. She is also a member of the Aker BP board’s Audit and Risk Committee. These memberships are not expected to change following the transaction. bp also holds the voting rights at general meetings of shareholders conferred by its stake in Aker BP. bp's management considers, therefore, that the group will retain significant influence, as defined by IFRS, over Aker BP following the acquisition of Lundin Energy. As a consequence of this judgement, bp has classified $0.6 billion as an asset held for sale, reflecting the highly probable deemed disposal of a part of bp’s equity accounted interest as a result of the transaction. If significant influence was not present following completion, the carrying amount of bp’s entire interest in Aker BP would be classified as an asset held for sale. The equity method of accounting Under the equity method, an investment is carried on the balance sheet at cost plus post-acquisition changes in the group’s share of net assets of the entity, less distributions received and less any impairment in value of the investment. Loans advanced to equity-accounted entities that have the characteristics of equity financing are also included in the investment on the group balance sheet. The group income statement reflects the group’s share of the results after tax of the equity-accounted entity, adjusted to account for depreciation, amortization and any impairment of the equity-accounted entity’s assets based on their fair values at the date of acquisition. The group statement of comprehensive income includes the group’s share of the equity-accounted entity’s other comprehensive income. The group’s share of amounts recognized directly in equity by an equity-accounted entity is recognized in the group’s statement of changes in equity. Financial statements of equity-accounted entities are prepared for the same reporting year as the group. Where material differences arise in the accounting policies used by the equity-accounted entity and those used by bp, adjustments are made to those financial statements to bring the accounting policies used into line with those of the group. Unrealized gains on transactions, apart from those that meet the definition of a derivative, between the group and its equity-accounted entities are eliminated to the extent of the group’s interest in the equity-accounted entity. The group assesses investments in equity-accounted entities for impairment whenever there is objective evidence that the investment is impaired. If any such objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs of disposal and value in use. If the carrying amount exceeds the recoverable amount, the investment is written down to its recoverable amount. Segmental reporting The group’s operating segments are established on the basis of those components of the group that are evaluated regularly by the chief executive officer, bp’s chief operating decision maker, in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the group’s accounting policies described in this note, except that IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker. For bp, this measure of profit or loss is replacement cost profit before interest and tax which reflects the replacement cost of inventories sold in the period and is arrived at by excluding inventory holding gains and losses from profit before interest and tax. Replacement cost profit for the group is not a recognized measure under IFRS. For further information see Note 4. bp changed its segmental reporting from 1 January 2021, see ‘change in segmentation’ below. 1. Significant accounting policies, judgements, estimates and assumptions – continued Foreign currency translation In individual subsidiaries, joint ventures and associates, transactions in foreign currencies are initially recorded in the functional currency of those entities at the spot exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the income statement, unless hedge accounting is applied. Non-monetary items, other than those measured at fair value, are not retranslated subsequent to initial recognition. In the consolidated financial statements, the assets and liabilities of non-US dollar functional currency subsidiaries, joint ventures, associates, and related goodwill, are translated into US dollars at the spot exchange rate on the balance sheet date. The results and cash flows of non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars using average rates of exchange. In the consolidated financial statements, exchange adjustments arising when the opening net assets and the profits for the year retained by non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars are recognized in a separate component of equity and reported in other comprehensive income. Exchange gains and losses arising on long-term intra-group foreign currency borrowings used to finance the group’s non-US dollar investments are also reported in other comprehensive income if the borrowings form part of the net investment in the subsidiary, joint venture or associate. On disposal or for certain partial disposals of a non-US dollar functional currency subsidiary, joint venture or associate, the related accumulated exchange gains and losses recognized in equity are reclassified from equity to the income statement. Non-current assets held for sale Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Significant non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale, and actions required to complete the plan of sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Property, plant and equipment and intangible assets are not depreciated or amortized, and equity accounting of associates and joint ventures is ceased once classified as held for sale. Intangible assets Intangible assets, other than goodwill, include expenditure on the exploration for and evaluation of oil and natural gas resources, computer software, patents, licences and trademarks and are stated at the amount initially recognized, less accumulated amortization and accumulated impairment losses. Intangible assets are carried initially at cost unless acquired as part of a business combination. Any such asset is measured at fair value at the date of the business combination and is recognized separately from goodwill if the asset is separable or arises from contractual or other legal rights. Intangible assets with a finite life, other than capitalized exploration and appraisal

Non-current assets held for sal

Non-current assets held for sale (Notes)	12 Months Ended
Non-current assets held for sale (Notes)	Dec. 31, 2021
Disclosure of non-current assets held for sale and discontinued operations [Abstract]
Disclosure of non-current assets or disposal groups classified as held for sale [text block]	Non-current assets held for sale The carrying amount of assets classified as held for sale at 31 December 2021 is $1,652 million (2020 $1,326 million), with associated liabilities of $359 million (2020 $46 million). oil productions & operations As announced in August 2021, bp and PetroChina have agreed to establish Basra Energy Company, an incorporated joint venture, intended to own and manage the companies’ interests in the Rumaila field in Iraq. Subject to regulatory and other approvals, the transaction is expected to complete during the first half of 2022. Assets of $1,009 million and associated liabilities of $333 million have been classified as held for sale in the group balance sheet at 31 December 2021. On 21 December 2021, Aker BP, an associate of bp, announced the proposed acquisition of Lundin Energy for consideration in cash and new Aker BP shares. Subject to regulatory and other approvals, the transaction is expected to complete mid-year 2022. bp currently holds a 27.9% interest in Aker BP. Following the transaction this is expected to become a 15.9% interest in the combined company. $595 million of bp’s investment in AkerBP has therefore been classified as held for sale in the group’s balance sheet. No transactions have been classified as held for sale during 2021 which were completed by 31 December 2021. gas & low carbon energy The assets held for sale balance at 31 December 2020 consists primarily of a 20% participating interest from bp’s 60% participating interest in Block 61 in Oman. As announced on 1 February 2021, bp agreed to sell this interest to PTT Exploration and Production Public Company Limited of Thailand. The sale was approved by Royal Decree on 28 March 2021 and $2.4 billion was received in March 2021. The total assets and liabilities held for sale at 31 December 2021 and 2020, which are all in gas & low carbon energy and oil productions & operations, are set out in the table below. $ million 2021 2020 Property, plant and equipment 35 1,099 Goodwill 137 199 Investments in associates 632 — Inventories 152 — Trade and other receivables 696 28 Assets classified as held for sale 1,652 1,326 Trade and other payables (238) (36) Lease liabilities (74) — Provisions (47) (10) Liabilities directly associated with assets classified as held for sale (359) (46)

Disposals and impairment

Disposals and impairment	12 Months Ended
Disposals and impairment	Dec. 31, 2021
Impairment Of Assets [Abstract]
Disposals and impairment	Disposals and impairment The following amounts were recognized in the income statement in respect of disposals and impairments. $ million 2021 2020 2019 Gains on sale of businesses and fixed assets gas & low carbon energy 1,034 — — oil production & operations 869 360 143 customers & products (52) 2,320 50 other businesses & corporate 25 194 — 1,876 2,874 193 $ million 2021 2020 2019 Losses on sale of businesses and fixed assets, and closures gas & low carbon energy 1 9 884 oil production & operations 86 375 409 customers & products 142 296 57 other businesses & corporate 1 1 9 230 681 1,359 Impairment losses gas & low carbon energy 834 6,214 387 oil production & operations 1,617 6,723 6,365 customers & products 962 840 65 other businesses & corporate 63 12 30 3,476 13,789 6,847 Impairment reversals gas & low carbon energy (2,338) (3) — oil production & operations (2,479) (86) (131) customers & products (7) — — other businesses & corporate (3) — — (4,827) (89) (131) Impairment and losses on sale of businesses and fixed assets, and closures (1,121) 14,381 8,075 Disposals Disposal proceeds and principal gains and losses on disposals by segment are described below. $ million 2021 2020 2019 Proceeds from disposals of fixed assets 1,145 491 500 Proceeds from disposals of businesses, net of cash disposed 5,812 4,989 1,701 6,957 5,480 2,201 By business gas & low carbon energy 2,425 38 565 oil production & operations 3,022 1,157 1,472 customers & products 1,050 3,959 152 other businesses & corporate 460 326 12 6,957 5,480 2,201 Information for 2019 and 2020 has been restated to reflect the changes in reportable segments. For more information see Note 1 Significant accounting policies, judgements, estimates and assumptions - Change in segmentation. Proceeds from disposals of business in 2021 includes $2,364 million in respect of the disposal of a 20% participating interest in Block 61 in Oman and a further $2,177 million and $872 million in respect of the Alaska and Petrochemicals disposals which concluded in 2020. At 31 December 2021, deferred consideration relating to disposals amounted to $205 million receivable within one year (2020 $1,291 million and 2019 $159 million) and $823 million receivable after one year (2020 $2,402 million and 2019 $125 million). The deferred consideration principally relates to the disposals of our Alaskan business in 2020. In addition, contingent consideration receivable relating to disposals amounted to $1,917 million at 31 December 2021 (2020 $1,999 million and 2019 $598 million). The contingent consideration at 31 December 2021 relates to the prior period disposals of our Alaskan business and certain assets in the North Sea. These amounts of contingent consideration are reported within Other investments on the group balance sheet - see Note 17 for further information. During the year, the group disposed of a $1,675 million loan note related to the Alaska divestment. As a result of potential partial recourse from the counterparty, the group continues to recognize an asset of $547 million and an associated liability of $598 million, both of which will reduce over time. Gains and losses on sale of businesses and fixed assets, and closures gas & low carbon energy In 2021 gains on disposal of businesses and fixed assets were principally related to a $1,031 million gain on disposal of a 20% participating interest in Block 61 in Oman. 3. Disposals and impairment – continued In 2019 losses on disposal of businesses and fixed assets were principally in respect of the reclassification of accumulated foreign exchange losses from reserves to the income statement upon the contribution of our Brazilian biofuels business to a new 50:50 joint venture BP Bunge Bioenergia. oil production & operations In 2021 gains principally resulted from adjustments to disposals in prior periods. Gains include $171 million from the disposal of a 2.1% interest in Aker BP in the North Sea, $100 million from the disposal of certain exploration assets in Brazil, and $502 million fair value movements in relation to deferred and contingent consideration in relation to prior disposals in Alaska and the North Sea. In 2020, gains principally resulted from adjustments to disposals in prior periods. Gains include $130 million from the disposal of our Alaska operations and interests and $166 million fair value movements in relation to deferred and contingent consideration in relation to the Alaska disposal and prior disposals in the North Sea. Losses included $134 million fair value movements in relation to deferred and contingent consideration arising from prior period disposals in the North Sea, $120 million in relation to the likely disposal of an exploration asset and $78 million from the disposal of certain properties in the US. In 2019, losses included $191 million fair value movements in relation to contingent consideration arising from the prior period disposal of the Bruce, Keith and Devenick assets and $171 million in relation to severance costs associated with the divestment of our Alaskan business. customers & products In 2020, gains principally resulted from the $2.3 billion gain recognized on the disposal of our Petrochemicals business which completed in December 2020. The gain was adjusted in 2021 as a result of post settlement adjustments. Losses included $229 million in relation to cessation of manufacturing operations at the Kwinana Refinery following the decision to cease fuel production. other businesses and corporate In 2020 the gain on disposal of businesses and fixed assets was principally in respect of the sale and leaseback of our St James's Square London headquarters. Summarized financial information relating to the sale of businesses is shown in the table below. The principal transaction categorized as a business disposal in 2021 was the sale of a 20% participating interest from bp’s 60% participating interest in Block 61 in Oman. See Note 2 for further information. The principal transactions categorized as a business disposal in 2020 were the sales of our Petrochemical and Alaskan businesses. The principal transaction categorized as a business disposal in 2019 was the sale of our interests in the Gulf of Suez oil concessions in Egypt. $ million 2021 2020 2019 Non-current assets 1,620 9,092 1,653 Current assets 69 1,539 507 Non-current liabilities (287) (1,639) (257) Current liabilities (3) (782) (108) Total carrying amount of net assets disposed 1,399 8,210 1,795 Recycling of foreign exchange on disposal 35 (328) 880 Costs on disposal (5) 13 190 1,429 7,895 2,865 Gains (losses) on sale of businesses 1,632 2,570 (1,190) Total consideration 3,061 10,465 1,675 Non-cash consideration (108) (219) (938) Consideration received (receivable) a 2,859 (5,257) 964 Proceeds from the sale of businesses, net of cash disposed b 5,812 4,989 1,701 a In 2019 $633 million relates to deposits received in advance of the disposal of our Alaska business and certain assets in our BPX business. b Proceeds are stated net of cash and cash equivalents disposed of $2 million (2020 $101 million and 2019 $30 million). Impairments Impairment losses and impairment reversals in each segment are described below. For information on significant estimates and judgements made in relation to impairments see Impairment of property, plant and equipment, intangibles and goodwill within Note 1. See also Note 11, and Note 14 for further information on impairments by asset category. gas & low carbon energy The 2021 impairment loss of $834 million primarily relates to losses incurred in respect of development assets in the Tortue CGU in Mauritania & Senegal ($819 million) and principally arose as a result of increased forecast future expenditure . The 2021 impairment reversal of $2,338 million primarily relates to reversals in respect of producing assets in the KGD6 CGU in India ($1,229 million) and the Trinidad CGU ($600 million) and principally arose as a result of changes to the group's oil and gas price assumptions and re-assessment of reserves.The recoverable amount of these CGUs on which significant impairment charges or reversals were recognized, based on their value in use, is $7,365 million. The recoverable amount of all CGUs for which impairment charges or reversals were recognized in 2021 in total, based on their value in use, is $17,330 million. The 2020 impairment loss of $6,214 million primarily relates to losses incurred in respect of producing and development assets in Trinidad ($2,416 million), Mauritania and Senegal ($1,909 million) and India ($1,313 million). Impairment losses were primarily driven by a reduction in bp’s future oil and gas price assumptions and, to a lesser extent, certain technical reserves revisions. The recoverable amount of the impaired CGUs in total was $13,563 million. The 2019 impairment losses of $387 million related to a number of different assets, with the most significant charges arising in Egypt and Trinidad. oil production & operations Impairment losses and reversals in all years relate primarily to producing and midstream assets. 3. Disposals and impairment – continued The 2021 impairment loss of $1,617 million principally relates to anticipated portfolio changes ($1,109 million). The 2021 impairment reversals of $2,479 million principally arose as a result of changes to the group’s oil and gas price assumptions and re-assessment of reserves. They include amounts in BPX Energy ($1,356 million) and the North Sea ($950 million). The principal CGU on which a significant impairment reversal was recognized was $982 million for Hawkville in BPX Energy. The recoverable amount of these CGUs on which significant impairment charges or reversals were recognized, based on their value in use, is $6,760 million. The recoverable amount of all CGUs for which impairment charges or reversals were recognized in 2021, based on their value in use, is $16,586 million. The 2020 impairment loss of $6,723 million primarily relates to losses incurred in respect of producing and development assets in the UK North Sea ($2,796 million), the US ($2,744 million), and Canada ($865 million). Impairment losses were primarily driven by a reduction in bp’s future oil and gas price assumptions and, to a lesser extent, certain technical reserves revisions. The 2019 impairment losses of $6,365 million related to various assets, with the most significant charges arising in the US. Impairment losses arose primarily as a result of the decision to dispose of certain assets, including $4,703 million in relation to completed and expected disposals in BPX Energy and $1,264 million relating to the expected disposal of our Alaskan business; of these amounts $355 million primarily relates to impairment of associated goodwill. customers & products 2021 impairment losses of $962 million principally relates to anticipated portfolio changes in the products business ($595 million). Impairment losses totalling $840 million and $65 million were recognized in 2020 and 2019 respectively. The amount for 2020 principally relates to portfolio changes in the fuels business, including the conversion of Kwinana refinery to an import terminal. None of the impairment charges were individually material. Other businesses and corporate Impairment losses totalling $63 million, $12 million, and $30 million were recognized in 2021, 2020 and 2019 respectively.

Segmental analysis

Segmental analysis	12 Months Ended
Segmental analysis	Dec. 31, 2021
Operating Segments [Abstract]
Segmental analysis	Segmental analysis During the first quarter of 2021, the group's reportable segments were changed consistent with a change in the way that resources are allocated and performance is assessed from that date, by the chief operating decision maker, who for bp is the chief executive officer. From the first quarter of 2021, the group's reportable segments are gas & low carbon energy, oil production & operations, customers & products, and Rosneft. At 31 December 2020, the group's reportable segments were Upstream, Downstream and Rosneft. Gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and the group's solar, wind and hydrogen businesses. Gas producing regions were previously in the Upstream segment. The group's renewables businesses were previously part of 'Other businesses and corporate'. Oil production & operations comprises regions with upstream activities that predominantly produce crude oil. These activities were previously in the Upstream segment. Customers & products comprises the group’s customer-focused businesses, spanning convenience and mobility, which includes fuels retail and next-gen offers such as electrification, as well as aviation, midstream, and Castrol lubricants. It also includes our oil products businesses, refining & trading. The petrochemicals business is reported in restated comparative information as part of the customers and products segment up to its sale in December 2020. The customers & products segment is, therefore, substantially unchanged from the former Downstream segment. The Rosneft segment was unchanged and continues to include equity-accounted earnings from the group's investment in Rosneft. The group will cease to report Rosneft as a separate segment in the group's financial reporting for 2022. See Note 37 Events after the reporting period. Other businesses and corporate comprises the group’s shipping and treasury functions, and corporate activities worldwide. 2020 and 2019 have been restated in Notes 4 and 13 to reflect the changes in reportable segments. References to segments have also changed in Notes 2, 7, 15 and 27. The accounting policies of the operating segments are the same as the group’s accounting policies described in Note 1. However, IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker for the purposes of performance assessment and resource allocation. For bp, this measure of profit or loss is replacement cost profit or loss before interest and tax which reflects the replacement cost of supplies by excluding from profit or loss before interest and tax inventory holding gains and losses a . Replacement cost profit or loss before interest and tax for the group is not a recognized measure under IFRS. Sales between segments are made at prices that approximate market prices, taking into account the volumes involved. Segment revenues and segment results include transactions between business segments. These transactions and any unrealized profits and losses are eliminated on consolidation, unless unrealized losses provide evidence of an impairment of the asset transferred. Sales to external customers by region are based on the location of the group subsidiary which made the sale. The UK region includes the UK-based international activities of customers & products. All surpluses and deficits recognized on the group balance sheet in respect of pension and other post-retirement benefit plans are allocated to Other businesses and corporate. However, the periodic expense relating to these plans is allocated to the operating segments based upon the business in which the employees work. Certain financial information is provided separately for the US as this is an individually material country for bp, and for the UK as this is bp’s country of domicile. a Inventory holding gains and losses represent the difference between the cost of sales calculated using the replacement cost of inventory and the cost of sales calculated on the first-in first-out (FIFO) method after adjusting for any changes in provisions where the net realizable value of the inventory is lower than its cost. Under the FIFO method, which we use for IFRS reporting, the cost of inventory charged to the income statement is based on its historical cost of purchase or manufacture, rather than its replacement cost. In volatile energy markets, this can have a significant distorting effect on reported income. The amounts disclosed represent the difference between the charge to the income statement for inventory on a FIFO basis (after adjusting for any related movements in net realizable value provisions) and the charge that would have arisen based on the replacement cost of inventory. For this purpose, the replacement cost of inventory is calculated using data from each operation’s production and manufacturing system, either on a monthly basis, or separately for each transaction where the system allows this approach. The amounts disclosed are not separately reflected in the financial statements as a gain or loss. No adjustment is made in respect of the cost of inventories held as part of a trading position and certain other temporary inventory positions. 4. Segmental analysis – continued $ million 2021 By business gas & low carbon energy oil production & operations customers & products Rosneft other Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 30,840 24,519 130,095 — 1,724 (29,439) 157,739 Less: sales and other operating revenues between segments (4,563) (22,408) (1,226) — (1,242) 29,439 — Third party sales and other operating revenues 26,277 2,111 128,869 — 482 — 157,739 Earnings from joint ventures and associates – after interest and tax 426 576 385 2,694 (82) — 3,999 Segment results Replacement cost profit (loss) before interest and taxation 2,133 10,501 2,208 2,429 (2,777) (67) 14,427 Inventory holding gains (losses) a 33 8 3,355 259 — — 3,655 Profit (loss) before interest and taxation 2,166 10,509 5,563 2,688 (2,777) (67) 18,082 Finance costs (2,857) Net finance expense relating to pensions and other post-retirement benefits 2 Profit before taxation 15,227 Other income statement items Depreciation, depletion and amortization US 80 3,174 1,349 — 94 — 4,697 Non-US 4,384 3,354 1,651 — 719 — 10,108 Charges for provisions, net of write-back of unused provisions, including change in discount rate 173 7 3,063 — 477 — 3,720 Segment assets Investments in joint ventures and associates 5,224 8,044 3,291 14,354 70 — 30,983 Additions to non-current assets b 4,963 6,090 3,940 — 1,007 — 16,000 a See explanation of inventory holding gains and losses on page 200. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 4. Segmental analysis – continued $ million 2020 By business gas & low carbon energy oil production & operations customers & products Rosneft other businesses & corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 16,275 17,234 90,744 — 1,666 (19,975) 105,944 Less: sales and other operating revenues between segments (2,708) (15,879) (158) — (1,230) 19,975 — Third party sales and other operating revenues 13,567 1,355 90,586 — 436 — 105,944 Earnings from joint ventures and associates – after interest and tax (45) (327) 214 (229) (16) — (403) Segment results Replacement cost profit (loss) before interest and taxation (7,068) (14,583) 3,418 (149) (579) 89 (18,872) Inventory holding gains (losses) a 19 (2) (2,796) (89) — — (2,868) Profit (loss) before interest and taxation (7,049) (14,585) 622 (238) (579) 89 (21,740) Finance costs (3,115) Net finance expense relating to pensions and other post-retirement benefits (33) Profit before taxation (24,888) Other income statement items Depreciation, depletion and amortization US 96 3,700 1,359 — 39 — 5,194 Non-US 3,361 4,087 1,631 — 616 — 9,695 Charges for provisions, net of write-back of unused provisions, including change in discount rate (2) 58 1,903 — 543 — 2,502 Segment assets Investments in joint ventures and associates 3,663 8,154 3,671 11,808 41 — 27,337 Additions to non-current assets b 3,507 5,321 5,359 — 570 — 14,757 a See explanation of inventory holding gains and losses on page 200. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 4. Segmental analysis – continued $ million 2019 By business gas & low carbon energy oil production & operations customers & products Rosneft other businesses & corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 27,045 28,702 132,864 — 1,418 (30,722) 159,307 Less: sales and other operating revenues between segments (3,097) (25,870) (973) — (782) 30,722 — Third party sales and other operating revenues 23,948 2,832 131,891 — 636 — 159,307 Earnings from joint ventures and associates – after interest and tax 81 518 374 2,295 (11) — 3,257 Segment results Replacement cost profit (loss) before interest and taxation 2,945 1,049 6,502 2,316 (1,848) 75 11,039 Inventory holding gains (losses) a (6) (2) 685 (10) — — 667 Profit (loss) before interest and taxation 2,939 1,047 7,187 2,306 (1,848) 75 11,706 Finance costs (3,489) Net finance expense relating to pensions and other post-retirement benefits (63) Profit before taxation 8,154 Other income statement items Depreciation, depletion and amortization US 79 4,614 1,335 — 34 — 6,062 Non-US 5,067 4,552 1,586 — 513 — 11,718 Charges for provisions, net of write-back of unused provisions, including change in discount rate (9) 127 507 — 560 — 1,185 Segment assets Investments in joint ventures and associates 4,695 9,038 3,609 12,927 56 — 30,325 Additions to non-current assets b 7,609 9,705 4,011 — 1,288 — 22,613 a See explanation of inventory holding gains and losses on page 200. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. $ million 2021 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 53,748 103,991 157,739 Other income statement items Production and similar taxes 108 1,200 1,308 Non-current assets Non-current assets b c 54,395 108,793 163,188 a Non-US region includes UK $11,248 million b Non-US region includes UK $19,530 million c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. $ million 2020 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 27,413 78,531 105,944 Other income statement items Production and similar taxes 57 638 695 Non-current assets Non-current assets b c 52,493 108,786 161,279 a Non-US region includes UK $13,836 million. b Non-US region includes UK $19,583 million. c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. 4. Segmental analysis – continued $ million 2019 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 47,951 111,356 159,307 Other income statement items Production and similar taxes 315 1,232 1,547 Non-current assets Non-current assets b c 57,757 133,398 191,155 a Non-US region includes UK $17,169 million. b Non-US region includes UK $22,881 million. c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments.

Sales and other operating reven

Sales and other operating revenues	12 Months Ended
Sales and other operating revenues	Dec. 31, 2021
Revenue [abstract]
Sales and other operating revenues	Sales and other operating revenues $ million 2021 2020 2019 Crude oil 5,483 5,048 9,141 Oil products 101,418 63,564 102,408 Natural gas, LNG and NGLs 24,378 10,762 15,156 Non-oil products and other revenues from contracts with customers 6,082 9,779 10,838 Revenue from contracts with customers 137,361 89,153 137,543 Other operating revenues a 20,378 16,791 21,764 Total sales and other operating revenues 157,739 105,944 159,307 a Principally relates to commodity derivative transactions. 2020 and 2019 amounts have been restated as a result of changes to the presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. See Note 1 - Voluntary change in accounting policy - Net presentation of revenues and purchases relating to physically settled derivative contracts. An analysis of third-party sales and other operating revenues by segment and region is provided in Note 4. The group’s sales to customers of crude oil and oil products were substantially all made by the customers & products segment. The group’s sales to customers of natural gas, LNG and NGLs were made by the gas & low carbon energy segment. A significant majority of the group’s sales of non-oil products and other revenues from contracts with customers were made by the customers & products segment.

Income statement analysis

Income statement analysis	12 Months Ended
Income statement analysis	Dec. 31, 2021
Analysis of income and expense [abstract]
Income statement analysis	Income statement analysis $ million 2021 2020 2019 Interest and other income Interest income from Financial assets measured at amortized cost 221 215 371 Financial assets measured at fair value through profit or loss 5 25 49 Other income 355 423 349 581 663 769 Currency exchange losses charged to the income statement a 345 38 37 Expenditure on research and development 266 332 364 Costs relating to the Gulf of Mexico oil spill (pre-interest and tax) b 70 255 319 Finance costs Interest expense on lease liabilities 288 337 379 Interest expense on other liabilities measured at amortized cost c 1,820 2,166 2,410 Capitalized at 2.63% (2020 2.75% and 2019 3.50%) d (287) (345) (374) Losses arising on finance debt risk management activities e 145 — — Unwinding of discount on provisions 391 437 505 Unwinding of discount on other payables measured at amortized cost 500 520 569 2,857 3,115 3,489 a Excludes exchange gains and losses arising on financial instruments measured at fair value through profit or loss. b Included within production and manufacturing expenses. c 2021 includes a loss of $195 million (2020 loss of $158 million) associated with the buyback of finance debt. d Tax relief on capitalized interest is approximately $66 million (2020 $83 million and 2019 $51 million). e From 2021 temporary valuation differences associated with the group’s interest rate and foreign currency exchange risk management of finance debt are being presented within finance costs. Previously these were presented within production and manufacturing expenses. Relevant amounts in the comparative periods were not reclassified as the amounts were not material.

Exploration for and evaluation

Exploration for and evaluation of oil and natural gas resources	12 Months Ended
	Dec. 31, 2021
Exploration For And Evaluation Of Mineral Resources [Abstract]
Exploration for and evaluation of oil and natural gas resources	Exploration for and evaluation of oil and natural gas resources The following financial information represents the amounts included within the group totals relating to activity associated with the exploration for and evaluation of oil and natural gas resources. All such activity is recorded within the gas & low carbon energy and oil production & operations segments. For information on significant judgements made in relation to oil and natural gas accounting see Intangible assets in Note 1. $ million 2021 2020 2019 Exploration and evaluation costs Exploration expenditure written off a 167 9,920 631 Other exploration costs 257 360 333 Exploration expense for the year 424 10,280 964 Impairment losses 1 156 2 Intangible assets – exploration and appraisal expenditure b c 4,289 4,113 14,091 Liabilities 98 71 73 Net assets 4,191 4,042 14,018 Cash used in operating activities 257 360 333 Cash used in investing activities 260 674 1,215 a 2020 includes $2,643 million in the Gulf of Mexico primarily relating to the Paleogene assets, $2,539 million in Canada primarily relating to Terre de Grace, $2,141 million in Brazil, $952 million in Egypt and $832 million in Angola. b 2019 includes approximately $2,500 million relating to Canadian oil sands. c Amount capitalized at 31 December 2021 and 31 December 2020 relates to assets in various regions. The largest of these is approximately $700 million capitalized in the Middle East region (2020 approximately $700 million capitalized in the Middle East Region).

Taxation

Taxation	12 Months Ended
Taxation	Dec. 31, 2021
Income Taxes [Abstract]
Taxation	Taxation Tax on profit $ million 2021 2020 2019 Current tax Charge for the year 4,808 2,095 5,316 Adjustment in respect of prior years 138 50 (68) 4,946 2,145 5,248 Deferred tax Origination and reversal of temporary differences in the current year 3,366 (7,826) (1,190) Adjustment in respect of prior years a (1,572) 1,522 (94) 1,794 (6,304) (1,284) Tax charge (credit) on profit or loss 6,740 (4,159) 3,964 a The adjustments in respect of prior years reflect the reassessment of the deferred tax balances for prior periods in light of changes in facts and circumstances during the year; 2021 and 2020 include the impact of the reassessment of deferred tax asset recognition in light of revisions to price assumptions. In 2021, the total tax charge recognized within other comprehensive income was $1,252 million (2020 $39 million charge and 2019 $227 million charge), primarily comprising the deferred tax impact of the remeasurements of the net pension and other post-retirement benefit liability or asset. See Note 31 for further information. 8. Taxation – continued The total tax charge recognized directly in equity was $170 million (2020 $154 million charge and 2019 $37 million charge). 2021 mainly relates to transactions involving non-controlling interests and 2020 principally relates to a non-controlling interest transaction entered into by Rosneft. Reconciliation of the effective tax rate The following table provides a reconciliation of the group weighted average statutory corporate income tax rate to the effective tax rate of the group on profit or loss before taxation. $ million 2021 2020 2019 Profit (loss) before taxation 15,227 (24,888) 8,154 Tax charge (credit) on profit or loss 6,740 (4,159) 3,964 Effective tax rate 44% 17% 49% % Tax rate computed at the weighted average statutory rate a 54 31 52 Increase (decrease) resulting from Tax reported in equity-accounted entities b c (3) — (4) Adjustments in respect of prior years (9) (6) (2) Deferred tax not recognized 8 (3) (2) Tax incentives for investment (1) 1 (3) Disposal impacts d (4) — 1 Items not deductible for tax purposes 1 (3) 4 Other c (2) (3) 3 Effective tax rate 44 17 49 a Calculated based on the statutory corporate income tax rate applicable in the countries in which the group operates, weighted by the profits and losses before tax in the respective countries. b Includes withholding tax in respect of distributions from equity-accounted entities. c A minor amendment has been made to 2019 to align with current period presentation. The impact in 2020 is not material. d 2021 primarily relates to the divestment of a 20% stake in Oman Block 61. Deferred tax $ million Analysis of movements during the year in the net deferred tax (asset) liability 2021 2020 At 1 January (913) 5,190 Exchange adjustments 9 55 Charge (credit) for the year in the income statement 1,794 (6,304) Charge for the year in other comprehensive income 1,302 48 Charge for the year in equity 170 154 Acquisitions and disposals 8 (56) At 31 December 2,370 (913) The following table provides an analysis of deferred tax in the income statement and the balance sheet by category of temporary difference: $ million Income statement Balance sheet 2021 2020 2019 2021 2020 Deferred tax liability Depreciation 899 (7,295) (1,436) 16,276 15,361 Pension plan surpluses 105 69 (31) 3,898 2,691 Derivative financial instruments (33) 33 29 24 63 Other taxable temporary differences a 180 (32) 159 1,782 1,562 1,151 (7,225) (1,279) 21,980 19,677 Deferred tax asset Depreciation (846) (849) — (1,678) (849) Lease liabilities (43) 286 264 (1,128) (1,122) Pension plan and other post-retirement benefit plan deficits 119 2 62 (1,221) (1,548) Decommissioning, environmental and other provisions (744) 438 (472) (7,891) (7,155) Derivative financial instruments (9) — 63 (75) (25) Tax credits 1,282 310 (336) (2,359) (3,652) Loss carry forward 1,064 543 12 (4,202) (5,319) Other deductible temporary differences (180) 191 402 (1,056) (920) 643 921 (5) (19,610) (20,590) Net deferred tax charge (credit) and net deferred tax (asset) liability b 1,794 (6,304) (1,284) 2,370 (913) Of which – deferred tax liabilities 8,780 6,831 – deferred tax assets 6,410 7,744 a This category includes deferred tax in respect of temporary differences on unremitted earnings of equity-accounted entities. b Included within the net deferred tax (asset) liability is a deferred tax asset balance of $3,959 million (2020 $5,471 million) related to the Gulf of Mexico oil spill. 8. Taxation – continued Of the $6,410 million of deferred tax assets recognized on the group balance sheet at 31 December 2021 (2020 $7,744 million), $6,342 million (2020 $7,659 million) relates to entities that have suffered a loss in either the current or preceding period. This amount is supported by forecasts consistent with bp's future oil and gas price assumptions that indicate sufficient future taxable profits will be available to utilize such assets within any applicable expiry period. For 2021, this mainly includes $2,224 million in the US, $892 million in the UK, $762 million in India and $541 million in Angola (2020 mainly included $3,906 million in the US, $707 million in India, $637 million in Australia and $588 million in Trinidad & Tobago). A summary of temporary differences, unused tax credits and unused tax losses for which deferred tax has not been recognized is shown in the table below. $ billion At 31 December 2021 2020 Unused US state tax losses a 2.5 2.4 Unused tax losses – other jurisdictions b 6.0 6.0 Unused tax credits 28.2 26.9 of which – arising in the UK c 24.6 23.0 – arising in the US d 3.6 3.9 Deductible temporary differences e 49.0 46.1 Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities 0.7 0.8 a For 2021 these losses expire in the period 2022-2041 with applicable tax rates ranging from 3% to 10%. b The majority of the unused tax losses have no fixed expiry date. c The UK unused tax credits arise predominantly in overseas branches of UK entities based in jurisdictions with higher statutory corporate income tax rates than the UK. No deferred tax asset has been recognized on these tax credits as they are unlikely to have value in the future; UK taxes on these overseas branches are largely mitigated by double tax relief in respect of overseas tax. These tax credits have no fixed expiry date. d For 2021 the US unused tax credits expire in the period 2022-2031. e The majority comprises fixed asset temporary differences in the UK. Substantially all of the temporary differences have no expiry date. $ million Impact of previously unrecognized deferred tax or write-down of deferred tax assets on tax charge 2021 2020 2019 Current tax benefit relating to the utilization of previously unrecognized deferred tax assets 331 46 272 Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets 773 11 96 Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets 820 — 364 Deferred tax expense arising from the write-down of a previously recognized deferred tax asset 29 1,622 73

Dividends

Dividends	12 Months Ended
Dividends	Dec. 31, 2021
Interim Financial Reporting [Abstract]
Dividends	Dividends The quarterly dividend which is expected to be paid on 25 March 2022 in respect of the fourth quarter 2021 is 5.46 cents per ordinary share ($0.3276 per American Depositary Share (ADS)). The corresponding amount in sterling was announced on 15 March 2022. Pence per share Cents per share $ million 2021 2020 2019 2021 2020 2019 2021 2020 2019 Dividends announced and paid in cash Preference shares 2 1 1 Ordinary shares March 3.7684 8.1558 7.7382 5.25 10.50 10.25 1,063 2,102 1,435 June 3.7118 8.3421 8.0655 5.25 10.50 10.25 1,062 2,119 1,779 September 3.9529 4.0433 8.3475 5.46 5.25 10.25 1,100 1,059 1,656 December 4.1045 3.9169 7.8250 5.46 5.25 10.25 1,077 1,059 2,075 15.5376 24.4581 31.9762 21.42 31.50 41.00 4,304 6,340 6,946 Dividend announced, paid in March 2022 5.46 1,065 The amount of unclaimed dividends recognized as a liability in other payables at 31 December 2021 is $62 million (2020 $50 million). The details of the scrip dividends issued are shown in the table below. The board decided not to offer a scrip dividend alternative in respect of any dividends announced since the third quarter 2019, including the fourth quarter 2021 dividend expected to be paid on 25 March 2022. 2021 2020 2019 Number of shares issued (thousand) — — 208,927 Value of shares issued ($ million) — — 1,387 The financial statements for the year ended 31 December 2021 do not reflect the dividend announced on 8 February 2022 and which is expected to be paid in March 2022; this will be treated as an appropriation of profit in the year ending 31 December 2022.

Earnings per share

Earnings per share	12 Months Ended
Earnings per share	Dec. 31, 2021
Earnings per share [abstract]
Earnings per share	Earnings per share Cents per share Per ordinary share 2021 2020 2019 Basic earnings per share 37.57 (100.42) 19.84 Diluted earnings per share 37.33 (100.42) 19.73 Dollars per share Per American Depositary Share (ADS) a 2021 2020 2019 Basic earnings per share 2.25 (6.03) 1.19 Diluted earnings per share 2.24 (6.03) 1.18 a One ADS is equivalent to six ordinary shares. Basic earnings per ordinary share amounts are calculated by dividing the profit for the year attributable to bp ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. The weighted average number of shares outstanding includes certain shares that will be issuable in the future under employee share-based payment plans and excludes treasury shares, which includes shares held by the Employee Share Ownership Plan trusts (ESOPs). For the diluted earnings per share calculation, the weighted average number of shares outstanding during the year is adjusted for the average number of shares that are potentially issuable in connection with employee share-based payment plans. If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share. $ million 2021 2020 2019 Profit attributable to bp shareholders 7,565 (20,305) 4,026 Less: dividend requirements on preference shares 2 1 1 Profit for the year attributable to bp ordinary shareholders 7,563 (20,306) 4,025 Shares thousand 2021 2020 2019 Basic weighted average number of ordinary shares 20,128,862 20,221,514 20,284,859 Potential dilutive effect of ordinary shares issuable under employee share-based payment plans 131,526 — 114,811 Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share 20,260,388 20,221,514 20,399,670 Shares thousand 2021 2020 2019 Basic weighted average number of ordinary shares – ADS equivalent 3,354,810 3,370,252 3,380,809 Potential dilutive effect of ordinary shares (ADS equivalent) issuable under employee share-based payment plans 21,921 — 19,136 Weighted average number of ordinary shares (ADS equivalent) outstanding used to calculate diluted earnings per share 3,376,731 3,370,252 3,399,945 The number of ordinary shares outstanding at 31 December 2021, excluding treasury shares, and including certain shares that will be issuable in the future under employee share-based payment plans was 19,642,221,041. Between 31 December 2021 and 1 March 2022, the latest practicable date before the completion of these financial statements, there was a net decrease of 217,722,532 of ordinary shares primarily as a result of share buy backs. Employee share-based payment plans The group operates share and share option plans for directors and certain employees to obtain ordinary shares and ADSs in the company. Information on these plans for directors is shown in the Directors remuneration report on pages 116-141. The following table shows the number of shares potentially issuable under equity-settled employee share option plans, including the number of options outstanding, the number of options exercisable at the end of each year, and the corresponding weighted average exercise prices. The dilutive effect of these plans at 31 December is also shown. Share options 2021 2020 Number of options a b thousand Weighted average Number of options a b thousand Weighted average Outstanding 590,961 4.26 28,171 3.79 Exercisable 1,080 4.73 1,874 5.02 Dilutive effect 3,588 n/a 2,497 n/a a Numbers of options shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). b At 31 December 2021 the quoted market price of one bp ordinary share was £3.31 (2020 £2.55). In addition, the group operates a number of equity-settled employee share plans under which share units are granted to the group’s senior leaders and certain other employees. These plans typically have a three-year performance or restricted period during which the units accrue net notional dividends which are treated as having been reinvested. Leaving employment will normally preclude the conversion of units into shares, but special arrangements apply for participants that leave for qualifying reasons. The number of shares that are expected to vest each year under employee share plans are shown in the table below. The dilutive effect of the employee share plans at 31 December is also shown. 10. Earnings per share – continued Share plans 2021 2020 Number of shares a Number of shares a Vesting thousand thousand Within one year 92,210 87,517 1 to 2 years 149,077 85,720 2 to 3 years 179,449 147,097 3 to 4 years 109,265 749 Over 4 years 928 349 530,929 321,432 Dilutive effect 152,899 104,068 a Numbers of shares shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). There has been a net decrease of 15,265,059 in the number of potential ordinary shares relating to employee share-based payment plans between 31 December 2021 and 1 March 2022.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
Property, plant and equipment	Dec. 31, 2021
Property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment (PP&E) $ million Land and land improvements Buildings Oil and gas properties a Plant, machinery and equipment Fittings, fixtures and office equipment Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2021 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Exchange adjustments (205) (19) — (736) (31) (16) (627) (1,634) Additions 68 59 7,931 2,187 171 40 762 11,218 Acquisitions — — — 1 — — — 1 Transfers from intangible assets — — 38 — — — — 38 Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (22) (5) (6,859) (329) (327) (40) (170) (7,752) At 31 December 2021 3,713 1,245 208,034 44,037 2,231 3,033 10,241 272,534 Depreciation - owned PP&E At 1 January 2021 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Exchange adjustments (29) (10) — (370) (21) (12) (373) (815) Charge for the year 48 36 10,193 1,502 158 71 523 12,531 Impairment losses 4 — 2,340 937 — 12 4 3,297 Impairment reversals — (3) (4,794) — — (30) — (4,827) Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (9) — (6,341) (259) (190) (34) (157) (6,990) At 31 December 2021 706 654 134,550 21,841 1,792 2,388 5,783 167,714 Owned PP&E - net book amount at 31 December 2021 3,007 591 73,484 22,196 439 645 4,458 104,820 Right-of-use assets - net book amount at 31 December 2021 b — 1,331 32 617 15 2,513 3,574 8,082 Total PP&E - net book amount at 31 December 2021 3,007 1,922 73,516 22,813 454 3,158 8,032 112,902 Cost - owned PP&E At 1 January 2020 3,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 Exchange adjustments 219 6 — 801 33 8 603 1,670 Additions 101 63 6,922 1,539 586 49 864 10,124 Acquisitions 89 — — 35 5 9 376 514 Transfers from intangible assets — — 605 — — — — 605 Reclassified as assets held for sale — — (1,425) — — — — (1,425) Deletions and disposals (146) (281) (6,131) (6,185) (738) (491) (261) (14,233) At 31 December 2020 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Depreciation - owned PP&E At 1 January 2020 581 697 124,766 21,527 2,006 2,744 4,865 157,186 Exchange adjustments 35 6 — 424 26 9 379 879 Charge for the year 113 46 10,068 1,312 170 77 740 12,526 Impairment losses 8 9 11,705 744 2 4 3 12,475 Impairment reversals — (1) (83) — — (5) — (89) Reclassified as assets held for sale — — (326) — — — — (326) Deletions and disposals (45) (126) (5,579) (3,976) (359) (448) (201) (10,734) At 31 December 2020 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Owned PP&E - net book amount at 31 December 2020 3,180 579 73,772 22,883 573 668 4,490 106,145 Right-of-use assets - net book amount at 31 December 2020 b — 1,254 77 792 21 2,855 3,692 8,691 Total PP&E - net book amount at 31 December 2020 3,180 1,833 73,849 23,675 594 3,523 8,182 114,836 Assets under construction included above At 31 December 2021 19,704 At 31 December 2020 17,259 Depreciation charge for the year on right-of-use assets 2021 209 27 279 10 844 613 1,982 2020 192 43 637 10 829 579 2,290 a For information on significant estimates and judgements made in relation to the estimation of oil and natural reserves see Property, plant and equipment within Note 1. b $203 million (2020 $284 million) of drilling rig right-of-use assets and $2,230 million (2020 $2,521 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.

Capital commitments

Capital commitments	12 Months Ended
Capital commitments	Dec. 31, 2021
Additional information [abstract]
Capital commitments	Capital commitments

Goodwill and impairment review

Goodwill and impairment review of goodwill	12 Months Ended
Goodwill and impairment review of goodwill	Dec. 31, 2021
Intangible Assets [Abstract]
Goodwill and impairment review of goodwill	Goodwill and impairment review of goodwill $ million 2021 2020 Cost At 1 January 13,093 12,865 Exchange adjustments (91) 184 Acquisitions and other additions a 139 632 Reclassified as assets held for sale (137) (199) Deletions and disposals (13) (389) At 31 December 12,991 13,093 Impairment losses At 1 January 613 997 Exchange adjustments (1) 1 Impairment losses for the year 7 1 Deletions and disposals (1) (386) At 31 December 618 613 Net book amount at 31 December 12,373 12,480 Net book amount at 1 January 12,480 11,868 a 2020 principally relates to an acquisition in the US Fuels business. Impairment review of goodwill $ million Goodwill at 31 December 2021 2020 gas & low carbon energy 2,147 2,152 oil production & operations 5,464 5,613 customers & products 4,697 4,660 other businesses & corporate 65 55 12,373 12,480 Information for 2019 and 2020 has been restated to reflect the changes in reportable segments. For more information see Note 1 Significant accounting policies, judgements, estimates and assumptions - Change in segmentation. Goodwill acquired through business combinations has been allocated to groups of cash-generating units (CGUs) that are expected to benefit from the synergies of the acquisition. For oil production & operations goodwill is allocated to CGUs in aggregate at the segment level, for gas & low carbon energy goodwill is allocated to the hydrocarbon CGUs within the segment. For customers and products, goodwill has been allocated to Castrol, US Fuels, European Fuels and Other. For information on significant estimates and judgements made in relation to impairments see Impairment of property, plant and equipment, intangible assets and goodwill in Note 1. gas & low carbon energy and oil production & operations As a result of the change in bp’s reporting segments on 1 January 2021, a review of the level at which goodwill is allocated and monitored for impairment testing purposes was required. Oil and gas properties CGUs were allocated to the new segments based on whether they predominantly produce oil or gas. No individual CGUs were split between the new segments and the existing CGUs remained unchanged. Legacy upstream goodwill was allocated to the two groups of CGUs allocated to the new segments based on the relative aggregate recoverable value of each group. An impairment test was performed on the goodwill balances allocated to the oil production & operations and the gas & low carbon energy segments at 1 January 2021 after the change in segments; no impairment of either goodwill balance was identified as a result thereof. $ million $ million gas & low carbon energy oil production & operations 2021 2020 2021 2020 Goodwill 2,147 2,152 5,464 5,613 Excess of recoverable amount over carrying amount 3,991 3,991 32,438 27,758 The table above shows the carrying amount of goodwill for the segments at the period end and the excess of the recoverable amount, based on a pre-tax value-in-use calculation, over the carrying amount (headroom) at the date of the most recent test. For oil production & operations the increase in headroom relates to movements due to the passage of time. No impairment of the goodwill balances in either gas & low carbon energy or oil production & operations was recognized during 2021 (2020 $nil million). 13. Goodwill and impairment review of goodwill – continued The value in use for relevant CGUs in both gas & low carbon energy and oil production & operations is based on the cash flows expected to be generated by the projected production profiles up to the expected dates of cessation of production of each field, based on appropriately risked estimates of reserves and resources. Midstream and supply and trading activities and equity-accounted entities are generally not included in the impairment reviews of goodwill, as they do not represent part of the grouping of CGUs to which the goodwill balances relate and which are used to monitor the goodwill balances for internal management purposes. Where such activities form part of wider CGUs to which goodwill relates they are reflected in the test. As the production profile and related cash flows can be estimated from bp’s past experience, management believes that the cash flows generated over the estimated life of field is the appropriate basis upon which to assess goodwill and individual assets for impairment in both gas & low carbon energy and oil & production operations. The estimated date of cessation of production depends on the interaction of a number of variables, such as the recoverable quantities of hydrocarbons, the production profile of the hydrocarbons, the cost of the development of the infrastructure necessary to recover the hydrocarbons, production costs, the contractual duration of the production concession and the selling price of the hydrocarbons produced. As each field has specific reservoir characteristics and economic circumstances, the cash flows of each field are computed using appropriate individual economic models and key assumptions agreed by bp management. Estimated production volumes and cash flows up to the date of cessation of production on a field-by-field basis, including operating and capital expenditure, are derived from the business segment plans. The production profiles used are consistent with the reserve and resource volumes approved as part of bp’s centrally controlled process for the estimation of proved and probable reserves and total resources. The average production for the purposes of goodwill impairment testing in the gas & low carbon energy segment over the next 15 years is 261 mmboe per year (2020 275 mmboe per year) and in the oil production and operations segment is 604 mmboe per year (2020 602 mmboe per year). Production assumptions used for the goodwill impairment tests in both gas & low carbon energy and oil production & operations reflect management’s best estimate of future production of the existing portfolio at the time of the calculation. The group’s expectation to reduce upstream hydrocarbon production by around 40% by 2030 from its 2019 baseline is expected to be achieved through future active management and high-grading of the portfolio. Changes in upstream production since 2019 will be included in the best estimates however as the specific future changes to the portfolio are not yet known, these best estimates do not include the full extent of the expected upstream production reductions . The weighted average pre-tax discount rate used in the review for both segments is 11% (2020 11% for both segments). The most recent reviews for impairment for the oil production & operations and gas & low carbon energy segments were carried out in the fourth quarter. As permitted by IAS 36, the detailed calculations for recoverable amounts performed in 2020 were used as a basis for the 2021 impairment tests. The recoverable amounts, key assumptions and sensitivity calculations for 2021 are prepared using the remaining future cash flows from the 2020 detailed calculations. The headrooms for 2021 do not represent the headrooms that would result if a test was run in either segment based on discounted future cash flows estimated using 2021 data and assumptions. The key assumptions used in the value-in-use calculations are oil and natural gas prices, production volumes and the discount rate. The value-in-use calculations have been prepared solely for the purposes of determining whether the goodwill balance were impaired. Estimated future cash flows were prepared on the basis of certain assumptions prevailing at the time of the tests. The actual outcomes may differ from the assumptions made. For example, reserves and resources estimates and production forecasts are subject to revision as further technical information becomes available and economic conditions change. Due to economic developments, regulatory change and emissions reduction activity arising from climate concern and other factors, future commodity prices and other assumptions may differ from the forecasts used in the calculations. Sensitivities to different variables have been estimated using certain simplifying assumptions. For example, lower oil and gas price or production sensitivities do not fully reflect the specific impacts for each contractual arrangement and will not capture all favourable impacts that may arise from cost deflation or savings. A detailed calculation in either segment at any given price or production profile may, therefore, produce a different result. Adverse changes in input assumptions applied in respect to assets carried at or close to their value in use, primarily being those assets previously impaired, would have a limited effect on goodwill headrooms, instead resulting in a direct impairment of the particular CGU's net book value. Conversely, a reduction in the value in use of those assets carried at a value below their respective values in use would result in an adverse impact on the relevant goodwill headroom. It is estimated that a 33% (2020 28%) reduction in revenue throughout each year of the remaining life of those assets, either as a result of adverse price or production conditions or a combination of each, would cause the recoverable amount to be equal to the carrying amount of goodwill and related net non-current assets of the oil production and operations segment. For gas & low carbon energy a 20% (2020 20%) reduction would have the same result. It is estimated that no reasonably possible change in the discount rate would cause the recoverable amount to be equal to the carrying amount of goodwill and related net non-current assets of either segment. customers & products $ million 2021 2020 Castrol US Fuels European Fuels Other Total Castrol US Fuels European Fuels Other Total Goodwill 2,837 606 862 392 4,697 2,865 606 913 276 4,660 Cash flows for each CGU are derived from the business segment plans, which cover a period of up to five years. To determine the value in use for each of the cash-generating units, cash flows for a period of 10 years are discounted and aggregated with a terminal value. It is estimated that no reasonably possible change in the key assumptions used in the US Fuels and European Fuels goodwill impairment assessments would cause the recoverable amount to be equal to the carrying amount of goodwill and related net non-current assets. Castrol As permitted by IAS 36, the detailed calculations of Castrol’s recoverable amount performed in the most recent detailed calculation in 2018 was used as the basis for the tests in 2021 as the criteria of IAS 36 were considered satisfied: the headroom was substantial in 2018; there have been no significant changes in the assets and liabilities; and the likelihood that the recoverable amount would be less than the carrying amount is remote. The key assumptions to which the calculation of value in use for the Castrol unit is most sensitive are operating unit margins, sales volumes, and discount rate. Operating margin and sales volumes assumptions used in the detailed impairment review of goodwill calculation are consistent with the assumptions used in the Castrol unit’s business plan and values assigned to these key assumptions reflect past experience. A pre-tax discount rate of 9% is applied in the test. No reasonably possible change in any of these key assumptions would cause the unit’s recoverable amount to be equal to the carrying amount of goodwill and related net non-current assets. Cash flows beyond the plan period are extrapolated using a nominal 2.8% growth rate.

Intangible assets

Intangible assets	12 Months Ended
Intangible assets	Dec. 31, 2021
Intangible Assets [Abstract]
Intangible assets	Intangible assets $ million 2021 2020 Exploration and appraisal expenditure a Other intangibles Total Exploration and appraisal expenditure a Other intangibles Total Cost At 1 January 14,417 5,622 20,039 15,306 4,900 20,206 Exchange adjustments — (137) (137) — 138 138 Acquisitions — 47 47 — 318 318 Additions 409 628 1,037 703 645 1,348 Transfers to property, plant and equipment (38) — (38) (605) — (605) Deletions and disposals (477) (8) (485) (987) (379) (1,366) At 31 December 14,311 6,152 20,463 14,417 5,622 20,039 Amortization At 1 January 10,304 3,642 13,946 1,215 3,452 4,667 Exchange adjustments — (86) (86) — 93 93 Exploration expenditure written off 167 — 167 9,920 — 9,920 Charge for the year — 427 427 — 372 372 Impairment losses 1 15 16 156 9 165 Deletions and disposals (450) (8) (458) (987) (284) (1,271) At 31 December 10,022 3,990 14,012 10,304 3,642 13,946 Net book amount at 31 December 4,289 2,162 6,451 4,113 1,980 6,093 Net book amount at 1 January 4,113 1,980 6,093 14,091 1,448 15,539 a For further information see Intangible assets within Note 1 and Note 7.

Investments in joint ventures (

Investments in joint ventures (Notes)	12 Months Ended
Investments in joint ventures (Notes)	Dec. 31, 2021
Separate Financial Statements [Abstract]
Investments in joint ventures	Investments in joint ventures The following table provides aggregated summarized financial information for the group's joint ventures as it relates to the amounts recognized in the group income statement and on the group balance sheet. $ million Income statement Balance sheet Earnings from joint ventures Investments in joint ventures 2021 2020 2019 2021 2020 Pan American Energy Group (217) (208) 97 4,396 4,613 Other joint ventures 760 (94) 479 5,586 3,749 543 (302) 576 9,982 8,362 The joint venture that is material to the group at 31 December 2021 is Pan American Energy Group S.L. bp owns a 50% stake in the joint venture. bp classifies its investment in Pan American Energy Group S.L. as a joint venture because, per the terms of the shareholders' agreement, bp has joint control over Pan American Energy Group S.L.. Pan American Energy Group S.L is based in Argentina and its functional currency is USD. 15. Investments in joint ventures – continued The following table provides summarized financial information relating to Pan American Energy Group. This information is presented on a 100% basis and reflects adjustments made by bp to Pan American Energy Group’s own results in applying the equity method of accounting. bp adjusts Pan American Energy Group’s results for the accounting required under IFRS relating to bp’s purchase of its interest in Pan American Energy Group S.L.. The operational and financial information of Pan American Energy Group S.L. is based on preliminary operational and financial results of Pan American Energy Group S.L. for 2021. Actual results may differ from these amounts. $ million Gross amount 2021 2020 2019 Sales and other operating revenues 4,394 3,505 5,194 Profit (loss) before interest and taxation 806 (366) 744 Finance costs 262 250 154 Profit (loss) before taxation a 544 (616) 590 Taxation b 978 (200) 396 Profit (loss) for the year (434) (416) 194 Other comprehensive income — — — Total comprehensive income (434) (416) 194 Non-current assets 14,206 13,988 Current assets c 1,864 1,885 Total assets 16,070 15,873 Current liabilities d 2,034 1,990 Non-current liabilities e 5,244 4,657 Total liabilities 7,278 6,647 Net assets 8,792 9,226 Less: non-controlling interests — — 8,792 9,226 a Includes depreciation and amortisation of $930 million (2020 $937 million and 2019 $914 million), interest income of $19 million (2020 $18 million and 2019 $42 million) and interest expense of $262 million (2020 $250 million and 2019 $154 million). b 2021 net income expense includes a deferred tax charge of $415 million related to a change in the income tax rate. c Includes cash and cash equivalents of $893 million (2020 $848 million). d Includes current financial liabilities of $767 million (2020 $1,282 million). e Includes non-current financial liabilities of $2,132 million (2020 $1,861 million). The group received dividends, net of withholding tax, of $nil from Pan American Energy Group S.L in 2021 (2020 $18 million and 2019 $70 million). A dividend of $18 million was declared in December 2021 and will be paid in March 2022. The following table provides aggregated summarized financial information relating to the group’s share of joint ventures. $ million bp share 2021 2020 2019 PAEG Other Total PAEG Other Total PAEG Other Total Sales and other operating revenues 2,197 9,048 11,245 1,753 8,792 10,545 2,597 11,542 14,139 Profit (loss) before interest and taxation 403 927 1,330 (183) 32 (151) 372 604 976 Finance costs 131 58 189 125 76 201 77 32 109 Profit (loss) before taxation 272 869 1,141 (308) (44) (352) 295 572 867 Taxation 489 107 596 (100) 49 (51) 198 91 289 Non-controlling interest — 2 2 — 1 1 — 2 2 Profit (loss) for the year (217) 760 543 (208) (94) (302) 97 479 576 Other comprehensive income — 5 5 — (5) (5) — (6) (6) Total comprehensive income (217) 765 548 (208) (99) (307) 97 473 570 Non-current assets 7,103 7,702 14,805 6,994 5,652 12,646 Current assets 932 2,385 3,317 943 2,481 3,424 Total assets 8,035 10,087 18,122 7,937 8,133 16,070 Current liabilities 1,017 1,272 2,289 995 1,649 2,644 Non-current liabilities 2,622 3,219 5,841 2,329 2,694 5,023 Total liabilities 3,639 4,491 8,130 3,324 4,343 7,667 Net assets 4,396 5,596 9,992 4,613 3,790 8,403 Less: non-controlling interests — 5 5 — 39 39 4,396 5,591 9,987 4,613 3,751 8,364 Group investment in joint ventures Group share of net assets (as above) 4,396 5,591 9,987 4,613 3,751 8,364 Loans made by group companies to joint ventures — (5) (5) — (2) (2) 4,396 5,586 9,982 4,613 3,749 8,362 15. Investments in joint ventures – continued Transactions between the group and its joint ventures are summarized below. Sales to joint ventures 2021 2020 2019 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 3,923 292 2,974 180 4,884 431 Purchases from joint ventures 2021 2020 2019 Product Purchases Amount payable at Purchases Amount Purchases Amount LNG, crude oil and oil products, natural gas, refinery operating costs, plant processing fees 716 93 959 84 1,812 225 In the normal course of business, bp enters into various arm’s length transactions with joint ventures including fixed price commitments to sell and to purchase commodities, forward sale and purchase contracts and agency agreements. 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. bp's share of impairment reversals recognized by joint ventures in 2021 was $214 million (2020 charges of $433 million) of which $214 million (2020 $336 million) was in the oil production & operations segment.

Investments in associates

Investments in associates	12 Months Ended
Investments in associates	Dec. 31, 2021
Interest In Other Entities [Abstract]
Investments in associates	Investments in associates The following table provides aggregated summarized financial information for the group’s associates as it relates to the amounts recognized in the group income statement and on the group balance sheet. $ million Income statement Balance sheet Earnings from associates Investments in associates 2021 2020 2019 2021 2020 Rosneft 2,694 (229) 2,295 14,354 11,808 Other associates 762 128 386 6,647 7,167 3,456 (101) 2,681 21,001 18,975 The associate that is material to the group at both 31 December 2021 and 2020 is Rosneft. bp owns 19.75% of the voting shares of Rosneft which are listed on the MICEX stock exchange in Moscow and its global depository receipts are listed on the London Stock Exchange. Rosneft’s largest shareholder is Rosneftegaz JSC (Rosneftegaz), which is wholly owned by the Russian government. At 31 December 2021, Rosneftegaz held 40.4% (2020 40.4%) of the voting shares of Rosneft. At 31 December 2021 and 2020 bp classified its investment in Rosneft as an associate because, in management’s judgement, bp had significant influence over Rosneft; see Interests in other entities within Note 1 for further information. The group’s investment in Rosneft is a foreign operation whose functional currency is the Russian rouble. The increase in the group's equity-accounted investment balance for Rosneft at 31 December 2021 compared with 31 December 2020 principally relates to earnings from Rosneft and bp's share of Rosneft’s changes in equity offset by dividends. bp retains 19.75% of the voting rights at meetings of Rosneft shareholders and will continue to be entitled to dividends based on its current shareholding. bp’s share of profit or loss of Rosneft reflects its economic interest. At 31 December 2021, bp's economic interest was 22.03%. The value of bp’s 19.75% shareholding in Rosneft based on the quoted market share price of $8.04 per share (2020 $5.64 per share) was $16,827 million at 31 December 2021 (2020 $11,804 million). The value of bp's 22.03% (2020 22.03%) economic interest based on the quoted market share price was $18,773 million at 31 December 2021 (2020 $13,167 million). See also Note 37 Events after the reporting period. 16. Investments in associates – continued The following table provides summarized financial information relating to Rosneft. This information is presented on a 100% basis and reflects adjustments made by bp to Rosneft’s own results in applying the equity method of accounting. bp adjusts Rosneft’s results for the accounting required under IFRS relating to bp’s purchase of its interest in Rosneft and the amortization of the deferred gain relating to the disposal of bp’s interest in TNK-BP. $ million Gross amount 2021 2020 2019 Sales and other operating revenues 118,755 82,786 134,046 Profit before interest and taxation 18,537 1,270 17,473 Finance costs 1,357 1,742 1,281 Profit (loss) before taxation 17,180 (472) 16,192 Taxation 3,209 208 3,058 Non-controlling interests 1,743 482 1,514 Profit (loss) for the year 12,228 (1,162) 11,620 Other comprehensive income 54 1,653 572 Total comprehensive income 12,282 491 12,192 Non-current assets 155,898 175,978 Current assets 45,790 42,459 Total assets 201,688 218,437 Current liabilities 47,061 49,781 Non-current liabilities 78,117 96,727 Total liabilities 125,178 146,508 Net assets 76,510 71,929 Less: non-controlling interests 11,357 10,897 65,153 61,032 The group received dividends, net of withholding tax, of $640 million from Rosneft in 2021 (2020 $480 million and 2019 $785 million). Summarized financial information for the group’s share of associates is shown below. $ million bp share 2021 2020 2019 Rosneft Other Total Rosneft Other Total Rosneft a Other Total Sales and other operating revenues 26,163 10,005 36,168 17,535 5,946 23,481 26,474 7,934 34,408 Profit before interest and taxation 4,084 1,602 5,686 295 276 571 3,451 788 4,239 Finance costs 299 73 372 372 80 452 253 87 340 Profit (loss) before taxation 3,785 1,529 5,314 (77) 196 119 3,198 701 3,899 Taxation 707 767 1,474 51 67 118 604 315 919 Non-controlling interests 384 — 384 101 1 102 299 — 299 Profit (loss) for the year 2,694 762 3,456 (229) 128 (101) 2,295 386 2,681 Other comprehensive income 12 27 39 336 (19) 317 113 (25) 88 Total comprehensive income 2,706 789 3,495 107 109 216 2,408 361 2,769 Non-current assets 34,346 9,259 43,605 33,754 11,449 45,203 Current assets 10,088 2,418 12,506 8,238 1,749 9,987 Total assets 44,434 11,677 56,111 41,992 13,198 55,190 Current liabilities 10,368 1,876 12,244 9,535 1,346 10,881 Non-current liabilities 17,210 3,298 20,508 18,558 4,709 23,267 Total liabilities 27,578 5,174 32,752 28,093 6,055 34,148 Net assets 16,856 6,503 23,359 13,899 7,143 21,042 Less: non-controlling interests 2,502 — 2,502 2,091 — 2,091 14,354 6,503 20,857 11,808 7,143 18,951 Group investment in associates Group share of net assets (as above) 14,354 6,503 20,857 11,808 7,143 18,951 Loans made by group companies to associates — 144 144 — 24 24 14,354 6,647 21,001 11,808 7,167 18,975 a In 2014-2019, Rosneft adopted hedge accounting in relation to a portion of highly probable future export revenue denominated in US dollars. Foreign exchange gains and losses arising on the retranslation of borrowings denominated in currencies other than the Russian rouble and designated as hedging instruments were recognized initially in other comprehensive income, and were reclassified to the income statement as the hedged revenue was recognized. 16. Investments in associates – continued Transactions between the group and its associates are summarized below. $ million Sales to associates 2021 2020 2019 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 852 201 855 169 1,544 243 $ million Purchases from associates 2021 2020 2019 Product Purchases Amount payable at Purchases Amount Purchases Amount Crude oil and oil products, natural gas, transportation tariff 7,683 2,072 4,926 1,280 9,503 1,641 In the normal course of business, bp enters into various arm’s length transactions with associates including fixed price commitments to sell and to purchase commodities, forward sale and purchase contracts and agency agreements. 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 $9,930 million (2020 $10,777 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 12. bp's share of impairment charges taken by associates in 2021 was $291 million (2020 $414 million).

Other investments

Other investments	12 Months Ended
Other investments	Dec. 31, 2021
Financial Instruments [Abstract]
Other investments	Other investments $ million 2021 2020 Current Non-current Current Non-current Equity investments a — 717 — 913 Contingent consideration 237 1,680 317 1,682 Other 43 147 16 151 280 2,544 333 2,746 a The majority of equity investments are unlisted. Contingent consideration relates to amounts arising on disposals which are financial assets classified as measured at fair value through profit or loss. The fair value is determined using an estimate of discounted future cash flows that are expected to be received and is considered a level 3 valuation under the fair value hierarchy. Future cash flows are estimated based on inputs including oil and natural gas prices, production volumes and operating costs related to the disposed operations. The discount rate used is based on a risk-free rate adjusted for asset-specific risks. The contingent consideration principally relates to the disposal of our Alaskan business. The accounting classification of each category of financial instruments and their carrying amounts are set out below. $ million At 31 December 2021 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 17 — 2,824 — 2,824 Loans 1,045 232 — 1,277 Trade and other receivables 19 27,191 — — 27,191 Derivative financial instruments 29 — 12,402 348 12,750 Cash and cash equivalents 24 27,107 3,574 — 30,681 Financial liabilities Trade and other payables 21 (58,660) — — (58,660) Derivative financial instruments 29 — (13,456) (465) (13,921) Accruals (6,606) — — (6,606) Lease liabilities 27 (8,611) — — (8,611) Finance debt 25 (61,176) — — (61,176) (79,710) 5,576 (117) (74,251) 28. Financial instruments and financial risk factors – continued $ million At 31 December 2020 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 17 — 3,079 — 3,079 Loans 929 369 — 1,298 Trade and other receivables 19 20,252 — — 20,252 Derivative financial instruments 29 — 10,049 2,698 12,747 Cash and cash equivalents 24 24,905 6,206 — 31,111 Financial liabilities Trade and other payables 21 (44,960) — — (44,960) Derivative financial instruments 29 — (8,320) (82) (8,402) Accruals (5,502) — — (5,502) Lease liabilities 27 (9,262) — — (9,262) Finance debt 25 (72,664) — — (72,664) (86,302) 11,383 2,616 (72,303)

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2021
Inventories [Abstract]
Inventories	Inventories $ million 2021 2020 Crude oil 3,259 4,498 Natural gas 474 265 Emissions allowances 290 1,297 Refined petroleum and petrochemical products 6,638 8,791 10,661 14,851 Trading inventories 11,525 292 22,186 15,143 Supplies 1,525 1,730 23,711 16,873 Cost of inventories expensed in the income statement 92,923 57,682 The inventory valuation at 31 December 2021 is stated net of a provision of $432 million (2020 $584 million) to write down inventories to their net realizable value, of which $64 million (2020 $216 million) relates to hydrocarbon inventories. The net credit to the income statement in the year in respect of inventory net realizable value provisions was $153 million (2020 $17 million credit), of which $151 million credit (2020 $71 million credit) related to hydrocarbon inventories. As a result of the changes in strategic direction of the group and the evolution of the trading strategy set out in Note 1, from 1 January 2021, certain inventory, totalling $11.4 billion as at 31 December 2021, is now treated as trading inventory and is valued at fair value whereas the equivalent inventory was previously valued at the lower of cost or net realisable value in prior periods. Trading inventories are valued using quoted benchmark prices adjusted as appropriate for location and quality differentials. They are predominantly categorized within level 2 of the fair value hierarchy.

Trade and other receivables

Trade and other receivables	12 Months Ended
Trade and other receivables	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Trade and other receivables	Trade and other receivables $ million 2021 2020 Current Non-current Current Non-current Financial assets Trade receivables 22,307 17 12,926 19 Amounts receivable from joint ventures and associates 404 89 339 10 Receivables related to disposals a 205 823 1,291 2,402 Other receivables 2,874 472 2,628 637 25,790 1,401 17,184 3,068 Non-financial assets Sales taxes and production taxes 1,131 474 557 504 Other receivables b 218 818 207 779 1,349 1,292 764 1,283 27,139 2,693 17,948 4,351 a For further information see Note 3 - Disposals and Impairment. b Includes Gulf of Mexico oil spill trust fund reimbursement asset of $1 million (2020 $32 million). In both 2021 and 2020 the group entered into non-recourse arrangements to discount certain receivables in support of supply and trading activities and the management of credit risk. Trade and other receivables, other than certain receivables related to disposals, are predominantly non-interest bearing. See Note 28 for further information.

Trade and other payables

Trade and other payables	12 Months Ended
Trade and other payables	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Trade and other payables	Trade and other payables $ million 2021 2020 Current Non-current Current Non-current Financial liabilities Trade payables 37,327 — 23,157 — Amounts payable to joint ventures and associates 2,165 — 1,364 — Payables for capital expenditure and acquisitions 2,063 764 2,297 1,033 Payables related to the Gulf of Mexico oil spill 1,276 9,154 1,399 9,988 Other payables 5,736 175 5,041 681 48,567 10,093 33,258 11,702 Non-financial liabilities Sales taxes, customs duties, production taxes and social security 2,708 77 2,103 73 Other payables 1,336 397 653 337 4,044 474 2,756 410 52,611 10,567 36,014 12,112 21. Trade and other payables – continued Materially all of bp's trade payables have payment terms in the range of 30 to 60 days and give rise to operating cash flows. Trade and other payables, other than those relating to the Gulf of Mexico oil spill, are predominantly interest free. See Note 28 (c) for further information. Payables related to the Gulf of Mexico oil spill include amounts payable under the 2016 consent decree and settlement agreement with the United States and five Gulf coast states, including amounts payable for natural resource damages, state claims and Clean Water Act penalties. On a discounted basis the amounts included in payables related to the Gulf of Mexico oil spill for these elements of the agreements are $4,499 million payable over 11 years, $2,423 million payable over 12 years and $3,310 million payable over 11 years respectively at 31 December 2021. Reported within net cash provided by operating activities in the group cash flow statement is a net cash outflow of $1,484 million (2020 outflow of $1,786 million, 2019 outflow of $2,694 million) related to the Gulf of Mexico oil spill, which includes payments made in relation to these agreements. For full details of these agreements, see bp Annual Report and Form 20-F 2015 - Legal Proceedings. Payables related to the Gulf of Mexico oil spill at 31 December 2021 also include amounts payable for settled economic loss and property damage claims which are payable over a period of up to six years.

Provisions

Provisions	12 Months Ended
Provisions	Dec. 31, 2021
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Provisions	Provisions $ million Decommissioning Environmental Litigation and claims Emissions Other Total At 1 January 2021 14,476 1,629 910 1,669 2,277 20,961 Exchange adjustments (25) (10) (4) (39) (76) (154) Increase (decrease) in existing provisions a 1,231 363 226 2,900 623 5,343 Write-back of unused provisions a (18) (55) (90) (23) (304) (490) Unwinding of discount a 331 36 14 — 10 391 Change in discount rate 1,252 41 33 — 6 1,332 Utilization (72) (259) (188) (754) (642) (1,915) Reclassified to other payables (257) — (67) — (16) (340) Reclassified as liabilities directly associated with assets held for sale — — — — (47) (47) Deletions (253) — — — — (253) At 31 December 2021 16,665 1,745 834 3,753 1,831 24,828 Of which – current 609 277 112 3,481 777 5,256 – non-current 16,056 1,468 722 272 1,054 19,572 a Recognized in the Group income statement The decommissioning provision comprises the future cost of decommissioning oil and natural gas wells, facilities and related pipelines. The environmental provision includes provisions for costs related to the control, abatement, clean-up or elimination of environmental pollution relating to soil, groundwater, surface water and sediment contamination. The litigation and claims category includes provisions for matters related to, for example, commercial disputes, product liability, and allegations of exposures of third parties to toxic substances. Emissions provisions primarily relate to obligations under the U.S. Environmental Protection Agency Renewable Fuel Standard Program and are driven by the amount of the obligations outstanding and current price of the related credits. The provision will principally be settled through allowances already held as inventory in the group balance sheet. For information on significant estimates and judgements made in relation to provisions, see Provisions and contingencies within Note 1. Gulf of Mexico oil spill The group has recognized certain assets, payables and provisions and incurs certain residual costs relating to the Gulf of Mexico oil spill that occurred in 2010. For further information see Notes 6, 8, 19, 21, 28, 32. The litigation and claims provision presented in the table above includes the latest estimate for the remaining costs associated with the Gulf of Mexico oil spill. The amounts payable may differ from the amount provided and the timing of payments is uncertain.

Pensions and other post-retirem

Pensions and other post-retirement benefits	12 Months Ended
Pensions and other post-retirement benefits	Dec. 31, 2021
Employee Benefits [Abstract]
Pensions and other post-retirement benefits	Pensions and other post-retirement benefits Most group companies have pension plans, the forms and benefits of which vary with conditions and practices in the countries concerned. Pension benefits may be provided through defined contribution plans (money purchase schemes) or defined benefit plans (final salary and other types of schemes with committed pension benefit payments). For defined contribution plans, retirement benefits are determined by the value of funds arising from contributions paid in respect of each employee. For defined benefit plans, retirement benefits are based on such factors as an employee’s pensionable salary and length of service. Defined benefit plans may be funded or unfunded. The assets of funded plans are generally held in separately administered trusts. For information on significant estimates and judgements made in relation to accounting for these plans see Pensions and other post-retirement benefits in Note 1. The pension obligation in the UK consists primarily of a funded final salary pension plan under which retired employees draw the majority of their benefit as an annuity. This pension plan is governed by a corporate trustee whose board is composed of four member-nominated directors, four company-nominated directors, one independent director and one independent chairman nominated by the company. The trustee board is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as investment policies of the plan. This plan was closed to new joiners in 2010 and was closed to future accrual on 30 June 2021 resulting in a curtailment gain of $0.3 billion being recognized in 23. Pensions and other post-retirement benefits – continued the income statement during the year. For active members of the plan at 30 June 2021, benefit payables are now linked to salary as at that date, rather than salary on retirement. Employees in the UK are eligible for membership of a defined contribution plan. In the US, all pension benefits now accrue under a cash balance formula. Benefits previously accrued under final salary formulas are legally protected. Retiring US employees typically take their pension benefit in the form of a lump sum payment upon retirement. The plan is funded and its assets are overseen by a fiduciary Investment Committee. During 2021 the committee was composed of seven bp employees appointed by the president of bp Corporation North America Inc. (the appointing officer). The Investment Committee is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as the investment policies of the plan. US employees are also eligible to participate in a defined contribution (401k) plan in which employee contributions are matched with company contributions. In the US, group companies also provide post-retirement healthcare to eligible retired employees and their dependants (and, in certain legacy cases, life insurance coverage); the entitlement to these benefits is based on the employee remaining in service until a specified age and completion of a minimum period of service. In the Eurozone, there are defined benefit pension plans in Germany, France, the Netherlands and other countries. In Germany and France, the majority of the pensions are unfunded. In Germany, the group’s largest Eurozone plan, employees receive a pension and also have a choice to supplement their core pension through salary sacrifice. For employees who joined since 2002, the core pension benefit is a career average plan with retirement benefits based on such factors as an employee’s pensionable salary and length of service. The returns on the notional contributions made by both the company and employees are based on the interest rate which is set out in German tax law. Retired German employees take their pension benefit typically in the form of an annuity. The German plans are governed by legal agreements between bp and the works council or between bp and the trade union. The level of contributions to funded defined benefit plans is the amount needed to provide adequate funds to meet pension obligations as they fall due. During 2021 the aggregate level of contributions was $274 million (2020 $325 million and 2019 $349 million). The aggregate level of contributions in 2022 is expected to be approximately $200 million, and includes contributions in all countries that we expect to be required to make contributions by law or under contractual agreements, as well as an allowance for discretionary funding. For the primary UK plan there is a funding agreement between the group and the trustee. On a three year cycle a schedule of contributions is agreed covering the next five years. The schedule of contributions is next scheduled to be updated after the 31 December 2023 formal actuarial valuation. No contractually committed funding was due at 31 December 2021. The closure of the defined benefit plan to future accrual and the consequent lower service cost reduces the plan's expected future funding volatility. The surplus relating to the primary UK pension plan is recognized on the balance sheet on the basis that the company is entitled to a refund of any remaining assets once all members have left the plan. Minimum pension funding in the US is determined by legislation and is supplemented by discretionary contributions. No contributions were made into the primary US pension plan in 2021 and no statutory funding requirement is expected in the next 12 months. The surplus relating to the primary US fund is recognized on the balance sheet on the basis that economic benefit can be gained from the surplus through a reduction in future contributions. There was no minimum funding requirement for the US plan, and no significant minimum funding requirements in other countries at 31 December 2021. The obligation and cost of providing pensions and other post-retirement benefits is assessed annually using the projected unit credit method. The date of the most recent actuarial review was 31 December 2021. The UK plans are subject to a formal actuarial valuation every three years; valuations are required more frequently in many other countries.The most recent formal actuarial valuation of the UK pension plans was as at 31 December 2020. A valuation of the US plan and largest Eurozone plans are carried out annually. The material financial assumptions used to estimate the benefit obligations of the various plans are set out below. The assumptions are reviewed by management at the end of each year and are used to evaluate the accrued benefit obligation at 31 December and pension expense for the following year. % Financial assumptions used to determine benefit obligation a UK US Eurozone 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate for plan liabilities 1.8 1.4 2.1 2.7 2.2 3.1 1.3 1.0 1.3 Rate of increase for pensions in payment 3.2 2.8 2.7 — — — 1.4 1.3 1.5 Rate of increase in deferred pensions 3.2 2.8 2.7 — — — 0.4 0.5 0.5 Inflation for plan liabilities 3.3 2.9 2.7 2.1 1.7 1.5 1.6 1.5 1.7 % Financial assumptions used to determine benefit expense UK US Eurozone 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate for plan service cost 1.5 2.1 3.0 2.4 3.2 4.2 1.4 1.8 2.5 Discount rate for plan other finance expense b 1.7 2.1 2.9 2.2 3.1 4.1 1.0 1.3 2.0 Inflation for plan service cost 2.8 2.6 3.1 1.7 1.5 1.5 1.5 1.7 1.7 a Salary growth is no longer a material financial assumption for the Group following the closure of the primary pension plan to future accrual. The rate of increase in salaries for the UK was 3.6% and 3.4% in 2020 and 2019 respectively. b The discount rate for plan other finance expense was 1.4% for the primary UK plan for the period before the plan closed to future accrual on 30th June 2021 and 1.9% thereafter. The discount rate assumptions are based on third-party AA corporate bond indices and for our largest plans in the UK, US and the Eurozone we use yields that reflect the maturity profile of the expected benefit payments. The inflation rate assumptions for our UK and US plans are based on the difference between the yields on index-linked and fixed-interest long-term government bonds. In other countries, including the Eurozone, we use this approach, or advice from the local actuary depending on the information available. The inflation assumptions are used to determine the rate of increase for pensions in payment and the rate of increase in deferred pensions where there is such an increase. 23. Pensions and other post-retirement benefits – continued In addition to the financial assumptions, we regularly review the demographic and mortality assumptions. The mortality assumptions reflect best practice in the countries in which we provide pensions and have been chosen with regard to applicable published tables adjusted where appropriate to reflect the experience of the group and an extrapolation of past longevity improvements into the future. bp’s most substantial pension liabilities are in the UK, the US and the Eurozone where our mortality assumptions are as follows: Years Mortality assumptions UK US Eurozone 2021 2020 2019 2021 2020 2019 2021 2020 2019 Life expectancy at age 60 for a male currently aged 60 26.9 26.9 27.3 24.9 24.7 24.9 25.8 25.7 25.7 Life expectancy at age 60 for a male currently aged 40 28.4 28.4 28.9 26.6 26.4 26.7 28.3 28.2 28.3 Life expectancy at age 60 for a female currently aged 60 28.9 28.8 28.7 27.9 27.7 28.0 29.1 29.0 29.1 Life expectancy at age 60 for a female currently aged 40 30.5 30.4 30.5 29.4 29.2 29.7 31.2 31.2 31.2 Pension plan assets are generally held in trusts, the primary objective of which is to accumulate assets sufficient to meet the obligations of the plans. The assets of the trusts are invested in a manner consistent with fiduciary obligations and principles that reflect current practices in portfolio management. A significant proportion of the assets are held in equities, which are expected to generate a higher level of return over the long term, with an acceptable level of risk. In order to provide reasonable assurance that no single security or type of security has an unwarranted impact on the total portfolio, the investment portfolios are highly diversified. The trustee’s long-term investment objective for the primary UK plan as it matures is to invest in assets whose value changes in the same way as the plan liabilities, in order to reduce the level of funding risk. To move towards this objective, the UK plan uses a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds to achieve this matching effect for the most significant plan liability assumptions of interest rate and inflation rate. This is partly funded by short-term sale and repurchase agreements, whereby the plan borrows money using existing bonds as security and which will be bought back at a specified price at an agreed future date. The funds raised are used to invest in further bonds to increase the proportion of assets which match the plan liabilities. The borrowings are shown separately in the analysis of pension plan assets in the table below. For the primary UK pension plan there is an agreement with the trustee to increase the proportion of assets with liability matching characteristics over time primarily by reducing the proportion of plan assets held as equities and increasing the proportion held as bonds. This agreement is not impacted by the closure of the plan to future accrual. There is a similar agreement in place for the primary US plan. During 2021, the UK and the US plans switched 5% and 13% of plan assets respectively from equities to bonds (2020 11% and nil% respectively). The current asset allocation policy for the major plans at 31 December 2021 was as follows: UK US Asset category % % Total equity (including private equity) 12 27 Bonds/cash (including LDI) 81 73 Property/real estate 7 — The amounts invested under the LDI programme by the primary UK pension plan as at 31 December 2021 were $7,399 million (2020 $4,217 million) of government-issued nominal bonds and $24,516 million (2020 $24,576 million) of index-linked bonds. Some of the group’s pension plans in the Eurozone and other countries use derivative financial instruments as part of their asset mix to manage the level of risk. The fair value of these instruments is included in other assets in the table below. The group’s main pension plans do not invest directly in either securities or property/real estate of the company or of any subsidiary. The fair values of the various categories of assets held by the defined benefit plans at 31 December are presented in the table below, including the effects of derivative financial instruments. Movements in the fair value of plan assets during the year are shown in detail in the table on page 223. 23. Pensions and other post-retirement benefits – continued $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2021 Listed equities – developed markets 2,964 340 473 290 4,067 – emerging markets 252 45 67 76 440 Private equity c 3,233 1,537 — 3 4,773 Government issued nominal bonds d 7,491 2,606 974 432 11,503 Government issued index-linked bonds d 24,516 — 100 — 24,616 Corporate bonds d 10,128 2,475 689 498 13,790 Property e 2,714 — 110 22 2,846 Cash 1,136 116 54 69 1,375 Other 1,133 54 70 22 1,279 Debt (repurchase agreements) used to fund liability driven investments (10,723) — — — (10,723) 42,844 7,173 2,537 1,412 53,966 At 31 December 2020 Listed equities – developed markets 5,008 1,112 542 318 6,980 – emerging markets 418 115 68 70 671 Private equity c 2,899 1,604 — 4 4,507 Government issued nominal bonds d 4,303 1,839 1,111 616 7,869 Government issued index-linked bonds d 24,576 — 107 — 24,683 Corporate bonds d 8,906 2,398 587 279 12,170 Property e 2,553 — 110 28 2,691 Cash 1,392 267 51 163 1,873 Other 795 131 104 30 1,060 Debt (repurchase agreements) used to fund liability driven investments (9,387) — — — (9,387) 41,463 7,466 2,680 1,508 53,117 At 31 December 2019 Listed equities – developed markets 6,285 1,290 495 371 8,441 – emerging markets 1,096 124 61 64 1,345 Private equity c 2,675 1,474 — 3 4,152 Government issued nominal bonds d 4,884 2,100 959 572 8,515 Government issued index-linked bonds d 19,462 — 100 — 19,562 Corporate bonds d 6,132 2,304 569 256 9,261 Property e 2,507 — 96 27 2,630 Cash 426 289 33 93 841 Other 98 74 30 26 228 Debt (repurchase agreements) used to fund liability driven investments (7,436) — — — (7,436) 36,129 7,655 2,343 1,412 47,539 a Bonds held by the UK pension plans are denominated in sterling. Property held by the UK pension plans is in the United Kingdom. b Bonds held by the US pension plans are denominated in US dollars. c Private equity is valued at fair value based on the most recent transaction price or third-party net asset, revenue or earnings based valuations that generally result in the use of significant unobservable inputs. d Bonds held by pension plans are valued using quoted prices in active markets. e Properties are valued based on an analysis of recent market transactions supported by market knowledge derived from third-party professional valuers that generally result in the use of significant unobservable inputs. 23. Pensions and other post-retirement benefits – continued $ million 2021 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 154 246 105 31 536 Past service cost b (302) — (27) 2 (327) Settlement b — — (4) (1) (5) Operating charge (credit) relating to defined benefit plans (148) 246 74 32 204 Payments to defined contribution plans 76 136 7 36 255 Total operating charge (credit) (72) 382 81 68 459 Interest income on plan assets a (684) (150) (30) (40) (904) Interest on plan liabilities 559 209 78 56 902 Other finance (income) expense (125) 59 48 16 (2) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,440 749 12 25 3,226 Change in financial assumptions underlying the present value of the plan liabilities (100) 777 233 97 1,007 Change in demographic assumptions underlying the present value of the plan liabilities 66 (41) (15) 1 11 Experience gains and losses arising on the plan liabilities 7 173 (11) 3 172 Remeasurements recognized in other comprehensive income 2,413 1,658 219 126 4,416 Movements in benefit obligation during the year Benefit obligation at 1 January 34,171 10,187 8,161 1,895 54,414 Exchange adjustments (255) — (623) (51) (929) Operating charge relating to defined benefit plans (148) 246 74 32 204 Interest cost 559 209 78 56 902 Contributions by plan participants c 18 — 2 6 26 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Benefit payments (unfunded plans) d (8) (268) (288) (21) (585) Disposals — — (2) — (2) Remeasurements 27 (909) (207) (101) (1,190) Benefit obligation at 31 December a e 32,834 8,273 7,108 1,652 49,867 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 41,463 7,466 2,680 1,508 53,117 Exchange adjustments (365) — (214) (28) (607) Interest income on plan assets a f 684 150 30 40 904 Contributions by plan participants c 18 — 2 6 26 Contributions by employers (funded plans) 134 — 115 25 274 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Disposals — — (1) — (1) Remeasurements f 2,440 749 12 25 3,226 Fair value of plan assets at 31 December g 42,844 7,173 2,537 1,412 53,966 Surplus (deficit) at 31 December 10,010 (1,100) (4,571) (240) 4,099 Represented by Asset recognized 10,280 1,410 155 74 11,919 Liability recognized (270) (2,510) (4,726) (314) (7,820) 10,010 (1,100) (4,571) (240) 4,099 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 10,280 1,410 94 30 11,814 Unfunded (270) (2,510) (4,665) (270) (7,715) 10,010 (1,100) (4,571) (240) 4,099 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (32,564) (5,763) (2,443) (1,382) (42,152) Unfunded (270) (2,510) (4,665) (270) (7,715) (32,834) (8,273) (7,108) (1,652) (49,867) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b The past service credit in the UK represents curtailment gains arising from the closure of the primary pension plan in the UK to future accrual. Past service credits and settlements in the Eurozone include $18 million of curtailments and settlements due to restructuring initiatives. Remaining past service cost and settlements represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $3,416 million benefits and $93 million settlements, plus $49 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $6,164 million for pension liabilities and $2,109 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $4,405 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 221. 23. Pensions and other post-retirement benefits – continued $ million 2020 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 250 292 103 38 683 Past service cost b (48) (66) 12 (20) (122) Settlement b — (23) 10 (1) (14) Operating charge relating to defined benefit plans 202 203 125 17 547 Payments to defined contribution plans 49 183 2 38 272 Total operating charge 251 386 127 55 819 Interest income on plan assets a (725) (210) (33) (40) (1,008) Interest on plan liabilities 596 289 97 59 1,041 Other finance (income) expense (129) 79 64 19 33 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 4,108 1,041 104 38 5,291 Change in financial assumptions underlying the present value of the plan liabilities (4,207) (1,178) (143) (42) (5,570) Change in demographic assumptions underlying the present value of the plan liabilities 585 29 56 (4) 666 Experience gains and losses arising on the plan liabilities 54 (101) (178) 8 (217) Remeasurements recognized in other comprehensive income 540 (209) (161) — 170 Movements in benefit obligation during the year Benefit obligation at 1 January 29,780 10,119 7,353 1,826 49,078 Exchange adjustments 1,303 — 720 64 2,087 Operating charge relating to defined benefit plans 202 203 125 17 547 Interest cost 596 289 97 59 1,041 Contributions by plan participants c 21 — 2 11 34 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Benefit payments (unfunded plans) d (8) (197) (265) (34) (504) Reclassified as assets held for sale — (1) (55) — (56) Disposals — (35) — — (35) Remeasurements 3,568 1,250 265 38 5,121 Benefit obligation at 31 December a e 34,171 10,187 8,161 1,895 54,414 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 36,129 7,655 2,343 1,412 47,539 Exchange adjustments 1,582 — 235 64 1,881 Interest income on plan assets a f 725 210 33 40 1,008 Contributions by plan participants c 21 — 2 11 34 Contributions by employers (funded plans) 189 8 99 29 325 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Reclassified as assets held for sale — (7) (55) — (62) Remeasurements f 4,108 1,041 104 38 5,291 Fair value of plan assets at 31 December g 41,463 7,466 2,680 1,508 53,117 Surplus (deficit) at 31 December 7,292 (2,721) (5,481) (387) (1,297) Represented by Asset recognized 7,567 269 59 62 7,957 Liability recognized (275) (2,990) (5,540) (449) (9,254) 7,292 (2,721) (5,481) (387) (1,297) The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 7,564 269 (109) (58) 7,666 Unfunded (272) (2,990) (5,372) (329) (8,963) 7,292 (2,721) (5,481) (387) (1,297) The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (33,899) (7,197) (2,789) (1,566) (45,451) Unfunded (272) (2,990) (5,372) (329) (8,963) (34,171) (10,187) (8,161) (1,895) (54,414) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service credits represent curtailment gains arising from restructuring programmes in the UK, US and other countries, whilst past service costs and settlements in the Eurozone represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlement costs in the US resulted from a pension risk transfer to an external carrier for a group of small benefit retirees. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $2,935 million benefits and $428 million settlements, plus $40 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $7,728 million for pension liabilities and $2,459 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $5,060 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 221. 23. Pensions and other post-retirement benefits – continued $ million 2019 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 227 263 81 38 609 Past service cost b 2 — 5 (1) 6 Settlement — (13) 8 — (5) Operating charge relating to defined benefit plans 229 250 94 37 610 Payments to defined contribution plans 42 188 7 38 275 Total operating charge 271 438 101 75 885 Interest income on plan assets a (909) (285) (43) (46) (1,283) Interest on plan liabilities 757 387 133 69 1,346 Other finance (income) expense (152) 102 90 23 63 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,945 1,079 220 97 4,341 Change in financial assumptions underlying the present value of the plan liabilities (2,294) (1,036) (748) (92) (4,170) Change in demographic assumptions underlying the present value of the plan liabilities 136 91 3 (4) 226 Experience gains and losses arising on the plan liabilities (57) (22) 6 4 (69) Remeasurements recognized in other comprehensive income 730 112 (519) 5 328 a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs and settlements have arisen from restructuring programmes and represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlements in the US are the result of a buy-out transaction for the pensions of a group of low value annuitants. Sensitivity analysis The discount rate, inflation and the mortality assumptions all have a significant effect on the amounts reported. A one-percentage point change, in isolation, in certain assumptions as at 31 December 2021 for the group’s pensions and other post-retirement benefit expense would have had the effects shown in the tables below. The effects shown for the expense in 2022 comprise the total of current service cost and net finance income or expense. $ million One percentage point UK US Eurozone Increase Decrease Increase Decrease Increase Decrease Discount rate a Effect on expense in 2022 (248) 159 (57) 50 (3) (6) Effect on obligation at 31 December 2021 (5,143) 6,788 (951) 1,171 (980) 1,238 Inflation rate b Effect on expense in 2022 74 (71) 10 (8) 32 (26) Effect on obligation at 31 December 2021 4,062 (3,912) 60 (51) 880 (748) a The amounts presented reflect that the discount rate is used to determine the asset interest income as well as the interest cost on the obligation. b The amounts presented reflect the total impact of an inflation rate change on the assumptions for rate of increase in salaries, pensions in payment and deferred pensions. $ million One year increase UK US Eurozone Longevity Effect on expense in 2022 25 4 7 Effect on obligation at 31 December 2021 1,402 119 291 Estimated future benefit payments and the weighted average duration of defined benefit obligations The expected benefit payments, which reflect expected future service, as appropriate, but exclude plan expenses, up until 2031 and the weighted average duration of the defined benefit obligations at 31 December 2021 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2022 1,100 683 328 97 2,208 2023 1,141 546 319 91 2,097 2024 1,163 529 312 92 2,096 2025 1,164 527 312 92 2,095 2026 1,185 523 299 93 2,100 2027-2031 6,184 2,501 1,397 476 10,558 Years Weighted average duration 17.9 12.7 15.9 12.5 Employee costs and numbers $ million Employee costs 2021 2020 2019 Wages and salaries a 6,934 7,600 7,497 Social security costs 733 729 733 Share-based payments b 733 728 694 Pension and other post-retirement benefit costs 457 852 948 8,857 9,909 9,872 2021 2020 2019 Average number of employees c d US Non-US Total US Non-US Total US Non-US Total gas & low carbon energy 400 3,400 3,800 oil production & operations 3,100 6,000 9,100 customers & products e 6,200 35,800 42,000 other businesses and corporate f 1,400 7,700 9,100 11,100 52,900 64,000 12,400 55,700 68,100 13,600 58,900 72,500 a Includes termination costs of $74 million (2020 $1,237 million and 2019 $182 million). b The group provides certain employees with shares and share options as part of their remuneration packages. The majority of these share-based payment arrangements are equity-settled. c Reported to the nearest 100. d Information for 2021 has been presented to reflect the changes in reportable segments. For more information see Note 1 Significant accounting policies, judgements, estimates and assumptions - Change in segmentation. Comparative data for these new reportable segments for 2020 and 2019 is not available. e Includes 21,300 (2020 19,100 and 2019 18,100) service station staff. f Includes 0 (2020 0 and 2019 2,500) agricultural, operational and seasonal workers in Brazil. The reduction in the average number of employees in 2021 compared to 2020 is principally a result of the reinvent bp programme.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
Cash and cash equivalents	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents $ million 2021 2020 Cash 9,101 6,235 Triparty repos and term bank deposits 15,655 17,368 Cash equivalents (excluding triparty repos and term bank deposits) 5,925 7,508 30,681 31,111 Cash and cash equivalents comprise cash in hand; current balances with banks and similar institutions; deposits of three months or less with banks and similar institutions; money market funds and commercial paper. The carrying amounts of cash, triparty repos and term bank deposits approximate their fair values. Substantially all of the other cash equivalents are categorized within level 1 of the fair value hierarchy. Cash and cash equivalents at 31 December 2021 includes $4,740 million (2020 $1,917 million) that is restricted. The restricted cash balances include amounts required to cover initial margin on trading exchanges and certain cash balances which are subject to exchange controls. The group holds $4,668 million (2020 $3,890 million) of cash and cash equivalents outside the UK and it is not expected that any significant tax will arise on repatriation.

Finance debt

Finance debt	12 Months Ended
Finance debt	Dec. 31, 2021
Financial Instruments [Abstract]
Finance debt	Finance debt $ million 2021 2020 Current Non-current Total Current Non-current Total Borrowings 5,557 55,619 61,176 9,359 63,305 72,664 The main elements of current borrowings are the current portion of long-term borrowings that is due to be repaid in the next 12 months of $3,366 million (2020 $8,122 million) and issued commercial paper of $2,163 million (2020 $1,004 million). Finance debt does not include accrued interest of $484 million (2020 $678 million), which is reported within other payables. As part of actively managing its debt portfolio, during the year the group bought back $11.0 billion (2020 $4.0 billion) equivalent of finance debt primarily consisting of US dollar, euro and sterling bonds. Derivatives associated with non-US dollar debt bought back were also terminated. These transactions have no significant impact on net debt and gearing. The following table shows the weighted-average interest rates achieved through a combination of borrowings and derivative financial instruments entered into to manage interest rate and currency exposures. Fixed rate debt Floating rate debt Total Weighted Weighted Amount Weighted Amount Amount 2021 US dollar 3 12 35,891 2 25,074 60,965 Other currencies 6 9 188 1 23 211 36,079 25,097 61,176 2020 US dollar 3 8 39,452 2 32,891 72,343 Other currencies 6 9 178 5 143 321 39,630 33,034 72,664 Fair values The estimated fair value of finance debt is shown in the table below together with the carrying amount as reflected in the balance sheet. Long-term borrowings in the table below include the portion of debt that matures in the 12 months from 31 December 2021, whereas in the group balance sheet the amount is reported within current finance debt. The carrying amount of the group’s short-term borrowings, comprising mainly of commercial paper, approximates their fair value. The fair values of the significant majority of the group’s long-term borrowings are determined using quoted prices in active markets, and so fall within level 1 of the fair value hierarchy. Where quoted prices are not available, quoted prices for similar instruments in active markets are used and such measurements are therefore categorized in level 2 of the fair value hierarchy. $ million 2021 2020 Fair value Carrying Fair value Carrying Short-term borrowings 2,191 2,191 1,237 1,237 Long-term borrowings 60,755 58,985 74,855 71,427 Total finance debt 62,946 61,176 76,092 72,664

Capital disclosures and net deb

Capital disclosures and net debt	12 Months Ended
Capital disclosures and net debt	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Capital disclosures and analysis of changes in net debt	Capital disclosures and net debt The group defines capital as total equity plus net debt. We maintain our financial framework to support the pursuit of value growth for shareholders, while ensuring a secure financial base. The group monitors capital on basis of gearing, that is, the ratio of net debt to net debt plus equity. Net debt is calculated as finance debt, as shown in the balance sheet, plus the fair value of associated derivative financial instruments that are used to hedge foreign exchange and interest rate risks relating to finance debt for which hedge accounting is applied, less cash and cash equivalents. Net debt and gearing are non-GAAP measures. bp believes these measures provide useful information to investors. Net debt enables investors to see the economic effect of finance debt, related hedges and cash and cash equivalents in total. Gearing enables investors to see how significant net debt is relative to total equity. The derivatives are reported on the balance sheet within the headings ‘Derivative financial instruments’. All components of equity are included in the denominator of the calculation. At 31 December 2021, gearing was 25.3% (2020 31.3%). $ million At 31 December 2021 2020 Finance debt 61,176 72,664 Less: fair value asset (liability) of hedges related to finance debt a (118) 2,612 61,294 70,052 Less: cash and cash equivalents 30,681 31,111 Net debt 30,613 38,941 Total equity 90,439 85,568 Gearing 25.3 % 31.3 % a Derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk associated with net debt with a fair value liability position of $166 million (2020 liability of $236 million) are not included in the calculation of net debt shown above as hedge accounting was not applied for these instruments. An analysis of changes in liabilities arising from financing activities is provided below. $ million Finance Currency swaps a Lease liabilities Net partner payable for leases entered into on behalf of joint operations Total liabilities arising from financing activities At 1 January 2021 72,664 (2,965) 9,262 267 79,228 Exchange adjustments (185) — (215) — (400) Net financing cash flow (8,575) (126) (2,082) (40) (10,823) Fair value (gains) losses (2,578) 3,562 — — 984 New and remeasured leases/joint operation payables — — 1,767 23 1,790 Other movements (150) 10 (121) — (261) At 31 December 2021 61,176 481 8,611 250 70,518 At 1 January 2020 67,724 918 9,722 290 78,654 Exchange adjustments 349 — 181 4 534 Net financing cash flow 1,589 (226) (2,442) (40) (1,119) Fair value (gains) losses 2,612 (3,734) — — (1,122) New and remeasured leases/joint operations payables — — 1,579 20 1,599 Other movements 390 77 222 (7) 682 At 31 December 2020 72,664 (2,965) 9,262 267 79,228 a Currency swaps include cross currency interest rate swaps. The finance debt and currency swap balances above do not include accrued interest, which is reported within other receivables and other payables on the balance sheet and for which the associated cash flows are presented as operating cash flows in the group cash flow statement. The currency swaps are reported on the balance sheet within the headings 'Derivative financial instruments' and are subsets of both derivatives held for trading and derivatives designated in fair value hedge relationships as detailed in Note 29. When hedge accounting is applied to these derivatives they are included in the calculation of net debt shown above.

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2021
Disclosure of leases [Abstract]
Leases	Leases The group leases a number of assets as part of its activities. This primarily includes drilling rigs in the oil production & operations and gas & low carbon energy segments and retail service stations, oil depots and storage tanks in the customer & products segment as well as office accommodation and vessel charters across the group. The weighted-average remaining lease term for the total lease portfolio is around 8 years (2020 8 years). Some leases have payments that vary with market interest or inflation rates. Certain leases contain residual value guarantees, which may be triggered in certain circumstances such as if market values have significantly declined at the conclusion of the lease. The table below shows the timing of the undiscounted cash outflows for the lease liabilities included on the balance sheet. $ million 2021 2020 Undiscounted lease liability cash flows due: Within 1 year 1,949 2,262 1 to 2 years 1,631 1,672 2 to 3 years 1,207 1,340 3 to 4 years 1,005 1,025 4 to 5 years 682 878 5 to 10 years 2,089 2,192 Over 10 years 1,462 1,515 10,025 10,884 Impact of discounting (1,414) (1,622) Lease liabilities at 31 December 8,611 9,262 Of which – current 1,747 1,933 – non-current 6,864 7,329 The group may enter into lease arrangements a number of years before taking control of the underlying asset due to construction lead times or to secure future operational requirements. The total undiscounted amount for future commitments for leases not yet commenced as at 31 December 2021 is $4,996 million (2020 $5,309 million). The majority of this future commitment relates to the floating LNG vessel to service the Greater Tortue Ahmeyim project from 2023. $ million 2021 2020 Total cash outflow for amounts included in lease liabilities a 2,372 2,779 Expense for variable payments not included in the lease liability a 37 41 Short-term lease expense a 409 621 Additions to right-of-use assets in the period 1,807 1,714 (Loss) gain on sale and leaseback transactions (1) 187 a The cash outflows for amounts not included in lease liabilities approximate the income statement expenses disclosed above.

Financial instruments and finan

Financial instruments and financial risk factors	12 Months Ended
Financial instruments and financial risk factors	Dec. 31, 2021
Financial Instruments [Abstract]
Financial instruments and financial risk factors	Financial instruments and financial risk factors The accounting classification of each category of financial instruments and their carrying amounts are set out below. $ million At 31 December 2021 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 17 — 2,824 — 2,824 Loans 1,045 232 — 1,277 Trade and other receivables 19 27,191 — — 27,191 Derivative financial instruments 29 — 12,402 348 12,750 Cash and cash equivalents 24 27,107 3,574 — 30,681 Financial liabilities Trade and other payables 21 (58,660) — — (58,660) Derivative financial instruments 29 — (13,456) (465) (13,921) Accruals (6,606) — — (6,606) Lease liabilities 27 (8,611) — — (8,611) Finance debt 25 (61,176) — — (61,176) (79,710) 5,576 (117) (74,251) 28. Financial instruments and financial risk factors – continued $ million At 31 December 2020 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 17 — 3,079 — 3,079 Loans 929 369 — 1,298 Trade and other receivables 19 20,252 — — 20,252 Derivative financial instruments 29 — 10,049 2,698 12,747 Cash and cash equivalents 24 24,905 6,206 — 31,111 Financial liabilities Trade and other payables 21 (44,960) — — (44,960) Derivative financial instruments 29 — (8,320) (82) (8,402) Accruals (5,502) — — (5,502) Lease liabilities 27 (9,262) — — (9,262) Finance debt 25 (72,664) — — (72,664) (86,302) 11,383 2,616 (72,303) The fair value of finance debt is shown in Note 25. For all other financial instruments within the scope of IFRS 9, the carrying amount is either the fair value, or approximates the fair value. Information on gains and losses on derivative financial assets and financial liabilities classified as measured at fair value through profit or loss is provided in the derivative gains and losses section of Note 29. Fair value gains and losses related to other assets and liabilities classified as measured at fair value through profit or loss totalled a net gain of $627 million (2020 net gain of $367 million). Dividend income of $11 million (2020 $17 million) from investments in equity instruments classified as measured at fair value through profit or loss is presented within other income - see Note 6. Interest income and expenses arising on financial instruments are disclosed in Note 6. Financial risk factors The group is exposed to a number of different financial risks arising from natural business exposures as well as its use of financial instruments including market risks relating to commodity prices; foreign currency exchange rates and interest rates; credit risk; and liquidity risk. The group financial risk committee (GFRC) advises the chief financial officer (CFO) who oversees the management of these risks. The GFRC is chaired by the CFO and consists of a group of senior managers including the EVP trading and shipping and SVPs treasury, tax, accounting reporting control and planning & performance management. The purpose of the committee is to advise on financial risks and the appropriate financial risk governance framework for the group. The committee provides assurance to the CFO and the chief executive officer (CEO), and via the CEO to the board, that the group’s financial risk-taking activity is governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with group policies and group risk appetite. The group’s trading activities in the oil, natural gas, LNG and power markets are managed within the trading and shipping business. Treasury holds foreign exchange and interest-rate products in the financial markets to hedge group exposures related to debt and hybrid bond issuance; the compliance, control and risk management processes for these activities are managed within the treasury business. All other foreign exchange and interest rate activities within financial markets are performed within the trading and shipping business and are also underpinned by the compliance, control and risk management infrastructure common to the activities of bp’s trading and shipping business. All derivative activity is carried out by specialist teams that have the appropriate skills, experience and supervision. These teams are subject to close financial and management control. The trading and shipping business maintains formal governance processes that provide oversight of market risk, credit risk and operational risk associated with trading activity. A policy and risk committee approves value-at-risk delegations, reviews incidents and validates risk-related policies, methodologies and procedures. A commitments committee approves the trading of new products, instruments and strategies and material commitments. In addition, the trading and shipping business undertakes derivative activity for risk management purposes under a control framework as described more fully below. (a) Market risk Market risk is the risk or uncertainty arising from possible market price movements and their impact on the future performance of a business. The primary commodity price risks that the group is exposed to include oil, natural gas and power prices that could adversely affect the value of the group’s financial assets, liabilities or expected future cash flows. The group enters into derivatives in a well-established entrepreneurial trading operation. In addition, the group has developed a control framework aimed at managing the volatility inherent in certain of its natural business exposures. In accordance with the control framework the group enters into various transactions using derivatives for risk management purposes. The major components of market risk are commodity price risk, foreign currency exchange risk and interest rate risk, each of which is discussed below. (i) Commodity price risk The group’s trading and shipping business is responsible for delivering value across the overall crude, oil products, gas, LNG and power supply chains. As such, it routinely enters into spot and term physical commodity contracts in addition to optimising physical storage, pipeline and transportation capacity. These activities expose the group to commodity price risk which is managed by entering into oil and natural gas and power swaps, options and futures. The group measures market risk exposure arising from its trading positions in liquid periods using value-at-risk techniques based on Monte Carlo simulation models. These techniques make a statistical assessment of the market risk arising from possible future changes in market prices over a one-day holding period within a 95% confidence level. Trading activity occurring in liquid periods is subject to value-at-risk and other limits for each trading activity and the aggregate of all trading activity. The calculation of potential changes in value within the liquid period considers positions, historical price movements and the correlation of these price movements. Models are regularly reviewed against actual fair value movements to ensure integrity is 28. Financial instruments and financial risk factors – continued maintained. The value-at-risk measure is supplemented by stress testing and scenario analysis through simulating the financial impact of certain physical, economic and geo-political scenarios. The value-at-risk measure in respect of the aggregated trading positions in liquid periods at 31 December 2021 was $100 million (2020 $40 million) whereas the average value-at-risk measure for the period was $64 million (2020 $56 million). This measure incorporates the effect of diversification reflecting the offsetting risks across the trading portfolio. Alternative measures are used to monitor exposures which are outside of liquid periods and for which value-at-risk techniques are not appropriate. (ii) Foreign currency exchange risk Since bp has global operations, fluctuations in foreign currency exchange rates can have a significant effect on the group’s reported results and future expenditure commitments. The effects of most exchange rate fluctuations are absorbed in business operating results through changing cost competitiveness, lags in market adjustment to movements in rates and translation differences accounted for on specific transactions. For this reason, the total effect of exchange rate fluctuations is not identifiable separately in the group’s reported results. The main underlying economic currency of the group’s cash flows is the US dollar. This is because bp’s major product, oil, is priced internationally in US dollars. bp’s foreign currency exchange management policy is to limit economic and material transactional exposures arising from currency movements against the US dollar. The group co-ordinates the handling of foreign currency exchange risks centrally, by netting off naturally-occurring opposite exposures wherever possible and then managing any material residual foreign currency exchange risks. Most of the group’s borrowings are in US dollars or are hedged with respect to the US dollar. At 31 December 2021, the total foreign currency borrowings not swapped into US dollars amounted to $211 million (2020 $321 million). The group also has in issue perpetual subordinated hybrid bonds in euro, sterling and US dollars. Whilst the contractual terms of these instruments allow the group to defer coupon payments and the repayment of principal indefinitely, the group has chosen to manage the foreign currency exposure relating to the non-US dollar hybrid bonds to their respective first call periods. The group manages the net residual foreign currency exposures by constantly reviewing the foreign currency economic value at risk and aims to manage such risk to keep the 12-month foreign currency value at risk below $400 million. At no point over the past three years did the value at risk exceed the maximum risk limit. A continuous assessment is made in respect of the group’s foreign currency exposures to capture hedging requirements. During the year, hedge accounting was applied to foreign currency exposure to highly probable forecast capital expenditure commitments. The group fixes the US dollar cost of non-US dollar supplies by using currency forwards for the highly probable forecast capital expenditure. At 31 December 2021 the most significant open contracts in place were for $55 million sterling (2020 $124 million sterling). Where the group enters into foreign currency exchange contracts for entrepreneurial trading purposes the activity is controlled using trading value-at-risk techniques as explained in (i) commodity price risk above. (iii) Interest rate risk bp is also exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments, principally finance debt. While the group issues debt and hybrid bonds in a variety of currencies based on market opportunities, it uses derivatives to swap the economic exposure to a floating rate basis, mainly to US dollar floating, but in certain defined circumstances maintains a US dollar fixed rate exposure for a proportion of debt. The proportion of floating rate debt net of interest rate swaps at 31 December 2021 was 41% of total finance debt outstanding (2020 45%). The weighted average interest rate on finance debt at 31 December 2021 was 3% (2020 3%) and the weighted average maturity of fixed rate debt was twelve years (2020 eight years). The group’s earnings are sensitive to changes in interest rates on the element of the group’s finance debt that has been swapped to floating rates. If the interest rates applicable to these floating rate instruments were to have changed by one percentage point on 1 January 2022, it is estimated that the group’s finance costs for 2022 would change by approximately $251 million (2020 $330 million). bp is exposed to benchmark interest rate components; primarily 3 month USD LIBOR. From 31 December 2021 some USD LIBOR tenors, and all EUR, GBP and CHF LIBOR tenors ceased to be published. The remaining USD LIBOR tenors, including 3 month USD LIBOR, will continue to be published until June 2023 . In October 2020 the International Swaps and Derivatives Association (ISDA) published its fallback protocol containing clauses to amend derivative contracts on the cessation of LIBOR should an entity and its counterparties adhere to the protocol. The protocol’s pricing mechanism is at fair market value and bp has signed up to the protocol as this removes transition uncertainty for any interest rate and cross-currency interest rate swap contracts of the group. Market participants have been encouraged by regulators to switch to the new risk free rates to increase market activity and liquidity as they move away from LIBOR. bp continues to monitor regulatory and market developments over the course of the transition. During 2021, bp's internal working group for IBOR reform has continued to monitor market developments and manage transition to alternative benchmark rates. The working group has identified financial instruments that are linked to existing interest rate benchmarks, primarily, borrowings and derivative contracts. Financial instruments and relevant agreements exposed to EUR, GBP and CHF have transitioned to alternative benchmarks at 31 December 2021. As at 31 December 2021 finance debt with a carrying value of $2,062 million and derivatives with a nominal value of $24,088 million are exposed to USD LIBOR and are expected to transition to alternative benchmark rates. The derivatives comprise relevant derivative contracts hedging finance debt and hybrid bonds all of which are covered by the ISDA fallback protocol. For finance debt, negotiations with relevant counterparties are ongoing and transition is expected before the end of June 2023. Any derivatives not actively transitioned before the end of June 2023 will be transitioned through the ISDA protocol. New contracts are being executed based on the new risk free rates. The working group continues to implement the relevant IT and operational requirements needed. bp continues to participate in external committees and task forces dedicated to interest rate benchmark reform. (b) Credit risk Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts due causing financial loss to the group and arises from cash and cash equivalents, derivative financial instruments and deposits with financial institutions and principally from credit exposures to customers relating to outstanding receivables. Credit exposure also exists in relation to guarantees issued by group companies under which the outstanding exposure incremental to that recognized on the balance sheet at 31 December 2021 was $1,407 million (2020 $1,405 million) in respect of liabilities of joint ventures and associates and $694 million (2020 $661 million) in respect of liabilities of other third parties. Maturity dates vary, and guarantees will terminate on payment and/or cancellation of the obligation. In general, a payment under the guarantee contract would be triggered by failure of the guaranteed party to fulfil its obligation covered by the guarantee. 28. Financial instruments and financial risk factors – continued The group has a credit policy, approved by the CFO that is designed to ensure that consistent processes are in place throughout the group to measure and control credit risk. Credit risk is considered as part of the risk-reward balance of doing business. On entering into any business contract the extent to which the arrangement exposes the group to credit risk is considered. Key requirements of the policy include segregation of credit approval authorities from any sales, marketing or trading teams authorized to incur credit risk; the establishment of credit systems and processes to ensure that all counterparty exposure is rated and that all counterparty exposure and limits can be monitored and reported; and the timely identification and reporting of any non-approved credit exposures and credit losses. While each segment is responsible for its own credit risk management and reporting consistent with group policy, treasury holds group-wide credit risk authority and oversight responsibility for exposure to banks and financial institutions. For the purposes of financial reporting the group calculates expected loss allowances based on the maximum contractual period over which the group is exposed to credit risk. Lifetime expected credit losses are recognized for trade receivables and the credit risk associated with the significant majority of financial assets measured at amortized cost is considered to be low. Since the tenor of substantially all of the group's in-scope financial assets is less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses. Expected loss allowances for financial guarantee contracts are typically lower than their initial fair value less, where appropriate, amortization. Financial assets are considered to be credit-impaired when there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. This includes observable data concerning significant financial difficulty of the counterparty; a breach of contract; concession being granted to the counterparty for economic or contractual reasons relating to the counterparty’s financial difficulty, that would not otherwise be considered; it becoming probable that the counterparty will enter bankruptcy or other financial re-organization or an active market for the financial asset disappearing because of financial difficulties. The group also applies a rebuttable presumption that an asset is credit-impaired when contractual payments are more than 30 days past due. Where the group has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof, for example where all legal avenues for collection of amounts due have been exhausted, the financial asset (or relevant portion) is written off. The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss after recovery if there is a default) and the exposure at default (i.e. the asset's carrying amount). The group allocates a credit risk rating to exposures based on data that is determined to be predictive of the risk of loss, including but not limited to external ratings. Probabilities of default derived from historical, current and future-looking market data are assigned by credit risk rating with a loss given default based on historical experience and relevant market and academic research applied by exposure type. Experienced credit judgement is applied to ensure probabilities of default are reflective of the credit risk associated with the group's exposures. Credit enhancements that would reduce the group's credit losses in the event of default are reflected in the calculation when they are considered integral to the related asset. The maximum credit exposure associated with financial assets is equal to the carrying amount. The group does not aim to remove credit risk entirely but expects to experience a certain level of credit losses. As at 31 December 2021, the group had in place credit enhancements designed to mitigate approximately $9.5 billion (2020 $5.4 billion) of credit risk of which approximately $7.5 billion (2020 $4.9 billion) related to assets in the scope of IFRS 9's impairment requirements. Credit enhancements include standby and documentary letters of credit, bank guarantees, insurance and liens which are typically taken out with financial institutions who have investment grade credit ratings, or are liens over assets held by the counterparty of the related receivables. Reports are regularly prepared and presented to the GFRC that cover the group’s overall credit exposure and expected loss trends, exposure by segment, and overall quality of the portfolio. Management information used to monitor credit risk, which reflects the impact of credit enhancements, indicates that the risk profile of financial assets which are subject to review for impairment under IFRS 9 is as set out below. % As at 31 December 2021 2020 AAA to AA- 14 % 11 % A+ to A- 46 % 59 % BBB+ to BBB- 14 % 8 % BB+ to BB- 8 % 6 % B+ to B- 16 % 13 % CCC+ and below 2 % 3 % Movements in the impairment provision for trade and other receivables are shown in Note 20. 28. Financial instruments and financial risk factors – continued Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet. Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and collateral received or pledged, are also presented in the table to show the total net exposure of the group. $ million Gross amounts of recognized financial assets (liabilities) Amounts Net amounts Related amounts not set off Net amount At 31 December 2021 Master Cash Derivative assets 20,519 (7,769) 12,750 (3,104) (414) 9,232 Derivative liabilities (21,683) 7,769 (13,914) 3,104 — (10,810) Trade and other receivables 17,105 (8,104) 9,001 (1,038) (249) 7,714 Trade and other payables (19,279) 8,104 (11,175) 1,038 — (10,137) At 31 December 2020 Derivative assets 14,765 (2,019) 12,746 (2,075) (386) 10,285 Derivative liabilities (10,414) 2,019 (8,395) 2,075 — (6,320) Trade and other receivables a 7,772 (3,679) 4,093 (823) (122) 3,148 Trade and other payables a (8,836) 3,679 (5,157) 823 — (4,334) a Certain comparative amounts have been amended to align with balance sheet presentation. (c) Liquidity risk Liquidity risk is the risk that suitable sources of funding for the group’s business activities may not be available. The group’s liquidity is managed centrally with operating units forecasting their cash and currency requirements to the central treasury function. Unless restricted by local regulations, generally subsidiaries pool their cash surpluses to the treasury function, which will then arrange to fund other subsidiaries’ requirements, or invest any net surplus in the market or arrange for necessary external borrowings, while managing the group’s overall net currency positions. The group benefits from open credit provided by suppliers who generally sell on five to 60-day payment terms in accordance with industry norms. bp utilizes various arrangements in order to manage its working capital and reduce volatility in cash flow. This includes discounting of receivables and, in the supply and trading businesses, managing inventory, collateral and supplier payment terms within a maximum of 60 days. It is normal practice in the oil and gas supply and trading business for customers and suppliers to utilize letter of credit (LC) facilities to mitigate credit and non-performance risk. Consequently, LCs facilitate active trading in a global market where credit and performance risk can be significant. In common with the industry, bp routinely provides LCs to some of its suppliers. The group has committed LC facilities totalling $12,575 million (2020 $11,325 million), allowing LCs to be issued for a maximum 24-month duration. There were also uncommitted secured LC facilities in place at 31 December 2021 for $4,290 million (2020 $3,460 million), which are secured against inventories or receivables when utilized. The facilities are held with over 26 international banks. The uncommitted LC facilities can only be terminated by either party giving a stipulated termination notice to the other. In certain circumstances, the supplier has the option to request accelerated payment from the LC provider in order to further reduce their exposure. bp’s payments are made to the provider of the LC rather than the supplier according to the original contractual payment terms. At 31 December 2021, $9,154 million (2020 $5,250 million) of the group’s trade payables subject to these arrangements were payable to LC providers, with no material exposure to any individual provider. If these facilities were not available, this could result in renegotiation of payment terms with suppliers such that settlement periods were shorter. Standard & Poor’s Ratings long-term credit rating for bp is A- (stable) and Moody’s Investors Service rating is A2 (stable) and the Fitch Ratings' long-term credit rating is A (stable). During 2021, $6 billion (2020 $14 billion) of long-term taxable bonds were issued with terms ranging from twenty . Commercial paper is issued at competitive rates to meet short-term borrowing requirements as and when needed. As a further liquidity measure, the group continues to maintain suitable levels of cash and cash equivalents, amounting to $30.7 billion at 31 December 2021 (2020 $31.1 billion), primarily invested with highly rated banks or money market funds and readily accessible at immediate and short notice. At 31 December 2021, the group had substantial amounts of undrawn borrowing facilities available, consisting of an undrawn committed $8.0 billion (2020 $10.0 billion) credit facility and $4.0 billion (2020 $7.6 billion) of standby facilities. As at 31 December 2021 the credit facility and standby facilities were available for two and four years respectively. The facilities are with 27 international banks and borrowings under them would be at pre-agreed rates. In February 2022 these facilities were extended for a further year. For further information on the group's sources and uses of cash see Liquidity and capital resources on page 342. The group manages liquidity risk associated with derivative contracts, other than derivative hedging instruments, based on the expected maturities of both derivative assets and liabilities as indicated in Note 29. Management does not currently anticipate any cash flows, other than noted below, that could be of a significantly different amount or could occur earlier than the expected maturity analysis provided. 28. Financial instruments and financial risk factors – continued The table below shows the timing of undiscounted cash outflows relating to finance debt, trade and other payables and accruals. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to finance debt could be accelerated from the profile provided. $ million 2021 2020 Trade and other payables a Accruals Finance Interest on finance debt Trade and other payables a Accruals Finance Interest on finance debt Within one year 48,497 5,638 5,370 1,497 33,290 4,650 9,119 1,778 1 to 2 years 1,627 209 4,425 1,341 1,728 157 6,292 1,477 2 to 3 years 1,346 108 5,953 1,204 1,590 184 7,031 1,305 3 to 4 years 1,328 144 5,958 1,047 1,332 87 8,047 1,110 4 to 5 years 1,146 56 5,504 896 1,335 217 6,652 919 5 to 10 years 5,695 218 16,483 2,705 4,570 108 22,156 2,408 Over 10 years 1,699 233 14,744 1,699 4,419 99 10,008 1,037 61,338 6,606 58,437 10,389 48,264 5,502 69,305 10,034 a 2021 includes $13,170 million (2020 $14,569 million) in relation to the Gulf of Mexico oil spill, of which $11,883 million (2020 $13,160 million) matures in greater than one year. The table below shows the timing of cash outflows for derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk, whether or not hedge accounting is applied, based upon contractual payment dates. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to associated derivatives could be accelerated from the profile provided. The amounts reflect the gross settlement amount where the pay leg of a derivative will be settled separately from the receive leg, as in the case of cross-currency swaps hedging non-US dollar finance debt or hybrid bonds. The swaps are with high investment-grade counterparties and therefore the settlement-day risk exposure is considered to be negligible. Not shown in the table are the gross settlement amounts (inflows) for the receive leg of derivatives that are settled separately from the pay leg, which amount to $27,048 million at 31 December 2021 (2020 $33,704 million) to be received on the same day as the related cash outflows. $ million Cash outflows for derivative financial instruments at 31 December 2021 2020 Within one year 1,497 2,384 1 to 2 years 1,492 1,976 2 to 3 years 2,531 2,017 3 to 4 years 2,053 3,074 4 to 5 years 5,575 2,582 5 to 10 years 8,618 15,263 Over 10 years 5,365 4,483 27,131 31,779 For further information on our derivative financial instruments, see Note 29.

Derivative financial instrument

Derivative financial instruments	12 Months Ended
Derivative financial instruments	Dec. 31, 2021
Financial Instruments [Abstract]
Derivative financial instruments	Derivative financial instruments In the normal course of business the group enters into derivative financial instruments (derivatives) to manage its normal business exposures in relation to commodity prices, foreign currency exchange rates and interest rates, including management of the balance between floating rate and fixed rate debt, consistent with risk management policies and objectives. An outline of the group’s financial risks and the objectives and policies pursued in relation to those risks is set out in Note 28. Additionally, the group has a well-established entrepreneurial trading operation that is undertaken in conjunction with these activities using a similar range of contracts. For information on significant estimates and judgements made in relation to the valuation of derivatives see Derivative financial instruments within Note 1. The fair values of derivative financial instruments at 31 December are set out below. Exchange traded derivatives are valued using closing prices provided by the exchange as at the balance sheet date. These derivatives are categorized within level 1 of the fair value hierarchy. Exchange traded derivatives are typically considered settled through the (normally daily) payment or receipt of variation margin. Over-the-counter (OTC) financial swaps, forwards and physical commodity sale and purchase contracts are generally valued using readily available information in the public markets and quotations provided by brokers and price index developers. These quotes are corroborated with market data and are categorized within level 2 of the fair value hierarchy. In certain less liquid markets, or for longer-term contracts, forward prices are not as readily available. In these circumstances, OTC financial swaps and physical commodity sale and purchase contracts are valued using internally developed methodologies that consider historical relationships between various commodities, and that result in management’s best estimate of fair value. These contracts are categorized within level 3 of the fair value hierarchy. 29. Derivative financial instruments – continued Financial OTC and physical commodity options are valued using industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and contractual prices for the underlying instruments, as well as other relevant economic factors. The degree to which these inputs are observable in the forward markets determines whether the option is categorized within level 2 or level 3 of the fair value hierarchy. $ million 2021 2020 Fair value Fair value Fair value Fair value Derivatives held for trading Currency derivatives 272 (643) 858 (694) Oil price derivatives 2,192 (1,567) 1,519 (1,093) Natural gas price derivatives 6,823 (8,273) 6,406 (5,489) Power price derivatives 3,105 (2,966) 1,258 (1,037) Other derivatives 10 — 7 — 12,402 (13,449) 10,048 (8,313) Embedded derivatives Other embedded derivatives — (7) 1 (7) — (7) 1 (7) Cash flow hedges Currency forwards 1 — 4 — Gas price futures — — — — 1 — 4 — Fair value hedges Currency swaps 326 (465) 2,614 (82) Interest rate swaps 21 — 80 — 347 (465) 2,694 (82) 12,750 (13,921) 12,747 (8,402) Of which – current 5,744 (7,565) 2,992 (2,998) – non-current 7,006 (6,356) 9,755 (5,404) Derivatives held for trading The group maintains active trading positions in a variety of derivatives. The contracts may be entered into for risk management purposes, to satisfy supply requirements or for entrepreneurial trading. Certain contracts are classified as held for trading, regardless of their original business objective, and are recognized at fair value with changes in fair value recognized in the income statement. Trading activities are undertaken by using a range of contract types in combination to create incremental gains by arbitraging prices between markets, locations and time periods. The net of these exposures is monitored using market value-at-risk techniques as described in Note 28. The following tables show further information on the fair value of derivatives and other financial instruments held for trading purposes. Derivative assets held for trading have the following fair values and maturities. $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 168 52 1 1 — 50 272 Oil price derivatives 1,544 429 167 47 4 1 2,192 Natural gas price derivatives 2,678 847 547 456 368 1,927 6,823 Power price derivatives 1,322 553 285 174 124 647 3,105 Other derivatives — 7 — — — 3 10 5,712 1,888 1,000 678 496 2,628 12,402 $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 153 9 3 2 2 689 858 Oil price derivatives 1,159 197 90 63 7 3 1,519 Natural gas price derivatives 1,210 731 596 525 476 2,868 6,406 Power price derivatives 425 223 161 107 76 266 1,258 Other derivatives — — 7 — — — 7 2,947 1,160 857 697 561 3,826 10,048 29. Derivative financial instruments – continued Derivative liabilities held for trading have the following fair values and maturities. $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (191) (2) (13) (5) (173) (259) (643) Oil price derivatives (1,340) (179) (39) (7) (2) — (1,567) Natural gas price derivatives (4,551) (1,053) (460) (351) (282) (1,576) (8,273) Power price derivatives (1,485) (601) (211) (135) (92) (442) (2,966) (7,567) (1,835) (723) (498) (549) (2,277) (13,449) $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (502) (117) (11) (1) — (63) (694) Oil price derivatives (1,000) (83) (9) (1) — — (1,093) Natural gas price derivatives (1,095) (595) (479) (422) (348) (2,550) (5,489) Power price derivatives (345) (184) (126) (81) (68) (233) (1,037) (2,942) (979) (625) (505) (416) (2,846) (8,313) The following table shows the fair value of derivative assets and derivative liabilities held for trading, analysed by maturity period and by methodology of fair value estimation. This information is presented on a gross basis, that is, before netting by counterparty. $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 63 25 4 6 1 — 99 Level 2 11,418 1,957 631 298 139 102 14,545 Level 3 888 600 510 416 382 2,731 5,527 12,369 2,582 1,145 720 522 2,833 20,171 Less: netting by counterparty (6,657) (694) (145) (42) (26) (205) (7,769) 5,712 1,888 1,000 678 496 2,628 12,402 Fair value of derivative liabilities Level 1 (57) (28) (4) (8) (2) — (99) Level 2 (13,646) (2,189) (575) (251) (305) (216) (17,182) Level 3 (521) (312) (289) (281) (268) (2,266) (3,937) (14,224) (2,529) (868) (540) (575) (2,482) (21,218) Less: netting by counterparty 6,657 694 145 42 26 205 7,769 (7,567) (1,835) (723) (498) (549) (2,277) (13,449) Net fair value (1,855) 53 277 180 (53) 351 (1,047) $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 48 9 15 3 5 1 81 Level 2 3,342 858 367 212 100 709 5,588 Level 3 739 546 552 520 493 3,548 6,398 4,129 1,413 934 735 598 4,258 12,067 Less: netting by counterparty (1,182) (253) (77) (38) (37) (432) (2,019) 2,947 1,160 857 697 561 3,826 10,048 Fair value of derivative liabilities Level 1 (55) (9) (13) (3) (5) (1) (86) Level 2 (3,577) (809) (263) (136) (41) (79) (4,905) Level 3 (492) (414) (426) (404) (407) (3,198) (5,341) (4,124) (1,232) (702) (543) (453) (3,278) (10,332) Less: netting by counterparty 1,182 253 77 38 37 432 2,019 (2,942) (979) (625) (505) (416) (2,846) (8,313) Net fair value 5 181 232 192 145 980 1,735 29. Derivative financial instruments – continued Level 3 derivatives The following table shows the changes during the year in the net fair value of derivatives held for trading purposes within level 3 of the fair value hierarchy. $ million Oil Natural gas Power Currency Other Total Fair value contracts at 1 January 2021 191 147 (173) 5 6 176 Gains (losses) recognized in the income statement 302 410 407 (159) 1 961 Purchases — — — — 3 3 Settlements (248) (33) (115) — — (396) Transfers out of level 3 (46) 10 (79) — — (115) Net fair value of contracts at 31 December 2021 199 534 40 (154) 10 629 Deferred day-one gains (losses) 961 Derivative asset (liability) 1,590 $ million Oil Natural gas Power Currency Other Total Fair value contracts at 1 January 2020 71 28 (125) — 110 84 Gains (losses) recognized in the income statement 250 184 162 5 (71) 530 Sales — — — — (32) (32) Settlements (135) (22) (189) — — (346) Transfers out of level 3 5 (43) (21) — (1) (60) Net fair value of contracts at 31 December 2020 191 147 (173) 5 6 176 Deferred day-one gains (losses) 881 Derivative asset (liability) 1,057 The amount recognized in the income statement for the year relating to level 3 held-for-trading derivatives still held at 31 December 2021 was a $755 million gain (2020 $315 million gain related to derivatives still held at 31 December 2020). Derivative gains and losses The group enters into derivative contracts including futures, options, swaps and certain forward sales and forward purchases contracts, relating to both currency and commodity trading activities. Gains or losses arise on contracts entered into for risk management purposes, optimization activity and entrepreneurial trading. They also arise on certain contracts that are for normal procurement or sales activity for the group but that are required to be fair valued under accounting standards. These gains and losses are included within sales and other operating revenues in the income statement. Also included within this line item are gains and losses on inventory held for trading purposes. The total amount relating to all these items was a net gain of $4,466 million. This number does not include gains and losses on the change in value of contracts which are not recognized under IFRS such as transportation and storage contracts, but does include the associated financially settled contracts. The net amounts for actual gains and losses relating to these derivative contracts and all related items therefore differ significantly from the amounts disclosed above. The group also enters into derivative contracts relating to foreign currency risk management activities including contracts that the group has entered into to manage the foreign currency exposure relating to the non-US dollar hybrid bonds to their respective first call periods. The change in the unrealized value of these contracts was a net loss of $775 million (2020 $829 million net gain and 2019 $160 million net gain). Where the derivative is economically hedging finance debt, gains and losses on such derivative contracts are included within finance costs in 2021 and in production and manufacturing expenses in previous periods. Where the derivative is managing non-US hybrid bond exposure gains and loss are included within production and manufacturing expenses. Where these gains and losses arise on derivatives hedging finance debt they are largely offset by opposing net foreign exchange differences on retranslation of the associated non-US dollar debt. The net amounts for actual gains and losses relating to these derivative contracts and all related items therefore differ significantly from the amounts disclosed above. Cash flow hedges (i) Foreign currency risk of highly probable forecast capital expenditure At 31 December 2021, the group held currency forwards designated as hedging instruments in cash flow hedge relationships of highly probable forecast non-US dollar capital expenditure. Note 28 outlines the group’s approach to foreign currency exchange risk management. When the highly probable forecast capital expenditure designated as a hedged item occurs, a non-financial asset is recognized and is presented within the fixed asset section of the balance sheet. The group claims hedge accounting only for the spot value of the currency exposure in line with the strategy to fix the volatility in the spot exchange rate element. The fair value on the instrument attributable to forward points and foreign currency basis spreads is taken immediately to the income statement. The group applies hedge accounting where there is an economic relationship between the hedged item and hedging instrument. The existence of an economic relationship is determined at inception and prospectively by comparing the critical terms of the hedging instrument and those of the hedged item. The group enters into hedging derivatives that match the currency and notional of the hedged items on a 1:1 hedge ratio basis. The hedge ratio is determined by comparing the notional amount of the derivative with the notional designated on the forecast transaction. The group determines the extent to which it hedges highly probable forecast capital expenditures on a project by project basis. The group has identified the following sources of ineffectiveness, which are not expected to be material: • counterparty's credit risk, the group mitigates counterparty credit risk by entering into derivative transactions with high credit quality counterparties; and 29. Derivative financial instruments – continued • differences in settlement timing between the derivative and hedged items. The latter impacts the discount factor used in the calculation of the hedge ineffectiveness. The group mitigates differences in timing between the derivatives and hedged items by applying a rolling strategy and by hedging currency pairs from stable economies. The group's cash flow hedge designations are highly effective as the sources of ineffectiveness identified are expected to result in minimal hedge ineffectiveness. The group has not designated any net positions as hedged items in cash flow hedges of foreign currency risk. (ii) Commodity price risk of highly probable forecast sales During the period the group held Henry Hub NYMEX futures designated as hedging instruments in cash flow hedge relationships of certain highly probable forecast future sales. Henry Hub NYMEX futures are subject to daily settlement, where their fair value at the end of each day is required to be cash settled, such that the carrying amount of these hedging instruments within continuing hedge relationships is always zero at the end of each day. The group is exposed to the variability in the gas price, but only applied hedge accounting to the risk of Henry Hub price movements for a percentage of future gas sales from its BPX Energy business. The group applied hedge accounting in relation to these highly probable future sales where there was an economic relationship between the hedged item and hedging instrument. The existence of an economic relationship was determined at inception and prospectively by comparing the critical terms of the hedging instrument and those of the hedged item. The group entered into hedging derivatives that matched the notional amounts of the hedged items on a 1:1 hedge ratio basis. The hedge ratio was determined by comparing the notional amount of the derivative with the notional amount designated on the forecast transaction. The hedge was highly effective due to the price index of the hedging instruments matching the price index of the hedged item. The group did not designate any net positions as hedged items in cash flow hedges of commodity price risk. The tables below summarize the change in the fair value of hedging instruments and the hedged item used to calculate ineffectiveness in the period. $ million Change in fair value of hedging instrument used to calculate ineffectiveness Change in fair value of hedged item used to calculate ineffectiveness Hedge ineffectiveness recognized in profit or (loss) At 31 December 2021 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure (1) 1 — Commodity price risk Highly probable forecast sales (430) 430 — At 31 December 2020 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 4 (4) — Commodity price risk Highly probable forecast sales 78 (78) — The tables below summarize the carrying amount and nominal amount of the derivatives designated as hedging instruments in cash flow hedge relationships. Carrying amount of hedging instrument Nominal amounts of hedging instruments Assets Liabilities At 31 December 2021 $ million $ million $ million mmBtu Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 1 — 55 Commodity price risk Highly probable forecast sales — — (420) At 31 December 2020 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 4 — 162 Commodity price risk Highly probable forecast sales — — (175) All hedging instruments are presented within derivative financial instruments on the group balance sheet. 29. Derivative financial instruments – continued All of the nominal amount of hedging instruments at 31 December 2021 and 2020 relating to highly probably forecast capital expenditure matures within 12 months of the relevant balance sheet date. Of the nominal amount of hedging instruments at 31 December 2021 relating to highly probably forecast sales 245 mmBtu (2020 135 mmBtu) matures within 12 months and 175 mmBtu (2020 40 mmBtu) within one to two years. The table below summarizes the weighted average exchange rates and the weighted average sales price in relation to the derivatives designated as hedging instruments in cash flow hedge relationships at 31 December. Weighted average price/rate 2021 2020 At 31 December Forecast capital expenditure Forecast sales Forecast capital expenditure Forecast sales Sterling/US dollar 1.33 1.35 Korean won/US dollar — 1,174.47 Henry Hub $/mmBtu 3.24 2.88 Fair value hedges At 31 December 2021, the group held interest rate and cross-currency interest rate swap contracts as fair value hedges of the interest rate risk and foreign currency risk arising from group fixed rate debt issuances. Note 28 outlines the group’s approach to interest rate and foreign currency exchange risk management. The interest rate swaps are used to convert US dollar denominated fixed rate borrowings into floating rate debt. The cross-currency interest rate swaps are used to convert sterling, euro, Swiss franc, Canadian dollar and Norwegian krone denominated fixed rate borrowings into US dollar floating rate debt. The group manages all risks derived from debt issuance, such as credit risk, however, the group applies hedge accounting only to certain components of interest rate and foreign currency risk in order to minimize hedge ineffectiveness. The interest rate and foreign currency exposures are identified and hedged on an instrument-by-instrument basis. For interest rate exposures, the group designates as a fair value hedge the benchmark interest rate component only. This is an observable and reliably measurable component of interest rate risk. All of the fair value hedge accounting relationships currently in place are directly affected by interest rate benchmark reform. The group's swaps which reference interest rates are primarily exposed to 3 month USD LIBOR. For all of the swaps that reference Inter-Bank Offered Rates (IBORs), ISDA fallback clauses to amend derivatives on the cessation of LIBOR are already available as bp and its counterparties have adhered to the protocol. The nominal amounts of the applicable hedging instruments represent the extent of the risk exposure bp manages for financial derivatives designated in fair value hedge relationships that is directly affected by the interest rate benchmark reform. These are disclosed in the table below. The interest rate benchmark reform does not change the risk management strategy for fair value hedges. Uncertainty around the method and timing of transition from IBORs to alternative risk-free rates (RfRs) may impact the assessment of whether hedge accounting can be applied to certain hedging relationships. However, the temporary reliefs provided by IFRS 9 allow bp to assume that in the event that significant uncertainty around the reform arises: • the interest rate benchmark component of fair value hedges only needs to be assessed as separately identifiable at initial designation; and • the interest rate benchmark is not altered for the purposes of assessing the economic relationship between the hedged item and the hedging instrument for fair value hedges. The reliefs above will continue to apply until the uncertainty arising from the interest benchmark reform with respect to the timing and amount of the underlying cash flows to which the group is exposed ends. The group expects this uncertainty to continue until either the ISDA fallback clauses are activated in June 2023 or the contracts that reference IBORs are modified replacing the IBOR benchmark rate with a risk free rate. The group's assumption is that any modifications to swaps will meet the 'economically equivalent' criteria with contractual changes restricted to only those changes necessary to replace the benchmark rate with a risk free rate. At 31 December 2021 the reliefs apply and bp continues to monitor regulatory and market developments as it manages the contractual transition. For foreign currency exposures, the group excludes from the designation the foreign currency basis spread component implicit in the cross-currency interest rate swaps. This is separately calculated at hedge designation, is recognized in other comprehensive income over the life of the hedge and amortized to the income statement on a straight-line basis, in accordance with the group’s policy on costs of hedging. The group applies hedge accounting where there is an economic relationship between the hedged item and the hedging instrument. The existence of an economic relationship is determined initially by comparing the critical terms of the hedging instrument and those of the hedged item and it is prospectively assessed using linear regression analysis. The group issues fixed rate debt and enters into interest rate and cross-currency interest rate swaps with critical terms that match those of the debt and on a 1:1 hedge ratio basis. The hedge ratio is determined by comparing the notional amount of the derivative with the notional amount of the debt. The hedge relationship is designated for the full term and notional value of the debt. Both the hedging instrument and the hedged item are expected to be held to maturity. The group has identified the following sources of ineffectiveness, which are not expected to be material: • derivative counterparty’s credit risk which is not offset by the hedged item. This risk is mitigated by entering into derivative transactions only with high credit quality counterparties; and • sensitivity to interest rate between the hedged item and the derivatives. This is driven by differences in payment frequencies between the instrument and the bond. 29. Derivative financial instruments – continued The tables below summarize the change in the fair value of hedging instruments and the hedged item used to calculate ineffectiveness in the period. The signage convention for changes in fair value presented in this table is consistent with that presented in Note 26. $ million Change in fair value of hedging instrument used to calculate ineffectiveness Change in fair value of hedged item used to calculate ineffectiveness Hedge ineffectiveness recognized in profit or (loss) At 31 December 2021 Fair value hedges Interest rate risk on finance debt 54 (54) — Interest rate and foreign currency risk on finance debt 2,565 (2,460) (105) At 31 December 2020 Fair value hedges Interest rate risk on finance debt (258) 258 — Interest rate and foreign currency risk on finance debt (2,743) 2,549 194 The tables below summarize the carrying amount of the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. $ million Carrying amount of hedging instrument Nominal amounts of hedging instruments At 31 December 2021 Assets Liabilities Fair value hedges Interest rate risk on finance debt 21 — 1,102 Interest rate and foreign currency risk on finance debt 326 (465) 18,880 At 31 December 2020 Fair value hedges Interest rate risk on finance debt 80 — 4,104 Interest rate and foreign currency risk on finance debt 2,614 (82) 23,313 All hedging instruments are presented within derivative financial instruments on the group balance sheet. In 2021 ineffectiveness arising on fair value hedges is included within finance costs in the income statement. In 2020 ineffectiveness arising on fair value hedges was included within the production and manufacturing expenses section of the income statement. The tables below summarize the profile by tenor of the nominal amount of the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. $ million At 31 December 2021 Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Over 10 years Total Fair value hedges Interest rate risk on finance debt 713 — 219 — 170 — — 1,102 Interest rate and foreign currency risk on finance debt 715 1,426 2,377 2,114 2,400 4,471 5,377 18,880 At 31 December 2020 Fair value hedges Interest rate risk on finance debt 2,705 996 — 227 — 176 — 4,104 Interest rate and foreign currency risk on finance debt 737 1,056 2,039 3,175 2,804 8,587 4,915 23,313 The table below summarizes the weighted average floating interest rate and the weighted average exchange rates in relation to the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. At 31 December 2021 2020 Interest rate swaps Cross-currency interest rate swaps Interest rate swaps Cross-currency interest rate swaps Interest rate 0.31 % 1.91 % 0.58 % 1.88 % Sterling/US dollar 1.36 1.33 Euro/US dollar 1.13 1.14 Canadian dollar/US dollar 0.78 0.78 29. Derivative financial instruments – continued The tables below summarize the carrying amount, and the accumulated fair value adjustments included within the carrying amount, of the hedged items designated in fair value hedge relationships at 31 December. $ million Carrying amount of hedged item Accumulated fair value adjustment included in the carrying amount of hedged items At 31 December 2021 Assets Liabilities Assets Liabilities Discontinued hedges Fair value hedges Interest rate risk on finance debt — (1,170) — (22) (524) Interest rate and foreign currency risk on finance debt — (18,837) — (94) — At 31 December 2020 Fair value hedges Interest rate risk on finance debt — (4,196) — (81) (775) Interest rate and foreign currency risk on finance debt — (23,253) — (938) — The hedged item for all fair value hedges is presented within finance debt on the group balance sheet. Movement in reserves related to hedge accounting The table below provides a reconciliation of the cash flow hedge and costs of hedging reserves on a pre-tax basis by risk category. The signage convention of this table is consistent with that presented in Note 31. $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2021 12 41 (651) (106) (704) Recognized in other comprehensive income Cash flow hedges marked to market 1 (430) — — (429) Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — 255 — — 255 Costs of hedging marked to market — — — (105) (105) Costs of hedging reclassified to the income statement — — — 21 21 1 (175) — (84) (258) Cash flow hedges transferred to the balance sheet (10) — — — (10) At 31 December 2021 3 (134) (651) (190) (972) $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2020 (1) — (651) (170) (822) Recognized in other comprehensive income Cash flow hedges marked to market 7 78 — — 85 Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — (37) — — (37) Costs of hedging marked to market — — — 42 42 Costs of hedging reclassified to the income statement — — — 22 22 7 41 — 64 112 Cash flow hedges transferred to the balance sheet 6 — — — 6 At 31 December 2020 12 41 (651) (106) (704) a See Note 31 for further information on the cash flow hedge reserve relating to the purchase of equity. Substantially all of the cash flow hedge reserve balances and all of the amounts reclassified from the cash flow hedge reserve into profit or loss during the year relate to continuing hedge relationships. Amounts deferred in the cash flow hedge reserve that have been reclassified to profit or loss are presented in sales and other operating revenues in the income statement. Costs of hedging relates to the foreign currency basis spreads of hedging instruments used to hedge the group's interest rate and foreign currency risk on debt which is a time-period related item.

Called-up share capital

Called-up share capital	12 Months Ended
Called-up share capital	Dec. 31, 2021
Share Capital, Reserves And Other Equity Interest [Abstract]
Called-up share capital	Called-up share capital The allotted, called up and fully paid share capital at 31 December was as follows: 2021 2020 2019 Issued Shares $ million Shares $ million Shares $ million 8% cumulative first preference shares of £1 each a 7,233 12 7,233 12 7,233 12 9% cumulative second preference shares of £1 each a 5,473 9 5,473 9 5,473 9 21 21 21 Ordinary shares of 25 cents each At 1 January 21,449,782 5,362 21,535,840 5,383 21,525,464 5,381 Issue of new shares for the scrip dividend programme — — — — 208,927 52 Issue of new shares for employee share-based payment plans 35,001 9 34,000 9 37,400 9 Repurchase of ordinary share capital (706,701) (177) (120,058) (30) (235,951) (59) At 31 December 20,778,082 5,194 21,449,782 5,362 21,535,840 5,383 5,215 5,383 5,404 a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference shares. Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each. In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference shares, plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the preference shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over par value. During 2021 the company repurchased 707 million ordinary shares for a total consideration of $3,151 million, including transaction costs of $17 million, as part of the share repurchase programme announced on 27 April 2021. All shares purchased were for cancellation. The repurchased shares represented 3.4% of ordinary share capital. The number of shares in issue is reduced when shares are repurchased. As of 1 March 2022, the latest practicable date before the completion of these financial statements, 288 million further ordinary shares were repurchased for cancellation for a total cost of $1,535 million, including transaction costs of $8 million. Treasury shares a 2021 2020 2019 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,187,650 296 1,296,856 323 1,426,265 356 Purchases for settlement of employee share plans 1,432 — — — 1,118 — Issue of new shares for employee share-based payment plans 35,096 9 34,116 9 37,400 9 Shares re-issued for employee share-based payment plans (86,721) (22) (143,322) (36) (167,927) (42) At 31 December 1,137,457 283 1,187,650 296 1,296,856 323 Of which – shares held in treasury by bp 1,037,201 259 1,105,157 275 1,163,077 290 – shares held in ESOP trusts 100,256 24 82,491 21 133,707 33 – shares held by bp’s US share plan administrator b — — 2 — 72 — a See Note 31 for definition of treasury shares. b Held in the form of ADSs to meet the requirements of employee share-based payment plans in the US. For each year presented, the balance at 1 January represents the maximum number of shares held in treasury by bp during the year, representing 5.2% (2020 5.4% and 2019 5.9%) of the called-up ordinary share capital of the company. During 2021, the movement in shares held in treasury by bp represented less than 0.3% (2020 less than 0.3% and 2019 less than 0.5%) of the ordinary share capital of the company. Capital and reserves Share Share Capital Merger Total share capital At 1 January 2021 5,383 12,584 1,528 27,206 46,701 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (177) — 177 — — Share-based payments, net of tax b 9 161 — — 170 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2021 5,215 12,745 1,705 27,206 46,871 At 1 January 2020 5,404 12,417 1,498 27,206 46,525 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (30) — 30 — — Share-based payments, net of tax b 9 167 — — 176 Share of equity-accounted entities’ changes in equity, net of tax c — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2020 5,383 12,584 1,528 27,206 46,701 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to a non-controlling interest transaction entered into by Rosneft. d 2021 principally relates to the sale of 49% interest in a controlled affiliate holding certain refined product and crude logistics assets onshore US and the buy-out of the non-controlling interest in the Thorntons fuels and convenience retail business. 2020 principally relates to the sale of interests in our UK and New Zealand retail property portfolio, for which proceeds of $0.5 billion and $0.2 billion were received respectively. 31. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 — — — — — 7,565 7,565 507 415 8,487 — (846) — — — — (846) — (24) (870) — — (134) (76) (210) — (210) — — (210) — — — — — 44 44 — — 44 — — — — — 1 1 — — 1 — — — — — 3,099 3,099 — — 3,099 — — 1 — 1 — 1 — — 1 — (846) (133) (76) (209) 10,709 9,654 507 391 10,552 — — — — — (4,316) (4,316) — (311) (4,627) — — (10) — (10) — (10) — — (10) — — — — — (3,151) (3,151) — — (3,151) 600 — — — — (138) 632 — — 632 — — — — — 556 556 — — 556 — — — — — (26) (26) 950 — 924 — (7) — — — — (7) (492) — (499) — — — — — — — — — — — — — — — 881 881 — (387) 494 (12,624) (9,572) (851) (176) (1,027) 51,815 75,463 13,041 1,935 90,439 (14,412) (6,495) (752) (160) (912) 73,706 98,412 — 2,296 100,708 — — — — — (20,305) (20,305) 256 (680) (20,729) — (2,224) — — — — (2,224) — 37 (2,187) — — 31 60 91 — 91 — — 91 — — — — — 312 312 — — 312 — — — — — 71 71 — — 71 — — — — — 65 65 — — 65 — — 7 — 7 — 7 — — 7 — (2,224) 38 60 98 (19,857) (21,983) 256 (643) (22,370) — — — — — (6,367) (6,367) — (238) (6,605) — — 6 — 6 — 6 — — 6 — — — — — (776) (776) — — (776) 1,188 — — — — (638) 726 — — 726 — — — — — 1,341 1,341 — — 1,341 — — — — — (48) (48) 11,909 — 11,861 — — — — — — — (89) — (89) — — — — — 3 3 — — 3 — — — — — (64) (64) — 827 763 (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 31. Capital and reserves – continued Share Share Capital Merger Total share capital At 31 December 2018 5,402 12,305 1,439 27,206 46,352 Adjustment on adoption of IFRS 16, net of tax — — — — — At 1 January 2019 5,402 12,305 1,439 27,206 46,352 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends 52 (52) — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (59) — 59 — — Share-based payments, net of tax b 9 164 — — 173 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Transactions involving non-controlling interests, net of tax c — — — — — At 31 December 2019 5,404 12,417 1,498 27,206 46,525 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to the sale of a 49% interest in bp's retail property portfolio in Australia. 31. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (15,767) (8,902) (777) (210) (987) 78,748 99,444 — 2,104 101,548 — — — — — (329) (329) — (1) (330) (15,767) (8,902) (777) (210) (987) 78,419 99,115 — 2,103 101,218 — — — — — 4,026 4,026 — 164 4,190 — 2,407 — — — — 2,407 — 9 2,416 — — 5 50 55 — 55 — — 55 — — — — — 82 82 — — 82 — — — — — (64) (64) — — (64) — — — — — 171 171 — — 171 — — (3) — (3) — (3) — — (3) — 2,407 2 50 52 4,215 6,674 — 173 6,847 — — — — — (6,929) (6,929) — (213) (7,142) — — 23 — 23 — 23 — — 23 — — — — — (1,511) (1,511) — — (1,511) 1,355 — — — — (809) 719 — — 719 — — — — — 5 5 — — 5 — — — — — 316 316 — 233 549 (14,412) (6,495) (752) (160) (912) 73,706 98,412 — 2,296 100,708 . 31. Capital and reserves – continued Share capital The balance on the share capital account represents the aggregate nominal value of all ordinary and preference shares in issue, including treasury shares. Share premium account The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary and preference shares. Capital redemption reserve The balance on the capital redemption reserve represents the aggregate nominal value of all the ordinary shares repurchased and cancelled. Merger reserve The balance on the merger reserve represents the fair value of the consideration given in excess of the nominal value of the ordinary shares issued in an acquisition made by the issue of shares. Treasury shares Treasury shares represent bp shares repurchased and available for specific and limited purposes. For accounting purposes shares held in Employee Share Ownership Plans (ESOPs) and bp’s US share plan administrator to meet the future requirements of the employee share-based payment plans are treated in the same manner as treasury shares and are, therefore, included in the financial statements as treasury shares. The ESOPs are funded by the group and have waived their rights to dividends in respect of such shares held for future awards. Until such time as the shares held by the ESOPs vest unconditionally to employees, the amount paid for those shares is shown as a reduction in shareholders’ equity. Assets and liabilities of the ESOPs are recognized as assets and liabilities of the group. Foreign currency translation reserve The foreign currency translation reserve records exchange differences arising from the translation of the financial statements of foreign operations. Upon disposal of foreign operations, the related accumulated exchange differences are reclassified to the income statement. It includes approximately $11 billion loss relating to the investment in Rosneft which is now expected to be reclassified to the income statement in 2022. See Note 37 Events after the reporting period. Cash flow hedges This reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge. It includes $651 million relating to the acquisition of an 18.5% interest in Rosneft in 2013 which is now expected to be reclassified to the income statement in 2022. See Note 37 Events after the reporting period. For further information on the accounting for cash flow hedges see Note 1 - Derivative financial instruments and hedging activities. Costs of hedging This reserve records the change in fair value of the foreign currency basis spread of financial instruments to which cost of hedge accounting has been applied. The accumulated amount relates to time-period related hedged items and is amortized to profit or loss over the term of the hedging relationship. For further information on the accounting for costs of hedging see Note 1 - Derivative financial instruments and hedging activities. Profit and loss account The balance held on this reserve is the accumulated retained profits of the group. Non-controlling interests Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid bonds issued by BP Capital Markets PLC, a group subsidiary, on 17 June 2020 in euro, sterling and US dollars for a US dollar equivalent amount of $11.9 billion. The hybrid bonds include redemption options exercisable at the group’s discretion from June 2025 to March 2030 (the first ‘call date’), on specified dates thereafter, or in the event of specific circumstances (such as a change in IFRS or tax regime) as set out in the individual terms of each issue. Coupons are fixed for an initial period up to dates from September 2025 to June 2030 at rates of 3.25% to 4.875% and reset to rates determined by the contractual terms of each instrument on certain dates thereafter. The contractual terms of the hybrid bonds allow the group to defer coupon payments and the repayment of principal indefinitely, however their terms and conditions stipulate that any deferred payments must be made in the event of an announcement of an ordinary share or parity equity dividend distribution or certain share repurchases or redemptions. Payments made to and profit attributed to these hybrid bond holders in the year totalled $499 million (2020 $89 million) and $497 million (2020 $256 million) respectively. The accumulated non-controlling interest at the end of the year was $12,081 million (2020 $12,076 million). Non-controlling interests also includes perpetual subordinated hybrid securities issued during 2021 by a group subsidiary, of $950 million. The proceeds from this issuance were specifically earmarked to fund the forward purchase and leaseback of an under-construction floating, production, storage, and offloading vessel (FPSO) to be used on one of the group’s major projects. The contractual terms of these instruments allow the group to defer interest payments and repayment of principle indefinitely however their terms and conditions stipulate that the group must purchase them on the occurrence of certain events, all within the group’s control, including the declaration or payment of a BP p.l.c. distribution after mid-May 2026. The accumulated non-controlling interest at the end of the year was $960 million, including $10 million of profit attributable to holders. As the group has the unconditional right to avoid transferring cash or another financial asset in relation to these hybrid bonds and securities, they are classified as equity instruments and reported within non-controlling interests in the consolidated financial statements. 31. Capital and reserves – continued The pre-tax amounts of each component of other comprehensive income, and the related amounts of tax, are shown in the table below. $ million 2021 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (885) 15 (870) Cash flow hedges (including reclassifications) (175) 41 (134) Costs of hedging (including reclassifications) (84) 8 (76) Share of items relating to equity-accounted entities, net of tax 44 — 44 Other — 1 1 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 4,416 (1,317) 3,099 Cash flow hedges that will subsequently be transferred to the balance sheet 1 — 1 Other comprehensive income 3,317 (1,252) 2,065 $ million 2020 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (2,196) 9 (2,187) Cash flow hedges (including reclassifications) 41 (10) 31 Costs of hedging (including reclassifications) 64 (4) 60 Share of items relating to equity-accounted entities, net of tax 312 — 312 Other — 71 71 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 170 (105) 65 Cash flow hedges that will subsequently be transferred to the balance sheet 7 — 7 Other comprehensive income (1,602) (39) (1,641) $ million 2019 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 2,418 (2) 2,416 Cash flow hedges (including reclassifications) 6 (1) 5 Costs of hedging (including reclassifications) 53 (3) 50 Share of items relating to equity-accounted entities, net of tax 82 — 82 Other — (64) (64) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 328 (157) 171 Cash flow hedges that will subsequently be transferred to the balance sheet (3) — (3) Other comprehensive income 2,884 (227) 2,657

Capital and reserves

Capital and reserves	12 Months Ended
Capital and reserves	Dec. 31, 2021
Share Capital, Reserves And Other Equity Interest [Abstract]
Capital and reserves	Called-up share capital The allotted, called up and fully paid share capital at 31 December was as follows: 2021 2020 2019 Issued Shares $ million Shares $ million Shares $ million 8% cumulative first preference shares of £1 each a 7,233 12 7,233 12 7,233 12 9% cumulative second preference shares of £1 each a 5,473 9 5,473 9 5,473 9 21 21 21 Ordinary shares of 25 cents each At 1 January 21,449,782 5,362 21,535,840 5,383 21,525,464 5,381 Issue of new shares for the scrip dividend programme — — — — 208,927 52 Issue of new shares for employee share-based payment plans 35,001 9 34,000 9 37,400 9 Repurchase of ordinary share capital (706,701) (177) (120,058) (30) (235,951) (59) At 31 December 20,778,082 5,194 21,449,782 5,362 21,535,840 5,383 5,215 5,383 5,404 a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference shares. Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each. In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference shares, plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the preference shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over par value. During 2021 the company repurchased 707 million ordinary shares for a total consideration of $3,151 million, including transaction costs of $17 million, as part of the share repurchase programme announced on 27 April 2021. All shares purchased were for cancellation. The repurchased shares represented 3.4% of ordinary share capital. The number of shares in issue is reduced when shares are repurchased. As of 1 March 2022, the latest practicable date before the completion of these financial statements, 288 million further ordinary shares were repurchased for cancellation for a total cost of $1,535 million, including transaction costs of $8 million. Treasury shares a 2021 2020 2019 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,187,650 296 1,296,856 323 1,426,265 356 Purchases for settlement of employee share plans 1,432 — — — 1,118 — Issue of new shares for employee share-based payment plans 35,096 9 34,116 9 37,400 9 Shares re-issued for employee share-based payment plans (86,721) (22) (143,322) (36) (167,927) (42) At 31 December 1,137,457 283 1,187,650 296 1,296,856 323 Of which – shares held in treasury by bp 1,037,201 259 1,105,157 275 1,163,077 290 – shares held in ESOP trusts 100,256 24 82,491 21 133,707 33 – shares held by bp’s US share plan administrator b — — 2 — 72 — a See Note 31 for definition of treasury shares. b Held in the form of ADSs to meet the requirements of employee share-based payment plans in the US. For each year presented, the balance at 1 January represents the maximum number of shares held in treasury by bp during the year, representing 5.2% (2020 5.4% and 2019 5.9%) of the called-up ordinary share capital of the company. During 2021, the movement in shares held in treasury by bp represented less than 0.3% (2020 less than 0.3% and 2019 less than 0.5%) of the ordinary share capital of the company. Capital and reserves Share Share Capital Merger Total share capital At 1 January 2021 5,383 12,584 1,528 27,206 46,701 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (177) — 177 — — Share-based payments, net of tax b 9 161 — — 170 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2021 5,215 12,745 1,705 27,206 46,871 At 1 January 2020 5,404 12,417 1,498 27,206 46,525 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (30) — 30 — — Share-based payments, net of tax b 9 167 — — 176 Share of equity-accounted entities’ changes in equity, net of tax c — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2020 5,383 12,584 1,528 27,206 46,701 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to a non-controlling interest transaction entered into by Rosneft. d 2021 principally relates to the sale of 49% interest in a controlled affiliate holding certain refined product and crude logistics assets onshore US and the buy-out of the non-controlling interest in the Thorntons fuels and convenience retail business. 2020 principally relates to the sale of interests in our UK and New Zealand retail property portfolio, for which proceeds of $0.5 billion and $0.2 billion were received respectively. 31. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 — — — — — 7,565 7,565 507 415 8,487 — (846) — — — — (846) — (24) (870) — — (134) (76) (210) — (210) — — (210) — — — — — 44 44 — — 44 — — — — — 1 1 — — 1 — — — — — 3,099 3,099 — — 3,099 — — 1 — 1 — 1 — — 1 — (846) (133) (76) (209) 10,709 9,654 507 391 10,552 — — — — — (4,316) (4,316) — (311) (4,627) — — (10) — (10) — (10) — — (10) — — — — — (3,151) (3,151) — — (3,151) 600 — — — — (138) 632 — — 632 — — — — — 556 556 — — 556 — — — — — (26) (26) 950 — 924 — (7) — — — — (7) (492) — (499) — — — — — — — — — — — — — — — 881 881 — (387) 494 (12,624) (9,572) (851) (176) (1,027) 51,815 75,463 13,041 1,935 90,439 (14,412) (6,495) (752) (160) (912) 73,706 98,412 — 2,296 100,708 — — — — — (20,305) (20,305) 256 (680) (20,729) — (2,224) — — — — (2,224) — 37 (2,187) — — 31 60 91 — 91 — — 91 — — — — — 312 312 — — 312 — — — — — 71 71 — — 71 — — — — — 65 65 — — 65 — — 7 — 7 — 7 — — 7 — (2,224) 38 60 98 (19,857) (21,983) 256 (643) (22,370) — — — — — (6,367) (6,367) — (238) (6,605) — — 6 — 6 — 6 — — 6 — — — — — (776) (776) — — (776) 1,188 — — — — (638) 726 — — 726 — — — — — 1,341 1,341 — — 1,341 — — — — — (48) (48) 11,909 — 11,861 — — — — — — — (89) — (89) — — — — — 3 3 — — 3 — — — — — (64) (64) — 827 763 (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 31. Capital and reserves – continued Share Share Capital Merger Total share capital At 31 December 2018 5,402 12,305 1,439 27,206 46,352 Adjustment on adoption of IFRS 16, net of tax — — — — — At 1 January 2019 5,402 12,305 1,439 27,206 46,352 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends 52 (52) — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (59) — 59 — — Share-based payments, net of tax b 9 164 — — 173 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Transactions involving non-controlling interests, net of tax c — — — — — At 31 December 2019 5,404 12,417 1,498 27,206 46,525 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to the sale of a 49% interest in bp's retail property portfolio in Australia. 31. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (15,767) (8,902) (777) (210) (987) 78,748 99,444 — 2,104 101,548 — — — — — (329) (329) — (1) (330) (15,767) (8,902) (777) (210) (987) 78,419 99,115 — 2,103 101,218 — — — — — 4,026 4,026 — 164 4,190 — 2,407 — — — — 2,407 — 9 2,416 — — 5 50 55 — 55 — — 55 — — — — — 82 82 — — 82 — — — — — (64) (64) — — (64) — — — — — 171 171 — — 171 — — (3) — (3) — (3) — — (3) — 2,407 2 50 52 4,215 6,674 — 173 6,847 — — — — — (6,929) (6,929) — (213) (7,142) — — 23 — 23 — 23 — — 23 — — — — — (1,511) (1,511) — — (1,511) 1,355 — — — — (809) 719 — — 719 — — — — — 5 5 — — 5 — — — — — 316 316 — 233 549 (14,412) (6,495) (752) (160) (912) 73,706 98,412 — 2,296 100,708 . 31. Capital and reserves – continued Share capital The balance on the share capital account represents the aggregate nominal value of all ordinary and preference shares in issue, including treasury shares. Share premium account The balance on the share premium account represents the amounts received in excess of the nominal value of the ordinary and preference shares. Capital redemption reserve The balance on the capital redemption reserve represents the aggregate nominal value of all the ordinary shares repurchased and cancelled. Merger reserve The balance on the merger reserve represents the fair value of the consideration given in excess of the nominal value of the ordinary shares issued in an acquisition made by the issue of shares. Treasury shares Treasury shares represent bp shares repurchased and available for specific and limited purposes. For accounting purposes shares held in Employee Share Ownership Plans (ESOPs) and bp’s US share plan administrator to meet the future requirements of the employee share-based payment plans are treated in the same manner as treasury shares and are, therefore, included in the financial statements as treasury shares. The ESOPs are funded by the group and have waived their rights to dividends in respect of such shares held for future awards. Until such time as the shares held by the ESOPs vest unconditionally to employees, the amount paid for those shares is shown as a reduction in shareholders’ equity. Assets and liabilities of the ESOPs are recognized as assets and liabilities of the group. Foreign currency translation reserve The foreign currency translation reserve records exchange differences arising from the translation of the financial statements of foreign operations. Upon disposal of foreign operations, the related accumulated exchange differences are reclassified to the income statement. It includes approximately $11 billion loss relating to the investment in Rosneft which is now expected to be reclassified to the income statement in 2022. See Note 37 Events after the reporting period. Cash flow hedges This reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge. It includes $651 million relating to the acquisition of an 18.5% interest in Rosneft in 2013 which is now expected to be reclassified to the income statement in 2022. See Note 37 Events after the reporting period. For further information on the accounting for cash flow hedges see Note 1 - Derivative financial instruments and hedging activities. Costs of hedging This reserve records the change in fair value of the foreign currency basis spread of financial instruments to which cost of hedge accounting has been applied. The accumulated amount relates to time-period related hedged items and is amortized to profit or loss over the term of the hedging relationship. For further information on the accounting for costs of hedging see Note 1 - Derivative financial instruments and hedging activities. Profit and loss account The balance held on this reserve is the accumulated retained profits of the group. Non-controlling interests Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to bp shareholders. Included within non-controlling interests are perpetual subordinated hybrid bonds issued by BP Capital Markets PLC, a group subsidiary, on 17 June 2020 in euro, sterling and US dollars for a US dollar equivalent amount of $11.9 billion. The hybrid bonds include redemption options exercisable at the group’s discretion from June 2025 to March 2030 (the first ‘call date’), on specified dates thereafter, or in the event of specific circumstances (such as a change in IFRS or tax regime) as set out in the individual terms of each issue. Coupons are fixed for an initial period up to dates from September 2025 to June 2030 at rates of 3.25% to 4.875% and reset to rates determined by the contractual terms of each instrument on certain dates thereafter. The contractual terms of the hybrid bonds allow the group to defer coupon payments and the repayment of principal indefinitely, however their terms and conditions stipulate that any deferred payments must be made in the event of an announcement of an ordinary share or parity equity dividend distribution or certain share repurchases or redemptions. Payments made to and profit attributed to these hybrid bond holders in the year totalled $499 million (2020 $89 million) and $497 million (2020 $256 million) respectively. The accumulated non-controlling interest at the end of the year was $12,081 million (2020 $12,076 million). Non-controlling interests also includes perpetual subordinated hybrid securities issued during 2021 by a group subsidiary, of $950 million. The proceeds from this issuance were specifically earmarked to fund the forward purchase and leaseback of an under-construction floating, production, storage, and offloading vessel (FPSO) to be used on one of the group’s major projects. The contractual terms of these instruments allow the group to defer interest payments and repayment of principle indefinitely however their terms and conditions stipulate that the group must purchase them on the occurrence of certain events, all within the group’s control, including the declaration or payment of a BP p.l.c. distribution after mid-May 2026. The accumulated non-controlling interest at the end of the year was $960 million, including $10 million of profit attributable to holders. As the group has the unconditional right to avoid transferring cash or another financial asset in relation to these hybrid bonds and securities, they are classified as equity instruments and reported within non-controlling interests in the consolidated financial statements. 31. Capital and reserves – continued The pre-tax amounts of each component of other comprehensive income, and the related amounts of tax, are shown in the table below. $ million 2021 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (885) 15 (870) Cash flow hedges (including reclassifications) (175) 41 (134) Costs of hedging (including reclassifications) (84) 8 (76) Share of items relating to equity-accounted entities, net of tax 44 — 44 Other — 1 1 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 4,416 (1,317) 3,099 Cash flow hedges that will subsequently be transferred to the balance sheet 1 — 1 Other comprehensive income 3,317 (1,252) 2,065 $ million 2020 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (2,196) 9 (2,187) Cash flow hedges (including reclassifications) 41 (10) 31 Costs of hedging (including reclassifications) 64 (4) 60 Share of items relating to equity-accounted entities, net of tax 312 — 312 Other — 71 71 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 170 (105) 65 Cash flow hedges that will subsequently be transferred to the balance sheet 7 — 7 Other comprehensive income (1,602) (39) (1,641) $ million 2019 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 2,418 (2) 2,416 Cash flow hedges (including reclassifications) 6 (1) 5 Costs of hedging (including reclassifications) 53 (3) 50 Share of items relating to equity-accounted entities, net of tax 82 — 82 Other — (64) (64) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 328 (157) 171 Cash flow hedges that will subsequently be transferred to the balance sheet (3) — (3) Other comprehensive income 2,884 (227) 2,657

Contingent liabilities and lega

Contingent liabilities and legal proceedings	12 Months Ended
Contingent liabilities and legal proceedings	Dec. 31, 2021
Disclosure Of Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Contingent liabilities and legal proceedings	Contingent liabilities and legal proceedings Contingent liabilities There were contingent liabilities at 31 December 2021 in respect of guarantees and indemnities entered into as part of the ordinary course of the group’s business. No material losses are likely to arise from such contingent liabilities. Further information on financial guarantees is included in Note 28. In the normal course of the group’s business, bp group entities are subject to legal and regulatory proceedings arising out of current and past operations, including matters related to commercial disputes, product liability, antitrust, commodities trading, premises-liability claims, consumer protection, general health, safety, climate change and environmental claims and allegations of exposures of third parties to toxic substances, such as lead pigment in paint, asbestos and other chemicals. The amounts claimed could be significant and could be material to the group’s results of operations, financial position or liquidity. While it is difficult to predict the ultimate outcome in some cases, bp expects that the impact of current legal and regulatory proceedings on the group‘s results of operations, liquidity or financial position will not be material. The group files tax returns in many jurisdictions across the world. Various tax authorities are currently examining these returns, which contain matters that could be subject to differing interpretations of applicable tax laws and regulations. The resolution of tax positions through negotiations with relevant tax authorities, or through litigation, can take several years to complete and the amounts could be significant and could, in aggregate, be material to the group’s results of operations, financial position or liquidity. While it is difficult to predict the ultimate outcome in some cases, bp does not expect there to be any material impact upon the group‘s results of operations, financial position or liquidity. 32. Contingent liabilities and legal proceedings – continued The group is subject to numerous national and local health, safety and environmental laws and regulations concerning its products, operations and other activities. These laws and regulations may require the group to take future action to remediate the effects on the environment of prior disposal or release of chemicals or petroleum substances by the group or other parties. Such contingencies may exist for various sites including refineries, chemical plants, oil fields, commodities extraction sites, service stations, terminals and waste disposal sites. In addition, the group may have obligations relating to prior asset sales or closed facilities. The ultimate requirement for remediation and its costs are inherently difficult to estimate. However, the estimated cost of environmental obligations has been provided in these accounts in accordance with the group‘s accounting policies. While the amounts of future possible costs that are not provided for could be significant and material to the group‘s results of operations in the period in which they are recognized, it is not possible to estimate the amounts involved. bp does not expect these costs to have a material impact on the group’s results of operations, financial position or liquidity. If production and manufacturing facilities and pipelines are sold to third parties and the subsequent owner is unable to meet their decommissioning obligations it is possible that, in certain circumstances, bp could be partially or wholly responsible for decommissioning. The group estimates that for production facilities, approximately $13 billion of associated decommissioning obligations were previously transferred to third parties. While the amounts associated with decommissioning provisions reverting to the group could be material, bp is not currently aware of any such material cases that have a greater than remote chance of reverting to the group. In one current case the owner of facilities has agreed to relinquish all of its assets to the U.S. government upon liquidation to resolve the outstanding liability. It is considered possible that certain decommissioning costs associated with some of these facilities in relation to assets previously disposed may in the future revert to bp; however, no provision has been recognized as no present obligation exists at the balance sheet date. Should the obligation revert, it is not expected to have a material impact on the group's financial position. Furthermore, as described in Provisions and contingencies within Note 1, decommissioning provisions associated with customers & products facilities are not generally recognized as the potential obligations cannot be measured given their indeterminate settlement dates. By their nature, it is not practicable to estimate the potential financial impact or possible timing of the above contingencies as there are significant uncertainties that are dependent on various factors that are not within the group’s control. Contingent liabilities related to the Gulf of Mexico oil spill For information on legal proceedings relating to the Deepwater Horizon oil spill, see Legal proceedings below. Any outstanding Deepwater Horizon related claims are not expected to have a material impact on the group's financial performance. Legal proceedings Proceedings relating to the Deepwater Horizon oil spill Introduction BP Exploration & Production Inc. (BPXP) was lease operator of Mississippi Canyon, Block 252 in the Gulf of Mexico, where the semi-submersible rig Deepwater Horizon was deployed at the time of the 20 April 2010 explosion and fire and resulting oil spill (the Incident). Lawsuits and claims arising from the Incident were brought principally in US federal and state courts. The remaining proceedings arising from the Incident are discussed below. Economic and Property Damages Settlement Following orders issued by United States District Court for the Eastern District of Louisiana on 22 January 2021, the claims administrator pursuant to the settlement programme which was established by the Economic and Property Damages Settlement has completed post-closure administrative wind down activities and the administration website has been closed. Medical Benefits Class Action Settlement In 2012 the Medical Benefits Class Action Settlement (Medical Settlement) was entered into with the plaintiffs steering committee. It involves payments to qualifying class members based on a matrix for certain Specified Physical Conditions (SPCs), as well as a 21-year Periodic Medical Consultation Program (PMCP) for qualifying class members. All SPC claims have been determined by the medical claims administrator. In total, 27,603 claims (comprising 22,833 SPC claims and 4,770 PMCP claims) have been approved for compensation totalling approximately $67 million and 9,624 claims have been denied. The Medical Settlement also includes an exclusive remedy provision regarding class members pursuing exposure-based personal injury claims for later-manifested physical conditions (LMPCs). In order to seek compensation from bp for an LMPC, class members must file a notice with the medical claims administrator within four years after the date of first diagnosis of the LMPC. As of 31 December 2021, there were 199 pending lawsuits brought by class members claiming LMPCs. Other civil complaints – economic loss All but one of the economic loss and property damage claims from individuals and businesses that either opted out of the EPD Settlement and/or were excluded from that settlement have been settled or dismissed. One appeal remains pending before the Fifth Circuit by a plaintiff whose economic loss claims were dismissed by an August 2021 order from the federal district court in New Orleans that granted bp’s motion for summary judgment. Other civil complaints – personal injury The vast majority of post-explosion clean-up, medical monitoring and personal injury claims from individuals that either opted out of the Medical Settlement and/or were excluded from that settlement have been dismissed. In early April 2021, the federal district court in New Orleans severed nearly all of the remaining post-explosion clean-up, medical monitoring and personal injury cases from the consolidated multi-district proceedings. Of those severed cases, 19 are pending before other federal courts in Gulf Coast States, and the remaining 777 cases have been re-allotted among the judges of the federal district court in the Eastern District of Louisiana. 9 post-explosion clean-up, medical monitoring and personal injury cases will remain in the consolidated multi-district proceedings until plaintiffs have complied with the court’s pre-trial orders, after which they will be severed from the consolidated multi-district proceedings. 32. Contingent liabilities and legal proceedings – continued Non-US government lawsuits On 18 October 2012, a group of Mexican fishermen filed a class action complaint in a Mexican Federal District Court located in Mexico City against BP America Production Company (BPAPC) and other bp subsidiaries, seeking to recover for alleged environmental and economic harm in Mexico as a result of the Incident. On 27 June 2018, bp answered the complaint by seeking dismissal on various grounds including that no oil reached Mexican waters or land and there was no economic or environmental harm in Mexico. There has been no subsequent material development in these proceedings. On 3 December 2015 and 29 March 2016, Acciones Colectivas de Sinaloa (ACS) filed two class actions (which have since been consolidated) in a Mexican Federal District Court on behalf of any person or entity harmed by the Incident, including several coastal Mexican states and municipalities against BPXP, BPAPC, and other purported bp subsidiaries. In these class actions, plaintiffs seek an order requiring the bp defendants to repair the damage to the Gulf of Mexico, to pay penalties, and to compensate plaintiffs for damage to property, to health and for economic loss. BPXP and BPAPC opposed class certification and sought dismissal, principally on the basis that no oil reached Mexican waters or land and there was no economic or environmental harm in Mexico. The court certified the class on 25 September 2019 and bp appealed that decision including by way of constitutional challenge. That challenge was denied on 8 October 2020 and on 18 January 2021, bp’s appeal of that ruling was also denied. On 27 December 2019, the court issued an order on class notification procedures. On 2 January 2020, ACS moved for reconsideration of the order on class notification procedures, which was denied on 26 October 2021. On 22 November 2021, ACS filed a constitutional challenge to the notice ruling. A decision on the constitutional challenge is pending. These legal actions remain at a relatively early stage and while it is not possible to predict the outcome, bp believes that it has valid defences, and it intends to defend such actions vigorously. Other legal proceedings FERC and CFTC matters Following an investigation by the US Federal Energy Regulatory Commission (FERC) and the US Commodity Futures Trading Commission (CFTC) of several bp entities, the Administrative Law Judge of the FERC ruled on 13 August 2015 that bp manipulated the market by selling next-day, fixed price natural gas at Houston Ship Channel in 2008 in order to suppress the Gas Daily index and benefit its financial position. On 11 July 2016 the FERC issued an Order affirming the initial decision and directing bp to pay a civil penalty of $20.16 million and to disgorge $207,169 in unjust profits. On 10 August 2016, bp filed a request for rehearing with the FERC. On 17 December 2020, the FERC denied the rehearing request, sustaining the prior decision and ordering payment of the penalty and disgorgement amounts. bp has complied with the order but strongly disagrees with the FERC’s decision and filed an appeal with the US Court of Appeals. Oral arguments were heard by the Fifth Circuit in early 2022 and a decision is expected later this year. Lead paint matters Since 1987, Atlantic Richfield Company (Atlantic Richfield), a subsidiary « of bp, has been named as a co-defendant in numerous lawsuits brought in the US alleging injury to persons and property caused by lead pigment in paint. The majority of the lawsuits have been abandoned or dismissed against Atlantic Richfield. Atlantic Richfield is named in these lawsuits as alleged successor to International Smelting and Refining and another company that manufactured lead pigment during the period 1920-1946. The plaintiffs include individuals and governmental entities. Several of the lawsuits purport to be class actions. The lawsuits seek various remedies including compensation to lead-poisoned children, cost to find and remove lead paint from buildings, medical monitoring and screening programmes, public warning and education of lead hazards, reimbursement of government healthcare costs and special education for lead-poisoned citizens and punitive damages. No lawsuit against Atlantic Richfield has been settled nor has Atlantic Richfield been subject to a final adverse judgment in any proceeding. The amounts claimed and, if such suits were successful, the costs of implementing the remedies sought in the various cases could be substantial. While it is not possible to predict the outcome of these legal actions, Atlantic Richfield believes that it has valid defences. It intends to defend such actions vigorously and believes that the incurrence of liability is remote. Consequently, bp believes that the impact of these lawsuits on the group’s results, financial position or liquidity will not be material. Climate change BP p.l.c., BP America Inc. and BP Products North America Inc. are co-defendants with other oil and gas companies in multiple lawsuits brought in various state and federal courts on behalf of various governmental and private parties. The lawsuits generally assert claims under a variety of legal theories seeking to hold the defendant companies responsible for impacts allegedly caused by and/or relating to climate change. Underlying many of the legal theories are allegations regarding deceptive communication and disinformation to the public. The lawsuits seek remedies including payment of money and other forms of equitable relief. If such suits were successful, the cost of the remedies sought in the various cases could be substantial. All of these lawsuits remain at relatively early stages and while it is not possible to predict the outcome of these legal actions, bp believes that it has valid defences, and it intends to defend such actions vigorously. Louisiana Coastal restoration Six coastal parishes and the State of Louisiana have filed over 40 separate lawsuits in state courts in Louisiana against various oil and gas companies seeking damages for coastal erosion. bp entities are defendants in 17 of these cases. The lawsuits allege that the defendants' historical operations in oil fields within the Louisiana onshore coastal zone failed to comply with state permits and/or were conducted without the required coastal use permits. The plaintiffs seek unspecified statutory penalties and damages, including the costs of restoring coastal wetlands allegedly impacted by oil field operations. In addition, four private landowners have filed separate claims in the state courts in Jefferson and Plaquemines Parishes of Louisiana for restoration damages related to alleged impacts to their marshlands associated with historic oil field operations. bp entities are defendants in two of these private landowner cases. All of these lawsuits remain at relatively early stages and while it is not possible to predict the outcome of these legal actions, bp believes that it has valid defences, and it intends to defend such actions vigorously.

Remuneration of senior manageme

Remuneration of senior management and non-executive directors	12 Months Ended
	Dec. 31, 2021
Related Party [Abstract]
Remuneration of senior management and non-executive directors	Remuneration of senior management and non-executive directors Remuneration of directors $ million 2021 2020 2019 Total for all directors Emoluments 9 6 9 Amounts received under incentive schemes a 4 14 20 Total 13 20 29 a Excludes amounts relating to past directors. Emoluments These amounts comprise fees paid to the non-executive chair and the non-executive directors and, for executive directors, salary and benefits earned during the relevant financial year, plus cash bonuses awarded for the year. Further information Full details of individual directors’ remuneration are given in the Directors’ remuneration report on page 116. See also Related-party transactions on page 361. Remuneration of directors and senior management $ million 2021 2020 2019 Total for all senior management and non-executive directors Short-term employee benefits 30 17 30 Pensions and other post-retirement benefits 1 2 2 Share-based payments 32 52 32 Termination benefits – 8 — Total 63 79 64 Senior management comprises members of the leadership team, see pages 88-89 for further information. Short-term employee benefits These amounts comprise fees and benefits paid to the non-executive chair and non-executive directors, as well as salary, benefits and cash bonuses for senior management. Deferred annual bonus awards, to be settled in shares, are included in share-based payments. Pensions and other post-retirement benefits The amounts represent the estimated cost to the group of providing pensions and other post-retirement benefits to senior management in respect of the current year of service measured in accordance with IAS 19 ‘Employee Benefits’. Share-based payments This is the cost to the group of senior management’s participation in share-based payment plans, as measured by the fair value of options and shares granted, accounted for in accordance with IFRS 2 ‘Share-based Payments’. Termination benefits Termination benefits include compensation to senior management for loss of office.

Employee costs and numbers

Employee costs and numbers	12 Months Ended
Employee costs and numbers	Dec. 31, 2021
Additional information [abstract]
Employee costs and numbers	Pensions and other post-retirement benefits Most group companies have pension plans, the forms and benefits of which vary with conditions and practices in the countries concerned. Pension benefits may be provided through defined contribution plans (money purchase schemes) or defined benefit plans (final salary and other types of schemes with committed pension benefit payments). For defined contribution plans, retirement benefits are determined by the value of funds arising from contributions paid in respect of each employee. For defined benefit plans, retirement benefits are based on such factors as an employee’s pensionable salary and length of service. Defined benefit plans may be funded or unfunded. The assets of funded plans are generally held in separately administered trusts. For information on significant estimates and judgements made in relation to accounting for these plans see Pensions and other post-retirement benefits in Note 1. The pension obligation in the UK consists primarily of a funded final salary pension plan under which retired employees draw the majority of their benefit as an annuity. This pension plan is governed by a corporate trustee whose board is composed of four member-nominated directors, four company-nominated directors, one independent director and one independent chairman nominated by the company. The trustee board is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as investment policies of the plan. This plan was closed to new joiners in 2010 and was closed to future accrual on 30 June 2021 resulting in a curtailment gain of $0.3 billion being recognized in 23. Pensions and other post-retirement benefits – continued the income statement during the year. For active members of the plan at 30 June 2021, benefit payables are now linked to salary as at that date, rather than salary on retirement. Employees in the UK are eligible for membership of a defined contribution plan. In the US, all pension benefits now accrue under a cash balance formula. Benefits previously accrued under final salary formulas are legally protected. Retiring US employees typically take their pension benefit in the form of a lump sum payment upon retirement. The plan is funded and its assets are overseen by a fiduciary Investment Committee. During 2021 the committee was composed of seven bp employees appointed by the president of bp Corporation North America Inc. (the appointing officer). The Investment Committee is required by law to act in the best interests of the plan participants and is responsible for setting certain policies, such as the investment policies of the plan. US employees are also eligible to participate in a defined contribution (401k) plan in which employee contributions are matched with company contributions. In the US, group companies also provide post-retirement healthcare to eligible retired employees and their dependants (and, in certain legacy cases, life insurance coverage); the entitlement to these benefits is based on the employee remaining in service until a specified age and completion of a minimum period of service. In the Eurozone, there are defined benefit pension plans in Germany, France, the Netherlands and other countries. In Germany and France, the majority of the pensions are unfunded. In Germany, the group’s largest Eurozone plan, employees receive a pension and also have a choice to supplement their core pension through salary sacrifice. For employees who joined since 2002, the core pension benefit is a career average plan with retirement benefits based on such factors as an employee’s pensionable salary and length of service. The returns on the notional contributions made by both the company and employees are based on the interest rate which is set out in German tax law. Retired German employees take their pension benefit typically in the form of an annuity. The German plans are governed by legal agreements between bp and the works council or between bp and the trade union. The level of contributions to funded defined benefit plans is the amount needed to provide adequate funds to meet pension obligations as they fall due. During 2021 the aggregate level of contributions was $274 million (2020 $325 million and 2019 $349 million). The aggregate level of contributions in 2022 is expected to be approximately $200 million, and includes contributions in all countries that we expect to be required to make contributions by law or under contractual agreements, as well as an allowance for discretionary funding. For the primary UK plan there is a funding agreement between the group and the trustee. On a three year cycle a schedule of contributions is agreed covering the next five years. The schedule of contributions is next scheduled to be updated after the 31 December 2023 formal actuarial valuation. No contractually committed funding was due at 31 December 2021. The closure of the defined benefit plan to future accrual and the consequent lower service cost reduces the plan's expected future funding volatility. The surplus relating to the primary UK pension plan is recognized on the balance sheet on the basis that the company is entitled to a refund of any remaining assets once all members have left the plan. Minimum pension funding in the US is determined by legislation and is supplemented by discretionary contributions. No contributions were made into the primary US pension plan in 2021 and no statutory funding requirement is expected in the next 12 months. The surplus relating to the primary US fund is recognized on the balance sheet on the basis that economic benefit can be gained from the surplus through a reduction in future contributions. There was no minimum funding requirement for the US plan, and no significant minimum funding requirements in other countries at 31 December 2021. The obligation and cost of providing pensions and other post-retirement benefits is assessed annually using the projected unit credit method. The date of the most recent actuarial review was 31 December 2021. The UK plans are subject to a formal actuarial valuation every three years; valuations are required more frequently in many other countries.The most recent formal actuarial valuation of the UK pension plans was as at 31 December 2020. A valuation of the US plan and largest Eurozone plans are carried out annually. The material financial assumptions used to estimate the benefit obligations of the various plans are set out below. The assumptions are reviewed by management at the end of each year and are used to evaluate the accrued benefit obligation at 31 December and pension expense for the following year. % Financial assumptions used to determine benefit obligation a UK US Eurozone 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate for plan liabilities 1.8 1.4 2.1 2.7 2.2 3.1 1.3 1.0 1.3 Rate of increase for pensions in payment 3.2 2.8 2.7 — — — 1.4 1.3 1.5 Rate of increase in deferred pensions 3.2 2.8 2.7 — — — 0.4 0.5 0.5 Inflation for plan liabilities 3.3 2.9 2.7 2.1 1.7 1.5 1.6 1.5 1.7 % Financial assumptions used to determine benefit expense UK US Eurozone 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate for plan service cost 1.5 2.1 3.0 2.4 3.2 4.2 1.4 1.8 2.5 Discount rate for plan other finance expense b 1.7 2.1 2.9 2.2 3.1 4.1 1.0 1.3 2.0 Inflation for plan service cost 2.8 2.6 3.1 1.7 1.5 1.5 1.5 1.7 1.7 a Salary growth is no longer a material financial assumption for the Group following the closure of the primary pension plan to future accrual. The rate of increase in salaries for the UK was 3.6% and 3.4% in 2020 and 2019 respectively. b The discount rate for plan other finance expense was 1.4% for the primary UK plan for the period before the plan closed to future accrual on 30th June 2021 and 1.9% thereafter. The discount rate assumptions are based on third-party AA corporate bond indices and for our largest plans in the UK, US and the Eurozone we use yields that reflect the maturity profile of the expected benefit payments. The inflation rate assumptions for our UK and US plans are based on the difference between the yields on index-linked and fixed-interest long-term government bonds. In other countries, including the Eurozone, we use this approach, or advice from the local actuary depending on the information available. The inflation assumptions are used to determine the rate of increase for pensions in payment and the rate of increase in deferred pensions where there is such an increase. 23. Pensions and other post-retirement benefits – continued In addition to the financial assumptions, we regularly review the demographic and mortality assumptions. The mortality assumptions reflect best practice in the countries in which we provide pensions and have been chosen with regard to applicable published tables adjusted where appropriate to reflect the experience of the group and an extrapolation of past longevity improvements into the future. bp’s most substantial pension liabilities are in the UK, the US and the Eurozone where our mortality assumptions are as follows: Years Mortality assumptions UK US Eurozone 2021 2020 2019 2021 2020 2019 2021 2020 2019 Life expectancy at age 60 for a male currently aged 60 26.9 26.9 27.3 24.9 24.7 24.9 25.8 25.7 25.7 Life expectancy at age 60 for a male currently aged 40 28.4 28.4 28.9 26.6 26.4 26.7 28.3 28.2 28.3 Life expectancy at age 60 for a female currently aged 60 28.9 28.8 28.7 27.9 27.7 28.0 29.1 29.0 29.1 Life expectancy at age 60 for a female currently aged 40 30.5 30.4 30.5 29.4 29.2 29.7 31.2 31.2 31.2 Pension plan assets are generally held in trusts, the primary objective of which is to accumulate assets sufficient to meet the obligations of the plans. The assets of the trusts are invested in a manner consistent with fiduciary obligations and principles that reflect current practices in portfolio management. A significant proportion of the assets are held in equities, which are expected to generate a higher level of return over the long term, with an acceptable level of risk. In order to provide reasonable assurance that no single security or type of security has an unwarranted impact on the total portfolio, the investment portfolios are highly diversified. The trustee’s long-term investment objective for the primary UK plan as it matures is to invest in assets whose value changes in the same way as the plan liabilities, in order to reduce the level of funding risk. To move towards this objective, the UK plan uses a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds to achieve this matching effect for the most significant plan liability assumptions of interest rate and inflation rate. This is partly funded by short-term sale and repurchase agreements, whereby the plan borrows money using existing bonds as security and which will be bought back at a specified price at an agreed future date. The funds raised are used to invest in further bonds to increase the proportion of assets which match the plan liabilities. The borrowings are shown separately in the analysis of pension plan assets in the table below. For the primary UK pension plan there is an agreement with the trustee to increase the proportion of assets with liability matching characteristics over time primarily by reducing the proportion of plan assets held as equities and increasing the proportion held as bonds. This agreement is not impacted by the closure of the plan to future accrual. There is a similar agreement in place for the primary US plan. During 2021, the UK and the US plans switched 5% and 13% of plan assets respectively from equities to bonds (2020 11% and nil% respectively). The current asset allocation policy for the major plans at 31 December 2021 was as follows: UK US Asset category % % Total equity (including private equity) 12 27 Bonds/cash (including LDI) 81 73 Property/real estate 7 — The amounts invested under the LDI programme by the primary UK pension plan as at 31 December 2021 were $7,399 million (2020 $4,217 million) of government-issued nominal bonds and $24,516 million (2020 $24,576 million) of index-linked bonds. Some of the group’s pension plans in the Eurozone and other countries use derivative financial instruments as part of their asset mix to manage the level of risk. The fair value of these instruments is included in other assets in the table below. The group’s main pension plans do not invest directly in either securities or property/real estate of the company or of any subsidiary. The fair values of the various categories of assets held by the defined benefit plans at 31 December are presented in the table below, including the effects of derivative financial instruments. Movements in the fair value of plan assets during the year are shown in detail in the table on page 223. 23. Pensions and other post-retirement benefits – continued $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2021 Listed equities – developed markets 2,964 340 473 290 4,067 – emerging markets 252 45 67 76 440 Private equity c 3,233 1,537 — 3 4,773 Government issued nominal bonds d 7,491 2,606 974 432 11,503 Government issued index-linked bonds d 24,516 — 100 — 24,616 Corporate bonds d 10,128 2,475 689 498 13,790 Property e 2,714 — 110 22 2,846 Cash 1,136 116 54 69 1,375 Other 1,133 54 70 22 1,279 Debt (repurchase agreements) used to fund liability driven investments (10,723) — — — (10,723) 42,844 7,173 2,537 1,412 53,966 At 31 December 2020 Listed equities – developed markets 5,008 1,112 542 318 6,980 – emerging markets 418 115 68 70 671 Private equity c 2,899 1,604 — 4 4,507 Government issued nominal bonds d 4,303 1,839 1,111 616 7,869 Government issued index-linked bonds d 24,576 — 107 — 24,683 Corporate bonds d 8,906 2,398 587 279 12,170 Property e 2,553 — 110 28 2,691 Cash 1,392 267 51 163 1,873 Other 795 131 104 30 1,060 Debt (repurchase agreements) used to fund liability driven investments (9,387) — — — (9,387) 41,463 7,466 2,680 1,508 53,117 At 31 December 2019 Listed equities – developed markets 6,285 1,290 495 371 8,441 – emerging markets 1,096 124 61 64 1,345 Private equity c 2,675 1,474 — 3 4,152 Government issued nominal bonds d 4,884 2,100 959 572 8,515 Government issued index-linked bonds d 19,462 — 100 — 19,562 Corporate bonds d 6,132 2,304 569 256 9,261 Property e 2,507 — 96 27 2,630 Cash 426 289 33 93 841 Other 98 74 30 26 228 Debt (repurchase agreements) used to fund liability driven investments (7,436) — — — (7,436) 36,129 7,655 2,343 1,412 47,539 a Bonds held by the UK pension plans are denominated in sterling. Property held by the UK pension plans is in the United Kingdom. b Bonds held by the US pension plans are denominated in US dollars. c Private equity is valued at fair value based on the most recent transaction price or third-party net asset, revenue or earnings based valuations that generally result in the use of significant unobservable inputs. d Bonds held by pension plans are valued using quoted prices in active markets. e Properties are valued based on an analysis of recent market transactions supported by market knowledge derived from third-party professional valuers that generally result in the use of significant unobservable inputs. 23. Pensions and other post-retirement benefits – continued $ million 2021 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 154 246 105 31 536 Past service cost b (302) — (27) 2 (327) Settlement b — — (4) (1) (5) Operating charge (credit) relating to defined benefit plans (148) 246 74 32 204 Payments to defined contribution plans 76 136 7 36 255 Total operating charge (credit) (72) 382 81 68 459 Interest income on plan assets a (684) (150) (30) (40) (904) Interest on plan liabilities 559 209 78 56 902 Other finance (income) expense (125) 59 48 16 (2) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,440 749 12 25 3,226 Change in financial assumptions underlying the present value of the plan liabilities (100) 777 233 97 1,007 Change in demographic assumptions underlying the present value of the plan liabilities 66 (41) (15) 1 11 Experience gains and losses arising on the plan liabilities 7 173 (11) 3 172 Remeasurements recognized in other comprehensive income 2,413 1,658 219 126 4,416 Movements in benefit obligation during the year Benefit obligation at 1 January 34,171 10,187 8,161 1,895 54,414 Exchange adjustments (255) — (623) (51) (929) Operating charge relating to defined benefit plans (148) 246 74 32 204 Interest cost 559 209 78 56 902 Contributions by plan participants c 18 — 2 6 26 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Benefit payments (unfunded plans) d (8) (268) (288) (21) (585) Disposals — — (2) — (2) Remeasurements 27 (909) (207) (101) (1,190) Benefit obligation at 31 December a e 32,834 8,273 7,108 1,652 49,867 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 41,463 7,466 2,680 1,508 53,117 Exchange adjustments (365) — (214) (28) (607) Interest income on plan assets a f 684 150 30 40 904 Contributions by plan participants c 18 — 2 6 26 Contributions by employers (funded plans) 134 — 115 25 274 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Disposals — — (1) — (1) Remeasurements f 2,440 749 12 25 3,226 Fair value of plan assets at 31 December g 42,844 7,173 2,537 1,412 53,966 Surplus (deficit) at 31 December 10,010 (1,100) (4,571) (240) 4,099 Represented by Asset recognized 10,280 1,410 155 74 11,919 Liability recognized (270) (2,510) (4,726) (314) (7,820) 10,010 (1,100) (4,571) (240) 4,099 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 10,280 1,410 94 30 11,814 Unfunded (270) (2,510) (4,665) (270) (7,715) 10,010 (1,100) (4,571) (240) 4,099 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (32,564) (5,763) (2,443) (1,382) (42,152) Unfunded (270) (2,510) (4,665) (270) (7,715) (32,834) (8,273) (7,108) (1,652) (49,867) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b The past service credit in the UK represents curtailment gains arising from the closure of the primary pension plan in the UK to future accrual. Past service credits and settlements in the Eurozone include $18 million of curtailments and settlements due to restructuring initiatives. Remaining past service cost and settlements represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $3,416 million benefits and $93 million settlements, plus $49 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $6,164 million for pension liabilities and $2,109 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $4,405 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 221. 23. Pensions and other post-retirement benefits – continued $ million 2020 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 250 292 103 38 683 Past service cost b (48) (66) 12 (20) (122) Settlement b — (23) 10 (1) (14) Operating charge relating to defined benefit plans 202 203 125 17 547 Payments to defined contribution plans 49 183 2 38 272 Total operating charge 251 386 127 55 819 Interest income on plan assets a (725) (210) (33) (40) (1,008) Interest on plan liabilities 596 289 97 59 1,041 Other finance (income) expense (129) 79 64 19 33 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 4,108 1,041 104 38 5,291 Change in financial assumptions underlying the present value of the plan liabilities (4,207) (1,178) (143) (42) (5,570) Change in demographic assumptions underlying the present value of the plan liabilities 585 29 56 (4) 666 Experience gains and losses arising on the plan liabilities 54 (101) (178) 8 (217) Remeasurements recognized in other comprehensive income 540 (209) (161) — 170 Movements in benefit obligation during the year Benefit obligation at 1 January 29,780 10,119 7,353 1,826 49,078 Exchange adjustments 1,303 — 720 64 2,087 Operating charge relating to defined benefit plans 202 203 125 17 547 Interest cost 596 289 97 59 1,041 Contributions by plan participants c 21 — 2 11 34 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Benefit payments (unfunded plans) d (8) (197) (265) (34) (504) Reclassified as assets held for sale — (1) (55) — (56) Disposals — (35) — — (35) Remeasurements 3,568 1,250 265 38 5,121 Benefit obligation at 31 December a e 34,171 10,187 8,161 1,895 54,414 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 36,129 7,655 2,343 1,412 47,539 Exchange adjustments 1,582 — 235 64 1,881 Interest income on plan assets a f 725 210 33 40 1,008 Contributions by plan participants c 21 — 2 11 34 Contributions by employers (funded plans) 189 8 99 29 325 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Reclassified as assets held for sale — (7) (55) — (62) Remeasurements f 4,108 1,041 104 38 5,291 Fair value of plan assets at 31 December g 41,463 7,466 2,680 1,508 53,117 Surplus (deficit) at 31 December 7,292 (2,721) (5,481) (387) (1,297) Represented by Asset recognized 7,567 269 59 62 7,957 Liability recognized (275) (2,990) (5,540) (449) (9,254) 7,292 (2,721) (5,481) (387) (1,297) The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 7,564 269 (109) (58) 7,666 Unfunded (272) (2,990) (5,372) (329) (8,963) 7,292 (2,721) (5,481) (387) (1,297) The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (33,899) (7,197) (2,789) (1,566) (45,451) Unfunded (272) (2,990) (5,372) (329) (8,963) (34,171) (10,187) (8,161) (1,895) (54,414) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service credits represent curtailment gains arising from restructuring programmes in the UK, US and other countries, whilst past service costs and settlements in the Eurozone represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlement costs in the US resulted from a pension risk transfer to an external carrier for a group of small benefit retirees. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $2,935 million benefits and $428 million settlements, plus $40 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $7,728 million for pension liabilities and $2,459 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $5,060 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 221. 23. Pensions and other post-retirement benefits – continued $ million 2019 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 227 263 81 38 609 Past service cost b 2 — 5 (1) 6 Settlement — (13) 8 — (5) Operating charge relating to defined benefit plans 229 250 94 37 610 Payments to defined contribution plans 42 188 7 38 275 Total operating charge 271 438 101 75 885 Interest income on plan assets a (909) (285) (43) (46) (1,283) Interest on plan liabilities 757 387 133 69 1,346 Other finance (income) expense (152) 102 90 23 63 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,945 1,079 220 97 4,341 Change in financial assumptions underlying the present value of the plan liabilities (2,294) (1,036) (748) (92) (4,170) Change in demographic assumptions underlying the present value of the plan liabilities 136 91 3 (4) 226 Experience gains and losses arising on the plan liabilities (57) (22) 6 4 (69) Remeasurements recognized in other comprehensive income 730 112 (519) 5 328 a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service costs and settlements have arisen from restructuring programmes and represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlements in the US are the result of a buy-out transaction for the pensions of a group of low value annuitants. Sensitivity analysis The discount rate, inflation and the mortality assumptions all have a significant effect on the amounts reported. A one-percentage point change, in isolation, in certain assumptions as at 31 December 2021 for the group’s pensions and other post-retirement benefit expense would have had the effects shown in the tables below. The effects shown for the expense in 2022 comprise the total of current service cost and net finance income or expense. $ million One percentage point UK US Eurozone Increase Decrease Increase Decrease Increase Decrease Discount rate a Effect on expense in 2022 (248) 159 (57) 50 (3) (6) Effect on obligation at 31 December 2021 (5,143) 6,788 (951) 1,171 (980) 1,238 Inflation rate b Effect on expense in 2022 74 (71) 10 (8) 32 (26) Effect on obligation at 31 December 2021 4,062 (3,912) 60 (51) 880 (748) a The amounts presented reflect that the discount rate is used to determine the asset interest income as well as the interest cost on the obligation. b The amounts presented reflect the total impact of an inflation rate change on the assumptions for rate of increase in salaries, pensions in payment and deferred pensions. $ million One year increase UK US Eurozone Longevity Effect on expense in 2022 25 4 7 Effect on obligation at 31 December 2021 1,402 119 291 Estimated future benefit payments and the weighted average duration of defined benefit obligations The expected benefit payments, which reflect expected future service, as appropriate, but exclude plan expenses, up until 2031 and the weighted average duration of the defined benefit obligations at 31 December 2021 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2022 1,100 683 328 97 2,208 2023 1,141 546 319 91 2,097 2024 1,163 529 312 92 2,096 2025 1,164 527 312 92 2,095 2026 1,185 523 299 93 2,100 2027-2031 6,184 2,501 1,397 476 10,558 Years Weighted average duration 17.9 12.7 15.9 12.5 Employee costs and numbers $ million Employee costs 2021 2020 2019 Wages and salaries a 6,934 7,600 7,497 Social security costs 733 729 733 Share-based payments b 733 728 694 Pension and other post-retirement benefit costs 457 852 948 8,857 9,909 9,872 2021 2020 2019 Average number of employees c d US Non-US Total US Non-US Total US Non-US Total gas & low carbon energy 400 3,400 3,800 oil production & operations 3,100 6,000 9,100 customers & products e 6,200 35,800 42,000 other businesses and corporate f 1,400 7,700 9,100 11,100 52,900 64,000 12,400 55,700 68,100 13,600 58,900 72,500 a Includes termination costs of $74 million (2020 $1,237 million and 2019 $182 million). b The group provides certain employees with shares and share options as part of their remuneration packages. The majority of these share-based payment arrangements are equity-settled. c Reported to the nearest 100. d Information for 2021 has been presented to reflect the changes in reportable segments. For more information see Note 1 Significant accounting policies, judgements, estimates and assumptions - Change in segmentation. Comparative data for these new reportable segments for 2020 and 2019 is not available. e Includes 21,300 (2020 19,100 and 2019 18,100) service station staff. f Includes 0 (2020 0 and 2019 2,500) agricultural, operational and seasonal workers in Brazil. The reduction in the average number of employees in 2021 compared to 2020 is principally a result of the reinvent bp programme.

Auditor_s remuneration

Auditor’s remuneration	12 Months Ended
Auditor’s remuneration	Dec. 31, 2021
Additional information [abstract]
Auditor's remuneration	Auditor’s remuneration $ million Fees 2021 2020 2019 The audit of the company annual accounts a 37 30 32 The audit of accounts of subsidiaries of the company 15 11 11 Total audit 52 41 43 Audit-related assurance services b 5 11 4 Total audit and audit-related assurance services 57 52 47 Non-audit and other assurance services — 1 1 Services relating to bp pension plans 1 1 1 58 54 49 a Fees in respect of the audit of the accounts of BP p.l.c. including the group’s consolidated financial statements. b Includes interim reviews and audit of internal control over financial reporting and non-statutory audit services. 2020 fees include audit fees relating to the Petrochemicals disposal. With effect from 2018, following a competitive tender process, Deloitte LLP (Deloitte) was appointed as auditor of the Company, replacing Ernst & Young LLP (EY). 2021 includes $1.0 million of additional fees for 2020. 2020 includes $0.5 million of additional fees for 2019. 2019 includes $3.6 million of additional fees for 2018. Auditor's remuneration is included in the income statement within distribution and administration expenses. Tax services (in relation to income tax, indirect tax compliance, employee tax services and tax advisory services) were $nil in all periods presented. The audit committee has established pre-approval policies and procedures for the engagement of Deloitte to render audit and certain assurance and other services. The audit fees payable to Deloitte were considered as part of the audit tender process in 2016 and challenged by the audit committee through comparison with the audit pricing proposals of the other bidding firms. Changes in audit fees subsequent to the audit tender, including matters relevant to the 2021 audit, have been reviewed and challenged by the Audit Committee, before being approved. Deloitte performed further assurance services that were not prohibited by regulatory or other professional requirements and were pre-approved by the Committee. Deloitte is engaged for these services when its expertise and experience of bp are important. Most of this work is of an audit-related or assurance nature. Under SEC regulations, the remuneration of the auditor of $58 million (2020 $54 million and 2019 $49 million) is required to be presented as follows: audit $52 million (2020 $41 million and 2019 $43 million); other audit-related $5 million (2020 $11 million and 2019 $4 million); tax $nil (2020 $nil and 2019 $nil); and all other fees $1 million (2020 $2 million and 2019 $2 million).

Subsidiaries, joint arrangement

Subsidiaries, joint arrangements and associates	12 Months Ended
Subsidiaries, joint arrangements and associates	Dec. 31, 2021
Interest In Other Entities [Abstract]
Subsidiaries, joint arrangements and associates	Subsidiaries, joint arrangements and associates The more important subsidiaries, joint arrangements and associates of the group at 31 December 2021 and the group percentage of ordinary share capital (to nearest whole number) are set out below. The group's share of the assets and liabilities of the more important unincorporated joint arrangements are held by subsidiaries listed in the table below. Those subsidiaries held directly by the parent company are marked with an asterisk (), the percentage owned being that of the group unless otherwise indicated. A complete list of undertakings of the group is included in Note 14 in the parent company financial statements of BP p.l.c. which are filed with the Registrar of Companies in the UK, along with the group’s annual report. Subsidiaries % Country of Principal activities International BP Corporate Holdings Limited 100 England & Wales Investment holding BP Exploration Operating Company Limited 100 England & Wales Exploration and production BP Global Investments Limited 100 England & Wales Investment holding BP International Limited 100 England & Wales Integrated oil operations BP Oil International Limited 100 England & Wales Integrated oil operations Burmah Castrol PLC 100 Scotland Lubricants Angola BP Exploration (Angola) Limited 100 England & Wales Exploration and production Azerbaijan BP Exploration (Caspian Sea) Limited 100 England & Wales Exploration and production BP Exploration (Azerbaijan) Limited 100 England & Wales Exploration and production Canada BP Holdings Canada Limited 100 England & Wales Investment holding Egypt BP Exploration (Delta) Limited 100 England & Wales Exploration and production Germany BP Europa SE 100 Germany Refining and marketing India BP Exploration (Alpha) Limited 100 England & Wales Exploration and production Trinidad & Tobago BP Trinidad and Tobago LLC 70 US Exploration and production UK BP Capital Markets p.l.c. 100 England & Wales Finance US BP Holdings North America Limited 100 England & Wales Investment holding Atlantic Richfield Company 100 US Exploration and production, refining and marketing BP America Inc. 100 US BP America Production Company 100 US BP Company North America Inc. 100 US BP Corporation North America Inc. 100 US BP Products North America Inc. 100 US The Standard Oil Company 100 US BP Capital Markets America Inc. 100 US Finance Joint arrangements % Country of Principal activities Argentina Pan American Energy Group S.L. 50 Spain Integrated oil operations Associates % Country of Principal activities Russia Rosneft Oil Company a 19.75 Russia Integrated oil operations a See Note 37 Events after the reporting period.

Events after reporting period

Events after reporting period	12 Months Ended
Events after reporting period	Dec. 31, 2021
Events after reporting period [Abstract]
Disclosure of events after reporting period [text block]	Events after the reporting period On 27 February 2022, following the military action in Ukraine, bp announced that bp it will exit its 19.75% shareholding in Rosneft Oil Company (Rosneft) a Russian oil and gas company. As of 27 February 2022, bp chief executive officer Bernard Looney also stepped down from the board of Rosneft with immediate effect and has submitted a letter of resignation as did the other Rosneft director nominated by bp, former bp group chief executive Bob Dudley. As a result of bp’s nominated directors stepping down from the Rosneft board, bp has determined that as of 27 February 2022, the group no longer has significant influence over Rosneft taking into account the criteria set out in IAS 28 Investments in Associates and Joint Ventures, bp will therefore no longer equity account for its interest in Rosneft as of that date, treating the investment prospectively as a financial asset measured at fair value within ‘Other investments’ until the shareholding is derecognized. Additionally, in response to sanctions imposed on Russia by a number of countries, Russia has implemented new counter-sanctions including restrictions on the divestment from Russian assets by foreign investors and a reported temporary prohibition on registrars and depositories from making payments on Russian securities in favour of foreign investors. Further details including confirmation of the precise terms or application of these counter-sanctions are not yet known. The discontinuation of equity accounting combined with the market impact on Russian assets that has arisen following the military action in Ukraine will have a material effect on the group’s first quarter 2022 interim financial statements including on the carrying amount of bp’s investment in Rosneft, which at 31 December 2021 stood at approximately $14 billion. In addition, foreign exchange losses and other cumulative charges to other comprehensive income will be taken to the income statement. At 31 December 2021, these amounts stood at approximately $11 billion. The change in accounting treatment also means that bp will no longer recognize a share in Rosneft’s net income, production and reserves from 27 February 2022. The group will cease to report Rosneft as a separate segment in the group’s financial reporting for 2022.

Significant accounting polici_2

Significant accounting policies, judgements, estimates and assumptions (Policies)	12 Months Ended
	Dec. 31, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract]
Authorization of financial statements and statement of compliance with International Financial Reporting Standards and Basis of preparation	Authorization of financial statements and statement of compliance with International Financial Reporting Standards The consolidated financial statements of BP p.l.c and its subsidiaries (collectively referred to as bp or the group) for the year ended 31 December 2021 were approved and signed by the chief executive officer and chairman on 18 March 2022 having been duly authorized to do so by the board of directors. BP p.l.c. is a public limited company incorporated and domiciled in England and Wales. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted in the European Union (EU) and in accordance with the provisions of the UK Companies Act 2006 as applicable to companies reporting under international accounting standards. As a result of the UK's withdrawal from the EU, with effect from 1 January 2021, the consolidated financial statements are also prepared in accordance with IFRS as adopted by the UK. IFRS as adopted by the UK does not differ from IFRS as adopted by the EU. IFRS as adopted by the UK and EU differs in certain respects from IFRS as issued by the IASB. The differences have no impact on the group’s consolidated financial statements for the years presented. The UK’s withdrawal from the EU has not had a significant impact on the consolidated financial statements. The significant accounting policies and accounting judgements, estimates and assumptions of the group are set out below. Basis of preparation The consolidated financial statements have been prepared on a going concern basis and in accordance with IFRS and IFRS Interpretations Committee (IFRIC) interpretations issued and effective for the year ended 31 December 2021. The accounting policies that follow have been consistently applied to all years presented, except where otherwise indicated. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest million dollars ($ million), except where otherwise indicated.
Use of judgements, estimates and assumptions	Significant accounting policies: use of judgements, estimates and assumptions Inherent in the application of many of the accounting policies used in preparing the consolidated financial statements is the need for bp management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual outcomes could differ from the estimates and assumptions used. The accounting judgements and estimates that have a significant impact on the results of the group are set out in boxed text below, and should be read in conjunction with the information provided in the Notes on financial statements. The areas requiring the most significant judgement and estimation in the preparation of the consolidated financial statements are: accounting for the investments in Rosneft and Aker BP; exploration and appraisal intangible assets; the recoverability of asset carrying values, including the estimation of reserves; supplier financing arrangements; derivative financial instruments; provisions and contingencies; and pensions and other post-retirement benefits. Judgements and estimates, not all of which are significant, made in assessing the impact of the COVID-19 pandemic, and climate change and the transition to a lower carbon economy on the consolidated financial statements are also set out in boxed text below. Where an estimate has a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year this is specifically noted within the boxed text. Judgements and estimates made in assessing the impact of climate change and the transition to a lower carbon economy Climate change and the transition to a lower carbon economy were considered in preparing the consolidated financial statements. These may have significant impacts on the currently reported amounts of the group’s assets and liabilities discussed below and on similar assets and liabilities that may be recognized in the future. The group’s assumptions for investment appraisal (see page 32) form part of an investment decision-making framework for currently unsanctioned future capital expenditure on property, plant and equipment, and intangibles including exploration and appraisal assets, that is designed to support the effective and resilient implementation of bp’s strategy. The price assumptions used for investment appraisal include oil and gas price assumptions, which are producer prices and are therefore net of any future carbon prices that the purchaser may be required to pay, and an assumption of a single carbon emissions cost imposed on the producer in respect of operational greenhouse gas (GHG) emissions (carbon dioxide and methane) in order to incentivize engineering solutions to mitigate GHG emissions on projects. The group's oil, gas and carbon price assumptions for value-in-use impairment testing are aligned with those investment appraisal assumptions, except for, 2022 oil and gas prices which reflect near-term market conditions, and the assumptions for future carbon emissions costs described below. Impairment of property, plant and equipment, and goodwill The energy transition is likely to impact the future prices of commodities such as oil and natural gas which in turn may affect the recoverable amount of property, plant and equipment, and goodwill in the oil and gas industry. Management’s best estimate of oil price assumptions for value-in-use impairment testing was revised during 2021. The assumption up to 2030 was increased to reflect near-term supply constraints whereas the long-term assumption was decreased as bp's management expects an acceleration of the pace of transition to a lower carbon economy. Henry Hub gas price assumptions remain unchanged from 2020 except that the assumption for 2022 has been increased to reflect short-term market conditions. The revised assumptions sit within the range of external scenarios considered by management and are in line with a range of transition paths consistent with the temperature goal of the Paris climate change agreement, of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels. As noted above, the group’s investment appraisal process includes a single carbon emissions price assumption for the investment economics which is applied to bp's anticipated share of bp's forecast of the investments assets' scope 1 and 2 GHG emissions where they exceed defined thresholds, and is assumed to be payable by bp as the producer or as a non-operator. However, for value-in-use impairment testing on bp's existing cash generating units (CGUs), consistent with all other relevant cash flows estimated, bp is required to reflect management's best estimate of any expected applicable carbon emission costs payable by bp, including where bp in not the operator, in the future for each jurisdiction in which the group has interests. This requires management’s best estimate of how future changes to relevant carbon emission cost policies and/or legislation are likely to affect the future cash flows of the group’s applicable CGUs, whether currently enacted or not. Future potential carbon pricing and/or costs of carbon emissions allowances are included in the value-in-use calculations to the extent management has sufficient information to make such an estimate. Currently this results in limited application of carbon price assumptions in value-in-use impairment tests given that carbon pricing legislation in most jurisdictions where the group has interests is not in place and there is not sufficient information available as to the relevant policy makers' future intentions regarding carbon pricing to support an estimate. 1. Significant accounting policies, judgements, estimates and assumptions – continued However, as bp’s forecast future prices are producer prices, the group considers it reasonable to assume that if, in addition to the costs already in place, further scope 1 and 2 emission costs were partially to be borne directly by oil and gas producers including bp in future and the prevalence of such costs were to become widespread, the gross oil and gas prices realised by producers would be correspondingly higher over the long term, resulting in no expected overall materially negative impacts on the group’s net cash flows. See significant judgements and estimates: recoverability of asset carrying values for further information including sensitivity analysis in relation to reasonably possible changes in the price assumptions and carbon costs. Production assumptions within upstream property, plant and equipment, and goodwill value-in-use impairment tests reflect management’s current best estimate of future production of the existing upstream portfolio. The group’s sees the expected reduction in upstream hydrocarbon production by around 40% by 2030 from its 2019 baseline (see page 17) being achieved through future active management and high-grading of the portfolio. Changes in upstream production since 2019 will be included in the best estimate however as the specific future changes to the portfolio are not yet known, the current best estimate does not include the full extent of the expected upstream production reduction. See significant judgements and estimates: recoverability of asset carrying values and Note 13 for sensitivity analyses in relation to reasonably possible changes in production for upstream oil and gas properties and goodwill respectively. Impairment reversals were recognized on certain upstream oil and gas properties partly as a result of the higher near-term assumptions. See Note 3 for further information. For the customers & products segment, though the energy transition may impact demand for certain refined products in the future, management anticipates sufficiently robust demand for the remainder of each refinery’s useful life. Management will continue to review price assumptions as the energy transition progresses and this may result in impairment charges or reversals in the future. Exploration and appraisal intangible assets The energy transition may affect the future development or viability of exploration prospects. A significant proportion of exploration and appraisal intangible assets were written off in 2020 as a result of lower price assumptions and work to develop bp’s new strategy. The recoverability of the remaining intangibles was considered during 2021 and no significant write-offs were identified. These assets will continue to be assessed as the energy transition progresses . See significant judgement: exploration and appraisal intangible assets and Note 7 for further information. Property, plant and equipment – depreciation and expected useful lives The energy transition may curtail the expected useful lives of oil and gas industry assets thereby accelerating depreciation charges. However, the significant majority of bp’s existing upstream oil and natural gas properties are likely to be fully depreciated within the next 10 years and, as outlined in bp's strategy, oil and natural gas production will remain an important part of bp’s business activities over that period. Similarly, for refineries, demand for refined products is expected to remain sufficient to support the remaining useful life of existing assets. Therefore, management does not expect the useful lives of bp’s reported property, plant and equipment to change and do not consider this to be a significant accounting judgement or estimate. Significant capital expenditure is still required for ongoing projects and therefore the useful lives of future capital expenditure may be different. See significant accounting policy: property, plant and equipment for more information. Provisions: decommissioning The energy transition may bring forward the decommissioning of oil and gas industry assets thereby increasing the present value of associated decommissioning provisions. The majority of bp’s existing upstream oil and gas properties are expected to start decommissioning within the next two decades. The group’s expectation to reduce its upstream hydrocarbon production by around 40% by 2030 from its 2019 baseline (see page 17) is expected to be achieved through future active management and high-grading of the portfolio. Any resulting increases or decreases to the weighted average timing of decommissioning will be driven by the profile of assets held in the revised portfolio. Currently, the expected timing of decommissioning expenditures for the upstream oil and gas assets in the group’s portfolio has not materially been brought forward. Management does not expect any reasonable change in the expected timing of decommissioning to have a material effect on the upstream decommissioning provisions, assuming cash flows remain unchanged. Decommissioning cost estimates are based on the known regulatory and external environment. These cost estimates may change in the future, including as a result of the transition to a lower carbon economy. For refineries, decommissioning provisions are generally not recognized as the associated obligations have indeterminate settlement dates, typically driven by the cessation of manufacturing. Management will continue to review facts and circumstances to assess if decommissioning provisions need to be recognized. See significant judgements and estimates: provisions for further information. Judgements and estimates made in assessing the impact of the COVID-19 pandemic and the economic environment In preparing the consolidated financial statements, the following areas involving judgement and estimates were identified as most relevant with regards to the impact of the COVID-19 pandemic and current economic environment. Going concern Forecast liquidity has been assessed under a number of stressed scenarios, including a significant decline in oil prices over the 12-month period. Reverse stress tests performed indicated that the group will continue to operate as a going concern for at least 12 months from the date of approval of the consolidated financial statements even if the Brent price fell to zero. No material uncertainties over going concern or significant judgements or estimates in the assessment were identified. See also Note 28 Financial instruments and financial risk factors – Liquidity risk for further information. Discount rate assumptions The discount rates used for impairment testing and provisions were reassessed during the year in light of changing economic and geopolitical outlooks. The nominal discount rate applied to provisions was reduced during the year to reflect the enduring reduction in US Treasury yields. The principal impact of this rate reduction was a $1.3 billion increase in the decommissioning provision with a corresponding increase in the carrying amount of property, plant and equipment of $1.0 billion. Impairment discount rates and country risk premiums were unchanged due to COVID-19 from those reported in 2020. See significant judgements and estimates: recoverability of asset carrying values and provisions for further information. Pensions and other post-retirement benefits The volatility in the financial markets during 2021 impacted the assumptions used for determining the fair value of plan assets and the present value of defined benefit obligations in the group’s defined benefit pension plans. See significant estimate: pensions and other post-retirement benefits and Note 23 for further information. 1. Significant accounting policies, judgements, estimates and assumptions – continued Impairment of financial assets measured at amortized cost The current economic environment and future credit risk outlook were considered in updating the estimate of expected credit loss allowances on financial assets measured at amortized cost and no significant impact was determined relative to the total expected credit loss allowances recognized as at 31 December 2021. Management does not consider the calculation of expected credit loss allowances to be a significant accounting estimate. See Note 20 and 28 for further information. Income taxes The carrying amounts of the group’s deferred tax assets were reviewed and updated to the extent that there are changes in the probability of sufficient taxable profits being available to utilize the reported deferred tax assets. Management does not consider the measurement of deferred tax assets to be a significant accounting estimate. See significant accounting policy: income taxes and Note 8 for further information.
Basis of consolidation	Basis of consolidation The consolidated group financial statements consolidate the financial statements of BP p.l.c. and its subsidiaries drawn up to 31 December each year. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control, including when control is obtained via potential voting rights, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated.
Business combinations and goodwill	Interests in other entities Business combinations and goodwill Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are recognized at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred, the amount recognized for any non-controlling interest and the acquisition-date fair values of any previously held interest in the acquiree over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. The amount recognized for any non-controlling interest is measured at the present ownership's proportionate share in the recognized amounts of the acquiree’s identifiable net assets. At the acquisition date, any goodwill acquired is allocated to each of the cash-generating units, or groups of cash-generating units, expected to benefit from the combination’s synergies. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill arising on business combinations prior to 1 January 2003 is stated at the previous carrying amount under UK generally accepted accounting practice, less subsequent impairments. Goodwill may arise upon investments in joint ventures and associates, being the surplus of the cost of investment over the group’s share of the net fair value of the identifiable assets and liabilities. Any such goodwill is recorded within the corresponding investment in joint ventures and associates.
Interests in joint arrangements and associates	Interests in joint arrangements The results, assets and liabilities of joint ventures are incorporated in these consolidated financial statements using the equity method of accounting as described below. Certain of the group’s activities, particularly in the oil production & operations and gas & low carbon energy segments, are conducted through joint operations. bp recognizes, on a line-by-line basis in the consolidated financial statements, its share of the assets, liabilities and expenses of these joint operations incurred jointly with the other partners, along with the group’s income from the sale of its share of the output and any liabilities and expenses that the group has incurred in relation to the joint operation. Interests in associates The results, assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting as described below. Significant judgements: investments in Rosneft and Aker BP Judgement is required in assessing the level of control or influence over another entity in which the group holds an interest. For bp, the judgements that the group had significant influence over Rosneft Oil Company (Rosneft), a Russian oil and gas company, and expects to continue to have significant influence over Aker BP, a Norwegian oil and gas company, following completion of Aker BP's proposed acquisition of Lundin Energy, are significant. Significant influence is defined in IFRS as the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies. Significant influence is presumed when an entity owns 20% or more of the voting power of the investee. Significant influence is presumed not to be present when an entity owns less than 20% of the voting power of the investee. IFRS identifies several indicators that may provide evidence of significant influence, including representation on the board of directors of the investee and participation in policy-making processes. 1. Significant accounting policies, judgements, estimates and assumptions – continued Rosneft At 31 December 2021, bp owned 19.75% of the voting shares of Rosneft. Rosneft’s largest shareholder is Rosneftegaz JSC (Rosneftegaz), which is wholly owned by the Russian government. At 31 December 2021, Rosneftegaz held 40.4% (2020 40.4%) of the voting shares of Rosneft. bp’s group chief executive, Bernard Looney, was approved as a member of the board of directors of Rosneft in June 2020 as one of bp’s two nominated directors. bp’s other nominated director, Bob Dudley, was approved as a member of the Rosneft board in 2013. He was also chairman of the Rosneft board’s Strategic and Sustainable Development Committee during 2021. bp also held the voting rights at general meetings of shareholders conferred by its 19.75% stake in Rosneft. bp’s economic interest in Rosneft at 31 December 2021 was 22.03% (2020 22.03%), which was higher than bp's ownership stake due to transactions by Rosneft in its own shares in previous years. bp's management considers, therefore, that the group has significant influence over Rosneft, as defined by IFRS, as at 31 December 2021. As a consequence of this judgement, bp used the equity method of accounting for its investment and bp's share of Rosneft's oil and natural gas reserves was included in the group's estimated net proved reserves of equity-accounted entities. On 27 February 2022, bp announced it will exit its shareholding in Rosneft. bp's two nominated directors to the Rosneft board stepped down from that date and submitted letters of resignation. As a result, bp’s management considers that the group no longer has significant influence over Rosneft, as defined by IFRS, from that date. Following the loss of significant influence, bp’s equity accounting of its investment ceased from that date and the investment will be accounted for as an investment in an equity instrument measured at fair value, as described under 'Financial assets' below, instead. No share of Rosneft's oil and natural gas reserves will be reported going forward. See Note 37 Events after the reporting period for further information. Aker BP bp owned 27.85% of the voting shares of Aker BP at 31 December 2021 and significant influence was presumed. On completion of Aker BP's acquisition of Lundin Energy, which remains subject to shareholder and regulatory approval, bp expects its interest to be diluted to 15.9% of the voting shares of Aker BP as a result of new Aker BP shares being issued as partial consideration to Lundin Energy shareholders. bp’s group chief financial officer, Murray Auchincloss, has been a member of the Aker BP board since 2017. bp’s other nominated director, Kate Thomson has been a member of the Aker BP board since formation of that company in 2016. She is also a member of the Aker BP board’s Audit and Risk Committee. These memberships are not expected to change following the transaction. bp also holds the voting rights at general meetings of shareholders conferred by its stake in Aker BP. bp's management considers, therefore, that the group will retain significant influence, as defined by IFRS, over Aker BP following the acquisition of Lundin Energy. As a consequence of this judgement, bp has classified $0.6 billion as an asset held for sale, reflecting the highly probable deemed disposal of a part of bp’s equity accounted interest as a result of the transaction. If significant influence was not present following completion, the carrying amount of bp’s entire interest in Aker BP would be classified as an asset held for sale. The equity method of accounting Under the equity method, an investment is carried on the balance sheet at cost plus post-acquisition changes in the group’s share of net assets of the entity, less distributions received and less any impairment in value of the investment. Loans advanced to equity-accounted entities that have the characteristics of equity financing are also included in the investment on the group balance sheet. The group income statement reflects the group’s share of the results after tax of the equity-accounted entity, adjusted to account for depreciation, amortization and any impairment of the equity-accounted entity’s assets based on their fair values at the date of acquisition. The group statement of comprehensive income includes the group’s share of the equity-accounted entity’s other comprehensive income. The group’s share of amounts recognized directly in equity by an equity-accounted entity is recognized in the group’s statement of changes in equity. Financial statements of equity-accounted entities are prepared for the same reporting year as the group. Where material differences arise in the accounting policies used by the equity-accounted entity and those used by bp, adjustments are made to those financial statements to bring the accounting policies used into line with those of the group. Unrealized gains on transactions, apart from those that meet the definition of a derivative, between the group and its equity-accounted entities are eliminated to the extent of the group’s interest in the equity-accounted entity. The group assesses investments in equity-accounted entities for impairment whenever there is objective evidence that the investment is impaired. If any such objective evidence of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs of disposal and value in use. If the carrying amount exceeds the recoverable amount, the investment is written down to its recoverable amount.
Segmental reporting	Segmental reporting The group’s operating segments are established on the basis of those components of the group that are evaluated regularly by the chief executive officer, bp’s chief operating decision maker, in deciding how to allocate resources and in assessing performance. The accounting policies of the operating segments are the same as the group’s accounting policies described in this note, except that IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker. For bp, this measure of profit or loss is replacement cost profit before interest and tax which reflects the replacement cost of inventories sold in the period and is arrived at by excluding inventory holding gains and losses from profit before interest and tax. Replacement cost profit for the group is not a recognized measure under IFRS. For further information see Note 4. bp changed its segmental reporting from 1 January 2021, see ‘change in segmentation’ below. The accounting policies of the operating segments are the same as the group’s accounting policies described in Note 1. However, IFRS requires that the measure of profit or loss disclosed for each operating segment is the measure that is provided regularly to the chief operating decision maker for the purposes of performance assessment and resource allocation. For bp, this measure of profit or loss is replacement cost profit or loss before interest and tax which reflects the replacement cost of supplies by excluding from profit or loss before interest and tax inventory holding gains and losses a . Replacement cost profit or loss before interest and tax for the group is not a recognized measure under IFRS. Sales between segments are made at prices that approximate market prices, taking into account the volumes involved. Segment revenues and segment results include transactions between business segments. These transactions and any unrealized profits and losses are eliminated on consolidation, unless unrealized losses provide evidence of an impairment of the asset transferred. Sales to external customers by region are based on the location of the group subsidiary which made the sale. The UK region includes the UK-based international activities of customers & products. All surpluses and deficits recognized on the group balance sheet in respect of pension and other post-retirement benefit plans are allocated to Other businesses and corporate. However, the periodic expense relating to these plans is allocated to the operating segments based upon the business in which the employees work. Certain financial information is provided separately for the US as this is an individually material country for bp, and for the UK as this is bp’s country of domicile.
Foreign currency translation	1. Significant accounting policies, judgements, estimates and assumptions – continued Foreign currency translation In individual subsidiaries, joint ventures and associates, transactions in foreign currencies are initially recorded in the functional currency of those entities at the spot exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the income statement, unless hedge accounting is applied. Non-monetary items, other than those measured at fair value, are not retranslated subsequent to initial recognition. In the consolidated financial statements, the assets and liabilities of non-US dollar functional currency subsidiaries, joint ventures, associates, and related goodwill, are translated into US dollars at the spot exchange rate on the balance sheet date. The results and cash flows of non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars using average rates of exchange. In the consolidated financial statements, exchange adjustments arising when the opening net assets and the profits for the year retained by non-US dollar functional currency subsidiaries, joint ventures and associates are translated into US dollars are recognized in a separate component of equity and reported in other comprehensive income. Exchange gains and losses arising on long-term intra-group foreign currency borrowings used to finance the group’s non-US dollar investments are also reported in other comprehensive income if the borrowings form part of the net investment in the subsidiary, joint venture or associate. On disposal or for certain partial disposals of a non-US dollar functional currency subsidiary, joint venture or associate, the related accumulated exchange gains and losses recognized in equity are reclassified from equity to the income statement.
Non-current assets held for sale	Non-current assets held for sale Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Significant non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale, and actions required to complete the plan of sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Property, plant and equipment and intangible assets are not depreciated or amortized, and equity accounting of associates and joint ventures is ceased once classified as held for sale.
Intangible assets	Intangible assets Intangible assets, other than goodwill, include expenditure on the exploration for and evaluation of oil and natural gas resources, computer software, patents, licences and trademarks and are stated at the amount initially recognized, less accumulated amortization and accumulated impairment losses. Intangible assets are carried initially at cost unless acquired as part of a business combination. Any such asset is measured at fair value at the date of the business combination and is recognized separately from goodwill if the asset is separable or arises from contractual or other legal rights. Intangible assets with a finite life, other than capitalized exploration and appraisal costs as described below, are amortized on a straight-line basis over their expected useful lives. For patents, licences and trademarks, expected useful life is the shorter of the duration of the legal agreement and economic useful life, and can range from three three The expected useful lives of assets and the amortization method are reviewed on an annual basis and, if necessary, changes in useful lives or the amortization method are accounted for prospectively. Oil and natural gas exploration and appraisal expenditure Oil and natural gas exploration and appraisal expenditure is accounted for using the principles of the successful efforts method of accounting as described below. Licence and property acquisition costs Exploration licence and leasehold property acquisition costs are capitalized within intangible assets and are reviewed at each reporting date to confirm that there is no indication that the carrying amount exceeds the recoverable amount. This review includes confirming that exploration drilling is still under way or planned or that it has been determined, or work is under way to determine, that the discovery is economically viable based on a range of technical and commercial considerations, and sufficient progress is being made on establishing development plans and timing. If no future activity is planned, the remaining balance of the licence and property acquisition costs is written off. Lower value licences are pooled and amortized on a straight-line basis over the estimated period of exploration. Upon internal approval for development and recognition of proved or sanctioned probable reserves of oil and natural gas, the relevant expenditure is transferred to property, plant and equipment.
Exploration, appraisal, and development expenditure	Exploration and appraisal expenditure Geological and geophysical exploration costs are recognized as an expense as incurred. Costs directly associated with an exploration well are initially capitalized as an intangible asset until the drilling of the well is complete and the results have been evaluated. These costs include employee remuneration, materials and fuel used, rig costs and payments made to contractors. If potentially commercial quantities of hydrocarbons are not found, the exploration well costs are written off. If hydrocarbons are found and, subject to further appraisal activity, are likely to be capable of commercial development, the costs continue to be carried as an asset. If it is determined that development will not occur, that is, the efforts are not successful, then the costs are expensed. Costs directly associated with appraisal activity undertaken to determine the size, characteristics and commercial potential of a reservoir following the initial discovery of hydrocarbons, including the costs of appraisal wells where hydrocarbons were not found, are initially capitalized as an intangible asset. Upon internal approval for development and recognition of proved or sanctioned probable reserves, the relevant expenditure is transferred to property, plant and equipment. If development is not approved and no further activity is expected to occur, then the costs are expensed. The determination of whether potentially economic oil and natural gas reserves have been discovered by an exploration well is usually made within one year of well completion, but can take longer, depending on the complexity of the geological structure. Exploration wells that discover potentially economic quantities of oil and natural gas and are in areas where major capital expenditure (e.g. an offshore platform or a pipeline) would be required before production could begin, and where the economic viability of that major capital expenditure depends on the successful completion of further exploration or appraisal work in the area, remain capitalized on the balance sheet as long as such work is under way or firmly planned. 1. Significant accounting policies, judgements, estimates and assumptions – continued Significant judgement: exploration and appraisal intangible assets Judgement is required to determine whether it is appropriate to continue to carry costs associated with exploration wells and exploratory-type stratigraphic test wells on the balance sheet. This includes costs relating to exploration licences or leasehold property acquisitions. It is not unusual to have such costs remaining suspended on the balance sheet for several years while additional appraisal drilling and seismic work on the potential oil and natural gas field is performed or while the optimum development plans and timing are established. The costs are carried based on the current regulatory and political environment or any known changes to that environment. All such carried costs are subject to regular technical, commercial and management review on at least an annual basis to confirm the continued intent to develop, or otherwise extract value from, the discovery. Where this is no longer the case, the costs are immediately expensed. The carrying amount of capitalized costs are included in Note 7.
Property, plant and equipment	Property, plant and equipment Property, plant and equipment owned by the group is stated at cost, less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into the location and condition necessary for it to be capable of operating in the manner intended by management, the initial estimate of any decommissioning obligation, if applicable, and, for assets that necessarily take a substantial period of time to get ready for their intended use, directly attributable general or specific finance costs. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. Expenditure on major maintenance refits or repairs comprises the cost of replacement assets or parts of assets, inspection costs and overhaul costs. Where an asset or part of an asset that was separately depreciated is replaced and it is probable that future economic benefits associated with the item will flow to the group, the expenditure is capitalized and the carrying amount of the replaced asset is derecognized. Inspection costs associated with major maintenance programmes are capitalized and amortized over the period to the next inspection. Overhaul costs for major maintenance programmes, and all other maintenance costs are expensed as incurred. Expenditure on the construction, installation and completion of infrastructure facilities such as platforms, pipelines and the drilling of development wells, including service and unsuccessful development or delineation wells, is capitalized within property, plant and equipment and is depreciated from the commencement of production. Oil and natural gas properties, including certain related pipelines, are depreciated using a unit-of-production method. The cost of producing wells is amortized over proved developed reserves. Licence acquisition, common facilities and future decommissioning costs are amortized over total proved reserves. The unit-of-production rate for the depreciation of common facilities takes into account expenditures incurred to date, together with estimated future capital expenditure expected to be incurred relating to as yet undeveloped reserves expected to be processed through these common facilities. Information on the carrying amounts of the group’s oil and natural gas properties, together with the amounts recognized in the income statement as depreciation, depletion and amortization is contained in Note 11 and Note 4 respectively. Estimates of oil and natural gas reserves determined in accordance with US Securities and Exchange Commission (SEC) regulations, including the application of prices using 12-month historical price data in assessing the commerciality of technical volumes, are typically used to calculate depreciation, depletion and amortization charges for the group’s oil and gas properties. Therefore, where this approach is adopted, charges are not dependent on management forecasts of future oil and gas prices. However, for certain oil and natural gas assets, the use of reserves determined in accordance with SEC regulations would result in a charge that is not reflective of the pattern in which the future economic benefits are expected to be consumed. In these limited instances other approaches are applied to determine the reserves base used to calculate depreciation, depletion and amortization, including the use of management’s best estimate of price assumptions as disclosed in Significant judgements and estimates: recoverability of asset carrying values, to determine the commerciality of technical proved reserves. The impact of changes in estimated proved reserves is dealt with prospectively by amortizing the remaining carrying value of the asset over the expected future production. The estimation of oil and natural gas reserves and bp’s process to manage reserves bookings is described in Supplementary information on oil and natural gas on page 254, which is unaudited. Details on bp’s proved reserves and production compliance and governance processes are provided on page 348. The 2021 movements in proved reserves are reflected in the tables showing movements in oil and natural gas reserves by region in Supplementary information on oil and natural gas (unaudited) on page 254. Other property, plant and equipment is depreciated on a straight-line basis over its expected useful life. The typical useful lives of the group’s other property, plant and equipment on initial recognition are as follows: Land improvements 15 to 25 years Buildings 20 to 50 years Refineries 20 to 30 years Pipelines 10 to 50 years Service stations 15 years Office equipment 3 to 10 years Fixtures and fittings 5 to 15 years The expected useful lives and depreciation method of property, plant and equipment are reviewed on an annual basis and, if necessary, changes in useful lives or the depreciation method are accounted for prospectively. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the income statement in the period in which the item is derecognized.
Impairment of property, plant and equipment, intangible assets, and goodwill	Impairment of property, plant and equipment, intangible assets, and goodwill The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may not be recoverable; for example, changes in the group’s business plans, plans to dispose rather than retain assets, changes in the group’s assumptions about commodity prices, low plant utilization, evidence of physical damage or, for oil and gas assets, significant downward revisions of estimated reserves or increases in estimated future development expenditure or decommissioning costs. If any such indication of impairment exists, the group makes an estimate of the asset’s or CGU’s recoverable amount. Individual assets are grouped into CGUs for impairment assessment purposes at the lowest level at which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. A CGU’s recoverable amount is the higher of its fair value less costs of disposal and its value in use. If it is probable that the value of the CGU will be primarily recovered through a disposal transaction, the expected disposal proceeds are considered in determining the recoverable amount. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is considered impaired and is written down to its recoverable amount. The business segment plans, which are approved on an annual basis by senior management, are the primary source of information for the determination of value in use. They contain forecasts for oil and natural gas production, refinery throughputs, sales volumes for various types of refined products (e.g. gasoline and lubricants), revenues, costs and capital expenditure. Carbon taxes and costs of emissions allowances are included in estimates of future cash flows, where applicable, based on the regulatory environment in each jurisdiction in which the group operates. As an initial step in the preparation of these plans, various assumptions regarding market conditions, such as oil prices, natural gas prices, refining margins, refined product margins and cost inflation rates are set by senior management. These assumptions take account of existing prices, global supply-demand equilibrium for oil and natural gas, other macroeconomic factors and historical trends and variability. In assessing value in use, the estimated future cash flows are adjusted for the risks specific to the asset group to the extent that they are not already reflected in the discount rate and are discounted to their present value typically using a pre-tax discount rate that reflects current market assessments of the time value of money. Fair value less costs of disposal is the price that would be received to sell the asset in an orderly transaction between market participants and does not reflect the effects of factors that may be specific to the group and not applicable to entities in general. In limited circumstances where recent market transactions are not available for reference, discounted cash flow techniques are applied. Where discounted cash flow analyses are used to calculate fair value less costs of disposal, estimates are made about the assumptions market participants would use when pricing the asset, CGU or group of CGUs containing goodwill and the test is performed on a post-tax basis. An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to the lower of its recoverable amount and the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Impairment reversals are recognized in profit or loss. After a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate the recoverable amount of the group of CGUs to which the goodwill relates should be assessed. In assessing whether goodwill has been impaired, the carrying amount of the group of CGUs to which goodwill has been allocated is compared with its recoverable amount. Where the recoverable amount of the group of CGUs is less than the carrying amount (including goodwill), an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Significant judgements and estimates: recoverability of asset carrying values Determination as to whether, and by how much, an asset, CGU, or group of CGUs containing goodwill is impaired involves management estimates on highly uncertain matters such as the effects of inflation and deflation on operating expenses, discount rates, capital expenditure, carbon pricing (where applicable), production profiles, reserves and resources, and future commodity prices, including the outlook for global or regional market supply-and-demand conditions for crude oil, natural gas and refined products. Judgement is required when determining the appropriate grouping of assets into a CGU or the appropriate grouping of CGUs for impairment testing purposes. For example, individual oil and gas properties may form separate CGUs whilst certain oil and gas properties with shared infrastructure may be grouped together to form a single CGU. Alternative groupings of assets or CGUs may result in a different outcome from impairment testing. See Note 13 for details on how these groupings have been determined in relation to the impairment testing of goodwill. As described above, the recoverable amount of an asset is the higher of its value in use and its fair value less costs of disposal. Fair value less costs of disposal may be determined based on expected sales proceeds or similar recent market transaction data. Details of impairment charges and reversals recognized in the income statement are provided in Note 4 and details on the carrying amounts of assets are shown in Note 11, Note 13 and Note 14. The estimates for assumptions made in impairment tests in 2021 relating to discount rates and oil and gas properties are discussed below. Changes in the economic environment including as a result of the energy transition or other facts and circumstances may necessitate revisions to these assumptions and could result in a material change to the carrying values of the group's assets within the next financial year. 1. Significant accounting policies, judgements, estimates and assumptions – continued Discount rates For discounted cash flow calculations, future cash flows are adjusted for risks specific to the CGU. Value-in-use calculations are typically discounted using a pre-tax discount rate based upon the cost of funding the group derived from an established model, adjusted to a pre-tax basis and incorporating a market participant capital structure and country risk premiums. Fair value less costs of disposal discounted cash flow calculations use a post-tax discount rate. The discount rates applied in impairment tests are reassessed each year and, in 2021 , the post-tax discount rate was 6% (2020 6% ) other than for low carbon energy assets where the risk profile of expected cash flows supported a lower rate of 4%. Where the CGU is located in a country that was judged to be higher risk an additional premium o f 1% to 3% was reflected in the post-tax discount rate (2020 1% to 3% ). The judgement of classifying a country as higher risk and the applicable premium takes into account various economic and geopolitical factors. The pre-tax discount rate typically ranged fro m 7% to 15% (2020 7% to 15% ) depending on the risk premium and applicable tax rate in the geographic location of the CGU. Oil and natural gas properties For oil and natural gas properties in the oil production & operations and gas & low carbon energy segments, expected future cash flows are estimated using management’s best estimate of future oil and natural gas prices , and production and reserves and certain resources volumes. Forecast cash flows include the impact of all approved emission reduction projects. The estimated future level of production in all impairment tests is based on assumptions about future commodity prices, production and development costs, field decline rates, current fiscal regimes and other factors. In 2021, the group identified oil and gas properties in these segments with carrying amounts totalling $26,341 million (2020 $45,027 million ) where the headroom, based on the most recent impairment test performed in the year on those assets, was less than or equal to 20% of the carrying value. A change in the discount rate, reserves, resources or the oil and gas price assumptions in the next financial year may result in a recoverable amount of one or more of these assets above or below the current carrying amount and therefore there is a risk of impairment reversals or charges in that period. Management considers that reasonably possible changes in the discount rate or forecast revenue, arising from a change in oil and natural gas prices and/or production could result in a material change in their carrying amounts within the next financial year, see Sensitivity analyses, below. The recoverability of intangible exploration and appraisal expenditure is covered under Oil and natural gas exploration, appraisal and development expenditure above. Oil and natural gas prices The price assumptions used for value-in-use impairment testing are based on those used for investment appraisal. bp’s carbon emissions cost assumptions and their interrelationship with oil and gas prices are described in 'Judgements and estimates made in assessing the impact of climate change and the transition to a lower carbon economy' on page 178. The investment appraisal price assumptions are recommended by the senior vice president economic & energy insights after considering a range of external price sets, and supply and demand profiles associated with various energy transition scenarios. They are reviewed and approved by management. As a result of the current uncertainty over the pace of transition to lower-carbon supply and demand and the social, political and environmental actions that will be taken to meet the goals of the Paris climate change agreement, the scenarios considered include those where those goals are met as well as those where they are not met. During the year, bp's price assumptions applied in value-in-use impairment testing for Brent oil up to 2030 were increased to reflect near-term supply constraints. bp’s management also expects an acceleration of the pace of transition to a lower carbon econom y. As such, the long-term Brent oil assumptions were decreased during the year, reaching $55 per barrel by 2040 and $45 per barrel by 2050 (in 2020 real terms). The price assumptions applied in value-in-use impairment testing for Henry Hub gas were unchanged to those used in 2020 except that the assumption for 2022 was increased to reflect short term market conditions. These price assumptions are derived from the central case investment appraisal assumptions, adjusted where applicable to reflect short-term market conditions (see page 32). A summary of the group’s revised price assumptions for Brent oil and Henry Hub gas, applied in 2021 and 2020, in real 2020 terms, is provided below. The assumptions represent management’s best estimate of future prices at the balance sheet date, which sit within the range of external scenarios considered as appropriate for the purpose. They are considered by bp to be in line with a range of transition paths consistent with the temperature goal of the Paris climate change agreement, of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels. However, they do not correspond to any specific Paris-consistent scenario. An inflation rate o f 2% (2020 2% ) is applied to determine the price assumptions in nominal terms. 2021 price assumptions 2022 2025 2030 2040 2050 Brent oil ($/bbl) 70 60 60 55 45 Henry Hub gas ($/mmBtu) 4.00 3.00 3.00 3.00 2.75 2020 price assumptions 2021 2025 2030 2040 2050 Brent oil ($/bbl) 50 50 60 60 50 Henry Hub gas ($/mmBtu) 3.00 3.00 3.00 3.00 2.75 1. Significant accounting policies, judgements, estimates and assumptions – continued The majority of bp’s reserves and resources that support the carrying value of the group’s existing oil and gas properties are expected to be produced over the next 10 years. The oil market continued its rebalancing process in 2021. Brent oil prices averaged $71/bbl in 2021. That is 70% higher than in 2020 and the second highest since 2015. Oil demand rebounded on the back of the economic recovery, supported by the increasing COVID-19 vaccination roll-out and gradual lifting of restrictions. On the supply side, continued active supply management by OPEC+ countries also helped accelerate the rebalancing process. bp's long-term assumption for oil prices is lower than the 2021 price average, based on the judgement that, in the long term, oil demand is likely to fall so that the price levels needed to encourage sufficient investment to meet declining global oil demand is also lower. US gas prices almost doubled in 2021 to $3.9/mmbtu from $2.0/mmbtu in 2020. The higher prices reflect a tighter demand/supply balance for 2021 when compared to 2020. Early in the year, colder weather increased demand and decreased supply resulting in a large draw on storage and therefore the need to replenish it over the summer. Strong global GDP recovery also saw a recovery in LNG exports from the US relative to the shut-ins in 2020. Further, higher coal prices also supported gas prices through competition in the power sector. The level of US gas prices in 2021 is above bp’s long term price assumption based on the judgement of the price level required to incentivize new production. Oil and natural gas reserves In addition to oil and natural gas prices, significant technical and commercial assessments are required to determine the group’s estimated oil and natural gas reserves. Reserves estimates are regularly reviewed and updated. Factors such as the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity and drilling of new wells all impact on the determination of the group’s estimates of its oil and natural gas reserves. bp bases its reserves estimates on the requirement of reasonable certainty with rigorous technical and commercial assessments based on conventional industry practice and regulatory requirements. Reserves assumptions for value-in-use tests reflect the reserves and resources that management currently intend to develop. The recoverable amount of oil and gas properties is determined using a combination of inputs including reserves, resources and production volumes. Risk factors may be applied to reserves and resources which do not meet the criteria to be treated as proved or probable. Sensitivity analyses Management considers discount rates, oil and natural gas prices and production to be the key sources of estimation uncertainty in determining the recoverable amount of upstream oil and gas assets. The sensitivity analyses below, in addition to covering the key sources of estimation uncertainty, also indicate how the energy transition, potential future carbon emissions costs for operational GHG emissions and/or reduced demand for oil and gas may further impact forecast revenue cash inflows to a greater extent than currently anticipated in the group’s value-in-use estimates for oil and gas CGUs, if carbon emissions costs were to be implemented as a deduction against revenue cash flows. The analyses therefore represent a net revenue sensitivity. A change in net revenue from upstream oil and gas properties can arise either due to changes in oil and natural gas prices, carbon emissions costs/carbon prices, changes in oil and natural gas production, or a combination of these. Management tested the impact of a change in net revenue cash flows in value-in-use impairment testing up to a combined effect on net revenue of 20% in all future years. Net revenue reductions of this magnitude in isolation could indicatively lead to a reduction in the carrying amount of bp’s currently held upstream oil and gas properties in the range of $16-17 billion, which is approximately 14-15% of the net book value of property, plant and equipment as at 31 December 2021. If this net revenue reduction was solely due to reductions in oil prices in isolation, it reflects an indicative decrease in the carrying amount of using price assumptions for Brent oil broadly in the middle of the range of prices associated with a pre-publication version (see page 64) of the World Business Council for Sustainable Development (WBCSD) 'family' of scenarios considered to be consistent with limiting global average temperature to 1.5°C above pre-industrial levels. Net revenue increases of this magnitude in isolation could indicatively lead to an increase in the carrying amount of bp’s currently held upstream oil and gas properties in the range of $3-4 billion, which is approximately 3-4% of the net book value of property, plant and equipment as at 31 December 2021. This potential increase in the carrying amount would arise due to reversals of previously recognized impairments and represents approximately half of the total impairment reversal capacity available at 31 December 2021. If this net revenue increase was solely due to increases in oil prices in isolation, it reflects an indicative increase in the carrying amount of using price assumptions for Brent oil broadly at the top end of the range of prices associated with a pre-publication version of the WBCSD 'family' of scenarios considered to be consistent with limiting global average temperature to 1.5°C above pre-industrial levels. These sensitivity analyses do not, however, represent management’s best estimate of any impairment charges or reversals that might be recognized as they do not fully incorporate consequential changes that may arise, such as changes in costs and business plans and phasing of development. For example, costs across the industry are more likely to decrease as oil and natural gas prices fall. The analyses also assume the impact of increases in carbon price on operational GHG emissions are fully absorbed as a decrease in net revenue (and vice versa) rather than reflecting how carbon prices or other carbon emissions costs may ultimately be incorporated by the market. The above sensitivity analyses therefore do not reflect a linear relationship between net revenue and value that can be extrapolated. The interdependency of th ese inputs and factors plus the diverse characteristics of our upstream oil and gas properties limits the practicability of estimating the probability or extent to which the overall recoverable amount is impacted by changes to the price assumptions or production volumes. Management also tested the impact of a one percentage point change in the discount rate used for value-in-use impairment testing of upstream oil and gas properties. This level of change reflects past experience of a reasonable change in rate that could arise within the next financial year. If the discount rate was one percentage point highe r across all tests performed, the net impairment reversal recognized in 2021 would have been approximately $1.3 billion lower. If the discount rate was one percentage point lower, the net impairment reversal recognized would have been approximately $0.6 billion higher. Goodwill Irrespective of whether there is any indication of impairment, bp is required to test annually for impairment of goodwill acquired in business combinations. The group carries goodwill of approximately $12.4 billion on its balance sheet (2020 $12.5 billion ), principally relating to the Atlantic Richfield, Burmah Castrol, Devon Energy and Reliance transactions. Of this, $7.6 billion relates to goodwill in the oil production & operations and gas & low carbon energy segments, for which oil and gas price and production assumptions are key sources of estimation uncertainty. Sensitivities and additional information relating to impairment testing of goodwill in these segments are provided in Note 13.
Inventories	Inventories Inventories, other than inventories held for short-term trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses. Net realizable value is determined by reference to prices existing at the balance sheet date, adjusted where the sale of inventories after the reporting period gives evidence about their net realizable value at the end of the period. Inventories held for short-term trading purposes are stated at fair value less costs to sell and any changes in fair value are recognized in the income statement. Supplies are valued at the lower of cost on a weighted-average basis and net realizable value.
Leases	Leases Agreements that convey the right to control the use of an identified asset for a period of time in exchange for consideration are accounted for as leases. The right to control is conveyed if bp has both the right to obtain substantially all of the economic benefits from, and the right to direct the use of, the identified asset throughout the period of use. An asset is identified if it is explicitly or implicitly specified by the agreement and any substitution rights held by the lessor over the asset are not considered substantive. Agreements that convey the right to control the use of an intangible asset including rights to explore for or use hydrocarbons are not accounted for as leases. See significant accounting policy: intangible assets. A lease liability is recognized on the balance sheet on the lease commencement date at the present value of future lease payments over the lease term. The discount rate applied is the rate implicit in the lease if readily determinable, otherwise an incremental borrowing rate is used. The incremental borrowing rate is determined based on factors such as the group’s cost of borrowing, lessee legal entity credit risk, currency and lease term. The lease term is the non-cancellable period of a lease together with any periods covered by an extension option that bp is reasonably certain to exercise, or periods covered by a termination option that bp is reasonably certain not to exercise. The future lease payments included in the present value calculation are any fixed payments, payments that vary depending on an index or rate, payments due for the reasonably certain exercise of options and expected residual value guarantee payments. Repayments of principal are presented as financing cash flows and payments of interest are presented as operating cash flows. Payments that vary based on factors other than an index or a rate such as usage, sales volumes or revenues are not included in the present value calculation and are recognized in the income statement and presented as operating cash flows. The lease liability is recognized on an amortized cost basis with interest expense recognized in the income statement over the lease term, except for where capitalized as exploration, appraisal or development expenditure. The right-of-use asset is recognized on the balance sheet as property, plant and equipment at a value equivalent to the initial measurement of the lease liability adjusted for lease prepayments, lease incentives, initial direct costs and any restoration obligations. The right-of-use asset is depreciated typically on a straight-line basis over the lease term. The depreciation charge is recognized in the income statement except for where capitalized as exploration, appraisal or development expenditure. Right-of-use assets are assessed for impairment in line with the accounting policy for impairment of property, plant and equipment, intangible assets and goodwill. Agreements may include both lease and non-lease components. Payments for lease and non-lease components are allocated on a relative stand-alone selling price basis except for leases of retail service stations where the group has elected not to separate non-lease payments from the calculation of the lease liability and right-of-use asset. If the lease term at commencement of the agreement is less than 12 months, a lease liability and right-of-use asset are not recognized, and a lease expense is recognized in the income statement on a straight-line basis. If a significant event or change in circumstances, within the control of bp, arises that affects the reasonably certain lease term or there are changes to the lease payments, the present value of the lease liability is remeasured using the revised term and payments, with the right-of-use asset adjusted by an equivalent amount. Modifications to a lease agreement beyond the original terms and conditions are accounted for as a re-measurement of the lease liability with a corresponding adjustment to the right-of-use asset. Any gain or loss on modification is recognized in the income statement. Modifications that increase the scope of the lease at a price commensurate with the stand-alone selling price are accounted for as a separate new lease. The group recognizes the full lease liability, rather than its working interest share, for leases entered into on behalf of a joint operation if the group has the primary responsibility for making the lease payments. This may be the case if for example bp, as operator of the joint operation, is the sole signatory to the lease. In such cases, bp’s working interest share of the right-of-use asset is recognized if it is jointly controlled by the group and the other joint operators, and a receivable is recognized for the share of the asset transferred to the other joint operators. If bp is a non-operator, a payable to the operator is recognized if they have the primary responsibility for making the lease payments and bp has joint control over the right-of-use asset, otherwise no balances are recognized.
Financial assets	Financial assets Financial assets are recognized initially at fair value, normally being the transaction price. In the case of financial assets not measured at fair value through profit or loss, directly attributable transaction costs are also included. The subsequent measurement of financial assets depends on their classification, as set out below. The group derecognizes financial assets when the contractual rights to the cash flows expire or the rights to receive cash flows have been transferred to a third party and either substantially all of the risks and rewards of the asset have been transferred, or substantially all the risks and rewards of the asset have neither been retained nor transferred but control of the asset has been transferred. This includes the derecognition of receivables for which discounting arrangements are entered into. The group classifies its financial asset debt instruments as measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss. The classification depends on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial assets measured at amortized cost Financial assets are classified as measured at amortized cost when they are held in a business model the objective of which is to collect contractual cash flows and the contractual cash flows represent solely payments of principal and interest. Such assets are carried at amortized cost using the effective interest method if the time value of money is significant. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired and when interest is recognized using the effective interest method. This category of financial assets includes trade and other receivables. 1. Significant accounting policies, judgements, estimates and assumptions – continued Financial assets measured at fair value through other comprehensive income Financial assets are classified as measured at fair value through other comprehensive income when they are held in a business model the objective of which is both to collect contractual cash flows and sell the financial assets, and the contractual cash flows represent solely payments of principal and interest. Financial assets measured at fair value through profit or loss Financial assets are classified as measured at fair value through profit or loss when the asset does not meet the criteria to be measured at amortized cost or fair value through other comprehensive income. Such assets are carried on the balance sheet at fair value with gains or losses recognized in the income statement. Derivatives, other than those designated as effective hedging instruments, are included in this category. Investments in equity instruments Investments in equity instruments are subsequently measured at fair value through profit or loss unless an election is made on an instrument-by-instrument basis to recognize fair value gains and losses in other comprehensive income. Derivatives designated as hedging instruments in an effective hedge Derivatives designated as hedging instruments in an effective hedge are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation is described below in the accounting policy for derivative financial instruments and hedging activities. Cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to insignificant risk of changes in value and generally have a maturity of three months or less from the date of acquisition. Cash equivalents are classified as financial assets measured at amortized cost or, in the case of certain money market funds, fair value through profit or loss. Impairment of financial assets measured at amortized cost The group assesses on a forward-looking basis the expected credit losses associated with financial assets classified as measured at amortized cost at each balance sheet date. Expected credit losses are measured based on the maximum contractual period over which the group is exposed to credit risk. As lifetime expected credit losses are recognized for trade receivables and the tenor of substantially all other in-scope financial assets is less than 12 months there is no significant difference between the measurement of 12-month and lifetime expected credit losses for the group. The measurement of expected credit losses is a function of the probability of default, loss given default and exposure at default. The expected credit loss is estimated as the difference between the asset’s carrying amount and the present value of the future cash flows the group expects to receive discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is adjusted, with the amount of the impairment gain or loss recognized in the income statement. A financial asset or group of financial assets classified as measured at amortized cost is considered to be credit-impaired if there is reasonable and supportable evidence that one or more events that have a detrimental impact on the estimated future cash flows of the financial asset (or group of financial assets) have occurred. Financial assets are written off where the group has no reasonable expectation of recovering amounts due. Equity instruments Instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements. Instruments that cannot be settled in the group’s own equity instruments and that include no contractual obligation to deliver cash or another financial asset or to exchange financial assets or financial liabilities with another entity that are potentially unfavourable are classified as equity. Equity instruments issued by the group are recognized at the proceeds received, net of direct issue costs.
Financial liabilities	Financial liabilities Financial liabilities are recognized when the group becomes party to the contractual provisions of the instrument. The group derecognizes financial liabilities when the obligation specified in the contract is discharged, cancelled or expired. The measurement of financial liabilities depends on their classification, as follows: Financial liabilities measured at fair value through profit or loss Financial liabilities that meet the definition of held for trading are classified as measured at fair value through profit or loss. Such liabilities are carried on the balance sheet at fair value with gains or losses recognized in the income statement. Derivatives, other than those designated as effective hedging instruments, are included in this category. Derivatives designated as hedging instruments in an effective hedge Derivatives designated as hedging instruments in an effective hedge are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation is described below in the accounting policy for derivative financial instruments and hedging activities. Financial liabilities measured at amortized cost All other financial liabilities are initially recognized at fair value, net of directly attributable transaction costs. For interest-bearing loans and borrowings this is typically equivalent to the fair value of the proceeds received, net of issue costs associated with the borrowing. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs and any discount or premium on settlement. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognized in interest and other income and finance costs respectively. This category of financial liabilities includes trade and other payables and finance debt. Significant judgement: supplier financing arrangements The group’s trade payables include some supplier arrangements that utilize letter of credit facilities. Judgement is required to assess the payables subject to these arrangements to determine whether they should continue to be classified as trade payables and give rise to operating cash flows or finance debt and financing cash flows. The criteria used in making this assessment include the payment terms for the amount due relative to terms commonly seen in the markets in which bp operates and whether the arrangements significantly change the nature of the liability. Liabilities subject to these arrangements with payment terms of up to approximately 60 days are generally considered to be trade payables and give rise to operating cash flows. See Note 28 - Liquidity risk for further information. 1. Significant accounting policies, judgements, estimates and assumptions – continued Financial guarantees The group issues financial guarantee contracts to make specified payments to reimburse holders for losses incurred because certain associates, joint ventures or third-party entities fail to make payments when due in accordance with the original or modified terms of a debt instrument such as a loan. The liability for a financial guarantee contract is initially measured at fair value and subsequently measured at the higher of the contract’s estimated expected credit loss and the amount initially recognized less, where appropriate, cumulative amortization. Derivative financial instruments and hedging activities The group uses derivative financial instruments to manage certain exposures to fluctuations in foreign currency exchange rates, interest rates and commodity prices, as well as for trading purposes. These derivative financial instruments are recognized initially at fair value on the date on which a derivative contract is entered into and subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Contracts to buy or sell a non-financial item (for example, oil, oil products, gas or power) that can be settled net in cash, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the group’s expected purchase, sale or usage requirements, are accounted for as financial instruments. Gains or losses arising from changes in the fair value of derivatives that are not designated as effective hedging instruments are recognized in the income statement. If, at inception of a contract, the valuation cannot be supported by observable market data, any gain or loss determined by the valuation methodology is not recognized in the income statement but is deferred on the balance sheet and is commonly known as a ‘day-one gain or loss’. This deferred gain or loss is recognized in the income statement over the life of the contract until substantially all the remaining contract term can be valued using observable market data at which point any remaining deferred gain or loss is recognized in the income statement. Changes in valuation subsequent to the initial valuation at inception of a contract are recognized immediately in the income statement. For the purpose of hedge accounting, hedges are classified as: • Fair value hedges when hedging exposure to changes in the fair value of a recognized asset or liability. • Cash flow hedges when hedging exposure to variability in cash flows that is attributable to either a particular risk associated with a recognized asset or liability or a highly probable forecast transaction. Hedge relationships are formally designated and documented at inception, together with the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the existence at inception of an economic relationship and subsequent measurement of the hedging instrument's effectiveness in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk, the hedge ratio and sources of hedge ineffectiveness. Hedges meeting the criteria for hedge accounting are accounted for as follows: Fair value hedges The change in fair value of a hedging derivative is recognized in profit or loss. The change in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the carrying value of the hedged item and is also recognized in profit or loss, where it offsets. The group applies fair value hedge accounting when hedging interest rate risk and certain currency risks on fixed rate finance debt. Fair value hedge accounting is discontinued only when the hedging relationship or a part thereof ceases to meet the qualifying criteria. This includes when the risk management objective changes or when the hedging instrument is sold, terminated or exercised. The accumulated adjustment to the carrying amount of a hedged item at such time is then amortized prospectively to profit or loss as finance interest expense over the hedged item's remaining period to maturity. Cash flow hedges The effective portion of the gain or loss on a cash flow hedging instrument is reported in other comprehensive income, while the ineffective portion is recognized in profit or loss. Amounts reported in other comprehensive income are reclassified to the income statement when the hedged transaction affects profit or loss. Where the hedged item is a highly probably forecast transaction that results in the recognition of a non-financial asset or liability, such as a forecast foreign currency transaction for the purchase of property, plant and equipment, the amounts recognized within other comprehensive income are transferred to the initial carrying amount of the non-financial asset or liability. Where the hedged item is an equity investment, the amounts recognized in other comprehensive income remain in the separate component of equity until the hedged cash flows affect profit or loss or when accounting under the equity method is discontinued. Where the hedged item is recognized directly in profit or loss, the amounts recognized in other comprehensive income are reclassified to production and manufacturing expenses or sales and other operating revenues as appropriate. Cash flow hedge accounting is discontinued only when the hedging relationship or a part thereof ceases to meet the qualifying criteria. This includes when the designated hedged forecast transaction or part thereof is no longer considered to be highly probable to occur, or when the hedging instrument is sold, terminated or exercised without replacement or rollover. When cash flow hedge accounting is discontinued amounts previously recognized within other comprehensive income remain in equity until the forecast transaction occurs and are reclassified to profit or loss or transferred to the initial carrying amount of a non-financial asset or liability as above. If the forecast transaction is no longer expected to occur, amounts previously recognized within other comprehensive income will be immediately reclassified to profit or loss. Costs of hedging
Fair value measurement	Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The group categorizes assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed in their measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs that are observable, either directly or indirectly, other than quoted prices included within level 1 for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or bp’s assumptions about pricing by market participants. 1. Significant accounting policies, judgements, estimates and assumptions – continued Significant estimate and judgement: derivative financial instruments In some cases the fair values of derivatives are estimated using internal models due to the absence of quoted prices or other observable, market-corroborated data. This primarily applies to the group’s longer-term derivative contracts. The majority of these contracts are valued using models with inputs that include price curves for each of the different products that are built up from available active market pricing data (including volatility and correlation) and modelled using the maximum available external information. Additionally, where limited data exists for certain products, prices are determined using historical and long-term pricing relationships. The use of alternative assumptions or valuation methodologies may result in significantly different values for these derivatives. A reasonably possible change in the price assumptions used in the models relating to index price would not have a material impact on net assets and the Group income statement primarily as a result of offsetting movements between derivative assets and liabilities. For more information, including the carrying amounts of level 3 derivatives, see Note 29. In some cases, judgement is required to determine whether contracts to buy or sell commodities meet the definition of a derivative or to determine appropriate presentation and classification of transactions in certain cases. In particular, contracts to buy and sell LNG are not considered to meet the definition as they are not considered capable of being net settled due to a lack of liquidity in the LNG market and the inability or lack of history of net settlement and so are accounted for on an accruals basis, rather than as a derivative.
Offsetting of financial assets and liabilities	Offsetting of financial assets and liabilities Financial assets and liabilities are presented gross in the balance sheet unless both of the following criteria are met: the group currently has a legally enforceable right to set off the recognized amounts; and the group intends to either settle on a net basis or realize the asset and settle the liability simultaneously. A right of set off is the group’s legal right to settle an amount payable to a creditor by applying against it an amount receivable from the same counterparty. The relevant legal jurisdiction and laws applicable to the relationships between the parties are considered when assessing whether a current legally enforceable right to set off exists.
Provisions and contingencies, Decommissioning, Environmental expenditures and liabilities	Provisions and contingencies Provisions are recognized when the group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where appropriate, the future cash flow estimates are adjusted to reflect risks specific to the liability. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax risk-free rate that reflects current market assessments of the time value of money. Where discounting is used, the increase in the provision due to the passage of time is recognized within finance costs. Provisions are discounted using a nominal discount rate of 2.0% (2020 2.5%). Provisions are split between amounts expected to be settled within 12 months of the balance sheet date (current) and amounts expected to be settled later (non-current). Contingent liabilities are possible obligations whose existence will only be confirmed by future events not wholly within the control of the group, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured with sufficient reliability. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed, if material, unless the possibility of an outflow of economic resources is considered remote. Decommissioning Liabilities for decommissioning costs are recognized when the group has an obligation to plug and abandon a well, dismantle and remove a facility or an item of plant and to restore the site on which it is located, and when a reliable estimate of that liability can be made. Where an obligation exists for a new facility or item of plant, such as oil and natural gas production or transportation facilities, this liability will be recognized on construction or installation. Similarly, where an obligation exists for a well, this liability is recognized when it is drilled. An obligation for decommissioning may also crystallize during the period of operation of a well, facility or item of plant through a change in legislation or through a decision to terminate operations; an obligation may also arise in cases where an asset has been sold but the subsequent owner is no longer able to fulfil its decommissioning obligations, for example due to bankruptcy. The amount recognized is the present value of the estimated future expenditure determined in accordance with local conditions and requirements. The provision for the costs of decommissioning wells, production facilities and pipelines at the end of their economic lives is estimated using existing technology, at future prices, depending on the expected timing of the activity, and discounted using the nominal discount rate. An amount equivalent to the decommissioning provision is recognized as part of the corresponding intangible asset (in the case of an exploration or appraisal well) or property, plant and equipment. The decommissioning portion of the property, plant and equipment is subsequently depreciated at the same rate as the rest of the asset. Other than the unwinding of discount on or utilization of the provision, any change in the present value of the estimated expenditure is reflected as an adjustment to the provision and the corresponding asset where that asset is generating or is expected to generate future economic benefits. Environmental expenditures and liabilities Environmental expenditures that are required in order for the group to obtain future economic benefits from its assets are capitalized as part of those assets. Expenditures that relate to an existing condition caused by past operations that do not contribute to future earnings are expensed. Liabilities for environmental costs are recognized when a clean-up is probable and the associated costs can be reliably estimated. Generally, the timing of recognition of these provisions coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive sites. The amount recognized is the best estimate of the expenditure required to settle the obligation. Provisions for environmental liabilities have been estimated using existing technology, at future prices and discounted using a nominal discount rate. Emissions Liabilities for emissions are recognized when the cumulative volumes of gases emitted by the group at the end of the reporting period exceed the allowances granted free of charge held for own use or a set baseline for emissions. The provision is measured at the best estimate of the expenditure required to settle the present obligation at the balance sheet date. It is based on the excess of actual emissions over the free allowances held or set baseline in tonnes (or other appropriate quantity) and is valued at the actual cost of any allowances that have been purchased and held for own use on a first-in-first-out (FIFO) basis, and, if insufficient allowances are held, for the remaining requirement on the basis of the spot market price of allowances at the balance sheet date. The cost of allowances purchased to cover a shortfall is recognized separately on the balance sheet as an intangible asset unless the emission allowances acquired or generated by the group are risk-managed by the shipping & trading function, then they are recognized on the balance sheet as inventory. 1. Significant accounting policies, judgements, estimates and assumptions – continued Restructuring provisions The reinvent bp programme, expected to reduce headcount by around 10,000 positions, has resulted in recognition of provisions, primarily in the comparative period, where a detailed formal plan exists, and a valid expectation of risk of redundancy has been made to those affected but where the specific outcomes remain uncertain. Where formal redundancy offers have been made, the obligations for those amounts are reported as payables and, if not, as provisions if unpaid at the year-end. Significant judgements and estimates: provisions The group holds provisions for the future decommissioning of oil and natural gas production facilities and pipelines at the end of their economic lives. The largest decommissioning obligations facing bp relate to the plugging and abandonment of wells and the removal and disposal of oil and natural gas platforms and pipelines around the world. Most of these decommissioning events are many years in the future and the precise requirements that will have to be met when the removal event occurs are uncertain. Decommissioning technologies and costs are constantly changing, as are political, environmental, safety and public expectations. The timing and amounts of future cash flows are subject to significant uncertainty and estimation is required in determining the amounts of provisions to be recognized. Any changes in the expected future costs are reflected in both the provision and the asset. If oil and natural gas production facilities and pipelines are sold to third parties, judgement is required to assess whether the new owner will be unable to meet their decommissioning obligations, whether bp would then be responsible for decommissioning, and if so the extent of that responsibility. The group has assessed that $0.5 billion of decommissioning provisions should be recognized as at 31 December 2021 (2020 no significant provisions) for assets previously sold to third parties where the sale transferred the decommissioning obligation to the new owner. Decommissioning provisions associated with downstream refineries are generally not recognized, as the potential obligations cannot be measured, given their indeterminate settlement dates. Obligations may arise if refineries cease manufacturing operations and any such obligations would be recognized in the period when sufficient information becomes available to determine potential settlement dates (see Note 32 for further information). The group performs periodic reviews of its downstream refineries for any changes in facts and circumstances including those relating to the energy transition, that might require the recognition of a decommissioning provision. Portfolio strength and flexibility are such that the point of cessation of manufacturing at the group’s operating refineries cannot yet be reliably determined for the purposes of determining a decommissioning provision. The provision for environmental liabilities is estimated based on current legal and constructive requirements, technology, price levels and expected plans for remediation. Actual costs and cash outflows can differ from current estimates because of changes in laws and regulations, public expectations, prices, discovery and analysis of site conditions and changes in clean-up technology. The timing and amount of future expenditures relating to decommissioning and environmental liabilities are reviewed annually. The interest rate used in discounting the cash flows is reviewed quarterly. The nominal interest rate used to determine the balance sheet obligations at the end of 2021 was 2.0% (2020 2.5%), which was based on long-dated US government bonds. The weighted average period over which decommissioning and environmental costs are generally expected to be incurred is estimated to be approximately 17 years (2020 18 years) and 6 years (2020 6 years) respectively. Costs at future prices are determined by applying an inflation rate of 1.5% (2020 1.5%) to decommissioning costs and 2% (2020 2%) for all other provisions. A lower rate is typically applied to decommissioning as certain costs are expected to remain fixed at current or past prices. The estimated phasing of undiscounted cash flows in real terms for upstream decommissioning is approximately $5.3 billion (2020 $3.9 billion) within the next 10 years, $6.9 billion (2020 $7.7 billion) in 10 to 20 years and the remainder of approximately $6.0 billion (2020 $6.0 billion) after 20 years. The timing and amount of decommissioning cash flows are inherently uncertain and therefore the phasing is management’s current best estimate but may not be what will ultimately occur. Further information about the group’s provisions is provided in Note 23. Changes in assumptions in relation to the group's provisions could result in a material change in their carrying amounts within the next financial year. A 0.5 percentage point increase in the nominal discount rate applied could decrease the group’s provision balances by approximately $1.4 billion (2020 $1.2 billion). The pre-tax impact on the group income statement would be a credit of approximately $0.4 billion (2020 $0.3 billion). This level of change reflects past experience of a reasonable change in rate that could arise within the next financial year. The discounting impact on the group's decommissioning provisions for oil and gas properties in the oil productions & operations and gas & low carbon energy segments of a two-year change in the timing of expected future decommissioning expenditures is approximately $0.2 billion (2020 $0.3 billion). Management currently does not consider a change of greater than two years to be reasonably possible in the next financial year. If all expected future decommissioning expenditures were 10% higher, then these decommissioning provisions would increase by approximately $1.6 billion (2020 $1.4 billion) and a pre-tax charge of approximately $0.4 billion (2020 $0.5 billion) would be recognized. As described in Note 32, the group is subject to claims and actions for which no provisions have been recognized. The facts and circumstances relating to particular cases are evaluated regularly in determining whether a provision relating to a specific litigation should be recognized or revised. Accordingly, significant management judgement relating to provisions and contingent liabilities is required, since the outcome of litigation is difficult to predict.
Employee benefits and Pensions and other post-retirement benefits	Employee benefits Wages, salaries, bonuses, social security contributions, paid annual leave and sick leave are accrued in the period in which the associated services are rendered by employees of the group. Deferred bonus arrangements that have a vesting date more than 12 months after the balance sheet date are valued on an actuarial basis using the projected unit credit method and amortized on a straight-line basis over the service period until the award vests. The accounting policies for share-based payments and for pensions and other post-retirement benefits are described below. Pensions and other post-retirement benefits The cost of providing benefits under the group’s defined benefit plans is determined separately for each plan using the projected unit credit method, which attributes entitlement to benefits to the current period to determine current service cost and to the current and prior periods to determine the present value of the defined benefit obligation. Past service costs, resulting from either a plan amendment or a curtailment (a reduction in future obligations as a result of a material reduction in the plan membership), are recognized immediately when the company becomes committed to a change. Net interest expense relating to pensions and other post-retirement benefits, which is recognized in the income statement, represents the net change in present value of plan obligations and the value of plan assets resulting from the passage of time, and is determined by applying the discount rate to the present value of the benefit obligation at the start of the year, and to the fair value of plan assets at the start of the year, taking into account expected changes in the obligation or plan assets during the year. Remeasurements of the defined benefit liability and asset, comprising actuarial gains and losses, and the return on plan assets (excluding amounts included in net interest described above) are recognized within other comprehensive income in the period in which they occur and are not subsequently reclassified to profit and loss. The defined benefit pension plan surplus or deficit recognized on the balance sheet for each plan comprises the difference between the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds) and the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information and, in the case of quoted securities, is the published bid price. Defined benefit pension plan surpluses are only recognized to the extent they are recoverable, either by way of a refund from the plan or reductions in future contributions to the plan. Contributions to defined contribution plans are recognized in the income statement in the period in which they become payable. Significant estimate: pensions and other post-retirement benefits Accounting for defined benefit pensions and other post-retirement benefits involves making significant estimates when measuring the group's pension plan surpluses and deficits. These estimates require assumptions to be made about many uncertainties. Pensions and other post-retirement benefit assumptions are reviewed by management at the end of each year. These assumptions are used to determine the projected benefit obligation at the year end and hence the surpluses and deficits recorded on the group's balance sheet, and pension and other post-retirement benefit expense for the following year. The assumptions that are the most significant to the amounts reported are the discount rate, inflation rate and mortality levels. Assumptions about these variables are based on the environment in each country. The assumptions used vary from year to year, with resultant effects on future net income and net assets. Changes to some of these assumptions, in particular the discount rate and inflation rate, could result in material changes to the carrying amounts of the group's pension and other post-retirement benefit obligations within the next financial year, in particular for the UK, US and Eurozone plans. Any differences between these assumptions and the actual outcome will also affect future net income and net assets. The values ascribed to these assumptions and a sensitivity analysis of the impact of changes in the assumptions on the benefit expense and obligation used are provided in Note 23.
Share-based payments	Share-based payments Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments on the date on which they are granted and is recognized as an expense over the vesting period, which ends on the date on which the employees become fully entitled to the award. A corresponding credit is recognized within equity. Fair value is determined by using an appropriate, widely used, valuation model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the company (market conditions). Non-vesting conditions, such as the condition that employees contribute to a savings-related plan, are taken into account in the grant-date fair value, and failure to meet a non-vesting condition, where this is within the control of the employee is treated as a cancellation and any remaining . 1. Significant accounting policies, judgements, estimates and assumptions – continued unrecognized cost is expensed. For other equity-settled share-based payment transactions, the goods or services received and the corresponding increase in equity are measured at the fair value of the goods or services received unless their fair value cannot be reliably estimated. If the fair value of the goods and services received cannot be reliably estimated, the transaction is measured by reference to the fair value of the equity instruments granted. Cash-settled transactions The cost of cash-settled transactions is recognized as an expense over the vesting period, measured by reference to the fair value of the corresponding liability which is recognized on the balance sheet. The liability is remeasured at fair value at each balance sheet date until settlement, with changes in fair value recognized in the income statement.
Income taxes	Income taxes Income tax expense represents the sum of current tax and deferred tax. Income tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case the related tax is recognized in other comprehensive income or directly in equity. Current tax is based on the taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it is determined in accordance with the rules established by the applicable taxation authorities. It therefore excludes items of income or expense that are taxable or deductible in other periods as well as items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences except: • Where the deferred tax liability arises on the initial recognition of goodwill. • Where the deferred tax liability arises on the initial recognition of an asset or liability in a transaction that is not a business combination, at the time of the transaction, affects neither accounting profit nor taxable profit or loss and, at the time of the transaction, does not give rise to equal taxable and deductible temporary differences. • In respect of taxable temporary differences associated with investments in subsidiaries and associates and interests in joint arrangements, where the group is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized, except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination, at the time of the transaction, affects neither accounting profit nor taxable profit or loss and, at the time of the transaction, does not give rise to equal taxable and deductive temporary differences. 1. Significant accounting policies, judgements, estimates and assumptions – continued In respect of deductible temporary differences associated with investments in subsidiaries and associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable or increased to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the current tax assets and liabilities on a net basis or to realize the assets and settle the liabilities simultaneously. Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the group's proposed tax treatment, income taxes are recognized consistent with the group's income tax filings. If it is not considered probable, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability using either the most likely amount or an expected value, depending on which method better predicts the resolution of the uncertainty. The computation of the group’s income tax expense and liability involves the interpretation of applicable tax laws and regulations in many jurisdictions throughout the world. The resolution of tax positions taken by the group, through negotiations with relevant tax authorities or through litigation, can take several years to complete and in some cases it is difficult to predict the ultimate outcome. Therefore, judgement is required to determine whether provisions for income taxes are required and, if so, estimation is required of the amounts that could be payable. In addition, the group has carry-forward tax losses and tax credits in certain taxing jurisdictions that are available to offset against future taxable profit. However, deferred tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the unused tax losses or tax credits can be utilized. Management judgement is exercised in assessing whether this is the case and estimates are required to be made of the amount of future taxable profits that will be available. Such judgements are inherently impacted by estimates affecting future taxable profits such as oil and natural gas prices and decommissioning expenditure, see significant judgements and estimates: recoverability of asset carrying values and provisions Management do not assess there to be a significant risk of a material change to the group’s tax provisioning or recognition of deferred tax assets within the next financial year, however the tax position remains inherently uncertain and therefore subject to change. To the extent that actual outcomes differ from management’s estimates, income tax charges or credits, and changes in current and deferred tax assets or liabilities, may arise in future periods. For more information see Note 8 and Note 32. Judgement is also required when determining whether a particular tax is an income tax or another type of tax (for example a production tax). Accounting for deferred tax is applied to income taxes as described above, but is not applied to other types of taxes; rather such taxes are recognized in the income statement in accordance with the applicable accounting policy such as Provisions and contingencies. No new significant judgements were made in 2021 in this regard.
Customs duties and sales taxes	Customs duties and sales taxes Customs duties and sales taxes that are passed on or charged to customers are excluded from revenues and expenses. Assets and liabilities are recognized net of the amount of customs duties or sales tax except: • Customs duties or sales taxes incurred on the purchase of goods and services which are not recoverable from the taxation authority are recognized as part of the cost of acquisition of the asset. • Receivables and payables are stated with the amount of customs duty or sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included within receivables or payables in the balance sheet.
Own equity instruments - treasury shares	Own equity instruments – treasury shares The group’s holdings in its own equity instruments are shown as deductions from shareholders’ equity. Treasury shares represent bp shares repurchased and available for specific and limited purposes. For accounting purposes, shares held in Employee Share Ownership Plans (ESOPs) to meet the future requirements of the employee share-based payment plans are treated in the same manner as treasury shares and are, therefore, included in the consolidated financial statements as treasury shares. The cost of treasury shares subsequently sold or reissued is calculated on a weighted-average basis. Consideration, if any, received for the sale of such shares is also recognized in equity. No gain or loss is recognized in the income statement on the purchase, sale, issue or cancellation of equity shares. Shares repurchased under the share buy-back programme which are immediately cancelled are not shown as treasury shares, but are shown as a deduction from the profit and loss account reserve in the group statement of changes in equity.
Revenue and other income	Revenue and other income Revenue from contracts with customers is recognized when or as the group satisfies a performance obligation by transferring control of a promised good or service to a customer. The transfer of control of oil, natural gas, natural gas liquids, LNG, petroleum and chemical products, and other items usually coincides with title passing to the customer and the customer taking physical possession. The group principally satisfies its performance obligations at a point in time; the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. When, or as, a performance obligation is satisfied, the group recognizes as revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which the group expects to be entitled. The transaction price is allocated to the performance obligations in the contract based on standalone selling prices of the goods or services promised. Contracts for the sale of commodities are typically priced by reference to quoted prices. Revenue from term commodity contracts is recognized based on the contractual pricing provisions for each delivery. Certain of these contracts have pricing terms based on prices at a point in time after delivery has been made. Revenue from such contracts is initially recognized based on relevant prices at the time of delivery and subsequently adjusted as appropriate. All revenue from these contracts, both that recognized at the time of delivery and that from post-delivery price adjustments, is disclosed as revenue from contracts with customers. 1. Significant accounting policies, judgements, estimates and assumptions – continued Sales and purchase of commodities accounted for under IFRS 15 are presented on a gross basis in Revenue from contracts with customers and Purchases respectively. Physically settled derivatives which represent trading or optimization activities are presented net alongside financially settled derivative contracts in Other operating revenues within Sales and other operating income. Certain physically settled sale and purchase derivative contracts which are not part of trading and optimization activities are presented gross within Other operating revenues and Purchases respectively. Changes in the fair value of derivative assets and liabilities prior to physical delivery are also classified as other operating revenues. Physical exchanges with counterparties in the same line of business in order to facilitate sales to customers are reported net, as are sales and purchases made with a common counterparty, as part of an arrangement similar to a physical exchange. Where the group acts as agent on behalf of a third party to procure or market energy commodities, any associated fee income is recognized but no purchase or sale is recorded. Interest income is recognized as the interest accrues (using the effective interest rate, that is, the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset). Dividend income from investments is recognized when the shareholders’ right to receive the payment is established. Contract asset and contract liability balances are included within amounts presented for trade receivables and other payables respectively.
Finance costs	Finance costs Finance costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets until such time as the assets are substantially ready for their intended use. All other finance costs are recognized in the income statement in the period in which they are incurred.
Updates to significant accounting policies	Updates to significant accounting policies Impact of new International Financial Reporting Standards bp adopted ‘Interest Rate Benchmark Reform – Phase II' – Amendments to IFRS 9 ‘Financial instruments’, IFRS 16 'Leases' and other IFRSs with effect from 1 January 2021 . There are no other new or amended standards or interpretations adopted during the year that have a significant impact on the consolidated financial statements. ‘Interest Rate Benchmark Reform – Phase II’ The replacement of key interest rate benchmarks such as the London Inter-bank Offered Rate (LIBOR) with alternative benchmarks in the US, UK, EU and other territories occurred at the end of 2021 for most benchmarks, with remaining USD LIBOR tenors expected to cease in 2023. bp is primarily exposed to 3 month USD LIBOR that will be available until June 2023. Amendments to IFRS 9, IFRS 16 and other IFRSs were issued by the IASB in August 2020 to provide practical expedients and reliefs when changes are made to contractual cash flows or hedging relationships because of the transition from Inter-bank Offered Rates to alternative risk-free rates. bp adopted these amendments from 1 January 2021 and they were applied prospectively from that date. See Note 28 for further information. bp has an internal working group on interest rate benchmark reform to monitor market developments and manage the transition to alternative benchmark rates. The impacts on contracts and arrangements that are linked to interest rate benchmarks, for example, borrowings, leases and derivative contracts, have been assessed and transition plans have either been executed or are being developed. bp is also participating on external committees and task forces dedicated to interest rate benchmark reform. Impact of new International Financial Reporting Standards - Not yet adopted The following pronouncements from the IASB have not been adopted by the group in these financial statements as they will only become effective for future financial reporting periods. There are no other standards, amendments or interpretations in issue but not yet adopted that the directors anticipate will have a material effect on the reported income or net assets of the group. IFRS 17 ' Insurance Contracts' IFRS 17 'Insurance Contracts' provides a new general model for accounting for contracts where the issuer accepts significant insurance risk from another party and agrees to compensate that party if a future uncertain event adversely affects them. IFRS 17 replaces IFRS 4 'Insurance Contracts' and will be effective for bp for the financial reporting period commencing 1 January 2023. The standard has not yet been endorsed by the UK and the EU. bp's assessment of the impact of IFRS 17 is at an initial stage but it is not expected to have a significant effect on future financial reporting. Other changes to significant accounting policies Change in segmentation During the first quarter of 2021, the group's reportable segments changed consistent with a change in the way that resources are allocated and performance is assessed, from that date, by the chief operating decision maker, who for bp is the chief executive officer. From the first quarter of 2021, the group's reportable segments are gas & low carbon energy, oil production & operations, customers & products, and Rosneft. At 31 December 2020, the group's reportable segments were Upstream, Downstream and Rosneft. Gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and the group's solar, wind and hydrogen businesses. Gas producing regions were previously in the Upstream segment. The group's renewables businesses were previously part of 'Other businesses and corporate'. Oil production & operations comprises regions with upstream activities that predominantly produce crude oil. These activities were previously in the Upstream segment. Customers & products comprises the group's customer-focused businesses, spanning convenience and mobility, which includes retail and fuels next-gen offers such as electrification, as well as aviation, midstream and Castrol lubricants. It also includes our oil products businesses, refining & trading. The petrochemicals business is also reported in restated comparative information as part of the customers and products segment up to its sale in December 2020. The customers & products segment is, therefore, substantially unchanged from the former Downstream segment with the exception of the Petrochemicals disposal. The Rosneft segment was unchanged and continues to include equity-accounted earnings from the group's investment in Rosneft. The group will cease to report Rosneft as a separate segment in the group's financial reporting for 2022. See Note 37 Events after the reporting period. 1. Significant accounting policies, judgements, estimates and assumptions – continued The segment measure of profit or loss continues to be replacement cost profit or loss before interest and tax, which reflects the replacement cost of supplies by excluding from profit or loss before interest and tax inventory holding gains and losses. See Note 4 for further information. Comparative information for 2019 and 2020 has been restated in Notes 3, 4 and 13 to reflect the changes in reportable segments. References to segments have also changed in Notes 2, 7, 15 and 27. Voluntary change in accounting policy - Net presentation of revenues and purchases relating to physically settled derivative contracts from 1 January 2021 bp routinely enters into transactions for the sale and purchase of commodities that are physically settled and meet the definition of a derivative financial instrument. These contracts are within the scope of IFRS 9 and as such, prior to settlement, changes in the fair value of these derivative contracts are presented as gains and losses within other operating revenues. The group previously presented revenues and purchases for such contracts on a gross basis in the income statement upon physical settlement. These transactions have historically represented a substantial portion of the revenues and purchases reported in the group’s consolidated financial statements. The change in strategic direction of the group supported by organizational changes to implement the strategy from 1 January 2021, resulted in the group determining that the revenue and corresponding purchases relating to such transactions should be presented net, as gains or losses within other operating revenues, from that date. Physically settled derivative contracts were previously presented on a gross basis and included in other operating revenues and purchases; however, under the new accounting policy, such contracts will be presented on a net basis within other operating revenues to the extent that they relate to trading or optimization activities. Additionally, the group’s trading activity has continued to evolve over time from one of capturing third-party physical trades to provide flow assurance to one with increasing levels of optimization, taking advantage of price volatility and fluctuations in demand and supply, which will continue under the new strategy, further supporting the change in presentation. The new presentation provides reliable and more relevant information for users of the accounts as the group’s revenue recognition is more closely aligned with how management monitors and manages performance of such contracts. Comparative information for sales and other operating revenues and purchases for 2019 and 2020 has been restated as shown in the table below. There is no impact on comparative information for profit before income tax or earnings per share. The restatements described above have been repeated from the audited consolidated financial statements for the year ended 31 December 2020 on Form 6-K filed with the Securities and Exchange Commission on 31 January 2022 and have been retained to ensure consistency with the consolidated financial statements for the year ended 31 December 2021 filed in the UK. 1. Significant accounting policies, judgements, estimates and assumptions – continued 2020 2020 Impact of net 2019 2019 Impact of net $ million Restated presentation Restated presentation Segment revenues (Note 4) gas & low carbon energy 18,467 16,275 (2,192) 28,102 27,045 (1,057) oil production & operations 17,234 17,234 — 28,702 28,702 — customers & products 162,974 90,744 (72,230) 250,897 132,864 (118,033) other businesses & corporate 1,666 1,666 — 1,418 1,418 — 200,341 125,919 (74,422) 309,119 190,029 (119,090) Less: sales and other revenues between segments gas & low carbon energy 2,708 2,708 — 3,097 3,097 — oil production & operations 15,879 15,879 — 25,870 25,870 — customers & products 158 158 — 973 973 — other businesses & corporate 1,230 1,230 — 782 782 — 19,975 19,975 — 30,722 30,722 — External sales and other operating revenues gas & low carbon energy 15,759 13,567 (2,192) 25,005 23,948 (1,057) oil production & operations 1,355 1,355 — 2,832 2,832 — customers & products 162,816 90,586 (72,230) 249,924 131,891 (118,033) other businesses & corporate 436 436 — 636 636 — Total sales and other operating revenues 180,366 105,944 (74,422) 278,397 159,307 (119,090) Sales and other operating revenues (Note 5) Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 5,048 5,048 — 9,141 9,141 — Oil products 63,564 63,564 — 102,408 102,408 — Natural gas, LNG and NGLs 12,726 10,762 (1,964) 18,909 15,156 (3,753) Non-oil products and other revenues from contracts with customers 9,840 9,779 (61) 12,169 10,838 (1,331) Revenues from contracts with customers 91,178 89,153 (2,025) 142,627 137,543 (5,084) Other operating revenues 89,188 16,791 (72,397) 135,770 21,764 (114,006) Total sales and other operating revenues 180,366 105,944 (74,422) 278,397 159,307 (119,090) Purchases 132,104 57,682 (74,422) 209,672 90,582 (119,090)

Significant accounting polici_3

Significant accounting policies, judgements, estimates and assumptions (Tables)	12 Months Ended
	Dec. 31, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract]
Summary of typical useful lives of other property, plant and equipment	Other property, plant and equipment is depreciated on a straight-line basis over its expected useful life. The typical useful lives of the group’s other property, plant and equipment on initial recognition are as follows: Land improvements 15 to 25 years Buildings 20 to 50 years Refineries 20 to 30 years Pipelines 10 to 50 years Service stations 15 years Office equipment 3 to 10 years Fixtures and fittings 5 to 15 years $ million Land and land improvements Buildings Oil and gas properties a Plant, machinery and equipment Fittings, fixtures and office equipment Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2021 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Exchange adjustments (205) (19) — (736) (31) (16) (627) (1,634) Additions 68 59 7,931 2,187 171 40 762 11,218 Acquisitions — — — 1 — — — 1 Transfers from intangible assets — — 38 — — — — 38 Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (22) (5) (6,859) (329) (327) (40) (170) (7,752) At 31 December 2021 3,713 1,245 208,034 44,037 2,231 3,033 10,241 272,534 Depreciation - owned PP&E At 1 January 2021 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Exchange adjustments (29) (10) — (370) (21) (12) (373) (815) Charge for the year 48 36 10,193 1,502 158 71 523 12,531 Impairment losses 4 — 2,340 937 — 12 4 3,297 Impairment reversals — (3) (4,794) — — (30) — (4,827) Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (9) — (6,341) (259) (190) (34) (157) (6,990) At 31 December 2021 706 654 134,550 21,841 1,792 2,388 5,783 167,714 Owned PP&E - net book amount at 31 December 2021 3,007 591 73,484 22,196 439 645 4,458 104,820 Right-of-use assets - net book amount at 31 December 2021 b — 1,331 32 617 15 2,513 3,574 8,082 Total PP&E - net book amount at 31 December 2021 3,007 1,922 73,516 22,813 454 3,158 8,032 112,902 Cost - owned PP&E At 1 January 2020 3,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 Exchange adjustments 219 6 — 801 33 8 603 1,670 Additions 101 63 6,922 1,539 586 49 864 10,124 Acquisitions 89 — — 35 5 9 376 514 Transfers from intangible assets — — 605 — — — — 605 Reclassified as assets held for sale — — (1,425) — — — — (1,425) Deletions and disposals (146) (281) (6,131) (6,185) (738) (491) (261) (14,233) At 31 December 2020 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Depreciation - owned PP&E At 1 January 2020 581 697 124,766 21,527 2,006 2,744 4,865 157,186 Exchange adjustments 35 6 — 424 26 9 379 879 Charge for the year 113 46 10,068 1,312 170 77 740 12,526 Impairment losses 8 9 11,705 744 2 4 3 12,475 Impairment reversals — (1) (83) — — (5) — (89) Reclassified as assets held for sale — — (326) — — — — (326) Deletions and disposals (45) (126) (5,579) (3,976) (359) (448) (201) (10,734) At 31 December 2020 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Owned PP&E - net book amount at 31 December 2020 3,180 579 73,772 22,883 573 668 4,490 106,145 Right-of-use assets - net book amount at 31 December 2020 b — 1,254 77 792 21 2,855 3,692 8,691 Total PP&E - net book amount at 31 December 2020 3,180 1,833 73,849 23,675 594 3,523 8,182 114,836 Assets under construction included above At 31 December 2021 19,704 At 31 December 2020 17,259 Depreciation charge for the year on right-of-use assets 2021 209 27 279 10 844 613 1,982 2020 192 43 637 10 829 579 2,290 a For information on significant estimates and judgements made in relation to the estimation of oil and natural reserves see Property, plant and equipment within Note 1. b $203 million (2020 $284 million) of drilling rig right-of-use assets and $2,230 million (2020 $2,521 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.
Summary of long-term price assumptions used in impairment testing	2021 price assumptions 2022 2025 2030 2040 2050 Brent oil ($/bbl) 70 60 60 55 45 Henry Hub gas ($/mmBtu) 4.00 3.00 3.00 3.00 2.75 2020 price assumptions 2021 2025 2030 2040 2050 Brent oil ($/bbl) 50 50 60 60 50 Henry Hub gas ($/mmBtu) 3.00 3.00 3.00 3.00 2.75
Summary of sales and other operating revenues, change in presentation	2020 2020 Impact of net 2019 2019 Impact of net $ million Restated presentation Restated presentation Segment revenues (Note 4) gas & low carbon energy 18,467 16,275 (2,192) 28,102 27,045 (1,057) oil production & operations 17,234 17,234 — 28,702 28,702 — customers & products 162,974 90,744 (72,230) 250,897 132,864 (118,033) other businesses & corporate 1,666 1,666 — 1,418 1,418 — 200,341 125,919 (74,422) 309,119 190,029 (119,090) Less: sales and other revenues between segments gas & low carbon energy 2,708 2,708 — 3,097 3,097 — oil production & operations 15,879 15,879 — 25,870 25,870 — customers & products 158 158 — 973 973 — other businesses & corporate 1,230 1,230 — 782 782 — 19,975 19,975 — 30,722 30,722 — External sales and other operating revenues gas & low carbon energy 15,759 13,567 (2,192) 25,005 23,948 (1,057) oil production & operations 1,355 1,355 — 2,832 2,832 — customers & products 162,816 90,586 (72,230) 249,924 131,891 (118,033) other businesses & corporate 436 436 — 636 636 — Total sales and other operating revenues 180,366 105,944 (74,422) 278,397 159,307 (119,090) Sales and other operating revenues (Note 5) Sales and other operating revenues include the following in relation to revenues from contracts with customers: Crude oil 5,048 5,048 — 9,141 9,141 — Oil products 63,564 63,564 — 102,408 102,408 — Natural gas, LNG and NGLs 12,726 10,762 (1,964) 18,909 15,156 (3,753) Non-oil products and other revenues from contracts with customers 9,840 9,779 (61) 12,169 10,838 (1,331) Revenues from contracts with customers 91,178 89,153 (2,025) 142,627 137,543 (5,084) Other operating revenues 89,188 16,791 (72,397) 135,770 21,764 (114,006) Total sales and other operating revenues 180,366 105,944 (74,422) 278,397 159,307 (119,090) Purchases 132,104 57,682 (74,422) 209,672 90,582 (119,090)

Non-current assets held for s_2

Non-current assets held for sale (Tables)	12 Months Ended
Non-current assets held for sale (Tables)	Dec. 31, 2021
Disclosure of assets and liabilities held for sale [Abstract]
Disclosure of assets and liabilities held for sale	The total assets and liabilities held for sale at 31 December 2021 and 2020, which are all in gas & low carbon energy and oil productions & operations, are set out in the table below. $ million 2021 2020 Property, plant and equipment 35 1,099 Goodwill 137 199 Investments in associates 632 — Inventories 152 — Trade and other receivables 696 28 Assets classified as held for sale 1,652 1,326 Trade and other payables (238) (36) Lease liabilities (74) — Provisions (47) (10) Liabilities directly associated with assets classified as held for sale (359) (46)

Disposals and impairment (Table

Disposals and impairment (Tables)	12 Months Ended
Disposals and impairment (Tables)	Dec. 31, 2021
Impairment Of Assets [Abstract]
Summary of amounts recognized in the income statement in respect of disposals and impairments	The following amounts were recognized in the income statement in respect of disposals and impairments. $ million 2021 2020 2019 Gains on sale of businesses and fixed assets gas & low carbon energy 1,034 — — oil production & operations 869 360 143 customers & products (52) 2,320 50 other businesses & corporate 25 194 — 1,876 2,874 193 $ million 2021 2020 2019 Losses on sale of businesses and fixed assets, and closures gas & low carbon energy 1 9 884 oil production & operations 86 375 409 customers & products 142 296 57 other businesses & corporate 1 1 9 230 681 1,359 Impairment losses gas & low carbon energy 834 6,214 387 oil production & operations 1,617 6,723 6,365 customers & products 962 840 65 other businesses & corporate 63 12 30 3,476 13,789 6,847 Impairment reversals gas & low carbon energy (2,338) (3) — oil production & operations (2,479) (86) (131) customers & products (7) — — other businesses & corporate (3) — — (4,827) (89) (131) Impairment and losses on sale of businesses and fixed assets, and closures (1,121) 14,381 8,075
Summary of disposal proceeds and principal gains and losses on disposals by segment	Disposal proceeds and principal gains and losses on disposals by segment are described below. $ million 2021 2020 2019 Proceeds from disposals of fixed assets 1,145 491 500 Proceeds from disposals of businesses, net of cash disposed 5,812 4,989 1,701 6,957 5,480 2,201 By business gas & low carbon energy 2,425 38 565 oil production & operations 3,022 1,157 1,472 customers & products 1,050 3,959 152 other businesses & corporate 460 326 12 6,957 5,480 2,201
Summary financial information relating to the sale of business	$ million 2021 2020 2019 Non-current assets 1,620 9,092 1,653 Current assets 69 1,539 507 Non-current liabilities (287) (1,639) (257) Current liabilities (3) (782) (108) Total carrying amount of net assets disposed 1,399 8,210 1,795 Recycling of foreign exchange on disposal 35 (328) 880 Costs on disposal (5) 13 190 1,429 7,895 2,865 Gains (losses) on sale of businesses 1,632 2,570 (1,190) Total consideration 3,061 10,465 1,675 Non-cash consideration (108) (219) (938) Consideration received (receivable) a 2,859 (5,257) 964 Proceeds from the sale of businesses, net of cash disposed b 5,812 4,989 1,701 a In 2019 $633 million relates to deposits received in advance of the disposal of our Alaska business and certain assets in our BPX business. b Proceeds are stated net of cash and cash equivalents disposed of $2 million (2020 $101 million and 2019 $30 million).

Segmental analysis (Tables)

Segmental analysis (Tables)	12 Months Ended
Segmental analysis (Tables)	Dec. 31, 2021
Operating Segments [Abstract]
Summary of financial information, by segment	$ million 2021 By business gas & low carbon energy oil production & operations customers & products Rosneft other Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 30,840 24,519 130,095 — 1,724 (29,439) 157,739 Less: sales and other operating revenues between segments (4,563) (22,408) (1,226) — (1,242) 29,439 — Third party sales and other operating revenues 26,277 2,111 128,869 — 482 — 157,739 Earnings from joint ventures and associates – after interest and tax 426 576 385 2,694 (82) — 3,999 Segment results Replacement cost profit (loss) before interest and taxation 2,133 10,501 2,208 2,429 (2,777) (67) 14,427 Inventory holding gains (losses) a 33 8 3,355 259 — — 3,655 Profit (loss) before interest and taxation 2,166 10,509 5,563 2,688 (2,777) (67) 18,082 Finance costs (2,857) Net finance expense relating to pensions and other post-retirement benefits 2 Profit before taxation 15,227 Other income statement items Depreciation, depletion and amortization US 80 3,174 1,349 — 94 — 4,697 Non-US 4,384 3,354 1,651 — 719 — 10,108 Charges for provisions, net of write-back of unused provisions, including change in discount rate 173 7 3,063 — 477 — 3,720 Segment assets Investments in joint ventures and associates 5,224 8,044 3,291 14,354 70 — 30,983 Additions to non-current assets b 4,963 6,090 3,940 — 1,007 — 16,000 a See explanation of inventory holding gains and losses on page 200. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 4. Segmental analysis – continued $ million 2020 By business gas & low carbon energy oil production & operations customers & products Rosneft other businesses & corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 16,275 17,234 90,744 — 1,666 (19,975) 105,944 Less: sales and other operating revenues between segments (2,708) (15,879) (158) — (1,230) 19,975 — Third party sales and other operating revenues 13,567 1,355 90,586 — 436 — 105,944 Earnings from joint ventures and associates – after interest and tax (45) (327) 214 (229) (16) — (403) Segment results Replacement cost profit (loss) before interest and taxation (7,068) (14,583) 3,418 (149) (579) 89 (18,872) Inventory holding gains (losses) a 19 (2) (2,796) (89) — — (2,868) Profit (loss) before interest and taxation (7,049) (14,585) 622 (238) (579) 89 (21,740) Finance costs (3,115) Net finance expense relating to pensions and other post-retirement benefits (33) Profit before taxation (24,888) Other income statement items Depreciation, depletion and amortization US 96 3,700 1,359 — 39 — 5,194 Non-US 3,361 4,087 1,631 — 616 — 9,695 Charges for provisions, net of write-back of unused provisions, including change in discount rate (2) 58 1,903 — 543 — 2,502 Segment assets Investments in joint ventures and associates 3,663 8,154 3,671 11,808 41 — 27,337 Additions to non-current assets b 3,507 5,321 5,359 — 570 — 14,757 a See explanation of inventory holding gains and losses on page 200. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates. 4. Segmental analysis – continued $ million 2019 By business gas & low carbon energy oil production & operations customers & products Rosneft other businesses & corporate Consolidation adjustment and eliminations Total Segment revenues Sales and other operating revenues 27,045 28,702 132,864 — 1,418 (30,722) 159,307 Less: sales and other operating revenues between segments (3,097) (25,870) (973) — (782) 30,722 — Third party sales and other operating revenues 23,948 2,832 131,891 — 636 — 159,307 Earnings from joint ventures and associates – after interest and tax 81 518 374 2,295 (11) — 3,257 Segment results Replacement cost profit (loss) before interest and taxation 2,945 1,049 6,502 2,316 (1,848) 75 11,039 Inventory holding gains (losses) a (6) (2) 685 (10) — — 667 Profit (loss) before interest and taxation 2,939 1,047 7,187 2,306 (1,848) 75 11,706 Finance costs (3,489) Net finance expense relating to pensions and other post-retirement benefits (63) Profit before taxation 8,154 Other income statement items Depreciation, depletion and amortization US 79 4,614 1,335 — 34 — 6,062 Non-US 5,067 4,552 1,586 — 513 — 11,718 Charges for provisions, net of write-back of unused provisions, including change in discount rate (9) 127 507 — 560 — 1,185 Segment assets Investments in joint ventures and associates 4,695 9,038 3,609 12,927 56 — 30,325 Additions to non-current assets b 7,609 9,705 4,011 — 1,288 — 22,613 a See explanation of inventory holding gains and losses on page 200. b Includes additions to property, plant and equipment; goodwill; intangible assets; investments in joint ventures; and investments in associates.
Disclosure of geographical areas	$ million 2021 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 53,748 103,991 157,739 Other income statement items Production and similar taxes 108 1,200 1,308 Non-current assets Non-current assets b c 54,395 108,793 163,188 a Non-US region includes UK $11,248 million b Non-US region includes UK $19,530 million c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. $ million 2020 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 27,413 78,531 105,944 Other income statement items Production and similar taxes 57 638 695 Non-current assets Non-current assets b c 52,493 108,786 161,279 a Non-US region includes UK $13,836 million. b Non-US region includes UK $19,583 million. c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments. 4. Segmental analysis – continued $ million 2019 By geographical area US Non-US Total Revenues Third party sales and other operating revenues a 47,951 111,356 159,307 Other income statement items Production and similar taxes 315 1,232 1,547 Non-current assets Non-current assets b c 57,757 133,398 191,155 a Non-US region includes UK $17,169 million. b Non-US region includes UK $22,881 million. c Includes property, plant and equipment; goodwill; intangible assets; investments in joint ventures; investments in associates; and non-current prepayments.

Sales and other operating rev_2

Sales and other operating revenues (Tables)	12 Months Ended
Sales and other operating revenues (Tables)	Dec. 31, 2021
Revenue [abstract]
Summary of revenue from contracts with customers, by product	$ million 2021 2020 2019 Crude oil 5,483 5,048 9,141 Oil products 101,418 63,564 102,408 Natural gas, LNG and NGLs 24,378 10,762 15,156 Non-oil products and other revenues from contracts with customers 6,082 9,779 10,838 Revenue from contracts with customers 137,361 89,153 137,543 Other operating revenues a 20,378 16,791 21,764 Total sales and other operating revenues 157,739 105,944 159,307

Income statement analysis (Tabl

Income statement analysis (Tables)	12 Months Ended
Income statement analysis (Tables)	Dec. 31, 2021
Analysis of income and expense [abstract]
Summary of finance income and finance costs	$ million 2021 2020 2019 Interest and other income Interest income from Financial assets measured at amortized cost 221 215 371 Financial assets measured at fair value through profit or loss 5 25 49 Other income 355 423 349 581 663 769 Currency exchange losses charged to the income statement a 345 38 37 Expenditure on research and development 266 332 364 Costs relating to the Gulf of Mexico oil spill (pre-interest and tax) b 70 255 319 Finance costs Interest expense on lease liabilities 288 337 379 Interest expense on other liabilities measured at amortized cost c 1,820 2,166 2,410 Capitalized at 2.63% (2020 2.75% and 2019 3.50%) d (287) (345) (374) Losses arising on finance debt risk management activities e 145 — — Unwinding of discount on provisions 391 437 505 Unwinding of discount on other payables measured at amortized cost 500 520 569 2,857 3,115 3,489 a Excludes exchange gains and losses arising on financial instruments measured at fair value through profit or loss. b Included within production and manufacturing expenses. c 2021 includes a loss of $195 million (2020 loss of $158 million) associated with the buyback of finance debt. d Tax relief on capitalized interest is approximately $66 million (2020 $83 million and 2019 $51 million). e From 2021 temporary valuation differences associated with the group’s interest rate and foreign currency exchange risk management of finance debt are being presented within finance costs. Previously these were presented within production and manufacturing expenses. Relevant amounts in the comparative periods were not reclassified as the amounts were not material.

Exploration for and evaluatio_2

Exploration for and evaluation of oil and natural gas resources (Tables)	12 Months Ended
	Dec. 31, 2021
Exploration For And Evaluation Of Mineral Resources [Abstract]
Detailed information about exploration and evaluation assets	$ million 2021 2020 2019 Exploration and evaluation costs Exploration expenditure written off a 167 9,920 631 Other exploration costs 257 360 333 Exploration expense for the year 424 10,280 964 Impairment losses 1 156 2 Intangible assets – exploration and appraisal expenditure b c 4,289 4,113 14,091 Liabilities 98 71 73 Net assets 4,191 4,042 14,018 Cash used in operating activities 257 360 333 Cash used in investing activities 260 674 1,215 a 2020 includes $2,643 million in the Gulf of Mexico primarily relating to the Paleogene assets, $2,539 million in Canada primarily relating to Terre de Grace, $2,141 million in Brazil, $952 million in Egypt and $832 million in Angola. b 2019 includes approximately $2,500 million relating to Canadian oil sands. c Amount capitalized at 31 December 2021 and 31 December 2020 relates to assets in various regions. The largest of these is approximately $700 million capitalized in the Middle East region (2020 approximately $700 million capitalized in the Middle East Region).

Taxation (Tables)

Taxation (Tables)	12 Months Ended
Taxation (Tables)	Dec. 31, 2021
Income Taxes [Abstract]
Disclosure of major components of tax expense (income)	Tax on profit $ million 2021 2020 2019 Current tax Charge for the year 4,808 2,095 5,316 Adjustment in respect of prior years 138 50 (68) 4,946 2,145 5,248 Deferred tax Origination and reversal of temporary differences in the current year 3,366 (7,826) (1,190) Adjustment in respect of prior years a (1,572) 1,522 (94) 1,794 (6,304) (1,284) Tax charge (credit) on profit or loss 6,740 (4,159) 3,964 a The adjustments in respect of prior years reflect the reassessment of the deferred tax balances for prior periods in light of changes in facts and circumstances during the year; 2021 and 2020 include the impact of the reassessment of deferred tax asset recognition in light of revisions to price assumptions.
Disclosure of reconciliation of items affected by overall tax credit	$ million 2021 2020 2019 Profit (loss) before taxation 15,227 (24,888) 8,154 Tax charge (credit) on profit or loss 6,740 (4,159) 3,964 Effective tax rate 44% 17% 49% % Tax rate computed at the weighted average statutory rate a 54 31 52 Increase (decrease) resulting from Tax reported in equity-accounted entities b c (3) — (4) Adjustments in respect of prior years (9) (6) (2) Deferred tax not recognized 8 (3) (2) Tax incentives for investment (1) 1 (3) Disposal impacts d (4) — 1 Items not deductible for tax purposes 1 (3) 4 Other c (2) (3) 3 Effective tax rate 44 17 49 a Calculated based on the statutory corporate income tax rate applicable in the countries in which the group operates, weighted by the profits and losses before tax in the respective countries. b Includes withholding tax in respect of distributions from equity-accounted entities. c A minor amendment has been made to 2019 to align with current period presentation. The impact in 2020 is not material. d 2021 primarily relates to the divestment of a 20% stake in Oman Block 61.
Disclosure of deferred tax in the income statement and the balance sheet by category of temporary difference	$ million Analysis of movements during the year in the net deferred tax (asset) liability 2021 2020 At 1 January (913) 5,190 Exchange adjustments 9 55 Charge (credit) for the year in the income statement 1,794 (6,304) Charge for the year in other comprehensive income 1,302 48 Charge for the year in equity 170 154 Acquisitions and disposals 8 (56) At 31 December 2,370 (913) The following table provides an analysis of deferred tax in the income statement and the balance sheet by category of temporary difference: $ million Income statement Balance sheet 2021 2020 2019 2021 2020 Deferred tax liability Depreciation 899 (7,295) (1,436) 16,276 15,361 Pension plan surpluses 105 69 (31) 3,898 2,691 Derivative financial instruments (33) 33 29 24 63 Other taxable temporary differences a 180 (32) 159 1,782 1,562 1,151 (7,225) (1,279) 21,980 19,677 Deferred tax asset Depreciation (846) (849) — (1,678) (849) Lease liabilities (43) 286 264 (1,128) (1,122) Pension plan and other post-retirement benefit plan deficits 119 2 62 (1,221) (1,548) Decommissioning, environmental and other provisions (744) 438 (472) (7,891) (7,155) Derivative financial instruments (9) — 63 (75) (25) Tax credits 1,282 310 (336) (2,359) (3,652) Loss carry forward 1,064 543 12 (4,202) (5,319) Other deductible temporary differences (180) 191 402 (1,056) (920) 643 921 (5) (19,610) (20,590) Net deferred tax charge (credit) and net deferred tax (asset) liability b 1,794 (6,304) (1,284) 2,370 (913) Of which – deferred tax liabilities 8,780 6,831 – deferred tax assets 6,410 7,744 a This category includes deferred tax in respect of temporary differences on unremitted earnings of equity-accounted entities. b Included within the net deferred tax (asset) liability is a deferred tax asset balance of $3,959 million (2020 $5,471 million) related to the Gulf of Mexico oil spill. A summary of temporary differences, unused tax credits and unused tax losses for which deferred tax has not been recognized is shown in the table below. $ billion At 31 December 2021 2020 Unused US state tax losses a 2.5 2.4 Unused tax losses – other jurisdictions b 6.0 6.0 Unused tax credits 28.2 26.9 of which – arising in the UK c 24.6 23.0 – arising in the US d 3.6 3.9 Deductible temporary differences e 49.0 46.1 Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities 0.7 0.8 a For 2021 these losses expire in the period 2022-2041 with applicable tax rates ranging from 3% to 10%. b The majority of the unused tax losses have no fixed expiry date. c The UK unused tax credits arise predominantly in overseas branches of UK entities based in jurisdictions with higher statutory corporate income tax rates than the UK. No deferred tax asset has been recognized on these tax credits as they are unlikely to have value in the future; UK taxes on these overseas branches are largely mitigated by double tax relief in respect of overseas tax. These tax credits have no fixed expiry date. d For 2021 the US unused tax credits expire in the period 2022-2031. e The majority comprises fixed asset temporary differences in the UK. Substantially all of the temporary differences have no expiry date.
Disclosure of unrecognized deferred tax or write-down of deferred tax assets	$ million Impact of previously unrecognized deferred tax or write-down of deferred tax assets on tax charge 2021 2020 2019 Current tax benefit relating to the utilization of previously unrecognized deferred tax assets 331 46 272 Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets 773 11 96 Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets 820 — 364 Deferred tax expense arising from the write-down of a previously recognized deferred tax asset 29 1,622 73

Dividends (Tables)

Dividends (Tables)	12 Months Ended
Dividends (Tables)	Dec. 31, 2021
Interim Financial Reporting [Abstract]
Disclosure of dividends announced and paid	Pence per share Cents per share $ million 2021 2020 2019 2021 2020 2019 2021 2020 2019 Dividends announced and paid in cash Preference shares 2 1 1 Ordinary shares March 3.7684 8.1558 7.7382 5.25 10.50 10.25 1,063 2,102 1,435 June 3.7118 8.3421 8.0655 5.25 10.50 10.25 1,062 2,119 1,779 September 3.9529 4.0433 8.3475 5.46 5.25 10.25 1,100 1,059 1,656 December 4.1045 3.9169 7.8250 5.46 5.25 10.25 1,077 1,059 2,075 15.5376 24.4581 31.9762 21.42 31.50 41.00 4,304 6,340 6,946 Dividend announced, paid in March 2022 5.46 1,065 The details of the scrip dividends issued are shown in the table below. The board decided not to offer a scrip dividend alternative in respect of any dividends announced since the third quarter 2019, including the fourth quarter 2021 dividend expected to be paid on 25 March 2022. 2021 2020 2019 Number of shares issued (thousand) — — 208,927 Value of shares issued ($ million) — — 1,387

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
Earnings per share (Tables)	Dec. 31, 2021
Earnings per share [abstract]
Summary of earnings per share	Cents per share Per ordinary share 2021 2020 2019 Basic earnings per share 37.57 (100.42) 19.84 Diluted earnings per share 37.33 (100.42) 19.73 Dollars per share Per American Depositary Share (ADS) a 2021 2020 2019 Basic earnings per share 2.25 (6.03) 1.19 Diluted earnings per share 2.24 (6.03) 1.18 $ million 2021 2020 2019 Profit attributable to bp shareholders 7,565 (20,305) 4,026 Less: dividend requirements on preference shares 2 1 1 Profit for the year attributable to bp ordinary shareholders 7,563 (20,306) 4,025 Shares thousand 2021 2020 2019 Basic weighted average number of ordinary shares 20,128,862 20,221,514 20,284,859 Potential dilutive effect of ordinary shares issuable under employee share-based payment plans 131,526 — 114,811 Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share 20,260,388 20,221,514 20,399,670 Shares thousand 2021 2020 2019 Basic weighted average number of ordinary shares – ADS equivalent 3,354,810 3,370,252 3,380,809 Potential dilutive effect of ordinary shares (ADS equivalent) issuable under employee share-based payment plans 21,921 — 19,136 Weighted average number of ordinary shares (ADS equivalent) outstanding used to calculate diluted earnings per share 3,376,731 3,370,252 3,399,945
Summary of antidilutive securities	The following table shows the number of shares potentially issuable under equity-settled employee share option plans, including the number of options outstanding, the number of options exercisable at the end of each year, and the corresponding weighted average exercise prices. The dilutive effect of these plans at 31 December is also shown. Share options 2021 2020 Number of options a b thousand Weighted average Number of options a b thousand Weighted average Outstanding 590,961 4.26 28,171 3.79 Exercisable 1,080 4.73 1,874 5.02 Dilutive effect 3,588 n/a 2,497 n/a a Numbers of options shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares). b At 31 December 2021 the quoted market price of one bp ordinary share was £3.31 (2020 £2.55). 10. Earnings per share – continued Share plans 2021 2020 Number of shares a Number of shares a Vesting thousand thousand Within one year 92,210 87,517 1 to 2 years 149,077 85,720 2 to 3 years 179,449 147,097 3 to 4 years 109,265 749 Over 4 years 928 349 530,929 321,432 Dilutive effect 152,899 104,068 a Numbers of shares shown are ordinary share equivalents (one ADS is equivalent to six ordinary shares).

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
Property, plant and equipment (Tables)	Dec. 31, 2021
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	Other property, plant and equipment is depreciated on a straight-line basis over its expected useful life. The typical useful lives of the group’s other property, plant and equipment on initial recognition are as follows: Land improvements 15 to 25 years Buildings 20 to 50 years Refineries 20 to 30 years Pipelines 10 to 50 years Service stations 15 years Office equipment 3 to 10 years Fixtures and fittings 5 to 15 years $ million Land and land improvements Buildings Oil and gas properties a Plant, machinery and equipment Fittings, fixtures and office equipment Transportation Oil depots, storage tanks and service stations Total Cost - owned PP&E At 1 January 2021 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Exchange adjustments (205) (19) — (736) (31) (16) (627) (1,634) Additions 68 59 7,931 2,187 171 40 762 11,218 Acquisitions — — — 1 — — — 1 Transfers from intangible assets — — 38 — — — — 38 Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (22) (5) (6,859) (329) (327) (40) (170) (7,752) At 31 December 2021 3,713 1,245 208,034 44,037 2,231 3,033 10,241 272,534 Depreciation - owned PP&E At 1 January 2021 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Exchange adjustments (29) (10) — (370) (21) (12) (373) (815) Charge for the year 48 36 10,193 1,502 158 71 523 12,531 Impairment losses 4 — 2,340 937 — 12 4 3,297 Impairment reversals — (3) (4,794) — — (30) — (4,827) Reclassified as assets held for sale — — (7,399) — — — — (7,399) Deletions and disposals (9) — (6,341) (259) (190) (34) (157) (6,990) At 31 December 2021 706 654 134,550 21,841 1,792 2,388 5,783 167,714 Owned PP&E - net book amount at 31 December 2021 3,007 591 73,484 22,196 439 645 4,458 104,820 Right-of-use assets - net book amount at 31 December 2021 b — 1,331 32 617 15 2,513 3,574 8,082 Total PP&E - net book amount at 31 December 2021 3,007 1,922 73,516 22,813 454 3,158 8,032 112,902 Cost - owned PP&E At 1 January 2020 3,609 1,422 214,352 46,724 2,532 3,474 8,694 280,807 Exchange adjustments 219 6 — 801 33 8 603 1,670 Additions 101 63 6,922 1,539 586 49 864 10,124 Acquisitions 89 — — 35 5 9 376 514 Transfers from intangible assets — — 605 — — — — 605 Reclassified as assets held for sale — — (1,425) — — — — (1,425) Deletions and disposals (146) (281) (6,131) (6,185) (738) (491) (261) (14,233) At 31 December 2020 3,872 1,210 214,323 42,914 2,418 3,049 10,276 278,062 Depreciation - owned PP&E At 1 January 2020 581 697 124,766 21,527 2,006 2,744 4,865 157,186 Exchange adjustments 35 6 — 424 26 9 379 879 Charge for the year 113 46 10,068 1,312 170 77 740 12,526 Impairment losses 8 9 11,705 744 2 4 3 12,475 Impairment reversals — (1) (83) — — (5) — (89) Reclassified as assets held for sale — — (326) — — — — (326) Deletions and disposals (45) (126) (5,579) (3,976) (359) (448) (201) (10,734) At 31 December 2020 692 631 140,551 20,031 1,845 2,381 5,786 171,917 Owned PP&E - net book amount at 31 December 2020 3,180 579 73,772 22,883 573 668 4,490 106,145 Right-of-use assets - net book amount at 31 December 2020 b — 1,254 77 792 21 2,855 3,692 8,691 Total PP&E - net book amount at 31 December 2020 3,180 1,833 73,849 23,675 594 3,523 8,182 114,836 Assets under construction included above At 31 December 2021 19,704 At 31 December 2020 17,259 Depreciation charge for the year on right-of-use assets 2021 209 27 279 10 844 613 1,982 2020 192 43 637 10 829 579 2,290 a For information on significant estimates and judgements made in relation to the estimation of oil and natural reserves see Property, plant and equipment within Note 1. b $203 million (2020 $284 million) of drilling rig right-of-use assets and $2,230 million (2020 $2,521 million) of shipping vessel right-of-use assets are included in Plant, machinery and equipment and Transportation respectively.

Goodwill and impairment revie_2

Goodwill and impairment review of goodwill (Tables)	12 Months Ended
Goodwill and impairment review of goodwill (Tables)	Dec. 31, 2021
Intangible Assets [Abstract]
Disclosure of reconciliation of goodwill	$ million 2021 2020 Cost At 1 January 13,093 12,865 Exchange adjustments (91) 184 Acquisitions and other additions a 139 632 Reclassified as assets held for sale (137) (199) Deletions and disposals (13) (389) At 31 December 12,991 13,093 Impairment losses At 1 January 613 997 Exchange adjustments (1) 1 Impairment losses for the year 7 1 Deletions and disposals (1) (386) At 31 December 618 613 Net book amount at 31 December 12,373 12,480 Net book amount at 1 January 12,480 11,868 a 2020 principally relates to an acquisition in the US Fuels business. Impairment review of goodwill $ million Goodwill at 31 December 2021 2020 gas & low carbon energy 2,147 2,152 oil production & operations 5,464 5,613 customers & products 4,697 4,660 other businesses & corporate 65 55 12,373 12,480
Schedule of goodwill	$ million $ million gas & low carbon energy oil production & operations 2021 2020 2021 2020 Goodwill 2,147 2,152 5,464 5,613 Excess of recoverable amount over carrying amount 3,991 3,991 32,438 27,758 $ million 2021 2020 Castrol US Fuels European Fuels Other Total Castrol US Fuels European Fuels Other Total Goodwill 2,837 606 862 392 4,697 2,865 606 913 276 4,660

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
Intangible assets (Tables)	Dec. 31, 2021
Intangible Assets [Abstract]
Disclosure of detailed information about intangible assets	$ million 2021 2020 Exploration and appraisal expenditure a Other intangibles Total Exploration and appraisal expenditure a Other intangibles Total Cost At 1 January 14,417 5,622 20,039 15,306 4,900 20,206 Exchange adjustments — (137) (137) — 138 138 Acquisitions — 47 47 — 318 318 Additions 409 628 1,037 703 645 1,348 Transfers to property, plant and equipment (38) — (38) (605) — (605) Deletions and disposals (477) (8) (485) (987) (379) (1,366) At 31 December 14,311 6,152 20,463 14,417 5,622 20,039 Amortization At 1 January 10,304 3,642 13,946 1,215 3,452 4,667 Exchange adjustments — (86) (86) — 93 93 Exploration expenditure written off 167 — 167 9,920 — 9,920 Charge for the year — 427 427 — 372 372 Impairment losses 1 15 16 156 9 165 Deletions and disposals (450) (8) (458) (987) (284) (1,271) At 31 December 10,022 3,990 14,012 10,304 3,642 13,946 Net book amount at 31 December 4,289 2,162 6,451 4,113 1,980 6,093 Net book amount at 1 January 4,113 1,980 6,093 14,091 1,448 15,539 a For further information see Intangible assets within Note 1 and Note 7.

Investments in joint ventures_2

Investments in joint ventures (Tables)	12 Months Ended
Investments in joint ventures (Tables)	Dec. 31, 2021
Separate Financial Statements [Abstract]
Investments in joint ventures	The following table provides aggregated summarized financial information for the group's joint ventures as it relates to the amounts recognized in the group income statement and on the group balance sheet. $ million Income statement Balance sheet Earnings from joint ventures Investments in joint ventures 2021 2020 2019 2021 2020 Pan American Energy Group (217) (208) 97 4,396 4,613 Other joint ventures 760 (94) 479 5,586 3,749 543 (302) 576 9,982 8,362 The following table provides summarized financial information relating to Pan American Energy Group. This information is presented on a 100% basis and reflects adjustments made by bp to Pan American Energy Group’s own results in applying the equity method of accounting. bp adjusts Pan American Energy Group’s results for the accounting required under IFRS relating to bp’s purchase of its interest in Pan American Energy Group S.L.. The operational and financial information of Pan American Energy Group S.L. is based on preliminary operational and financial results of Pan American Energy Group S.L. for 2021. Actual results may differ from these amounts. $ million Gross amount 2021 2020 2019 Sales and other operating revenues 4,394 3,505 5,194 Profit (loss) before interest and taxation 806 (366) 744 Finance costs 262 250 154 Profit (loss) before taxation a 544 (616) 590 Taxation b 978 (200) 396 Profit (loss) for the year (434) (416) 194 Other comprehensive income — — — Total comprehensive income (434) (416) 194 Non-current assets 14,206 13,988 Current assets c 1,864 1,885 Total assets 16,070 15,873 Current liabilities d 2,034 1,990 Non-current liabilities e 5,244 4,657 Total liabilities 7,278 6,647 Net assets 8,792 9,226 Less: non-controlling interests — — 8,792 9,226 a Includes depreciation and amortisation of $930 million (2020 $937 million and 2019 $914 million), interest income of $19 million (2020 $18 million and 2019 $42 million) and interest expense of $262 million (2020 $250 million and 2019 $154 million). b 2021 net income expense includes a deferred tax charge of $415 million related to a change in the income tax rate. c Includes cash and cash equivalents of $893 million (2020 $848 million). d Includes current financial liabilities of $767 million (2020 $1,282 million). e Includes non-current financial liabilities of $2,132 million (2020 $1,861 million). Transactions between the group and its joint ventures are summarized below. Sales to joint ventures 2021 2020 2019 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 3,923 292 2,974 180 4,884 431 Purchases from joint ventures 2021 2020 2019 Product Purchases Amount payable at Purchases Amount Purchases Amount LNG, crude oil and oil products, natural gas, refinery operating costs, plant processing fees 716 93 959 84 1,812 225
Summarized financial information relating to the group's share of joint ventures	$ million bp share 2021 2020 2019 PAEG Other Total PAEG Other Total PAEG Other Total Sales and other operating revenues 2,197 9,048 11,245 1,753 8,792 10,545 2,597 11,542 14,139 Profit (loss) before interest and taxation 403 927 1,330 (183) 32 (151) 372 604 976 Finance costs 131 58 189 125 76 201 77 32 109 Profit (loss) before taxation 272 869 1,141 (308) (44) (352) 295 572 867 Taxation 489 107 596 (100) 49 (51) 198 91 289 Non-controlling interest — 2 2 — 1 1 — 2 2 Profit (loss) for the year (217) 760 543 (208) (94) (302) 97 479 576 Other comprehensive income — 5 5 — (5) (5) — (6) (6) Total comprehensive income (217) 765 548 (208) (99) (307) 97 473 570 Non-current assets 7,103 7,702 14,805 6,994 5,652 12,646 Current assets 932 2,385 3,317 943 2,481 3,424 Total assets 8,035 10,087 18,122 7,937 8,133 16,070 Current liabilities 1,017 1,272 2,289 995 1,649 2,644 Non-current liabilities 2,622 3,219 5,841 2,329 2,694 5,023 Total liabilities 3,639 4,491 8,130 3,324 4,343 7,667 Net assets 4,396 5,596 9,992 4,613 3,790 8,403 Less: non-controlling interests — 5 5 — 39 39 4,396 5,591 9,987 4,613 3,751 8,364 Group investment in joint ventures Group share of net assets (as above) 4,396 5,591 9,987 4,613 3,751 8,364 Loans made by group companies to joint ventures — (5) (5) — (2) (2) 4,396 5,586 9,982 4,613 3,749 8,362

Investments in associates (Tabl

Investments in associates (Tables)	12 Months Ended
Investments in associates (Tables)	Dec. 31, 2021
Interest In Other Entities [Abstract]
Disclosure of interests in associates	The following table provides aggregated summarized financial information for the group’s associates as it relates to the amounts recognized in the group income statement and on the group balance sheet. $ million Income statement Balance sheet Earnings from associates Investments in associates 2021 2020 2019 2021 2020 Rosneft 2,694 (229) 2,295 14,354 11,808 Other associates 762 128 386 6,647 7,167 3,456 (101) 2,681 21,001 18,975 The following table provides summarized financial information relating to Rosneft. This information is presented on a 100% basis and reflects adjustments made by bp to Rosneft’s own results in applying the equity method of accounting. bp adjusts Rosneft’s results for the accounting required under IFRS relating to bp’s purchase of its interest in Rosneft and the amortization of the deferred gain relating to the disposal of bp’s interest in TNK-BP. $ million Gross amount 2021 2020 2019 Sales and other operating revenues 118,755 82,786 134,046 Profit before interest and taxation 18,537 1,270 17,473 Finance costs 1,357 1,742 1,281 Profit (loss) before taxation 17,180 (472) 16,192 Taxation 3,209 208 3,058 Non-controlling interests 1,743 482 1,514 Profit (loss) for the year 12,228 (1,162) 11,620 Other comprehensive income 54 1,653 572 Total comprehensive income 12,282 491 12,192 Non-current assets 155,898 175,978 Current assets 45,790 42,459 Total assets 201,688 218,437 Current liabilities 47,061 49,781 Non-current liabilities 78,117 96,727 Total liabilities 125,178 146,508 Net assets 76,510 71,929 Less: non-controlling interests 11,357 10,897 65,153 61,032 Transactions between the group and its associates are summarized below. $ million Sales to associates 2021 2020 2019 Product Sales Amount receivable at Sales Amount receivable at Sales Amount receivable at LNG, crude oil and oil products, natural gas 852 201 855 169 1,544 243 $ million Purchases from associates 2021 2020 2019 Product Purchases Amount payable at Purchases Amount Purchases Amount Crude oil and oil products, natural gas, transportation tariff 7,683 2,072 4,926 1,280 9,503 1,641
Summarized financial information of associates	Summarized financial information for the group’s share of associates is shown below. $ million bp share 2021 2020 2019 Rosneft Other Total Rosneft Other Total Rosneft a Other Total Sales and other operating revenues 26,163 10,005 36,168 17,535 5,946 23,481 26,474 7,934 34,408 Profit before interest and taxation 4,084 1,602 5,686 295 276 571 3,451 788 4,239 Finance costs 299 73 372 372 80 452 253 87 340 Profit (loss) before taxation 3,785 1,529 5,314 (77) 196 119 3,198 701 3,899 Taxation 707 767 1,474 51 67 118 604 315 919 Non-controlling interests 384 — 384 101 1 102 299 — 299 Profit (loss) for the year 2,694 762 3,456 (229) 128 (101) 2,295 386 2,681 Other comprehensive income 12 27 39 336 (19) 317 113 (25) 88 Total comprehensive income 2,706 789 3,495 107 109 216 2,408 361 2,769 Non-current assets 34,346 9,259 43,605 33,754 11,449 45,203 Current assets 10,088 2,418 12,506 8,238 1,749 9,987 Total assets 44,434 11,677 56,111 41,992 13,198 55,190 Current liabilities 10,368 1,876 12,244 9,535 1,346 10,881 Non-current liabilities 17,210 3,298 20,508 18,558 4,709 23,267 Total liabilities 27,578 5,174 32,752 28,093 6,055 34,148 Net assets 16,856 6,503 23,359 13,899 7,143 21,042 Less: non-controlling interests 2,502 — 2,502 2,091 — 2,091 14,354 6,503 20,857 11,808 7,143 18,951 Group investment in associates Group share of net assets (as above) 14,354 6,503 20,857 11,808 7,143 18,951 Loans made by group companies to associates — 144 144 — 24 24 14,354 6,647 21,001 11,808 7,167 18,975 a In 2014-2019, Rosneft adopted hedge accounting in relation to a portion of highly probable future export revenue denominated in US dollars. Foreign exchange gains and losses arising on the retranslation of borrowings denominated in currencies other than the Russian rouble and designated as hedging instruments were recognized initially in other comprehensive income, and were reclassified to the income statement as the hedged revenue was recognized.

Other investments (Tables)

Other investments (Tables)	12 Months Ended
Other investments (Tables)	Dec. 31, 2021
Financial Instruments [Abstract]
Schedule of other investments	$ million 2021 2020 Current Non-current Current Non-current Equity investments a — 717 — 913 Contingent consideration 237 1,680 317 1,682 Other 43 147 16 151 280 2,544 333 2,746 a The majority of equity investments are unlisted.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2021
Inventories [Abstract]
Summary of inventory	$ million 2021 2020 Crude oil 3,259 4,498 Natural gas 474 265 Emissions allowances 290 1,297 Refined petroleum and petrochemical products 6,638 8,791 10,661 14,851 Trading inventories 11,525 292 22,186 15,143 Supplies 1,525 1,730 23,711 16,873 Cost of inventories expensed in the income statement 92,923 57,682

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
Trade and other receivables (Tables)	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of trade and other receivables	$ million 2021 2020 Current Non-current Current Non-current Financial assets Trade receivables 22,307 17 12,926 19 Amounts receivable from joint ventures and associates 404 89 339 10 Receivables related to disposals a 205 823 1,291 2,402 Other receivables 2,874 472 2,628 637 25,790 1,401 17,184 3,068 Non-financial assets Sales taxes and production taxes 1,131 474 557 504 Other receivables b 218 818 207 779 1,349 1,292 764 1,283 27,139 2,693 17,948 4,351 a For further information see Note 3 - Disposals and Impairment. b Includes Gulf of Mexico oil spill trust fund reimbursement asset of $1 million (2020 $32 million).

Valuation and qualifying accoun

Valuation and qualifying accounts (Tables)	12 Months Ended
Valuation and qualifying accounts (Tables)	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Summary of valuation and qualifying accounts	$ million 2021 2020 2019 Trade and other receivables Fixed asset Trade and other receivables Fixed asset Trade and other receivables Fixed asset At 1 January 555 186 509 249 416 235 Charged to costs and expenses 136 3 214 103 206 28 Charged to other accounts a (11) — 2 — (2) — Deductions (96) (20) (170) (166) (111) (14) At 31 December 584 169 555 186 509 249 a Principally exchange adjustments.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
Trade and other payables (Tables)	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Schedule of trade and other payables	$ million 2021 2020 Current Non-current Current Non-current Financial liabilities Trade payables 37,327 — 23,157 — Amounts payable to joint ventures and associates 2,165 — 1,364 — Payables for capital expenditure and acquisitions 2,063 764 2,297 1,033 Payables related to the Gulf of Mexico oil spill 1,276 9,154 1,399 9,988 Other payables 5,736 175 5,041 681 48,567 10,093 33,258 11,702 Non-financial liabilities Sales taxes, customs duties, production taxes and social security 2,708 77 2,103 73 Other payables 1,336 397 653 337 4,044 474 2,756 410 52,611 10,567 36,014 12,112

Provisions (Tables)

Provisions (Tables)	12 Months Ended
Provisions (Tables)	Dec. 31, 2021
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Summary of movements in each class of provisions	$ million Decommissioning Environmental Litigation and claims Emissions Other Total At 1 January 2021 14,476 1,629 910 1,669 2,277 20,961 Exchange adjustments (25) (10) (4) (39) (76) (154) Increase (decrease) in existing provisions a 1,231 363 226 2,900 623 5,343 Write-back of unused provisions a (18) (55) (90) (23) (304) (490) Unwinding of discount a 331 36 14 — 10 391 Change in discount rate 1,252 41 33 — 6 1,332 Utilization (72) (259) (188) (754) (642) (1,915) Reclassified to other payables (257) — (67) — (16) (340) Reclassified as liabilities directly associated with assets held for sale — — — — (47) (47) Deletions (253) — — — — (253) At 31 December 2021 16,665 1,745 834 3,753 1,831 24,828 Of which – current 609 277 112 3,481 777 5,256 – non-current 16,056 1,468 722 272 1,054 19,572 a Recognized in the Group income statement

Pensions and other post-retir_2

Pensions and other post-retirement benefits (Tables)	12 Months Ended
Pensions and other post-retirement benefits (Tables)	Dec. 31, 2021
Employee Benefits [Abstract]
Disclosure of defined benefit plans	The assumptions are reviewed by management at the end of each year and are used to evaluate the accrued benefit obligation at 31 December and pension expense for the following year. % Financial assumptions used to determine benefit obligation a UK US Eurozone 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate for plan liabilities 1.8 1.4 2.1 2.7 2.2 3.1 1.3 1.0 1.3 Rate of increase for pensions in payment 3.2 2.8 2.7 — — — 1.4 1.3 1.5 Rate of increase in deferred pensions 3.2 2.8 2.7 — — — 0.4 0.5 0.5 Inflation for plan liabilities 3.3 2.9 2.7 2.1 1.7 1.5 1.6 1.5 1.7 % Financial assumptions used to determine benefit expense UK US Eurozone 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate for plan service cost 1.5 2.1 3.0 2.4 3.2 4.2 1.4 1.8 2.5 Discount rate for plan other finance expense b 1.7 2.1 2.9 2.2 3.1 4.1 1.0 1.3 2.0 Inflation for plan service cost 2.8 2.6 3.1 1.7 1.5 1.5 1.5 1.7 1.7 a Salary growth is no longer a material financial assumption for the Group following the closure of the primary pension plan to future accrual. The rate of increase in salaries for the UK was 3.6% and 3.4% in 2020 and 2019 respectively. b The discount rate for plan other finance expense was 1.4% for the primary UK plan for the period before the plan closed to future accrual on 30th June 2021 and 1.9% thereafter. Years Mortality assumptions UK US Eurozone 2021 2020 2019 2021 2020 2019 2021 2020 2019 Life expectancy at age 60 for a male currently aged 60 26.9 26.9 27.3 24.9 24.7 24.9 25.8 25.7 25.7 Life expectancy at age 60 for a male currently aged 40 28.4 28.4 28.9 26.6 26.4 26.7 28.3 28.2 28.3 Life expectancy at age 60 for a female currently aged 60 28.9 28.8 28.7 27.9 27.7 28.0 29.1 29.0 29.1 Life expectancy at age 60 for a female currently aged 40 30.5 30.4 30.5 29.4 29.2 29.7 31.2 31.2 31.2
Disclosure of fair value of plan assets	The current asset allocation policy for the major plans at 31 December 2021 was as follows: UK US Asset category % % Total equity (including private equity) 12 27 Bonds/cash (including LDI) 81 73 Property/real estate 7 — 23. Pensions and other post-retirement benefits – continued $ million UK a US b Eurozone Other Total Fair value of pension plan assets At 31 December 2021 Listed equities – developed markets 2,964 340 473 290 4,067 – emerging markets 252 45 67 76 440 Private equity c 3,233 1,537 — 3 4,773 Government issued nominal bonds d 7,491 2,606 974 432 11,503 Government issued index-linked bonds d 24,516 — 100 — 24,616 Corporate bonds d 10,128 2,475 689 498 13,790 Property e 2,714 — 110 22 2,846 Cash 1,136 116 54 69 1,375 Other 1,133 54 70 22 1,279 Debt (repurchase agreements) used to fund liability driven investments (10,723) — — — (10,723) 42,844 7,173 2,537 1,412 53,966 At 31 December 2020 Listed equities – developed markets 5,008 1,112 542 318 6,980 – emerging markets 418 115 68 70 671 Private equity c 2,899 1,604 — 4 4,507 Government issued nominal bonds d 4,303 1,839 1,111 616 7,869 Government issued index-linked bonds d 24,576 — 107 — 24,683 Corporate bonds d 8,906 2,398 587 279 12,170 Property e 2,553 — 110 28 2,691 Cash 1,392 267 51 163 1,873 Other 795 131 104 30 1,060 Debt (repurchase agreements) used to fund liability driven investments (9,387) — — — (9,387) 41,463 7,466 2,680 1,508 53,117 At 31 December 2019 Listed equities – developed markets 6,285 1,290 495 371 8,441 – emerging markets 1,096 124 61 64 1,345 Private equity c 2,675 1,474 — 3 4,152 Government issued nominal bonds d 4,884 2,100 959 572 8,515 Government issued index-linked bonds d 19,462 — 100 — 19,562 Corporate bonds d 6,132 2,304 569 256 9,261 Property e 2,507 — 96 27 2,630 Cash 426 289 33 93 841 Other 98 74 30 26 228 Debt (repurchase agreements) used to fund liability driven investments (7,436) — — — (7,436) 36,129 7,655 2,343 1,412 47,539 a Bonds held by the UK pension plans are denominated in sterling. Property held by the UK pension plans is in the United Kingdom. b Bonds held by the US pension plans are denominated in US dollars. c Private equity is valued at fair value based on the most recent transaction price or third-party net asset, revenue or earnings based valuations that generally result in the use of significant unobservable inputs. d Bonds held by pension plans are valued using quoted prices in active markets. e Properties are valued based on an analysis of recent market transactions supported by market knowledge derived from third-party professional valuers that generally result in the use of significant unobservable inputs.
Disclosure of net defined benefit liability (asset)	$ million 2021 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 154 246 105 31 536 Past service cost b (302) — (27) 2 (327) Settlement b — — (4) (1) (5) Operating charge (credit) relating to defined benefit plans (148) 246 74 32 204 Payments to defined contribution plans 76 136 7 36 255 Total operating charge (credit) (72) 382 81 68 459 Interest income on plan assets a (684) (150) (30) (40) (904) Interest on plan liabilities 559 209 78 56 902 Other finance (income) expense (125) 59 48 16 (2) Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,440 749 12 25 3,226 Change in financial assumptions underlying the present value of the plan liabilities (100) 777 233 97 1,007 Change in demographic assumptions underlying the present value of the plan liabilities 66 (41) (15) 1 11 Experience gains and losses arising on the plan liabilities 7 173 (11) 3 172 Remeasurements recognized in other comprehensive income 2,413 1,658 219 126 4,416 Movements in benefit obligation during the year Benefit obligation at 1 January 34,171 10,187 8,161 1,895 54,414 Exchange adjustments (255) — (623) (51) (929) Operating charge relating to defined benefit plans (148) 246 74 32 204 Interest cost 559 209 78 56 902 Contributions by plan participants c 18 — 2 6 26 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Benefit payments (unfunded plans) d (8) (268) (288) (21) (585) Disposals — — (2) — (2) Remeasurements 27 (909) (207) (101) (1,190) Benefit obligation at 31 December a e 32,834 8,273 7,108 1,652 49,867 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 41,463 7,466 2,680 1,508 53,117 Exchange adjustments (365) — (214) (28) (607) Interest income on plan assets a f 684 150 30 40 904 Contributions by plan participants c 18 — 2 6 26 Contributions by employers (funded plans) 134 — 115 25 274 Benefit payments (funded plans) d (1,530) (1,192) (87) (164) (2,973) Disposals — — (1) — (1) Remeasurements f 2,440 749 12 25 3,226 Fair value of plan assets at 31 December g 42,844 7,173 2,537 1,412 53,966 Surplus (deficit) at 31 December 10,010 (1,100) (4,571) (240) 4,099 Represented by Asset recognized 10,280 1,410 155 74 11,919 Liability recognized (270) (2,510) (4,726) (314) (7,820) 10,010 (1,100) (4,571) (240) 4,099 The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 10,280 1,410 94 30 11,814 Unfunded (270) (2,510) (4,665) (270) (7,715) 10,010 (1,100) (4,571) (240) 4,099 The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (32,564) (5,763) (2,443) (1,382) (42,152) Unfunded (270) (2,510) (4,665) (270) (7,715) (32,834) (8,273) (7,108) (1,652) (49,867) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b The past service credit in the UK represents curtailment gains arising from the closure of the primary pension plan in the UK to future accrual. Past service credits and settlements in the Eurozone include $18 million of curtailments and settlements due to restructuring initiatives. Remaining past service cost and settlements represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $3,416 million benefits and $93 million settlements, plus $49 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $6,164 million for pension liabilities and $2,109 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $4,405 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 221. 23. Pensions and other post-retirement benefits – continued $ million 2020 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 250 292 103 38 683 Past service cost b (48) (66) 12 (20) (122) Settlement b — (23) 10 (1) (14) Operating charge relating to defined benefit plans 202 203 125 17 547 Payments to defined contribution plans 49 183 2 38 272 Total operating charge 251 386 127 55 819 Interest income on plan assets a (725) (210) (33) (40) (1,008) Interest on plan liabilities 596 289 97 59 1,041 Other finance (income) expense (129) 79 64 19 33 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 4,108 1,041 104 38 5,291 Change in financial assumptions underlying the present value of the plan liabilities (4,207) (1,178) (143) (42) (5,570) Change in demographic assumptions underlying the present value of the plan liabilities 585 29 56 (4) 666 Experience gains and losses arising on the plan liabilities 54 (101) (178) 8 (217) Remeasurements recognized in other comprehensive income 540 (209) (161) — 170 Movements in benefit obligation during the year Benefit obligation at 1 January 29,780 10,119 7,353 1,826 49,078 Exchange adjustments 1,303 — 720 64 2,087 Operating charge relating to defined benefit plans 202 203 125 17 547 Interest cost 596 289 97 59 1,041 Contributions by plan participants c 21 — 2 11 34 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Benefit payments (unfunded plans) d (8) (197) (265) (34) (504) Reclassified as assets held for sale — (1) (55) — (56) Disposals — (35) — — (35) Remeasurements 3,568 1,250 265 38 5,121 Benefit obligation at 31 December a e 34,171 10,187 8,161 1,895 54,414 Movements in fair value of plan assets during the year Fair value of plan assets at 1 January 36,129 7,655 2,343 1,412 47,539 Exchange adjustments 1,582 — 235 64 1,881 Interest income on plan assets a f 725 210 33 40 1,008 Contributions by plan participants c 21 — 2 11 34 Contributions by employers (funded plans) 189 8 99 29 325 Benefit payments (funded plans) d (1,291) (1,441) (81) (86) (2,899) Reclassified as assets held for sale — (7) (55) — (62) Remeasurements f 4,108 1,041 104 38 5,291 Fair value of plan assets at 31 December g 41,463 7,466 2,680 1,508 53,117 Surplus (deficit) at 31 December 7,292 (2,721) (5,481) (387) (1,297) Represented by Asset recognized 7,567 269 59 62 7,957 Liability recognized (275) (2,990) (5,540) (449) (9,254) 7,292 (2,721) (5,481) (387) (1,297) The surplus (deficit) may be analysed between funded and unfunded plans as follows Funded 7,564 269 (109) (58) 7,666 Unfunded (272) (2,990) (5,372) (329) (8,963) 7,292 (2,721) (5,481) (387) (1,297) The defined benefit obligation may be analysed between funded and unfunded plans as follows Funded (33,899) (7,197) (2,789) (1,566) (45,451) Unfunded (272) (2,990) (5,372) (329) (8,963) (34,171) (10,187) (8,161) (1,895) (54,414) a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation. b Past service credits represent curtailment gains arising from restructuring programmes in the UK, US and other countries, whilst past service costs and settlements in the Eurozone represent charges for special termination benefits reflecting the increased liability arising as a result of early retirements. Settlement costs in the US resulted from a pension risk transfer to an external carrier for a group of small benefit retirees. c Most of the contributions made by plan participants into UK pension plans were made under salary sacrifice. d The benefit payments amount shown above comprises $2,935 million benefits and $428 million settlements, plus $40 million of plan expenses incurred in the administration of the benefit. e The benefit obligation for the US is made up of $7,728 million for pension liabilities and $2,459 million for other post-retirement benefit liabilities (which are unfunded and are primarily retiree medical liabilities). The benefit obligation for the Eurozone includes $5,060 million for pension liabilities in Germany which is largely unfunded. f The actual return on plan assets is made up of the sum of the interest income on plan assets and the remeasurement of plan assets as disclosed above. g The fair value of plan assets includes borrowings related to the LDI programme as described on page 221. 23. Pensions and other post-retirement benefits – continued $ million 2019 UK US Eurozone Other Total Analysis of the amount charged to profit or loss Current service cost a 227 263 81 38 609 Past service cost b 2 — 5 (1) 6 Settlement — (13) 8 — (5) Operating charge relating to defined benefit plans 229 250 94 37 610 Payments to defined contribution plans 42 188 7 38 275 Total operating charge 271 438 101 75 885 Interest income on plan assets a (909) (285) (43) (46) (1,283) Interest on plan liabilities 757 387 133 69 1,346 Other finance (income) expense (152) 102 90 23 63 Analysis of the amount recognized in other comprehensive income Actual asset return less interest income on plan assets 2,945 1,079 220 97 4,341 Change in financial assumptions underlying the present value of the plan liabilities (2,294) (1,036) (748) (92) (4,170) Change in demographic assumptions underlying the present value of the plan liabilities 136 91 3 (4) 226 Experience gains and losses arising on the plan liabilities (57) (22) 6 4 (69) Remeasurements recognized in other comprehensive income 730 112 (519) 5 328 a The costs of managing plan investments are offset against the investment return, the costs of administering pension plan benefits are generally included in current service cost and the costs of administering other post-retirement benefit plans are included in the benefit obligation.
Disclosure of sensitivity analysis for actuarial assumptions	A one-percentage point change, in isolation, in certain assumptions as at 31 December 2021 for the group’s pensions and other post-retirement benefit expense would have had the effects shown in the tables below. The effects shown for the expense in 2022 comprise the total of current service cost and net finance income or expense. $ million One percentage point UK US Eurozone Increase Decrease Increase Decrease Increase Decrease Discount rate a Effect on expense in 2022 (248) 159 (57) 50 (3) (6) Effect on obligation at 31 December 2021 (5,143) 6,788 (951) 1,171 (980) 1,238 Inflation rate b Effect on expense in 2022 74 (71) 10 (8) 32 (26) Effect on obligation at 31 December 2021 4,062 (3,912) 60 (51) 880 (748) a The amounts presented reflect that the discount rate is used to determine the asset interest income as well as the interest cost on the obligation. b The amounts presented reflect the total impact of an inflation rate change on the assumptions for rate of increase in salaries, pensions in payment and deferred pensions.
Disclosure of additional information about defined benefit plans [text block]	$ million One year increase UK US Eurozone Longevity Effect on expense in 2022 25 4 7 Effect on obligation at 31 December 2021 1,402 119 291
Disclosure of information about maturity profile of defined benefit obligation	The expected benefit payments, which reflect expected future service, as appropriate, but exclude plan expenses, up until 2031 and the weighted average duration of the defined benefit obligations at 31 December 2021 are as follows: $ million Estimated future benefit payments UK US Eurozone Other Total 2022 1,100 683 328 97 2,208 2023 1,141 546 319 91 2,097 2024 1,163 529 312 92 2,096 2025 1,164 527 312 92 2,095 2026 1,185 523 299 93 2,100 2027-2031 6,184 2,501 1,397 476 10,558 Years Weighted average duration 17.9 12.7 15.9 12.5

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
Cash and cash equivalents (Tables)	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Schedule of cash and cash equivalents	$ million 2021 2020 Cash 9,101 6,235 Triparty repos and term bank deposits 15,655 17,368 Cash equivalents (excluding triparty repos and term bank deposits) 5,925 7,508 30,681 31,111

Finance debt (Tables)

Finance debt (Tables)	12 Months Ended
Finance debt (Tables)	Dec. 31, 2021
Financial Instruments [Abstract]
Disclosure of detailed information about borrowings	$ million 2021 2020 Current Non-current Total Current Non-current Total Borrowings 5,557 55,619 61,176 9,359 63,305 72,664 The following table shows the weighted-average interest rates achieved through a combination of borrowings and derivative financial instruments entered into to manage interest rate and currency exposures. Fixed rate debt Floating rate debt Total Weighted Weighted Amount Weighted Amount Amount 2021 US dollar 3 12 35,891 2 25,074 60,965 Other currencies 6 9 188 1 23 211 36,079 25,097 61,176 2020 US dollar 3 8 39,452 2 32,891 72,343 Other currencies 6 9 178 5 143 321 39,630 33,034 72,664
Summary of the fair value and carrying amount of finance debt	The carrying amount of the group’s short-term borrowings, comprising mainly of commercial paper, approximates their fair value. The fair values of the significant majority of the group’s long-term borrowings are determined using quoted prices in active markets, and so fall within level 1 of the fair value hierarchy. Where quoted prices are not available, quoted prices for similar instruments in active markets are used and such measurements are therefore categorized in level 2 of the fair value hierarchy. $ million 2021 2020 Fair value Carrying Fair value Carrying Short-term borrowings 2,191 2,191 1,237 1,237 Long-term borrowings 60,755 58,985 74,855 71,427 Total finance debt 62,946 61,176 76,092 72,664

Capital disclosures and net d_2

Capital disclosures and net debt (Tables)	12 Months Ended
Capital disclosures and net debt (Tables)	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of the net debt ratio	At 31 December 2021, gearing was 25.3% (2020 31.3%). $ million At 31 December 2021 2020 Finance debt 61,176 72,664 Less: fair value asset (liability) of hedges related to finance debt a (118) 2,612 61,294 70,052 Less: cash and cash equivalents 30,681 31,111 Net debt 30,613 38,941 Total equity 90,439 85,568 Gearing 25.3 % 31.3 % a
Disclosure of reconciliation of liabilities arising from financing activities	An analysis of changes in liabilities arising from financing activities is provided below. $ million Finance Currency swaps a Lease liabilities Net partner payable for leases entered into on behalf of joint operations Total liabilities arising from financing activities At 1 January 2021 72,664 (2,965) 9,262 267 79,228 Exchange adjustments (185) — (215) — (400) Net financing cash flow (8,575) (126) (2,082) (40) (10,823) Fair value (gains) losses (2,578) 3,562 — — 984 New and remeasured leases/joint operation payables — — 1,767 23 1,790 Other movements (150) 10 (121) — (261) At 31 December 2021 61,176 481 8,611 250 70,518 At 1 January 2020 67,724 918 9,722 290 78,654 Exchange adjustments 349 — 181 4 534 Net financing cash flow 1,589 (226) (2,442) (40) (1,119) Fair value (gains) losses 2,612 (3,734) — — (1,122) New and remeasured leases/joint operations payables — — 1,579 20 1,599 Other movements 390 77 222 (7) 682 At 31 December 2020 72,664 (2,965) 9,262 267 79,228 a Currency swaps include cross currency interest rate swaps.

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2021
Disclosure of leases [Abstract]
Disclosure of maturity analysis of operating lease payments	The table below shows the timing of the undiscounted cash outflows for the lease liabilities included on the balance sheet. $ million 2021 2020 Undiscounted lease liability cash flows due: Within 1 year 1,949 2,262 1 to 2 years 1,631 1,672 2 to 3 years 1,207 1,340 3 to 4 years 1,005 1,025 4 to 5 years 682 878 5 to 10 years 2,089 2,192 Over 10 years 1,462 1,515 10,025 10,884 Impact of discounting (1,414) (1,622) Lease liabilities at 31 December 8,611 9,262 Of which – current 1,747 1,933 – non-current 6,864 7,329
Disclosure of quantitative information about right-of-use assets [text block]	$ million 2021 2020 Total cash outflow for amounts included in lease liabilities a 2,372 2,779 Expense for variable payments not included in the lease liability a 37 41 Short-term lease expense a 409 621 Additions to right-of-use assets in the period 1,807 1,714 (Loss) gain on sale and leaseback transactions (1) 187

Financial instruments and fin_2

Financial instruments and financial risk factors (Tables)	12 Months Ended
Financial instruments and financial risk factors (Tables)	Dec. 31, 2021
Financial Instruments [Abstract]
Disclosure of financial assets	Other investments $ million 2021 2020 Current Non-current Current Non-current Equity investments a — 717 — 913 Contingent consideration 237 1,680 317 1,682 Other 43 147 16 151 280 2,544 333 2,746 a The majority of equity investments are unlisted. Contingent consideration relates to amounts arising on disposals which are financial assets classified as measured at fair value through profit or loss. The fair value is determined using an estimate of discounted future cash flows that are expected to be received and is considered a level 3 valuation under the fair value hierarchy. Future cash flows are estimated based on inputs including oil and natural gas prices, production volumes and operating costs related to the disposed operations. The discount rate used is based on a risk-free rate adjusted for asset-specific risks. The contingent consideration principally relates to the disposal of our Alaskan business. The accounting classification of each category of financial instruments and their carrying amounts are set out below. $ million At 31 December 2021 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 17 — 2,824 — 2,824 Loans 1,045 232 — 1,277 Trade and other receivables 19 27,191 — — 27,191 Derivative financial instruments 29 — 12,402 348 12,750 Cash and cash equivalents 24 27,107 3,574 — 30,681 Financial liabilities Trade and other payables 21 (58,660) — — (58,660) Derivative financial instruments 29 — (13,456) (465) (13,921) Accruals (6,606) — — (6,606) Lease liabilities 27 (8,611) — — (8,611) Finance debt 25 (61,176) — — (61,176) (79,710) 5,576 (117) (74,251) 28. Financial instruments and financial risk factors – continued $ million At 31 December 2020 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 17 — 3,079 — 3,079 Loans 929 369 — 1,298 Trade and other receivables 19 20,252 — — 20,252 Derivative financial instruments 29 — 10,049 2,698 12,747 Cash and cash equivalents 24 24,905 6,206 — 31,111 Financial liabilities Trade and other payables 21 (44,960) — — (44,960) Derivative financial instruments 29 — (8,320) (82) (8,402) Accruals (5,502) — — (5,502) Lease liabilities 27 (9,262) — — (9,262) Finance debt 25 (72,664) — — (72,664) (86,302) 11,383 2,616 (72,303)
Disclosure of financial liabilities	The accounting classification of each category of financial instruments and their carrying amounts are set out below. $ million At 31 December 2021 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 17 — 2,824 — 2,824 Loans 1,045 232 — 1,277 Trade and other receivables 19 27,191 — — 27,191 Derivative financial instruments 29 — 12,402 348 12,750 Cash and cash equivalents 24 27,107 3,574 — 30,681 Financial liabilities Trade and other payables 21 (58,660) — — (58,660) Derivative financial instruments 29 — (13,456) (465) (13,921) Accruals (6,606) — — (6,606) Lease liabilities 27 (8,611) — — (8,611) Finance debt 25 (61,176) — — (61,176) (79,710) 5,576 (117) (74,251) 28. Financial instruments and financial risk factors – continued $ million At 31 December 2020 Note Measured at amortized cost Mandatorily measured at fair value through profit or loss Derivative hedging instruments Total carrying Financial assets Other investments 17 — 3,079 — 3,079 Loans 929 369 — 1,298 Trade and other receivables 19 20,252 — — 20,252 Derivative financial instruments 29 — 10,049 2,698 12,747 Cash and cash equivalents 24 24,905 6,206 — 31,111 Financial liabilities Trade and other payables 21 (44,960) — — (44,960) Derivative financial instruments 29 — (8,320) (82) (8,402) Accruals (5,502) — — (5,502) Lease liabilities 27 (9,262) — — (9,262) Finance debt 25 (72,664) — — (72,664) (86,302) 11,383 2,616 (72,303)
Analysis of credit exposures using external credit grading system	Management information used to monitor credit risk, which reflects the impact of credit enhancements, indicates that the risk profile of financial assets which are subject to review for impairment under IFRS 9 is as set out below. % As at 31 December 2021 2020 AAA to AA- 14 % 11 % A+ to A- 46 % 59 % BBB+ to BBB- 14 % 8 % BB+ to BB- 8 % 6 % B+ to B- 16 % 13 % CCC+ and below 2 % 3 %
Disclosure of offsetting of financial assets	Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet. Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and collateral received or pledged, are also presented in the table to show the total net exposure of the group. $ million Gross amounts of recognized financial assets (liabilities) Amounts Net amounts Related amounts not set off Net amount At 31 December 2021 Master Cash Derivative assets 20,519 (7,769) 12,750 (3,104) (414) 9,232 Derivative liabilities (21,683) 7,769 (13,914) 3,104 — (10,810) Trade and other receivables 17,105 (8,104) 9,001 (1,038) (249) 7,714 Trade and other payables (19,279) 8,104 (11,175) 1,038 — (10,137) At 31 December 2020 Derivative assets 14,765 (2,019) 12,746 (2,075) (386) 10,285 Derivative liabilities (10,414) 2,019 (8,395) 2,075 — (6,320) Trade and other receivables a 7,772 (3,679) 4,093 (823) (122) 3,148 Trade and other payables a (8,836) 3,679 (5,157) 823 — (4,334) a Certain comparative amounts have been amended to align with balance sheet presentation.
Disclosure of offsetting of financial liabilities	Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following table shows the amounts recognized for financial assets and liabilities which are subject to offsetting arrangements on a gross basis, and the amounts offset in the balance sheet. Amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements if certain conditions arise, and collateral received or pledged, are also presented in the table to show the total net exposure of the group. $ million Gross amounts of recognized financial assets (liabilities) Amounts Net amounts Related amounts not set off Net amount At 31 December 2021 Master Cash Derivative assets 20,519 (7,769) 12,750 (3,104) (414) 9,232 Derivative liabilities (21,683) 7,769 (13,914) 3,104 — (10,810) Trade and other receivables 17,105 (8,104) 9,001 (1,038) (249) 7,714 Trade and other payables (19,279) 8,104 (11,175) 1,038 — (10,137) At 31 December 2020 Derivative assets 14,765 (2,019) 12,746 (2,075) (386) 10,285 Derivative liabilities (10,414) 2,019 (8,395) 2,075 — (6,320) Trade and other receivables a 7,772 (3,679) 4,093 (823) (122) 3,148 Trade and other payables a (8,836) 3,679 (5,157) 823 — (4,334) a Certain comparative amounts have been amended to align with balance sheet presentation.
Disclosure of detailed information of maturities of trade and other payables, accrued expenses, finance debt, and Interest	The table below shows the timing of undiscounted cash outflows relating to finance debt, trade and other payables and accruals. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to finance debt could be accelerated from the profile provided. $ million 2021 2020 Trade and other payables a Accruals Finance Interest on finance debt Trade and other payables a Accruals Finance Interest on finance debt Within one year 48,497 5,638 5,370 1,497 33,290 4,650 9,119 1,778 1 to 2 years 1,627 209 4,425 1,341 1,728 157 6,292 1,477 2 to 3 years 1,346 108 5,953 1,204 1,590 184 7,031 1,305 3 to 4 years 1,328 144 5,958 1,047 1,332 87 8,047 1,110 4 to 5 years 1,146 56 5,504 896 1,335 217 6,652 919 5 to 10 years 5,695 218 16,483 2,705 4,570 108 22,156 2,408 Over 10 years 1,699 233 14,744 1,699 4,419 99 10,008 1,037 61,338 6,606 58,437 10,389 48,264 5,502 69,305 10,034 a 2021 includes $13,170 million (2020 $14,569 million) in relation to the Gulf of Mexico oil spill, of which $11,883 million (2020 $13,160 million) matures in greater than one year.
Disclosure of maturity analysis for derivative financial liabilities	The table below shows the timing of cash outflows for derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk, whether or not hedge accounting is applied, based upon contractual payment dates. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to associated derivatives could be accelerated from the profile provided. The amounts reflect the gross settlement amount where the pay leg of a derivative will be settled separately from the receive leg, as in the case of cross-currency swaps hedging non-US dollar finance debt or hybrid bonds. The swaps are with high investment-grade counterparties and therefore the settlement-day risk exposure is considered to be negligible. Not shown in the table are the gross settlement amounts (inflows) for the receive leg of derivatives that are settled separately from the pay leg, which amount to $27,048 million at 31 December 2021 (2020 $33,704 million) to be received on the same day as the related cash outflows. $ million Cash outflows for derivative financial instruments at 31 December 2021 2020 Within one year 1,497 2,384 1 to 2 years 1,492 1,976 2 to 3 years 2,531 2,017 3 to 4 years 2,053 3,074 4 to 5 years 5,575 2,582 5 to 10 years 8,618 15,263 Over 10 years 5,365 4,483 27,131 31,779 For further information on our derivative financial instruments, see Note 29. Derivative liabilities held for trading have the following fair values and maturities. $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (191) (2) (13) (5) (173) (259) (643) Oil price derivatives (1,340) (179) (39) (7) (2) — (1,567) Natural gas price derivatives (4,551) (1,053) (460) (351) (282) (1,576) (8,273) Power price derivatives (1,485) (601) (211) (135) (92) (442) (2,966) (7,567) (1,835) (723) (498) (549) (2,277) (13,449) $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (502) (117) (11) (1) — (63) (694) Oil price derivatives (1,000) (83) (9) (1) — — (1,093) Natural gas price derivatives (1,095) (595) (479) (422) (348) (2,550) (5,489) Power price derivatives (345) (184) (126) (81) (68) (233) (1,037) (2,942) (979) (625) (505) (416) (2,846) (8,313)

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
Derivative financial instruments (Tables)	Dec. 31, 2021
Financial Instruments [Abstract]
Disclosure of fair value of derivative instruments	The fair values of derivative financial instruments at 31 December are set out below. Exchange traded derivatives are valued using closing prices provided by the exchange as at the balance sheet date. These derivatives are categorized within level 1 of the fair value hierarchy. Exchange traded derivatives are typically considered settled through the (normally daily) payment or receipt of variation margin. Over-the-counter (OTC) financial swaps, forwards and physical commodity sale and purchase contracts are generally valued using readily available information in the public markets and quotations provided by brokers and price index developers. These quotes are corroborated with market data and are categorized within level 2 of the fair value hierarchy. In certain less liquid markets, or for longer-term contracts, forward prices are not as readily available. In these circumstances, OTC financial swaps and physical commodity sale and purchase contracts are valued using internally developed methodologies that consider historical relationships between various commodities, and that result in management’s best estimate of fair value. These contracts are categorized within level 3 of the fair value hierarchy. 29. Derivative financial instruments – continued Financial OTC and physical commodity options are valued using industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and contractual prices for the underlying instruments, as well as other relevant economic factors. The degree to which these inputs are observable in the forward markets determines whether the option is categorized within level 2 or level 3 of the fair value hierarchy. $ million 2021 2020 Fair value Fair value Fair value Fair value Derivatives held for trading Currency derivatives 272 (643) 858 (694) Oil price derivatives 2,192 (1,567) 1,519 (1,093) Natural gas price derivatives 6,823 (8,273) 6,406 (5,489) Power price derivatives 3,105 (2,966) 1,258 (1,037) Other derivatives 10 — 7 — 12,402 (13,449) 10,048 (8,313) Embedded derivatives Other embedded derivatives — (7) 1 (7) — (7) 1 (7) Cash flow hedges Currency forwards 1 — 4 — Gas price futures — — — — 1 — 4 — Fair value hedges Currency swaps 326 (465) 2,614 (82) Interest rate swaps 21 — 80 — 347 (465) 2,694 (82) 12,750 (13,921) 12,747 (8,402) Of which – current 5,744 (7,565) 2,992 (2,998) – non-current 7,006 (6,356) 9,755 (5,404) The following table shows the fair value of derivative assets and derivative liabilities held for trading, analysed by maturity period and by methodology of fair value estimation. This information is presented on a gross basis, that is, before netting by counterparty. $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 63 25 4 6 1 — 99 Level 2 11,418 1,957 631 298 139 102 14,545 Level 3 888 600 510 416 382 2,731 5,527 12,369 2,582 1,145 720 522 2,833 20,171 Less: netting by counterparty (6,657) (694) (145) (42) (26) (205) (7,769) 5,712 1,888 1,000 678 496 2,628 12,402 Fair value of derivative liabilities Level 1 (57) (28) (4) (8) (2) — (99) Level 2 (13,646) (2,189) (575) (251) (305) (216) (17,182) Level 3 (521) (312) (289) (281) (268) (2,266) (3,937) (14,224) (2,529) (868) (540) (575) (2,482) (21,218) Less: netting by counterparty 6,657 694 145 42 26 205 7,769 (7,567) (1,835) (723) (498) (549) (2,277) (13,449) Net fair value (1,855) 53 277 180 (53) 351 (1,047) $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Fair value of derivative assets Level 1 48 9 15 3 5 1 81 Level 2 3,342 858 367 212 100 709 5,588 Level 3 739 546 552 520 493 3,548 6,398 4,129 1,413 934 735 598 4,258 12,067 Less: netting by counterparty (1,182) (253) (77) (38) (37) (432) (2,019) 2,947 1,160 857 697 561 3,826 10,048 Fair value of derivative liabilities Level 1 (55) (9) (13) (3) (5) (1) (86) Level 2 (3,577) (809) (263) (136) (41) (79) (4,905) Level 3 (492) (414) (426) (404) (407) (3,198) (5,341) (4,124) (1,232) (702) (543) (453) (3,278) (10,332) Less: netting by counterparty 1,182 253 77 38 37 432 2,019 (2,942) (979) (625) (505) (416) (2,846) (8,313) Net fair value 5 181 232 192 145 980 1,735
Derivative assets held for trading fair value, and maturities	Derivative assets held for trading have the following fair values and maturities. $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 168 52 1 1 — 50 272 Oil price derivatives 1,544 429 167 47 4 1 2,192 Natural gas price derivatives 2,678 847 547 456 368 1,927 6,823 Power price derivatives 1,322 553 285 174 124 647 3,105 Other derivatives — 7 — — — 3 10 5,712 1,888 1,000 678 496 2,628 12,402 $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives 153 9 3 2 2 689 858 Oil price derivatives 1,159 197 90 63 7 3 1,519 Natural gas price derivatives 1,210 731 596 525 476 2,868 6,406 Power price derivatives 425 223 161 107 76 266 1,258 Other derivatives — — 7 — — — 7 2,947 1,160 857 697 561 3,826 10,048
Derivative liabilities held for trading, fair value and maturities	The table below shows the timing of cash outflows for derivative financial instruments entered into for the purpose of managing interest rate and foreign currency exchange risk, whether or not hedge accounting is applied, based upon contractual payment dates. As part of actively managing the group’s debt portfolio it is possible that cash flows in relation to associated derivatives could be accelerated from the profile provided. The amounts reflect the gross settlement amount where the pay leg of a derivative will be settled separately from the receive leg, as in the case of cross-currency swaps hedging non-US dollar finance debt or hybrid bonds. The swaps are with high investment-grade counterparties and therefore the settlement-day risk exposure is considered to be negligible. Not shown in the table are the gross settlement amounts (inflows) for the receive leg of derivatives that are settled separately from the pay leg, which amount to $27,048 million at 31 December 2021 (2020 $33,704 million) to be received on the same day as the related cash outflows. $ million Cash outflows for derivative financial instruments at 31 December 2021 2020 Within one year 1,497 2,384 1 to 2 years 1,492 1,976 2 to 3 years 2,531 2,017 3 to 4 years 2,053 3,074 4 to 5 years 5,575 2,582 5 to 10 years 8,618 15,263 Over 10 years 5,365 4,483 27,131 31,779 For further information on our derivative financial instruments, see Note 29. Derivative liabilities held for trading have the following fair values and maturities. $ million 2021 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (191) (2) (13) (5) (173) (259) (643) Oil price derivatives (1,340) (179) (39) (7) (2) — (1,567) Natural gas price derivatives (4,551) (1,053) (460) (351) (282) (1,576) (8,273) Power price derivatives (1,485) (601) (211) (135) (92) (442) (2,966) (7,567) (1,835) (723) (498) (549) (2,277) (13,449) $ million 2020 Less than 1-2 years 2-3 years 3-4 years 4-5 years Over Total Currency derivatives (502) (117) (11) (1) — (63) (694) Oil price derivatives (1,000) (83) (9) (1) — — (1,093) Natural gas price derivatives (1,095) (595) (479) (422) (348) (2,550) (5,489) Power price derivatives (345) (184) (126) (81) (68) (233) (1,037) (2,942) (979) (625) (505) (416) (2,846) (8,313)
Disclosure of changes in fair value of derivative instruments	29. Derivative financial instruments – continued Level 3 derivatives The following table shows the changes during the year in the net fair value of derivatives held for trading purposes within level 3 of the fair value hierarchy. $ million Oil Natural gas Power Currency Other Total Fair value contracts at 1 January 2021 191 147 (173) 5 6 176 Gains (losses) recognized in the income statement 302 410 407 (159) 1 961 Purchases — — — — 3 3 Settlements (248) (33) (115) — — (396) Transfers out of level 3 (46) 10 (79) — — (115) Net fair value of contracts at 31 December 2021 199 534 40 (154) 10 629 Deferred day-one gains (losses) 961 Derivative asset (liability) 1,590 $ million Oil Natural gas Power Currency Other Total Fair value contracts at 1 January 2020 71 28 (125) — 110 84 Gains (losses) recognized in the income statement 250 184 162 5 (71) 530 Sales — — — — (32) (32) Settlements (135) (22) (189) — — (346) Transfers out of level 3 5 (43) (21) — (1) (60) Net fair value of contracts at 31 December 2020 191 147 (173) 5 6 176 Deferred day-one gains (losses) 881 Derivative asset (liability) 1,057
Disclosure of detailed information about hedging instruments and items	The tables below summarize the change in the fair value of hedging instruments and the hedged item used to calculate ineffectiveness in the period. $ million Change in fair value of hedging instrument used to calculate ineffectiveness Change in fair value of hedged item used to calculate ineffectiveness Hedge ineffectiveness recognized in profit or (loss) At 31 December 2021 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure (1) 1 — Commodity price risk Highly probable forecast sales (430) 430 — At 31 December 2020 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 4 (4) — Commodity price risk Highly probable forecast sales 78 (78) — The tables below summarize the carrying amount and nominal amount of the derivatives designated as hedging instruments in cash flow hedge relationships. Carrying amount of hedging instrument Nominal amounts of hedging instruments Assets Liabilities At 31 December 2021 $ million $ million $ million mmBtu Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 1 — 55 Commodity price risk Highly probable forecast sales — — (420) At 31 December 2020 Cash flow hedges Foreign exchange risk Highly probable forecast capital expenditure 4 — 162 Commodity price risk Highly probable forecast sales — — (175) All hedging instruments are presented within derivative financial instruments on the group balance sheet. 29. Derivative financial instruments – continued All of the nominal amount of hedging instruments at 31 December 2021 and 2020 relating to highly probably forecast capital expenditure matures within 12 months of the relevant balance sheet date. Of the nominal amount of hedging instruments at 31 December 2021 relating to highly probably forecast sales 245 mmBtu (2020 135 mmBtu) matures within 12 months and 175 mmBtu (2020 40 mmBtu) within one to two years. The table below summarizes the weighted average exchange rates and the weighted average sales price in relation to the derivatives designated as hedging instruments in cash flow hedge relationships at 31 December. Weighted average price/rate 2021 2020 At 31 December Forecast capital expenditure Forecast sales Forecast capital expenditure Forecast sales Sterling/US dollar 1.33 1.35 Korean won/US dollar — 1,174.47 Henry Hub $/mmBtu 3.24 2.88 The tables below summarize the change in the fair value of hedging instruments and the hedged item used to calculate ineffectiveness in the period. The signage convention for changes in fair value presented in this table is consistent with that presented in Note 26. $ million Change in fair value of hedging instrument used to calculate ineffectiveness Change in fair value of hedged item used to calculate ineffectiveness Hedge ineffectiveness recognized in profit or (loss) At 31 December 2021 Fair value hedges Interest rate risk on finance debt 54 (54) — Interest rate and foreign currency risk on finance debt 2,565 (2,460) (105) At 31 December 2020 Fair value hedges Interest rate risk on finance debt (258) 258 — Interest rate and foreign currency risk on finance debt (2,743) 2,549 194 The tables below summarize the carrying amount of the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. $ million Carrying amount of hedging instrument Nominal amounts of hedging instruments At 31 December 2021 Assets Liabilities Fair value hedges Interest rate risk on finance debt 21 — 1,102 Interest rate and foreign currency risk on finance debt 326 (465) 18,880 At 31 December 2020 Fair value hedges Interest rate risk on finance debt 80 — 4,104 Interest rate and foreign currency risk on finance debt 2,614 (82) 23,313 All hedging instruments are presented within derivative financial instruments on the group balance sheet. In 2021 ineffectiveness arising on fair value hedges is included within finance costs in the income statement. In 2020 ineffectiveness arising on fair value hedges was included within the production and manufacturing expenses section of the income statement. The tables below summarize the profile by tenor of the nominal amount of the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. $ million At 31 December 2021 Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Over 10 years Total Fair value hedges Interest rate risk on finance debt 713 — 219 — 170 — — 1,102 Interest rate and foreign currency risk on finance debt 715 1,426 2,377 2,114 2,400 4,471 5,377 18,880 At 31 December 2020 Fair value hedges Interest rate risk on finance debt 2,705 996 — 227 — 176 — 4,104 Interest rate and foreign currency risk on finance debt 737 1,056 2,039 3,175 2,804 8,587 4,915 23,313 The table below summarizes the weighted average floating interest rate and the weighted average exchange rates in relation to the derivatives designated as hedging instruments in fair value hedge relationships at 31 December. At 31 December 2021 2020 Interest rate swaps Cross-currency interest rate swaps Interest rate swaps Cross-currency interest rate swaps Interest rate 0.31 % 1.91 % 0.58 % 1.88 % Sterling/US dollar 1.36 1.33 Euro/US dollar 1.13 1.14 Canadian dollar/US dollar 0.78 0.78 29. Derivative financial instruments – continued The tables below summarize the carrying amount, and the accumulated fair value adjustments included within the carrying amount, of the hedged items designated in fair value hedge relationships at 31 December. $ million Carrying amount of hedged item Accumulated fair value adjustment included in the carrying amount of hedged items At 31 December 2021 Assets Liabilities Assets Liabilities Discontinued hedges Fair value hedges Interest rate risk on finance debt — (1,170) — (22) (524) Interest rate and foreign currency risk on finance debt — (18,837) — (94) — At 31 December 2020 Fair value hedges Interest rate risk on finance debt — (4,196) — (81) (775) Interest rate and foreign currency risk on finance debt — (23,253) — (938) — The hedged item for all fair value hedges is presented within finance debt on the group balance sheet. Movement in reserves related to hedge accounting The table below provides a reconciliation of the cash flow hedge and costs of hedging reserves on a pre-tax basis by risk category. The signage convention of this table is consistent with that presented in Note 31. $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2021 12 41 (651) (106) (704) Recognized in other comprehensive income Cash flow hedges marked to market 1 (430) — — (429) Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — 255 — — 255 Costs of hedging marked to market — — — (105) (105) Costs of hedging reclassified to the income statement — — — 21 21 1 (175) — (84) (258) Cash flow hedges transferred to the balance sheet (10) — — — (10) At 31 December 2021 3 (134) (651) (190) (972) $ million Cash flow hedge reserve Costs of hedging reserve Highly probable forecast capital expenditure Highly probable forecast sales Purchase of equity a Interest rate and foreign currency risk on finance debt Total At 1 January 2020 (1) — (651) (170) (822) Recognized in other comprehensive income Cash flow hedges marked to market 7 78 — — 85 Cash flow hedges reclassified to the income statement - hedged item affected profit or loss — (37) — — (37) Costs of hedging marked to market — — — 42 42 Costs of hedging reclassified to the income statement — — — 22 22 7 41 — 64 112 Cash flow hedges transferred to the balance sheet 6 — — — 6 At 31 December 2020 12 41 (651) (106) (704) a See Note 31 for further information on the cash flow hedge reserve relating to the purchase of equity.

Called-up share capital (Tables

Called-up share capital (Tables)	12 Months Ended
Called-up share capital (Tables)	Dec. 31, 2021
Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure of classes of share capital	The allotted, called up and fully paid share capital at 31 December was as follows: 2021 2020 2019 Issued Shares $ million Shares $ million Shares $ million 8% cumulative first preference shares of £1 each a 7,233 12 7,233 12 7,233 12 9% cumulative second preference shares of £1 each a 5,473 9 5,473 9 5,473 9 21 21 21 Ordinary shares of 25 cents each At 1 January 21,449,782 5,362 21,535,840 5,383 21,525,464 5,381 Issue of new shares for the scrip dividend programme — — — — 208,927 52 Issue of new shares for employee share-based payment plans 35,001 9 34,000 9 37,400 9 Repurchase of ordinary share capital (706,701) (177) (120,058) (30) (235,951) (59) At 31 December 20,778,082 5,194 21,449,782 5,362 21,535,840 5,383 5,215 5,383 5,404 a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference shares. Treasury shares a 2021 2020 2019 Shares Nominal value Shares Nominal value Shares Nominal value At 1 January 1,187,650 296 1,296,856 323 1,426,265 356 Purchases for settlement of employee share plans 1,432 — — — 1,118 — Issue of new shares for employee share-based payment plans 35,096 9 34,116 9 37,400 9 Shares re-issued for employee share-based payment plans (86,721) (22) (143,322) (36) (167,927) (42) At 31 December 1,137,457 283 1,187,650 296 1,296,856 323 Of which – shares held in treasury by bp 1,037,201 259 1,105,157 275 1,163,077 290 – shares held in ESOP trusts 100,256 24 82,491 21 133,707 33 – shares held by bp’s US share plan administrator b — — 2 — 72 — a See Note 31 for definition of treasury shares. b Held in the form of ADSs to meet the requirements of employee share-based payment plans in the US.

Capital and reserves (Tables)

Capital and reserves (Tables)	12 Months Ended
Capital and reserves (Tables)	Dec. 31, 2021
Share Capital, Reserves And Other Equity Interest [Abstract]
Disclosure of reserves and other equity interest	Share Share Capital Merger Total share capital At 1 January 2021 5,383 12,584 1,528 27,206 46,701 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (177) — 177 — — Share-based payments, net of tax b 9 161 — — 170 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2021 5,215 12,745 1,705 27,206 46,871 At 1 January 2020 5,404 12,417 1,498 27,206 46,525 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends — — — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (30) — 30 — — Share-based payments, net of tax b 9 167 — — 176 Share of equity-accounted entities’ changes in equity, net of tax c — — — — — Issue of perpetual hybrid bonds — — — — — Payments on perpetual hybrid bonds — — — — — Tax on issue of perpetual hybrid bonds — — — — — Transactions involving non-controlling interests, net of tax d — — — — — At 31 December 2020 5,383 12,584 1,528 27,206 46,701 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to a non-controlling interest transaction entered into by Rosneft. d 2021 principally relates to the sale of 49% interest in a controlled affiliate holding certain refined product and crude logistics assets onshore US and the buy-out of the non-controlling interest in the Thorntons fuels and convenience retail business. 2020 principally relates to the sale of interests in our UK and New Zealand retail property portfolio, for which proceeds of $0.5 billion and $0.2 billion were received respectively. 31. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 — — — — — 7,565 7,565 507 415 8,487 — (846) — — — — (846) — (24) (870) — — (134) (76) (210) — (210) — — (210) — — — — — 44 44 — — 44 — — — — — 1 1 — — 1 — — — — — 3,099 3,099 — — 3,099 — — 1 — 1 — 1 — — 1 — (846) (133) (76) (209) 10,709 9,654 507 391 10,552 — — — — — (4,316) (4,316) — (311) (4,627) — — (10) — (10) — (10) — — (10) — — — — — (3,151) (3,151) — — (3,151) 600 — — — — (138) 632 — — 632 — — — — — 556 556 — — 556 — — — — — (26) (26) 950 — 924 — (7) — — — — (7) (492) — (499) — — — — — — — — — — — — — — — 881 881 — (387) 494 (12,624) (9,572) (851) (176) (1,027) 51,815 75,463 13,041 1,935 90,439 (14,412) (6,495) (752) (160) (912) 73,706 98,412 — 2,296 100,708 — — — — — (20,305) (20,305) 256 (680) (20,729) — (2,224) — — — — (2,224) — 37 (2,187) — — 31 60 91 — 91 — — 91 — — — — — 312 312 — — 312 — — — — — 71 71 — — 71 — — — — — 65 65 — — 65 — — 7 — 7 — 7 — — 7 — (2,224) 38 60 98 (19,857) (21,983) 256 (643) (22,370) — — — — — (6,367) (6,367) — (238) (6,605) — — 6 — 6 — 6 — — 6 — — — — — (776) (776) — — (776) 1,188 — — — — (638) 726 — — 726 — — — — — 1,341 1,341 — — 1,341 — — — — — (48) (48) 11,909 — 11,861 — — — — — — — (89) — (89) — — — — — 3 3 — — 3 — — — — — (64) (64) — 827 763 (13,224) (8,719) (708) (100) (808) 47,300 71,250 12,076 2,242 85,568 31. Capital and reserves – continued Share Share Capital Merger Total share capital At 31 December 2018 5,402 12,305 1,439 27,206 46,352 Adjustment on adoption of IFRS 16, net of tax — — — — — At 1 January 2019 5,402 12,305 1,439 27,206 46,352 Profit (loss) for the year — — — — — Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) — — — — — Cash flow hedges and costs of hedging (including reclassifications) — — — — — Share of items relating to equity-accounted entities, net of tax a — — — — — Other — — — — — Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset — — — — — Cash flow hedges that will subsequently be transferred to the balance sheet — — — — — Total comprehensive income — — — — — Dividends 52 (52) — — — Cash flow hedges transferred to the balance sheet, net of tax — — — — — Repurchases of ordinary share capital (59) — 59 — — Share-based payments, net of tax b 9 164 — — 173 Share of equity-accounted entities’ changes in equity, net of tax — — — — — Transactions involving non-controlling interests, net of tax c — — — — — At 31 December 2019 5,404 12,417 1,498 27,206 46,525 a Principally foreign exchange effects relating to the Russian rouble. b Movements in treasury shares relate to employee share-based payment plans. c Principally relates to the sale of a 49% interest in bp's retail property portfolio in Australia. 31. Capital and reserves – continued $ million Treasury Foreign Cash flow Costs of hedging Total Profit and bp Non-controlling interests Total equity Hybrid bonds Other interest (15,767) (8,902) (777) (210) (987) 78,748 99,444 — 2,104 101,548 — — — — — (329) (329) — (1) (330) (15,767) (8,902) (777) (210) (987) 78,419 99,115 — 2,103 101,218 — — — — — 4,026 4,026 — 164 4,190 — 2,407 — — — — 2,407 — 9 2,416 — — 5 50 55 — 55 — — 55 — — — — — 82 82 — — 82 — — — — — (64) (64) — — (64) — — — — — 171 171 — — 171 — — (3) — (3) — (3) — — (3) — 2,407 2 50 52 4,215 6,674 — 173 6,847 — — — — — (6,929) (6,929) — (213) (7,142) — — 23 — 23 — 23 — — 23 — — — — — (1,511) (1,511) — — (1,511) 1,355 — — — — (809) 719 — — 719 — — — — — 5 5 — — 5 — — — — — 316 316 — 233 549 (14,412) (6,495) (752) (160) (912) 73,706 98,412 — 2,296 100,708 .
Disclosure of pre-tax and tax amounts components of other comprehensive income	The pre-tax amounts of each component of other comprehensive income, and the related amounts of tax, are shown in the table below. $ million 2021 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (885) 15 (870) Cash flow hedges (including reclassifications) (175) 41 (134) Costs of hedging (including reclassifications) (84) 8 (76) Share of items relating to equity-accounted entities, net of tax 44 — 44 Other — 1 1 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 4,416 (1,317) 3,099 Cash flow hedges that will subsequently be transferred to the balance sheet 1 — 1 Other comprehensive income 3,317 (1,252) 2,065 $ million 2020 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) (2,196) 9 (2,187) Cash flow hedges (including reclassifications) 41 (10) 31 Costs of hedging (including reclassifications) 64 (4) 60 Share of items relating to equity-accounted entities, net of tax 312 — 312 Other — 71 71 Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 170 (105) 65 Cash flow hedges that will subsequently be transferred to the balance sheet 7 — 7 Other comprehensive income (1,602) (39) (1,641) $ million 2019 Pre-tax Tax Net of tax Items that may be reclassified subsequently to profit or loss Currency translation differences (including reclassifications) 2,418 (2) 2,416 Cash flow hedges (including reclassifications) 6 (1) 5 Costs of hedging (including reclassifications) 53 (3) 50 Share of items relating to equity-accounted entities, net of tax 82 — 82 Other — (64) (64) Items that will not be reclassified to profit or loss Remeasurements of the net pension and other post-retirement benefit liability or asset 328 (157) 171 Cash flow hedges that will subsequently be transferred to the balance sheet (3) — (3) Other comprehensive income 2,884 (227) 2,657

Remuneration of senior manage_2

Remuneration of senior management and non-executive directors (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party [Abstract]
Remuneration of directors and senior management	Remuneration of directors $ million 2021 2020 2019 Total for all directors Emoluments 9 6 9 Amounts received under incentive schemes a 4 14 20 Total 13 20 29 a Excludes amounts relating to past directors. Remuneration of directors and senior management $ million 2021 2020 2019 Total for all senior management and non-executive directors Short-term employee benefits 30 17 30 Pensions and other post-retirement benefits 1 2 2 Share-based payments 32 52 32 Termination benefits – 8 — Total 63 79 64

Employee costs and numbers (Tab

Employee costs and numbers (Tables)	12 Months Ended
Employee costs and numbers (Tables)	Dec. 31, 2021
Additional information [abstract]
Employee costs and average number of employees	$ million Employee costs 2021 2020 2019 Wages and salaries a 6,934 7,600 7,497 Social security costs 733 729 733 Share-based payments b 733 728 694 Pension and other post-retirement benefit costs 457 852 948 8,857 9,909 9,872 2021 2020 2019 Average number of employees c d US Non-US Total US Non-US Total US Non-US Total gas & low carbon energy 400 3,400 3,800 oil production & operations 3,100 6,000 9,100 customers & products e 6,200 35,800 42,000 other businesses and corporate f 1,400 7,700 9,100 11,100 52,900 64,000 12,400 55,700 68,100 13,600 58,900 72,500 a Includes termination costs of $74 million (2020 $1,237 million and 2019 $182 million). b The group provides certain employees with shares and share options as part of their remuneration packages. The majority of these share-based payment arrangements are equity-settled. c Reported to the nearest 100. d Information for 2021 has been presented to reflect the changes in reportable segments. For more information see Note 1 Significant accounting policies, judgements, estimates and assumptions - Change in segmentation. Comparative data for these new reportable segments for 2020 and 2019 is not available. e Includes 21,300 (2020 19,100 and 2019 18,100) service station staff. f Includes 0 (2020 0 and 2019 2,500) agricultural, operational and seasonal workers in Brazil. The reduction in the average number of employees in 2021 compared to 2020 is principally a result of the reinvent bp programme.

Auditor_s remuneration (Tables)

Auditor’s remuneration (Tables)	12 Months Ended
Auditor’s remuneration (Tables)	Dec. 31, 2021
Additional information [abstract]
Summary of auditor's remuneration	$ million Fees 2021 2020 2019 The audit of the company annual accounts a 37 30 32 The audit of accounts of subsidiaries of the company 15 11 11 Total audit 52 41 43 Audit-related assurance services b 5 11 4 Total audit and audit-related assurance services 57 52 47 Non-audit and other assurance services — 1 1 Services relating to bp pension plans 1 1 1 58 54 49 a Fees in respect of the audit of the accounts of BP p.l.c. including the group’s consolidated financial statements. b Includes interim reviews and audit of internal control over financial reporting and non-statutory audit services. 2020 fees include audit fees relating to the Petrochemicals disposal.

Subsidiaries, joint arrangeme_2

Subsidiaries, joint arrangements and associates (Tables)	12 Months Ended
Subsidiaries, joint arrangements and associates (Tables)	Dec. 31, 2021
Interest In Other Entities [Abstract]
Disclosure of interests in subsidiaries, joint arrangements, and associates	The more important subsidiaries, joint arrangements and associates of the group at 31 December 2021 and the group percentage of ordinary share capital (to nearest whole number) are set out below. The group's share of the assets and liabilities of the more important unincorporated joint arrangements are held by subsidiaries listed in the table below. Those subsidiaries held directly by the parent company are marked with an asterisk (), the percentage owned being that of the group unless otherwise indicated. A complete list of undertakings of the group is included in Note 14 in the parent company financial statements of BP p.l.c. which are filed with the Registrar of Companies in the UK, along with the group’s annual report. Subsidiaries % Country of Principal activities International BP Corporate Holdings Limited 100 England & Wales Investment holding BP Exploration Operating Company Limited 100 England & Wales Exploration and production BP Global Investments Limited 100 England & Wales Investment holding BP International Limited 100 England & Wales Integrated oil operations BP Oil International Limited 100 England & Wales Integrated oil operations Burmah Castrol PLC 100 Scotland Lubricants Angola BP Exploration (Angola) Limited 100 England & Wales Exploration and production Azerbaijan BP Exploration (Caspian Sea) Limited 100 England & Wales Exploration and production BP Exploration (Azerbaijan) Limited 100 England & Wales Exploration and production Canada BP Holdings Canada Limited 100 England & Wales Investment holding Egypt BP Exploration (Delta) Limited 100 England & Wales Exploration and production Germany BP Europa SE 100 Germany Refining and marketing India BP Exploration (Alpha) Limited 100 England & Wales Exploration and production Trinidad & Tobago BP Trinidad and Tobago LLC 70 US Exploration and production UK BP Capital Markets p.l.c. 100 England & Wales Finance US BP Holdings North America Limited 100 England & Wales Investment holding Atlantic Richfield Company 100 US Exploration and production, refining and marketing BP America Inc. 100 US BP America Production Company 100 US BP Company North America Inc. 100 US BP Corporation North America Inc. 100 US BP Products North America Inc. 100 US The Standard Oil Company 100 US BP Capital Markets America Inc. 100 US Finance Joint arrangements % Country of Principal activities Argentina Pan American Energy Group S.L. 50 Spain Integrated oil operations Associates % Country of Principal activities Russia Rosneft Oil Company a 19.75 Russia Integrated oil operations a See Note 37 Events after the reporting period.

Significant accounting polici_4

Significant accounting policies, judgements, estimates and assumptions - Judgements and estimates made in assessing impact of COVID-19 (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Disclosure of changes in accounting estimates [line items]
Change in discount rate	$ 1,332
Increase (decrease) through other changes, property, plant and equipment	1,000
Decommissioning
Disclosure of changes in accounting estimates [line items]
Change in discount rate	$ 1,252

Significant accounting polici_5

Significant accounting policies, judgements, estimates and assumptions - Significant judgement: accounting for interests in other entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Investments in associates	$ 21,001	$ 18,975
Rosneft
Disclosure of associates [line items]
Voting shares held in associate	19.75%
Proportion of Economic Interest in Associate	22.03%	22.03%
Investments in associates	$ 14,354	$ 11,808
Rosneft \| JSC Rosneftegaz
Disclosure of associates [line items]
Voting shares held in associate	40.40%	40.40%
Aker BP [Member]
Disclosure of associates [line items]
Voting shares held in associate	27.85%
Estimate at acquisition date of proportion of voting rights held in associate	15.90%
Aker BP [Member] \| Assets and liabilities classified as held for sale [member]
Disclosure of associates [line items]
Investments in associates	$ 600

Significant accounting polici_6

Significant accounting policies, judgements, estimates and assumptions - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2021
Bottom of range [member] \| Patents, Licences, And Trademarks
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	3 years
Bottom of range [member] \| Computer software
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	3 years
Top of range [member] \| Patents, Licences, And Trademarks
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	15 years
Top of range [member] \| Computer software
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill, estimated useful lives	5 years

Significant accounting polici_7

Significant accounting policies, judgements, estimates and assumptions - Summary of useful lives of property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Land improvements \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	15 years
Land improvements \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	25 years
Buildings \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	20 years
Buildings \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	50 years
Refineries \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	20 years
Refineries \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	30 years
Pipelines \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	10 years
Pipelines \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	50 years
Service stations
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	15 years
Office equipment \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	3 years
Office equipment \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	10 years
Fixtures and fittings \| Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	5 years
Fixtures and fittings \| Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Useful lives of property, plant and equipment	15 years

Significant accounting polici_8

Significant accounting policies, judgements, estimates and assumptions - Impairment of property, plant and equipment, intangible assets, and goodwill (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)usd_per_bbl	Dec. 31, 2021USD ($)usd_per_mmBtu	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)usd_per_bbl	Dec. 31, 2020USD ($)usd_per_mmBtu
Disclosure of impairment loss and reversal of impairment loss [line items]
Discount rate used to determine recoverable costs, fair value less costs of disposal	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%
Carrying amount of oil and gas properties	$ 112,902	$ 112,902	$ 112,902	$ 112,902	$ 114,836	$ 114,836	$ 114,836
Nominal Inflation Rate Used in Determining Price Assumptions		2.00%			2.00%
Goodwill	12,373	$ 12,373	12,373	12,373	$ 12,480	$ 12,480	$ 12,480
gas & low carbon energy and oil production & operations [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Goodwill	$ 7,600	$ 7,600	$ 7,600	$ 7,600
Bottom of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Premium added to discount rate	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Discount rate used in current estimate of value in use	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%
Top of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Premium added to discount rate	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%
Discount rate used in current estimate of value in use	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%
Within one year
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing			70	4		50	3
Later than one year and not later than five years [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing			60	3		50	3
5 to 10 years
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing			60	3		60	3
Later than ten years and not later than twenty years
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing			55	3		60	3
Later than twenty years and not later than thirty years
Disclosure of impairment loss and reversal of impairment loss [line items]
Long-term price assumptions used in value-in-use impairment testing			45	2.75		50	2.75
Low carbon energy assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Discount rate used to determine recoverable costs, fair value less costs of disposal	4.00%	4.00%	4.00%	4.00%
Oil and gas properties with headroom equal to or less than 20% of carrying value
Disclosure of impairment loss and reversal of impairment loss [line items]
Carrying amount of oil and gas properties	$ 26,341	$ 26,341	$ 26,341	$ 26,341	$ 45,027	$ 45,027	$ 45,027
Oil and gas properties
Disclosure of impairment loss and reversal of impairment loss [line items]
Carrying amount of oil and gas properties	73,516	$ 73,516	$ 73,516	$ 73,516	$ 73,849	$ 73,849	$ 73,849
Percentage of headroom (less than or equal to)		20.00%
Ten Percentage Point Decrease \| Oil and gas properties \| Bottom of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows	(16,000)
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows, As A Percent Of Net Book Value Of Property, Plant And Equipment		14.00%
Ten Percentage Point Decrease \| Oil and gas properties \| Top of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows	(17,000)
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows, As A Percent Of Net Book Value Of Property, Plant And Equipment		15.00%
Ten Percentage Point Increase \| Oil and gas properties \| Bottom of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows	3,000
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows, As A Percent Of Net Book Value Of Property, Plant And Equipment		3.00%
Ten Percentage Point Increase \| Oil and gas properties \| Top of range [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows	4,000
Sensitivity Analysis, Effect Of Change In Price Assumptions And/Or Production Volumes Used To Estimate Revenue Cash Flows, As A Percent Of Net Book Value Of Property, Plant And Equipment		4.00%
One Percentage Point Increase
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis For Types Of Market Risk, Effect Of Change In Discount Rate Used To Estimate Impairment Charges	1,300
One Percentage Point Decrease
Disclosure of impairment loss and reversal of impairment loss [line items]
Sensitivity Analysis For Types Of Market Risk, Effect Of Change In Discount Rate Used To Estimate Impairment Charges	$ (600)

Significant accounting polici_9

Significant accounting policies, judgements, estimates and assumptions - Provisions and contingencies, decommissioning, environmental expenditures and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of other provisions [line items]
Nominal discount rate	2.00%	2.50%
Increase (decrease) in existing provisionsa	$ 5,343
Provisions, discounted cash flow, nominal interest rate	2.00%	2.50%
Liabilities for decommissioning costs, weighted average recognition period	17 years	18 years
Environmental expenditures and liabilities, weighted average recognition period	6 years	6 years
Provision For Decommissioning Costs, Nominal Rate Of Inflation	1.50%	1.50%
Provision For Costs Other Than Decommissioning, Nominal Rate Of Inflation	2.00%	2.00%
Change In nominal interest rate	50.00%
Reduction to provision through change in discount rate	$ 1,332
Charges for provisions, net of write-back of unused provisions, including change in discount rate	3,720	$ 2,502	$ 1,185
Provision for decommissioning \| Within ten years
Disclosure of other provisions [line items]
Provisions, undiscounted cash flow	5,300	3,900
Provision for decommissioning \| Ten to twenty years
Disclosure of other provisions [line items]
Provisions, undiscounted cash flow	6,900	7,700
Provision for decommissioning \| Later than twenty years
Disclosure of other provisions [line items]
Provisions, undiscounted cash flow	6,000	6,000
Assets previously sold \| Provision for decommissioning
Disclosure of other provisions [line items]
Increase (decrease) in existing provisionsa	500
0.5 percentage point increase [Member]
Disclosure of other provisions [line items]
Reduction to provision through change in discount rate	(1,400)	1,200
Increase (Decrease) Through Change In Discount Rate, Other Provisions, Impact On Income Statement	(400)	300
Change in timing of future expenditure [Member] \| Provision for decommissioning
Disclosure of other provisions [line items]
Charges for provisions, net of write-back of unused provisions, including change in discount rate	200	300
Ten Percentage Point Increase
Disclosure of other provisions [line items]
Increase (decrease) in provision for decommissioning costs, as result of increased expense	1,600	1,400
Increase (decrease) future decommissioning expenditure, impact on income statement	$ 400	$ 500

Significant accounting polic_10

Significant accounting policies, judgements, estimates and assumptions - Updates to significant accounting policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues	$ 157,739	$ 105,944		$ 159,307
Revenue And Other Operating Income, Gross, Pre-intersegment eliminations		125,919		190,029
Less: sales and other operating revenues between segments	0	0		0
Sales and other operating revenuesa	157,739	105,944	[1]	159,307	[1]
Revenue from contracts with customers	137,361	89,153		137,543
Other revenue	20,378	16,791		21,764
Purchasesa	92,923	57,682	[1]	90,582	[1]
Operating segments \| gas & low carbon energy
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues	30,840	16,275		27,045
Less: sales and other operating revenues between segments	(4,563)	(2,708)		(3,097)
Sales and other operating revenuesa	26,277	13,567		23,948
Operating segments \| oil production & operations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues	24,519	17,234		28,702
Less: sales and other operating revenues between segments	(22,408)	(15,879)		(25,870)
Sales and other operating revenuesa	2,111	1,355		2,832
Operating segments \| customers & products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues	130,095	90,744		132,864
Less: sales and other operating revenues between segments	(1,226)	(158)		(973)
Sales and other operating revenuesa	128,869	90,586		131,891
Other Business And Corporate, Non-Segment [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues	1,724	1,666		1,418
Less: sales and other operating revenues between segments	(1,242)	(1,230)		(782)
Sales and other operating revenuesa	482	436		636
Consolidation adjustment and eliminations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues	(29,439)	(19,975)		(30,722)
Less: sales and other operating revenues between segments	29,439	19,975		30,722
Sales and other operating revenuesa	0	0		0
Crude oil
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	5,483	5,048		9,141
Oil products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	101,418	63,564		102,408
Natural gas, LNG and NGLs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	24,378	10,762		15,156
Non-oil products and other revenues from contracts with customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 6,082	9,779		10,838
Revision of Prior Period, Adjustment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue And Other Operating Income, Gross, Pre-intersegment eliminations		(74,422)		(119,090)
Sales and other operating revenuesa		(74,422)		(119,090)
Revenue from contracts with customers		(2,025)		(5,084)
Other revenue		(72,397)		(114,006)
Purchasesa		(74,422)		(119,090)
Revision of Prior Period, Adjustment \| Operating segments \| gas & low carbon energy
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues		(2,192)		(1,057)
Less: sales and other operating revenues between segments		0		0
Sales and other operating revenuesa		(2,192)		(1,057)
Revision of Prior Period, Adjustment \| Operating segments \| oil production & operations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues		0		0
Less: sales and other operating revenues between segments		0		0
Sales and other operating revenuesa		0		0
Revision of Prior Period, Adjustment \| Operating segments \| customers & products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues		(72,230)		(118,033)
Less: sales and other operating revenues between segments		0		0
Sales and other operating revenuesa		(72,230)		(118,033)
Revision of Prior Period, Adjustment \| Other Business And Corporate, Non-Segment [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues		0		0
Less: sales and other operating revenues between segments		0		0
Sales and other operating revenuesa		0		0
Revision of Prior Period, Adjustment \| Consolidation adjustment and eliminations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Less: sales and other operating revenues between segments		0		0
Revision of Prior Period, Adjustment \| Crude oil
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		0		0
Revision of Prior Period, Adjustment \| Oil products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		0		0
Revision of Prior Period, Adjustment \| Natural gas, LNG and NGLs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		(1,964)		(3,753)
Revision of Prior Period, Adjustment \| Non-oil products and other revenues from contracts with customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		(61)		(1,331)
Previously reported
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue And Other Operating Income, Gross, Pre-intersegment eliminations		200,341		309,119
Sales and other operating revenuesa		180,366		278,397
Revenue from contracts with customers		91,178		142,627
Other revenue		89,188		135,770
Purchasesa		132,104		209,672
Previously reported \| Operating segments \| gas & low carbon energy
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues		18,467		28,102
Less: sales and other operating revenues between segments		(2,708)		(3,097)
Sales and other operating revenuesa		15,759		25,005
Previously reported \| Operating segments \| oil production & operations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues		17,234		28,702
Less: sales and other operating revenues between segments		(15,879)		(25,870)
Sales and other operating revenuesa		1,355		2,832
Previously reported \| Operating segments \| customers & products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues		162,974		250,897
Less: sales and other operating revenues between segments		(158)		(973)
Sales and other operating revenuesa		162,816		249,924
Previously reported \| Other Business And Corporate, Non-Segment [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Sales and other operating revenues		1,666		1,418
Less: sales and other operating revenues between segments		(1,230)		(782)
Sales and other operating revenuesa		436		636
Previously reported \| Consolidation adjustment and eliminations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Less: sales and other operating revenues between segments		19,975		30,722
Previously reported \| Crude oil
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		5,048		9,141
Previously reported \| Oil products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		63,564		102,408
Previously reported \| Natural gas, LNG and NGLs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		12,726		18,909
Previously reported \| Non-oil products and other revenues from contracts with customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers		$ 9,840		$ 12,169

[1]	2020 and 2019 numbers have been restated as a result of changes to the presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy .

Non-current assets held for s_3

Non-current assets held for sale - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Assets and liabilities held for sale [Line Items]
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	$ 1,652	$ 1,326
Liabilities included in disposal groups classified as held for sale	359	$ 46
PTT Exploration and Production Public Company Limited
Assets and liabilities held for sale [Line Items]
Consideration paid (received)	2,400
Aker BP [Member]
Assets and liabilities held for sale [Line Items]
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	$ 595
Proportion of ownership interest in associate	27.90%
Expected proportion of ownership interest in associate	15.90%
Rumaila [Member]
Assets and liabilities held for sale [Line Items]
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	$ 1,009
Liabilities included in disposal groups classified as held for sale	$ 333
Block 61
Assets and liabilities held for sale [Line Items]
proportion of participating interest classified as held for sale		20.00%
Ownership percentage in subsidiary		60.00%

Non-current assets held for s_4

Non-current assets held for sale (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets and liabilities held for sale [Line Items]
Property, plant and equipment	$ 112,902	$ 114,836
Goodwill	12,373	12,480
Investments in associates	21,001	18,975
Inventories	23,711	16,873
Trade and other receivables	27,139	17,948
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	1,652	1,326
Trade and other current payables	(52,611)	(36,014)
Lease liabilities	(8,611)	(9,262)
Current provisions	(5,256)	(3,761)
Liabilities included in disposal groups classified as held for sale	(359)	(46)
Non-current assets held for sale [member]
Assets and liabilities held for sale [Line Items]
Property, plant and equipment	35	1,099
Goodwill	137	199
Investments in associates	632	0
Inventories	152	0
Trade and other receivables	696	28
Trade and other current payables	(238)	(36)
Lease liabilities	(74)	0
Current provisions	$ (47)	$ (10)

Disposals and impairment - Sche

Disposals and impairment - Schedule of amounts recognized in the income statement in respect of disposals and impairments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	$ 1,876	$ 2,874	$ 193
Losses on sale of businesses and fixed assets, and closures	230	681	1,359
Impairment losses	3,476	13,789	6,847
Impairment reversals	(4,827)	(89)	(131)
Impairment and losses on sale of businesses and fixed assets, and closures	(1,121)	14,381	8,075
gas & low carbon energy
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	1,034	0	0
Losses on sale of businesses and fixed assets, and closures	1	9	884
Impairment losses	834	6,214	387
Impairment reversals	(2,338)	(3)	0
oil production & operations
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	869	360	143
Losses on sale of businesses and fixed assets, and closures	86	375	409
Impairment losses	1,617	6,723	6,365
Impairment reversals	(2,479)	(86)	(131)
customers & products
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	(52)	2,320	50
Losses on sale of businesses and fixed assets, and closures	142	296	57
Impairment losses	962	840	65
Impairment reversals	(7)	0	0
other businesses & corporate
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gains on sale of businesses and fixed assets	25	194	0
Losses on sale of businesses and fixed assets, and closures	1	1	9
Impairment losses	63	12	30
Impairment reversals	$ (3)	$ 0	$ 0

Disposals and impairment - Sc_2

Disposals and impairment - Schedule of proceeds and principal gains and losses on disposals by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposals of fixed assets	$ 1,145	$ 491	$ 500
Proceeds from disposals of businesses, net of cash disposed	5,812	4,989	1,701
Proceeds from disposal of fixed assets and businesses, net of cash disposed	6,957	5,480	2,201
gas & low carbon energy
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposal of fixed assets and businesses, net of cash disposed	2,425	38	565
oil production & operations
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposal of fixed assets and businesses, net of cash disposed	3,022	1,157	1,472
customers & products
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposal of fixed assets and businesses, net of cash disposed	1,050	3,959	152
other businesses & corporate
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Proceeds from disposal of fixed assets and businesses, net of cash disposed	$ 460	$ 326	$ 12

Disposals and impairment - Narr

Disposals and impairment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	$ 5,812	$ 4,989	$ 1,701
Deferred consideration relating to the disposals, receivable within one year	205	1,291	159
Deferred consideration relating to the disposals, receivable after one year	823	2,402	125
Contingent consideration receivable relating to disposals	1,917	1,999	598
Trade and other receivables	2,693	4,351
Assets	287,272	267,654
Liabilities	196,833	182,086
Gains on sale of businesses and fixed assets	1,876	2,874	193
Losses on sale of businesses and fixed assets, and closures	230	681	1,359
Impairment losses	3,476	13,789	6,847
Reversal of impairment loss	4,827	89	131
Discontinued operations [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	5,812	4,989	1,701
gas & low carbon energy
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	1,034	0	0
Losses on sale of businesses and fixed assets, and closures	1	9	884
Impairment losses	834	6,214	387
Reversal of impairment loss	2,338	3	0
Recoverable amount of impaired cash-generating units based on value-in-use	7,365
Recoverable amount of asset or cash-generating unit	17,330	13,563
gas & low carbon energy \| Mauritania & Senegal
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses		1,909
gas & low carbon energy \| India
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses		1,313
gas & low carbon energy \| Trinidad and Tobago
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses		2,416
Reversal of impairment loss	600
oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	869	360	143
Gains on disposal, relating to fair value movements on deferred and contingent consideration	502	166
Losses on sale of businesses and fixed assets, and closures	86	375	409
Loss on likely disposal of exploration asset		120
Impairment losses	1,617	6,723	6,365
Reversal of impairment loss	2,479	86	131
Recoverable amount of impaired cash-generating units based on value-in-use	6,760
Recoverable amount of asset or cash-generating unit	16,586
Impairment loss due to portfolio changes	1,109
Impairment loss recognised in profit or loss, goodwill			355
oil production & operations \| Aker BP [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	$ 171
oil production & operations \| Discontinued operations [member] \| Aker BP [Member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in associate	2.10%
oil production & operations \| North Sea
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses		2,796
oil production & operations \| US
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures		78
Impairment losses		2,744
oil production & operations \| Canada
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses		865
oil production & operations \| Brazil
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	$ 100
customers & products
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	(52)	2,320	50
Losses on sale of businesses and fixed assets, and closures	142	296	57
Impairment losses	962	840	65
Reversal of impairment loss	7	0	0
Impairment loss due to portfolio changes	595
other businesses & corporate
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	25	194	0
Losses on sale of businesses and fixed assets, and closures	1	1	9
Impairment losses	63	12	30
Reversal of impairment loss	3	0	0
Block 61 \| Oman
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	$ 2,364
Ownership percentage in subsidiary	60.00%
Block 61 \| Oman \| Discontinued operations [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proportion of ownership interest in associate	20.00%
Block 61 \| gas & low carbon energy \| Oman
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	$ 1,031
Alaska
Disclosure of impairment loss and reversal of impairment loss [line items]
Assets	547
Liabilities	598
Alaska \| Discontinued operations [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	2,177
Trade and other receivables	1,675
Alaska \| oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets		130
Losses on sale of businesses and fixed assets, and closures			171
Impairment losses			1,264
Petrochemicals \| Discontinued operations [member]
Disclosure of impairment loss and reversal of impairment loss [line items]
Proceeds from disposals of businesses, net of cash disposed	872
Petrochemicals \| customers & products
Disclosure of impairment loss and reversal of impairment loss [line items]
Gains on sale of businesses and fixed assets	2,300
North Sea \| oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures		$ 134
Reversal of impairment loss	950
Bruce, Keith and Devinick [Member] \| oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures			191
Kwinana \| customers & products
Disclosure of impairment loss and reversal of impairment loss [line items]
Losses on sale of businesses and fixed assets, and closures			229
Tortue \| gas & low carbon energy \| Mauritania & Senegal
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses	819
KGD6 \| gas & low carbon energy \| India
Disclosure of impairment loss and reversal of impairment loss [line items]
Reversal of impairment loss	1,229
BPX Energy [Member] \| oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses			$ 4,703
Reversal of impairment loss	1,356
Hawkville [Member] \| oil production & operations
Disclosure of impairment loss and reversal of impairment loss [line items]
Reversal of impairment loss	$ 982

Disposals and impairment - Summ

Disposals and impairment - Summary of financial information relating to the sale of businesses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	$ 194,682	$ 194,672
Current assets	92,590	72,982
Non-current liabilities	(116,546)	(122,287)
Current liabilities	(80,287)	(59,799)
Net assets	90,439	85,568
Recycling of foreign exchange on disposal	(345)	(38)	$ (37)
Proceeds from the sale of businesses, net of cash disposed	5,812	4,989	1,701
Discontinued operations [member]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Non-current assets	1,620	9,092	1,653
Current assets	69	1,539	507
Non-current liabilities	(287)	(1,639)	(257)
Current liabilities	(3)	(782)	(108)
Net assets	1,399	8,210	1,795
Recycling of foreign exchange on disposal	35	(328)	880
Costs on disposal	(5)	13	190
Total carrying amount of net assets disposed, including foreign exchange and cost of disposal	1,429	7,895	2,865
Gains (losses) on sale of businesses	1,632	2,570	(1,190)
Total consideration	3,061	10,465	1,675
Non-cash consideration	(108)	(219)	(938)
Consideration received (receivable)	2,859	(5,257)	964
Proceeds from the sale of businesses, net of cash disposed	5,812	4,989	1,701
Cash and cash equivalents disposed of	2	101	$ 30
Discontinued operations [member] \| Alaska
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Consideration received (receivable)		$ 633
Proceeds from the sale of businesses, net of cash disposed	$ 2,177

Segmental analysis - Results by

Segmental analysis - Results by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Segment revenues
Sales and other operating revenues	$ 157,739	$ 105,944		$ 159,307
Less: sales and other operating revenues between segments	0	0		0
Third party sales and other operating revenues	157,739	105,944	[1]	159,307	[1]
Earnings from joint ventures and associates – after interest and tax	3,999	(403)		3,257
Segment results
Replacement cost profit (loss) before interest and taxation	14,427	(18,872)		11,039
Inventory holding gains (losses)	3,655	(2,868)		667
Profit (loss) before interest and taxation	18,082	(21,740)		11,706
Finance costs	(2,857)	(3,115)		(3,489)
Net finance expense relating to pensions and other post-retirement benefits	2	(33)		(63)
Profit (loss) before taxation	15,227	(24,888)		8,154
Other income statement items
Depreciation, depletion and amortization	14,805	14,889		17,780
Charges for provisions, net of write-back of unused provisions, including change in discount rate	3,720	2,502		1,185
Segment assets
Investments in joint ventures and associates	30,983	27,337		30,325
Additions to non-current assets	16,000	14,757		22,613
US
Segment revenues
Third party sales and other operating revenues	53,748	27,413		47,951
Other income statement items
Depreciation, depletion and amortization	4,697	5,194		6,062
Non-US
Segment revenues
Third party sales and other operating revenues	103,991	78,531		111,356
Other income statement items
Depreciation, depletion and amortization	10,108	9,695		11,718
Operating segments \| gas & low carbon energy
Segment revenues
Sales and other operating revenues	30,840	16,275		27,045
Less: sales and other operating revenues between segments	(4,563)	(2,708)		(3,097)
Third party sales and other operating revenues	26,277	13,567		23,948
Earnings from joint ventures and associates – after interest and tax	426	(45)		81
Segment results
Replacement cost profit (loss) before interest and taxation	2,133	(7,068)		2,945
Inventory holding gains (losses)	33	19		(6)
Profit (loss) before interest and taxation	2,166	(7,049)		2,939
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	173	(2)		(9)
Segment assets
Investments in joint ventures and associates	5,224	3,663		4,695
Additions to non-current assets	4,963	3,507		7,609
Operating segments \| gas & low carbon energy \| US
Other income statement items
Depreciation, depletion and amortization	80	96		79
Operating segments \| gas & low carbon energy \| Non-US
Other income statement items
Depreciation, depletion and amortization	4,384	3,361		5,067
Operating segments \| oil production & operations
Segment revenues
Sales and other operating revenues	24,519	17,234		28,702
Less: sales and other operating revenues between segments	(22,408)	(15,879)		(25,870)
Third party sales and other operating revenues	2,111	1,355		2,832
Earnings from joint ventures and associates – after interest and tax	576	(327)		518
Segment results
Replacement cost profit (loss) before interest and taxation	10,501	(14,583)		1,049
Inventory holding gains (losses)	8	(2)		(2)
Profit (loss) before interest and taxation	10,509	(14,585)		1,047
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	7	58		127
Segment assets
Investments in joint ventures and associates	8,044	8,154		9,038
Additions to non-current assets	6,090	5,321		9,705
Operating segments \| oil production & operations \| US
Other income statement items
Depreciation, depletion and amortization	3,174	3,700		4,614
Operating segments \| oil production & operations \| Non-US
Other income statement items
Depreciation, depletion and amortization	3,354	4,087		4,552
Operating segments \| customers & products
Segment revenues
Sales and other operating revenues	130,095	90,744		132,864
Less: sales and other operating revenues between segments	(1,226)	(158)		(973)
Third party sales and other operating revenues	128,869	90,586		131,891
Earnings from joint ventures and associates – after interest and tax	385	214		374
Segment results
Replacement cost profit (loss) before interest and taxation	2,208	3,418		6,502
Inventory holding gains (losses)	3,355	(2,796)		685
Profit (loss) before interest and taxation	5,563	622		7,187
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	3,063	1,903		507
Segment assets
Investments in joint ventures and associates	3,291	3,671		3,609
Additions to non-current assets	3,940	5,359		4,011
Operating segments \| customers & products \| US
Other income statement items
Depreciation, depletion and amortization	1,349	1,359		1,335
Operating segments \| customers & products \| Non-US
Other income statement items
Depreciation, depletion and amortization	1,651	1,631		1,586
Operating segments \| Rosneft
Segment revenues
Sales and other operating revenues	0	0		0
Less: sales and other operating revenues between segments	0	0		0
Third party sales and other operating revenues	0	0		0
Earnings from joint ventures and associates – after interest and tax	2,694	(229)		2,295
Segment results
Replacement cost profit (loss) before interest and taxation	2,429	(149)		2,316
Inventory holding gains (losses)	259	(89)		(10)
Profit (loss) before interest and taxation	2,688	(238)		2,306
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	0	0		0
Segment assets
Investments in joint ventures and associates	14,354	11,808		12,927
Additions to non-current assets	0	0		0
Operating segments \| Rosneft \| US
Other income statement items
Depreciation, depletion and amortization	0	0		0
Operating segments \| Rosneft \| Non-US
Other income statement items
Depreciation, depletion and amortization	0	0		0
Consolidation adjustment and eliminations
Segment revenues
Sales and other operating revenues	(29,439)	(19,975)		(30,722)
Less: sales and other operating revenues between segments	29,439	19,975		30,722
Third party sales and other operating revenues	0	0		0
Earnings from joint ventures and associates – after interest and tax	0	0		0
Segment results
Replacement cost profit (loss) before interest and taxation	(67)	89		75
Inventory holding gains (losses)	0	0		0
Profit (loss) before interest and taxation	(67)	89		75
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	0	0		0
Segment assets
Investments in joint ventures and associates	0	0		0
Additions to non-current assets	0	0		0
Consolidation adjustment and eliminations \| US
Other income statement items
Depreciation, depletion and amortization	0	0		0
Consolidation adjustment and eliminations \| Non-US
Other income statement items
Depreciation, depletion and amortization	0	0		0
other businesses & corporate
Segment revenues
Sales and other operating revenues	1,724	1,666		1,418
Less: sales and other operating revenues between segments	(1,242)	(1,230)		(782)
Third party sales and other operating revenues	482	436		636
Earnings from joint ventures and associates – after interest and tax	(82)	(16)		(11)
Segment results
Replacement cost profit (loss) before interest and taxation	(2,777)	(579)		(1,848)
Inventory holding gains (losses)	0	0		0
Profit (loss) before interest and taxation	(2,777)	(579)		(1,848)
Other income statement items
Charges for provisions, net of write-back of unused provisions, including change in discount rate	477	543		560
Segment assets
Investments in joint ventures and associates	70	41		56
Additions to non-current assets	1,007	570		1,288
other businesses & corporate \| US
Other income statement items
Depreciation, depletion and amortization	94	39		34
other businesses & corporate \| Non-US
Other income statement items
Depreciation, depletion and amortization	$ 719	$ 616		$ 513

[1]	2020 and 2019 numbers have been restated as a result of changes to the presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy .

Segmental analysis - Results _2

Segmental analysis - Results by Geographical Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure of geographical areas [line items]
Sales and other operating revenuesa	$ 157,739	$ 105,944	[1]	$ 159,307	[1]
Production and similar taxes	1,308	695		1,547
Non-current assets	163,188	161,279		191,155
US
Disclosure of geographical areas [line items]
Sales and other operating revenuesa	53,748	27,413		47,951
Production and similar taxes	108	57		315
Non-current assets	54,395	52,493		57,757
Non-US
Disclosure of geographical areas [line items]
Sales and other operating revenuesa	103,991	78,531		111,356
Production and similar taxes	1,200	638		1,232
Non-current assets	108,793	108,786		133,398
United Kingdom
Disclosure of geographical areas [line items]
Sales and other operating revenuesa	11,248	13,836		17,169
Non-current assets	$ 19,530	$ 19,583		$ 22,881

[1]	2020 and 2019 numbers have been restated as a result of changes to the presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy .

Sales and other operating rev_3

Sales and other operating revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 137,361	$ 89,153		$ 137,543
Other revenue	20,378	16,791		21,764
Sales and other operating revenuesa	157,739	105,944	[1]	159,307	[1]
Crude oil
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	5,483	5,048		9,141
Oil products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	101,418	63,564		102,408
Natural gas, LNG and NGLs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	24,378	10,762		15,156
Non-oil products and other revenues from contracts with customers
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	$ 6,082	$ 9,779		$ 10,838

[1]	2020 and 2019 numbers have been restated as a result of changes to the presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy .

Income statement analysis - Sum

Income statement analysis - Summary of non-operating income and expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest and other income
Other income	$ 355	$ 423	$ 349
Finance income	581	663	769
Currency exchange losses charged to the income statementa	345	38	37
Expenditure on research and development	266	332	364
Finance costs
Interest payable on lease liabilities	288	337	379
Interest costs capitalised	(287)	(345)	(374)
Other finance cost	145	0	0
Expense due to unwinding of discount on provisions	391	437	505
Expense Due To Unwinding Of Other Payables Measured At Amortized Cost	500	520	569
Finance costs	$ 2,857	$ 3,115	$ 3,489
Capitalisation rate of borrowing costs eligible for capitalisation	2.63%	2.75%	3.50%
Interest Expense, Repayment Of Borrowings	$ 195	$ 158
Tax relief on capitalized interest	66	83	$ 51
Measured at amortized cost
Interest and other income
Interest income	221	215	371
Financial assets at fair value, class [member]
Interest and other income
Interest income	5	25	49
Financial liabilities at amortised cost, class [member]
Finance costs
Interest payable on other liabilities measured at amortized cost	1,820	2,166	2,410
Gulf of Mexico Oil Spill
Interest and other income
Costs relating to Gulf of Mexico oil spill, pre-interest and tax	$ 70	$ 255	$ 319

Exploration for and evaluatio_3

Exploration for and evaluation of oil and natural gas resources - Summary of exploration and evaluation information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Exploration and evaluation costs
Exploration expenditure written off	$ 167	$ 9,920	$ 631
Exploration expense	424	10,280	964
Intangible assets	6,451	6,093	15,539
Exploration expenditure written off	167	9,920	631
Exploration and appraisal expenditure
Exploration and evaluation costs
Intangible assets	4,289	4,113	14,091
gas & low carbon energy and oil production & operations [Member]
Exploration and evaluation costs
Exploration expenditure written off	167	9,920	631
Other exploration costs	257	360	333
Exploration expense	424	10,280	964
Liabilities	98	71	73
Net assets	4,191	4,042	14,018
Cash used in operating activities	257	360	333
Cash used in investing activities	260	674	1,215
Exploration expenditure written off	167	9,920	631
gas & low carbon energy and oil production & operations [Member] \| Exploration and appraisal expenditure
Exploration and evaluation costs
Impairment losses	1	156	2
Intangible assets	4,289	4,113	14,091
gas & low carbon energy and oil production & operations [Member] \| Gulf of Mexico \| Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off		2,643
Exploration expenditure written off		2,643
gas & low carbon energy and oil production & operations [Member] \| Canada \| Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off		2,539
Intangible assets			$ 2,500
Exploration expenditure written off		2,539
gas & low carbon energy and oil production & operations [Member] \| Brazil \| Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off		2,141
Exploration expenditure written off		2,141
gas & low carbon energy and oil production & operations [Member] \| Egypt \| Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off		952
Exploration expenditure written off		952
gas & low carbon energy and oil production & operations [Member] \| Angola \| Exploration and appraisal expenditure
Exploration and evaluation costs
Exploration expenditure written off		832
Exploration expenditure written off		832
gas & low carbon energy and oil production & operations [Member] \| Middle East
Exploration and evaluation costs
Intangible assets	$ 700	$ 700

Taxation - Disclosure of major

Taxation - Disclosure of major components of tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax
Charge for the year	$ 4,808	$ 2,095	$ 5,316
Adjustment in respect of prior years	138	50	(68)
Current tax	4,946	2,145	5,248
Deferred tax
Origination and reversal of temporary differences in the current year	3,366	(7,826)	(1,190)
Adjustment in respect of prior years	(1,572)	1,522	(94)
Deferred tax expense (income) recognised in profit or loss	1,794	(6,304)	(1,284)
Tax charge (credit) on profit or loss	$ 6,740	$ (4,159)	$ 3,964

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Taxation - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax charge (credit) recognized within other comprehensive income	$ 1,252	$ 39	$ 227
Tax recognized directly in equity	170	154	$ 37
Deferred tax assets	6,410	7,744
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	6,342	7,659
US
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	2,224	3,906
UK
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	892
India
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	762	707
Angola
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period	$ 541
Australia
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period		637
Trinidad and Tobago
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets in entities which have suffered a loss in either the current or preceding period		$ 588

Taxation - Disclosure of reconc

Taxation - Disclosure of reconciliation of items affected by overall tax credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Profit (loss) before taxation	$ 15,227	$ (24,888)	$ 8,154
Tax charge (credit) on profit or loss	$ 6,740	$ (4,159)	$ 3,964
Effective tax rate	44.00%	17.00%	49.00%
Tax rate computed at the weighted average statutory rate	54.00%	31.00%	52.00%
Increase (decrease) resulting from
Tax reported in equity-accounted entitiesb c	(0.03)	0	(0.04)
Adjustments in respect of prior years	(9.00%)	(6.00%)	(2.00%)
Deferred tax not recognized	0.08	(0.03)	(0.02)
Tax incentives for investment	(0.01)	0.01	(0.03)
Tax rate effect of disposals	(0.04)	0	0.01
Items not deductible for tax purposes	1.00%	(3.00%)	4.00%
Other	(2.00%)	(3.00%)	3.00%

Taxation - Disclosure of moveme

Taxation - Disclosure of movement in net deferred tax liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax liability, beginning of period	$ (913)	$ 5,190
Exchange adjustments	9	55
Charge (credit) for the year in the income statement	1,794	(6,304)	$ (1,284)
Charge for the year in other comprehensive income	1,302	48
Charge for the year in equity	170	154
Acquisitions and disposals	8	(56)
Net deferred tax liability, end of period	$ 2,370	$ (913)	$ 5,190

Taxation - Disclosure of deferr

Taxation - Disclosure of deferred tax in the income statement and the balance sheet by category of temporary difference (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	$ 1,794	$ (6,304)	$ (1,284)
Balance sheet
Deferred tax liability	8,780	6,831
Deferred tax asset	(6,410)	(7,744)
Deferred tax liability (asset)	2,370	(913)	5,190
Before Offset Amount
Balance sheet
Deferred tax liability	21,980	19,677
Deferred tax asset	(19,610)	(20,590)
Before Offset Amount \| Temporary Differences, Deferred Tax Liability
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	1,151	(7,225)	(1,279)
Before Offset Amount \| Depreciation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	899	(7,295)	(1,436)
Balance sheet
Deferred tax liability	16,276	15,361
Before Offset Amount \| Pension plan surpluses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	105	69	(31)
Balance sheet
Deferred tax liability	3,898	2,691
Before Offset Amount \| Derivative financial instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(33)	33	29
Balance sheet
Deferred tax liability	24	63
Before Offset Amount \| Other taxable temporary differencesa
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	180	(32)	159
Balance sheet
Deferred tax liability	1,782	1,562
Before Offset Amount \| Temporary Differences, Deferred Tax Assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	643	921	(5)
Before Offset Amount \| Depreciation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(846)	(849)	0
Balance sheet
Deferred tax asset	(1,678)	(849)
Before Offset Amount \| Lease Liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(43)	286	264
Balance sheet
Deferred tax asset	(1,128)	(1,122)
Before Offset Amount \| Pension plan and other post-retirement benefit plan deficits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	119	2	62
Balance sheet
Deferred tax asset	(1,221)	(1,548)
Before Offset Amount \| Decommissioning, environmental and other provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(744)	438	(472)
Balance sheet
Deferred tax asset	(7,891)	(7,155)
Before Offset Amount \| Derivative financial instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(9)	0	63
Balance sheet
Deferred tax asset	(75)	(25)
Before Offset Amount \| Tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	1,282	310	(336)
Balance sheet
Deferred tax asset	(2,359)	(3,652)
Before Offset Amount \| Loss carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	1,064	543	12
Balance sheet
Deferred tax asset	(4,202)	(5,319)
Before Offset Amount \| Other deductible temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Charge (credit) for the year in the income statement	(180)	191	$ 402
Balance sheet
Deferred tax asset	(1,056)	(920)
Gulf of Mexico Oil Spill
Balance sheet
Deferred tax asset	$ (3,959)	$ (5,471)

Taxation - Disclosure of tempor

Taxation - Disclosure of temporary differences, unused tax credits and unused tax losses (Details) - USD ($) $ in Billions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax credits for which no deferred tax asset recognised	$ 28.2	$ 26.9
Taxable temporary differences associated with investments in subsidiaries and equity-accounted entities	0.7	0.8
Fixed Asset Related Temporary Differences [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible temporary differences	49	46.1
UK Tax Authority
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax credits for which no deferred tax asset recognised	24.6	23
Internal Revenue Service (IRS) \| US Tax Authority
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses for which no deferred tax asset recognised	2.5	2.4
Unused tax credits for which no deferred tax asset recognised	$ 3.6	3.9
Internal Revenue Service (IRS) \| US Tax Authority \| Bottom of range [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate computed at the weighted average statutory ratea	3.00%
Internal Revenue Service (IRS) \| US Tax Authority \| Top of range [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate computed at the weighted average statutory ratea	10.00%
Her Majesty's Revenue and Customs, And Other Foreign Tax Authorities, Excluding Internal Revenue Service
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses for which no deferred tax asset recognised	$ 6	$ 6

Taxation - Disclosure of unreco

Taxation - Disclosure of unrecognized deferred tax or write-down of deferred tax assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Abstract]
Current tax benefit relating to the utilization of previously unrecognized deferred tax assets	$ 331	$ 46	$ 272
Deferred tax benefit arising from the reversal of a previous write-down of deferred tax assets	773	11	96
Deferred tax benefit relating to the recognition of previously unrecognized deferred tax assets	820	0	364
Deferred tax expense arising from the write-down of a previously recognized deferred tax asset	$ 29	$ 1,622	$ 73

Dividends - Narrative (Details)

Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Current dividend payables	$ 62	$ 50
Ordinary Shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in USD per share)	$ 0.0546
American Depositary Share
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in USD per share)	$ 0.3276

Dividends - Schedule of dividen

Dividends - Schedule of dividends announced and paid (Details) $ / shares in Units, $ in Millions	3 Months Ended																									12 Months Ended
	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2021£ / shares	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2021£ / shares	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2021£ / shares	Mar. 31, 2021USD ($)$ / shares	Mar. 31, 2021£ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2020£ / shares	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2020£ / shares	Jun. 30, 2020USD ($)$ / shares	Jun. 30, 2020£ / shares	Mar. 31, 2020USD ($)$ / shares	Mar. 31, 2020£ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2019£ / shares	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2019£ / shares	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2019£ / shares	Mar. 31, 2019USD ($)$ / shares	Mar. 31, 2019£ / shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2021£ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2020£ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2019£ / shares
Disclosure of classes of share capital [line items]
Quarterly dividend paid per ordinary share (in Pence and USD per share) \| (per share)		$ 0.0546	£ 0.041045	$ 0.0546	£ 0.039529	$ 0.0525	£ 0.037118	$ 0.0525	£ 0.037684	$ 0.0525	£ 0.039169	$ 0.0525	£ 0.040433	$ 0.1050	£ 0.083421	$ 0.1050	£ 0.081558	$ 0.1025	£ 0.078250	$ 0.1025	£ 0.083475	$ 0.1025	£ 0.080655	$ 0.1025	£ 0.077382	$ 0.2142	£ 0.155376	$ 0.3150	£ 0.244581	$ 0.4100	£ 0.319762
Dividend paid per ordinary share		$ 1,077		$ 1,100		$ 1,062		$ 1,063		$ 1,059		$ 1,059		$ 2,119		$ 2,102		$ 2,075		$ 1,656		$ 1,779		$ 1,435		$ 4,304		$ 6,340		$ 6,946
Preference shares
Disclosure of classes of share capital [line items]
Dividends paid, other than ordinary shares																										$ 2		$ 1		$ 1
Ordinary Shares
Disclosure of classes of share capital [line items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share \| $ / shares																										$ 0.0546
Subsequent Event
Disclosure of classes of share capital [line items]
Dividend paid per ordinary share	$ 1,065

Dividends - Schedule of scrip d

Dividends - Schedule of scrip dividends issued (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interim Financial Reporting [Abstract]
Number of shares issued (in shares)	0	0	208,927
Value of shares issued	$ 0	$ 0	$ 1,387

Earnings per share - Earnings p

Earnings per share - Earnings per share, basic and diluted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Ordinary Shares
Earnings per share [line items]
Basic earnings (loss) per share (USD per share)	$ 0.3757	$ (1.0042)	$ 0.1984
Diluted earnings (loss) per share (USD per share)	0.3733	(1.0042)	0.1973
American Depositary Share
Earnings per share [line items]
Basic earnings (loss) per share (USD per share)	2.25	(6.03)	1.19
Diluted earnings (loss) per share (USD per share)	$ 2.24	$ (6.03)	$ 1.18

Earnings per share - Weighted a

Earnings per share - Weighted average number of shares outstanding reconciliation (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per share [line items]
bp shareholders	$ 7,565	$ (20,305)	$ 4,026
Less: dividend requirements on preference shares	2	1	1
Profit for the year attributable to bp ordinary shareholders	$ 7,563	$ (20,306)	$ 4,025
Ordinary Shares
Earnings per share [line items]
Basic weighted average number of ordinary shares (in shares)	20,128,862	20,221,514	20,284,859
Potential dilutive effect of ordinary shares issuable under employee share-based payment plans (in shares)	131,526	0	114,811
Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share (in shares)	20,260,388	20,221,514	20,399,670
American Depositary Share
Earnings per share [line items]
Basic weighted average number of ordinary shares (in shares)	3,354,810	3,370,252	3,380,809
Potential dilutive effect of ordinary shares issuable under employee share-based payment plans (in shares)	21,921	0	19,136
Weighted average number of ordinary shares outstanding used to calculate diluted earnings per share (in shares)	3,376,731	3,370,252	3,399,945

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	2 Months Ended		12 Months Ended
Earnings per share - Narrative (Details) - shares	Feb. 25, 2022	Feb. 25, 2021	Dec. 31, 2021
Equity-Settled Share-Based Payment Arrangement, Share Unit
Earnings per share [line items]
Performance or restricted period			3 years
Ordinary Shares
Earnings per share [line items]
Number of ordinary shares outstanding (in shares)			19,642,221,041
Ordinary Shares \| Subsequent Event
Earnings per share [line items]
Net increase in the number of ordinary shares outstanding (in shares)	217,722,532
Decrease in number of ordinary shares outstanding (in shares)		15,265,059

Earnings per share - Dilutive e

Earnings per share - Dilutive effect of share options (Details)	12 Months Ended
	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2021shares£ / shares	Dec. 31, 2020shares£ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of ordinary share equivalents per American Depositary Share (in shares)	6		6
Quoted market price (gbp per share) \| £ / shares			£ 3.31	£ 2.55
Equity-Settled Share-Based Payment Arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding (in shares)	590,961,000	28,171,000	590,961,000	28,171,000
Weighted average exercise price of share options outstanding in share-based payment arrangement \| $ / shares	$ 4.26	$ 3.79
Number of options exercisable (in shares)	1,080,000	1,874,000	1,080,000	1,874,000
Weighted average exercise price of share options exercisable in share-based payment arrangement \| $ / shares	$ 4.73	$ 5.02
Dilutive effect (in shares)	3,588,000	2,497,000

Earnings per share - Dilutive_2

Earnings per share - Dilutive effect of share units (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [line items]
Number of ordinary share equivalents per American Depositary Share (in shares)	6
Equity-Settled Share-Based Payment Arrangement, Share Unit
Earnings per share [line items]
Number of equity instruments other than options, expected to vest within one year (in shares)	92,210,000	87,517,000
Number of equity instruments other than options, expected to vest within two years (in shares)	149,077,000	85,720,000
Number of equity instruments other than options, expected to vest within three years (in shares)	179,449,000	147,097,000
Number of equity instruments other than options, expected to vest within four years (in shares)	109,265,000	749,000
Number of equity instruments other than options, expected to vest over four years (in shares)	928,000	349,000
Number of equity instruments other than options, expected to vest (in shares)	530,929,000	321,432,000
Dilutive effect (in shares)	152,899,000	104,068,000

Property, plant and equipment -

Property, plant and equipment - Summary of property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	$ 114,836
Ending balance, property, plant and equipment	112,902	$ 114,836
Land and land improvements
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,180
Ending balance, property, plant and equipment	3,007	3,180
Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	1,833
Ending balance, property, plant and equipment	1,922	1,833
Oil and gas properties
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	73,849
Ending balance, property, plant and equipment	73,516	73,849
Plant, Machinery & Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	23,675
Ending balance, property, plant and equipment	22,813	23,675
Fixtures, fittings and office equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	594
Ending balance, property, plant and equipment	454	594
Transportation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,523
Ending balance, property, plant and equipment	3,158	3,523
Oil depots, storage tanks and service stations
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	8,182
Ending balance, property, plant and equipment	8,032	8,182
Assets under construction
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	17,259
Ending balance, property, plant and equipment	19,704	17,259
Property plant and equipment not subject to operating leases
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	106,145
Ending balance, property, plant and equipment	104,820	106,145
Property plant and equipment not subject to operating leases \| Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	278,062	280,807
Exchange adjustments	(1,634)	1,670
Additions	11,218	10,124
Acquisitions	1	514
Transfers from intangible assets	38	605
Reclassified as assets held for sale	7,399	1,425
Deletions and disposals	(7,752)	(14,233)
Ending balance, property, plant and equipment	272,534	278,062
Property plant and equipment not subject to operating leases \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(171,917)	(157,186)
Exchange adjustments	815	(879)
Charge for the year	12,531	12,526
Reclassified as assets held for sale	(7,399)	(326)
Impairment losses	3,297	12,475
Impairment reversals	(4,827)	(89)
Deletions and disposals	6,990	10,734
Ending balance, property, plant and equipment	(167,714)	(171,917)
Property plant and equipment not subject to operating leases \| Land and land improvements
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,180
Ending balance, property, plant and equipment	3,007	3,180
Property plant and equipment not subject to operating leases \| Land and land improvements \| Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,872	3,609
Exchange adjustments	(205)	219
Additions	68	101
Acquisitions	0	89
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(22)	(146)
Ending balance, property, plant and equipment	3,713	3,872
Property plant and equipment not subject to operating leases \| Land and land improvements \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(692)	(581)
Exchange adjustments	29	(35)
Charge for the year	48	113
Reclassified as assets held for sale	0	0
Impairment losses	4	8
Impairment reversals	0	0
Deletions and disposals	9	45
Ending balance, property, plant and equipment	(706)	(692)
Property plant and equipment not subject to operating leases \| Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	579
Ending balance, property, plant and equipment	591	579
Property plant and equipment not subject to operating leases \| Buildings \| Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	1,210	1,422
Exchange adjustments	(19)	6
Additions	59	63
Acquisitions	0	0
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(5)	(281)
Ending balance, property, plant and equipment	1,245	1,210
Property plant and equipment not subject to operating leases \| Buildings \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(631)	(697)
Exchange adjustments	10	(6)
Charge for the year	36	46
Reclassified as assets held for sale	0	0
Impairment losses	0	9
Impairment reversals	(3)	(1)
Deletions and disposals	0	126
Ending balance, property, plant and equipment	(654)	(631)
Property plant and equipment not subject to operating leases \| Oil and gas properties
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	73,772
Ending balance, property, plant and equipment	73,484	73,772
Property plant and equipment not subject to operating leases \| Oil and gas properties \| Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	214,323	214,352
Exchange adjustments	0	0
Additions	7,931	6,922
Acquisitions	0	0
Transfers from intangible assets	38	605
Reclassified as assets held for sale	7,399	1,425
Deletions and disposals	(6,859)	(6,131)
Ending balance, property, plant and equipment	208,034	214,323
Property plant and equipment not subject to operating leases \| Oil and gas properties \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(140,551)	(124,766)
Exchange adjustments	0	0
Charge for the year	10,193	10,068
Reclassified as assets held for sale	(7,399)	(326)
Impairment losses	2,340	11,705
Impairment reversals	(4,794)	(83)
Deletions and disposals	6,341	5,579
Ending balance, property, plant and equipment	(134,550)	(140,551)
Property plant and equipment not subject to operating leases \| Plant, Machinery & Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	22,883
Ending balance, property, plant and equipment	22,196	22,883
Property plant and equipment not subject to operating leases \| Plant, Machinery & Equipment \| Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	42,914	46,724
Exchange adjustments	(736)	801
Additions	2,187	1,539
Acquisitions	1	35
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(329)	(6,185)
Ending balance, property, plant and equipment	44,037	42,914
Property plant and equipment not subject to operating leases \| Plant, Machinery & Equipment \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(20,031)	(21,527)
Exchange adjustments	370	(424)
Charge for the year	1,502	1,312
Reclassified as assets held for sale	0	0
Impairment losses	937	744
Impairment reversals	0	0
Deletions and disposals	259	3,976
Ending balance, property, plant and equipment	(21,841)	(20,031)
Property plant and equipment not subject to operating leases \| Fixtures, fittings and office equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	573
Ending balance, property, plant and equipment	439	573
Property plant and equipment not subject to operating leases \| Fixtures, fittings and office equipment \| Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	2,418	2,532
Exchange adjustments	(31)	33
Additions	171	586
Acquisitions	0	5
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(327)	(738)
Ending balance, property, plant and equipment	2,231	2,418
Property plant and equipment not subject to operating leases \| Fixtures, fittings and office equipment \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(1,845)	(2,006)
Exchange adjustments	21	(26)
Charge for the year	158	170
Reclassified as assets held for sale	0	0
Impairment losses	0	2
Impairment reversals	0	0
Deletions and disposals	190	359
Ending balance, property, plant and equipment	(1,792)	(1,845)
Property plant and equipment not subject to operating leases \| Transportation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	668
Ending balance, property, plant and equipment	645	668
Property plant and equipment not subject to operating leases \| Transportation \| Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,049	3,474
Exchange adjustments	(16)	8
Additions	40	49
Acquisitions	0	9
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(40)	(491)
Ending balance, property, plant and equipment	3,033	3,049
Property plant and equipment not subject to operating leases \| Transportation \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(2,381)	(2,744)
Exchange adjustments	12	(9)
Charge for the year	71	77
Reclassified as assets held for sale	0	0
Impairment losses	12	4
Impairment reversals	(30)	(5)
Deletions and disposals	34	448
Ending balance, property, plant and equipment	(2,388)	(2,381)
Property plant and equipment not subject to operating leases \| Oil depots, storage tanks and service stations
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	4,490
Ending balance, property, plant and equipment	4,458	4,490
Property plant and equipment not subject to operating leases \| Oil depots, storage tanks and service stations \| Carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	10,276	8,694
Exchange adjustments	(627)	603
Additions	762	864
Acquisitions	0	376
Transfers from intangible assets	0	0
Reclassified as assets held for sale	0	0
Deletions and disposals	(170)	(261)
Ending balance, property, plant and equipment	10,241	10,276
Property plant and equipment not subject to operating leases \| Oil depots, storage tanks and service stations \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	(5,786)	(4,865)
Exchange adjustments	373	(379)
Charge for the year	523	740
Reclassified as assets held for sale	0	0
Impairment losses	4	3
Impairment reversals	0	0
Deletions and disposals	157	201
Ending balance, property, plant and equipment	(5,783)	(5,786)
Property, plant and equipment subject to operating leases [member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	8,691
Ending balance, property, plant and equipment	8,082	8,691
Property, plant and equipment subject to operating leases [member] \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	1,982	2,290
Property, plant and equipment subject to operating leases [member] \| Land and land improvements
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	0
Ending balance, property, plant and equipment	0	0
Property, plant and equipment subject to operating leases [member] \| Buildings
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	1,254
Ending balance, property, plant and equipment	1,331	1,254
Property, plant and equipment subject to operating leases [member] \| Buildings \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	209	192
Property, plant and equipment subject to operating leases [member] \| Oil and gas properties
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	77
Ending balance, property, plant and equipment	32	77
Property, plant and equipment subject to operating leases [member] \| Oil and gas properties \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	27	43
Property, plant and equipment subject to operating leases [member] \| Plant, Machinery & Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	792
Ending balance, property, plant and equipment	617	792
Property, plant and equipment subject to operating leases [member] \| Plant, Machinery & Equipment \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	279	637
Property, plant and equipment subject to operating leases [member] \| Drilling rigs [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	284
Ending balance, property, plant and equipment	203	284
Property, plant and equipment subject to operating leases [member] \| Fixtures, fittings and office equipment
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	21
Ending balance, property, plant and equipment	15	21
Property, plant and equipment subject to operating leases [member] \| Fixtures, fittings and office equipment \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	10	10
Property, plant and equipment subject to operating leases [member] \| Transportation
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	2,855
Ending balance, property, plant and equipment	2,513	2,855
Property, plant and equipment subject to operating leases [member] \| Transportation \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	844	829
Property, plant and equipment subject to operating leases [member] \| Ships [member]
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	2,521
Ending balance, property, plant and equipment	2,230	2,521
Property, plant and equipment subject to operating leases [member] \| Oil depots, storage tanks and service stations
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance, property, plant and equipment	3,692
Ending balance, property, plant and equipment	3,574	3,692
Property, plant and equipment subject to operating leases [member] \| Oil depots, storage tanks and service stations \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Charge for the year	$ 613	$ 579

Capital commitments (Details)

Capital commitments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Associates
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	$ 126	$ 183	$ 787
Joint ventures
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	1,075	1,087	77
Contractual capital commitments, attributable to owners of parent	1,383	900	1,024
Property plant and equipment not subject to operating leases
Disclosure of detailed information about property, plant and equipment [line items]
Contractual capital commitments	$ 8,208	$ 8,009	$ 11,382

Goodwill and impairment revie_3

Goodwill and impairment review of goodwill - Disclosure of reconciliation of goodwill (Details) - Goodwill - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	$ 12,480,000,000	$ 11,868,000,000
Intangible assets and goodwill, end of period	12,373,000,000	12,480,000,000
Carrying amount
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	13,093,000,000	12,865,000,000
Exchange adjustments	(91,000,000)	184,000,000
Acquisitions and other additionsa	139,000,000	632,000,000
Reclassified as assets held for sale	(137,000,000)	(199,000,000)
Disposals and retirements, intangible assets and goodwill	(13,000,000)	(389,000,000)
Intangible assets and goodwill, end of period	12,991,000,000	13,093,000,000
Accumulated impairment
Reconciliation of changes in goodwill [abstract]
Intangible assets and goodwill, beginning of period	(613,000,000)	(997,000,000)
Exchange adjustments	1,000,000	(1,000,000)
Impairment loss recognised in profit or loss, goodwill	(7,000,000)	(1,000,000)
Disposals and retirements, intangible assets and goodwill	1,000,000	386,000,000
Intangible assets and goodwill, end of period	$ (618,000,000)	$ (613,000,000)

Goodwill and impairment revie_4

Goodwill and impairment review of goodwill - Disclosure of goodwill by segment (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
oil production & operations
Disclosure of detailed information about intangible assets [line items]
Amount by which unit's recoverable amount exceeds its carrying amount	$ 32,438	$ 27,758
Goodwill
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	12,373	12,480	$ 11,868
Goodwill \| gas & low carbon energy
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	2,147	2,152
Amount by which unit's recoverable amount exceeds its carrying amount	3,991	3,991
Goodwill \| oil production & operations
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	5,464	5,613
Amount by which unit's recoverable amount exceeds its carrying amount	32,438	27,758
Goodwill \| customers & products
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	4,697	4,660
Goodwill \| customers & products \| Castrol
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	2,837	2,865
Goodwill \| customers & products \| US fuels
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	606	606
Goodwill \| customers & products \| European fuels
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	862	913
Goodwill \| customers & products \| Other Products
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	392	276
Goodwill \| other businesses & corporate
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	$ 65	$ 55

Goodwill and impairment revie_5

Goodwill and impairment review of goodwill - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)MMBoe	Dec. 31, 2020USD ($)MMBoe
Disclosure of detailed information about intangible assets [line items]
Goodwill impairment related to expected divestments \| $	$ 0	$ 0
Period used in testing for goodwill impairment	15 years
Estimated Percentage Change in Revenue due to Adverse Impact on Goodwill Headroom	(33.00%)	(28.00%)
gas & low carbon energy
Disclosure of detailed information about intangible assets [line items]
Estimated production volumes by which unit's recoverable amount exceeds its carrying amount for the next 15 years	261	275
Estimated Percentage Change in Revenue due to Adverse Impact on Goodwill Headroom	(20.00%)	(20.00%)
oil production & operations
Disclosure of detailed information about intangible assets [line items]
Estimated production volumes by which unit's recoverable amount exceeds its carrying amount for the next 15 years	604	602
customers & products
Disclosure of detailed information about intangible assets [line items]
Period used in determining value in use for cash-generating units	10 years
customers & products \| Castrol
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	2.80%
customers & products \| Top of range [member]
Disclosure of detailed information about intangible assets [line items]
Period over which cash flows for cash generating unit is derived	5 years
Goodwill \| Weighted average
Disclosure of detailed information about intangible assets [line items]
Discount rate used in current estimate of value in use	11.00%	11.00%

Intangible assets - Schedule of

Intangible assets - Schedule of intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	$ 6,093	$ 15,539
Exploration expenditure written off	167	9,920	$ 631
Intangible assets, end of period	6,451	6,093	15,539
Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	20,039	20,206
Exchange adjustments	(137)	138
Acquisitions	47	318
Additions	1,037	1,348
Transfers to property, plant and equipment	(38)	(605)
Deletions and disposals	485	1,366
Intangible assets, end of period	20,463	20,039	20,206
Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(13,946)	(4,667)
Exchange adjustments	86	(93)
Exploration expenditure written off	167	9,920
Charge for the year	427	372
Impairment losses	16	165
Deletions and disposals	(458)	(1,271)
Intangible assets, end of period	(14,012)	(13,946)	(4,667)
Exploration and appraisal expenditure
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	4,113	14,091
Intangible assets, end of period	4,289	4,113	14,091
Exploration and appraisal expenditure \| Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	14,417	15,306
Exchange adjustments	0	0
Acquisitions	0	0
Additions	409	703
Transfers to property, plant and equipment	(38)	(605)
Deletions and disposals	477	987
Intangible assets, end of period	14,311	14,417	15,306
Exploration and appraisal expenditure \| Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(10,304)	(1,215)
Exchange adjustments	0	0
Exploration expenditure written off	167	9,920
Charge for the year	0	0
Impairment losses	1	156
Deletions and disposals	(450)	(987)
Intangible assets, end of period	(10,022)	(10,304)	(1,215)
Other intangibles
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	1,980	1,448
Intangible assets, end of period	2,162	1,980	1,448
Other intangibles \| Carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	5,622	4,900
Exchange adjustments	(137)	138
Acquisitions	47	318
Additions	628	645
Transfers to property, plant and equipment	0	0
Deletions and disposals	8	379
Intangible assets, end of period	6,152	5,622	4,900
Other intangibles \| Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets, beginning of period	(3,642)	(3,452)
Exchange adjustments	86	(93)
Exploration expenditure written off	0	0
Charge for the year	427	372
Impairment losses	15	9
Deletions and disposals	(8)	(284)
Intangible assets, end of period	$ (3,990)	$ (3,642)	$ (3,452)

Investments in joint ventures -

Investments in joint ventures - Summarized aggregate financial information of joint ventures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	$ 543	$ (302)	$ 576
Investments in joint ventures	9,982	8,362
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	(217)	(208)	97
Investments in joint ventures	4,396	4,613
Other joint ventures
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	760	(94)	479
Investments in joint ventures	5,586	3,749
Joint ventures
Disclosure of joint ventures [line items]
Earnings from joint ventures – after interest and tax	543	(302)	$ 576
Investments in joint ventures	$ 9,982	$ 8,362

Investments in joint ventures_3

Investments in joint ventures - Summarized financial information relating to joint ventures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019		Jan. 01, 2018
Disclosure of joint ventures [line items]
Sales and other operating revenues	$ 164,195		$ 109,078		$ 163,526
Profit (loss) before interest and taxation	18,082		(21,740)		11,706
Finance costs	2,857		3,115		3,489
Profit (loss) before taxation	15,227		(24,888)		8,154
Taxation	6,740		(4,159)		3,964
Non-controlling interests	922		(424)		164
Profit (loss) for the year	8,487	[1]	(20,729)	[2]	4,190	[1]
Other comprehensive income	2,065	[2]	(1,641)	[1]	2,657	[1]
Total comprehensive income	10,552	[2]	(22,370)	[1]	6,847	[1]
Non-current assets	194,682		194,672
Current assets	92,590		72,982
Total assets	287,272		267,654
Current liabilities	80,287		59,799
Non-current liabilities	116,546		122,287
Total liabilities	196,833		182,086
Net assets	90,439		85,568
Non-controlling interests	14,976		14,318
bp shareholders’ equity	75,463		71,250
Investments in joint ventures accounted for using equity method	9,982		8,362
Depreciation, depletion and amortization	14,805		14,889		17,780
Cash and cash equivalents	30,681		31,111		22,472		$ 22,468
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues	2,197		1,753		2,597
Profit (loss) before interest and taxation	403		(183)		372
Finance costs	131		125		77
Profit (loss) before taxation	272		(308)		295
Taxation	489		(100)		198
Non-controlling interests	0		0		0
Profit (loss) for the year	(217)		(208)		97
Other comprehensive income	0		0		0
Total comprehensive income	(217)		(208)		97
Non-current assets	7,103		6,994
Current assets	932		943
Total assets	8,035		7,937
Current liabilities	1,017		995
Non-current liabilities	2,622		2,329
Total liabilities	3,639		3,324
Net assets	4,396		4,613
Non-controlling interests	0		0
bp shareholders’ equity	4,396		4,613
Loans made by group companies to joint ventures	0		0
Investments in joint ventures accounted for using equity method	4,396		4,613
Other joint ventures
Disclosure of joint ventures [line items]
Sales and other operating revenues	9,048		8,792		11,542
Profit (loss) before interest and taxation	927		32		604
Finance costs	58		76		32
Profit (loss) before taxation	869		(44)		572
Taxation	107		49		91
Non-controlling interests	2		1		2
Profit (loss) for the year	760		(94)		479
Other comprehensive income	5		(5)		(6)
Total comprehensive income	765		(99)		473
Non-current assets	7,702		5,652
Current assets	2,385		2,481
Total assets	10,087		8,133
Current liabilities	1,272		1,649
Non-current liabilities	3,219		2,694
Total liabilities	4,491		4,343
Net assets	5,596		3,790
Non-controlling interests	5		39
bp shareholders’ equity	5,591		3,751
Loans made by group companies to joint ventures	(5)		(2)
Investments in joint ventures accounted for using equity method	5,586		3,749
Joint ventures
Disclosure of joint ventures [line items]
Sales and other operating revenues	11,245		10,545		14,139
Profit (loss) before interest and taxation	1,330		(151)		976
Finance costs	189		201		109
Profit (loss) before taxation	1,141		(352)		867
Taxation	596		(51)		289
Non-controlling interests	2		1		2
Profit (loss) for the year	543		(302)		576
Other comprehensive income	5		(5)		(6)
Total comprehensive income	548		(307)		570
Non-current assets	14,805		12,646
Current assets	3,317		3,424
Total assets	18,122		16,070
Current liabilities	2,289		2,644
Non-current liabilities	5,841		5,023
Total liabilities	8,130		7,667
Net assets	9,992		8,403
Non-controlling interests	5		39
bp shareholders’ equity	9,987		8,364
Loans made by group companies to joint ventures	(5)		(2)
Investments in joint ventures accounted for using equity method	9,982		8,362
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Sales and other operating revenues	4,394		3,505		5,194
Profit (loss) before interest and taxation	806		(366)		744
Finance costs	262		250		154
Profit (loss) before taxation	544		(616)		590
Taxation	978		(200)		396
Profit (loss) for the year	(434)		(416)		194
Other comprehensive income	0		0		0
Total comprehensive income	(434)		(416)		194
Non-current assets	14,206		13,988
Current assets	1,864		1,885
Total assets	16,070		15,873
Current liabilities	2,034		1,990
Non-current liabilities	5,244		4,657
Total liabilities	7,278		6,647
Net assets	8,792		9,226
Non-controlling interests	0		0
bp shareholders’ equity	8,792		9,226
Depreciation, depletion and amortization	930		937		914
Interest income	19		18		42
Interest expense	262		250		$ 154
Deferred tax expense (income)	415
Cash and cash equivalents	893		848
Current financial liabilities	767		1,282
Non-current financial liabilities	$ 2,132		$ 1,861

[1]	See Note 31 for further information.
[2]	See Note 31 for further information.

Investments in joint ventures_4

Investments in joint ventures - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of joint ventures [line items]
Net impairment and losses on sale of businesses and fixed assets	$ (1,121)	$ 14,381	$ 8,075
Pan American Energy Group [Member]
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	50.00%
Dividends received	$ 0	18	$ 70
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners	(18)
Joint ventures
Disclosure of joint ventures [line items]
Provision for doubtful debts	0
Doubtful debt provision, expense	0
Net impairment and losses on sale of businesses and fixed assets	214	433
Joint ventures \| oil production & operations
Disclosure of joint ventures [line items]
Net impairment and losses on sale of businesses and fixed assets	$ 214	$ 336
Joint ventures \| Bottom of range [member]
Disclosure of joint ventures [line items]
Days sales outstanding, related party receivables	30 days
Joint ventures \| Top of range [member]
Disclosure of joint ventures [line items]
Days sales outstanding, related party receivables	45 days

Investments in joint ventures_5

Investments in joint ventures - Transactions between group and its joint ventures (Details) - Joint ventures - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Sales To Joint Ventures [Abstract]
Sales to related parties	$ 3,923	$ 2,974	$ 4,884
Related party receivable	292	180	431
Purchases from joint ventures [Abstract]
Purchases of goods, related party	716	959	1,812
Related party payables	$ 93	$ 84	$ 225

Investments in associates - Sum

Investments in associates - Summarized aggregate financial information of associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of associates [line items]
Earnings from associates – after interest and tax	$ 3,456	$ (101)	$ 2,681
Investments in associates	21,001	18,975
Rosneft
Disclosure of associates [line items]
Earnings from associates – after interest and tax	2,694	(229)	2,295
Investments in associates	14,354	11,808
Other associates
Disclosure of associates [line items]
Earnings from associates – after interest and tax	762	128	386
Investments in associates	6,647	7,167
Associates
Disclosure of associates [line items]
Earnings from associates – after interest and tax	3,456	(101)	$ 2,681
Investments in associates	$ 21,001	$ 18,975

Investments in associates - Nar

Investments in associates - Narrative (Details)	12 Months Ended
Investments in associates - Narrative (Details)	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Dec. 31, 2021£ / shares	Dec. 31, 2020£ / shares
Disclosure of associates [line items]
Quoted market price (usd per share) \| £ / shares				£ 3.31	£ 2.55
Value of investments in associates based on economic interest	$ 18,773,000,000	$ 13,167,000,000
Net impairment and losses on sale of businesses and fixed assets	$ (1,121,000,000)	$ 14,381,000,000	$ 8,075,000,000
Rosneft
Disclosure of associates [line items]
Voting shares held in associate	19.75%
Proportion of Economic Interest in Associate	22.03%	22.03%
Quoted market price (usd per share) \| $ / shares	$ 8.04	$ 5.64
Investments in associates with quoted price	$ 16,827,000,000	$ 11,804,000,000
Dividends received	640,000,000	480,000,000	$ 785,000,000
Associates
Disclosure of associates [line items]
Provision for doubtful debts	0
Doubtful debt provision, expense	0
Commitments in relations to contracts with associates	9,930,000,000	10,777,000,000
Net impairment and losses on sale of businesses and fixed assets	$ 291,000,000	$ 414,000,000
Associates \| Bottom of range [member]
Disclosure of associates [line items]
Term of receivables	30 days
Associates \| Top of range [member]
Disclosure of associates [line items]
Term of receivables	45 days
JSC Rosneftegaz \| Rosneft
Disclosure of associates [line items]
Voting shares held in associate	40.40%	40.40%

Investments in associates - S_2

Investments in associates - Summarized financial information relating to associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Disclosure of associates [line items]
Sales and other operating revenues	$ 164,195		$ 109,078		$ 163,526
Profit (loss) before interest and taxation	18,082		(21,740)		11,706
Finance costs	2,857		3,115		3,489
Profit (loss) before taxation	15,227		(24,888)		8,154
Taxation	6,740		(4,159)		3,964
Non-controlling interests	922		(424)		164
Profit for the year	7,565		(20,305)		4,026
Other comprehensive income	2,065	[1]	(1,641)	[2]	2,657	[2]
Total comprehensive income	10,552	[1]	(22,370)	[2]	6,847	[2]
Non-current assets	194,682		194,672
Current assets	92,590		72,982
Total assets	287,272		267,654
Current liabilities	80,287		59,799
Non-current liabilities	116,546		122,287
Total liabilities	196,833		182,086
Net assets	90,439		85,568
Less: non-controlling interests	14,976		14,318
bp shareholders’ equity	75,463		71,250
Group investment in associates	21,001		18,975
Rosneft
Disclosure of associates [line items]
Sales and other operating revenues	26,163		17,535		26,474
Profit (loss) before interest and taxation	4,084		295		3,451
Finance costs	299		372		253
Profit (loss) before taxation	3,785		(77)		3,198
Taxation	707		51		604
Non-controlling interests	384		101		299
Profit for the year	2,694		(229)		2,295
Other comprehensive income	12		336		113
Total comprehensive income	2,706		107		2,408
Non-current assets	34,346		33,754
Current assets	10,088		8,238
Total assets	44,434		41,992
Current liabilities	10,368		9,535
Non-current liabilities	17,210		18,558
Total liabilities	27,578		28,093
Net assets	16,856		13,899
Less: non-controlling interests	2,502		2,091
bp shareholders’ equity	14,354		11,808
Loans made by group companies to associates	0		0
Group investment in associates	14,354		11,808
Other associates
Disclosure of associates [line items]
Sales and other operating revenues	10,005		5,946		7,934
Profit (loss) before interest and taxation	1,602		276		788
Finance costs	73		80		87
Profit (loss) before taxation	1,529		196		701
Taxation	767		67		315
Non-controlling interests	0		1		0
Profit for the year	762		128		386
Other comprehensive income	27		(19)		(25)
Total comprehensive income	789		109		361
Non-current assets	9,259		11,449
Current assets	2,418		1,749
Total assets	11,677		13,198
Current liabilities	1,876		1,346
Non-current liabilities	3,298		4,709
Total liabilities	5,174		6,055
Net assets	6,503		7,143
Less: non-controlling interests	0		0
bp shareholders’ equity	6,503		7,143
Loans made by group companies to associates	144		24
Group investment in associates	6,647		7,167
Associates
Disclosure of associates [line items]
Sales and other operating revenues	36,168		23,481		34,408
Profit (loss) before interest and taxation	5,686		571		4,239
Finance costs	372		452		340
Profit (loss) before taxation	5,314		119		3,899
Taxation	1,474		118		919
Non-controlling interests	384		102		299
Profit for the year	3,456		(101)		2,681
Other comprehensive income	39		317		88
Total comprehensive income	3,495		216		2,769
Non-current assets	43,605		45,203
Current assets	12,506		9,987
Total assets	56,111		55,190
Current liabilities	12,244		10,881
Non-current liabilities	20,508		23,267
Total liabilities	32,752		34,148
Net assets	23,359		21,042
Less: non-controlling interests	2,502		2,091
bp shareholders’ equity	20,857		18,951
Loans made by group companies to associates	144		24
Group investment in associates	21,001		18,975
Rosneft
Disclosure of associates [line items]
Sales and other operating revenues	118,755		82,786		134,046
Profit (loss) before interest and taxation	18,537		1,270		17,473
Finance costs	1,357		1,742		1,281
Profit (loss) before taxation	17,180		(472)		16,192
Taxation	3,209		208		3,058
Non-controlling interests	1,743		482		1,514
Profit for the year	12,228		(1,162)		11,620
Other comprehensive income	54		1,653		572
Total comprehensive income	12,282		491		$ 12,192
Non-current assets	155,898		175,978
Current assets	45,790		42,459
Total assets	201,688		218,437
Current liabilities	47,061		49,781
Non-current liabilities	78,117		96,727
Total liabilities	125,178		146,508
Net assets	76,510		71,929
Less: non-controlling interests	11,357		10,897
bp shareholders’ equity	$ 65,153		$ 61,032

[1]	See Note 31 for further information.
[2]	See Note 31 for further information.

Investments in associates - S_3

Investments in associates - Summary of transactions between the group and its associates (Details) - Associates - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of associates [line items]
Sales to related parties	$ 852	$ 855	$ 1,544
Related party receivable	201	169	243
Purchases of goods, related party	7,683	4,926	9,503
Related party payables	$ 2,072	$ 1,280	$ 1,641

Other investments - Schedule of

Other investments - Schedule of other investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Other current investments	$ 280	$ 333
Other non-current investments	2,544	2,746
Other investments
Disclosure of financial assets [line items]
Other current investments	0	0
Other non-current investments	717	913
Contingent consideration [member]
Disclosure of financial assets [line items]
Other current investments	237	317
Other non-current investments	1,680	1,682
Other
Disclosure of financial assets [line items]
Other current investments	43	16
Other non-current investments	$ 147	$ 151

Inventories - Schedule of inven

Inventories - Schedule of inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019	[1]
Inventories [Abstract]
Crude oil	$ 3,259	$ 4,498
Natural gas	474	265
Emission allowances	290	1,297
Refined petroleum and petrochemical products	6,638	8,791
Total current inventories	10,661	14,851
Trading inventories	11,525	292
Current inventories arising from extractive activities and current production supplies	22,186	15,143
Supplies	1,525	1,730
Total current inventories	23,711	16,873
Cost of inventories expensed in the income statement	$ 92,923	$ 57,682	[1]	$ 90,582

[1]	2020 and 2019 numbers have been restated as a result of changes to the presentation of revenues and purchases relating to physically settled derivative contracts effective 1 January 2021. For more information see Note 1 Basis of preparation - Voluntary change in accounting policy .

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Write down provision to net realizable value	$ 432	$ 584
Net charge to income statement	(153)	(17)
Inventories	23,711	16,873
Hydrocarbon Inventories
Disclosure of financial assets [line items]
Write down provision to net realizable value	64	216
Net charge to income statement	(151)	$ (71)
Trading inventories
Disclosure of financial assets [line items]
Inventories	$ 11,400

Trade and other receivables - S

Trade and other receivables - Summary of trade and other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current
Current trade receivables	$ 22,307	$ 12,926
Current receivables due from related parties	404	339
Current Receivables Related To Disposals	205	1,291
Other current receivables	2,874	2,628
Trade and other current receivables financial assets	25,790	17,184
Non-current
Non-current trade receivables	17	19
Non-current receivables due from related parties	89	10
Non-Current Receivables Related To Disposals	823	2,402
Other non-current receivables	472	637
Trade and other non-current receivables financial assets	1,401	3,068
Current
Current portion of sales taxes and production taxes	1,131	557
Other current receivables non-financial asset	218	207
Trade and other current receivables non-financial assets	1,349	764
Non-current
Non-current portion of sales taxes and production taxes	474	504
Other non-current receivables non-finance asset	818	779
Trade and other non-current receivables non-financial assets	1,292	1,283
Trade and other current receivables	27,139	17,948
Trade and other non-current receivables	2,693	4,351
Gulf of Mexico Oil Spill
Non-current
Current portion of reimbursement asset	$ 1	$ 32

Valuation and qualifying acco_2

Valuation and qualifying accounts - Schedule of valuation and qualifying accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Not credit-impaired
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	$ (99)	$ (95)
Valuation allowances and reserves, end of period	(128)	(99)	$ (95)
Valuation Allowances And Reserves, Balance 1	(128)	(99)	(95)
Credit impaired
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	456	414
Valuation allowances and reserves, end of period	456	456	414
Valuation Allowances And Reserves, Balance 1	456	456	414
Trade and other receivables
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	555	509	416
Charged to costs and expenses	136	214	206
Exchange adjustments	(11)	2	(2)
Deductions	(96)	(170)	(111)
Valuation allowances and reserves, end of period	584	555	509
Valuation Allowances And Reserves, Balance 1	584	555	509
Fixed asset investments
Changes in other provisions [abstract]
Valuation allowances and reserves, beginning of period	186	249	235
Charged to costs and expenses	3	103	28
Exchange adjustments	0	0	0
Deductions	(20)	(166)	(14)
Valuation allowances and reserves, end of period	169	186	249
Valuation Allowances And Reserves, Balance 1	$ 169	$ 186	$ 249

Trade and other payables - Sche

Trade and other payables - Schedule of trade and other payables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current
Current trade payables	$ 37,327	$ 23,157
Current payables to related parties	2,165	1,364
Current payables for capital expenditure and acquisitions	2,063	2,297
Current payables related to the Gulf of Mexico oil spill	1,276	1,399
Other current payables	5,736	5,041
Trade and other current payables financial liabilities	48,567	33,258
Non-current
Non-current trade payables	0	0
Non-current payables to related parties	0	0
Non-current payables for capital expenditure and acquisitionsa	764	1,033
Non-current payables related to the Gulf of Mexico oil spill	9,154	9,988
Other non-current payables	175	681
Trade and other noncurrent payables financial liabilities	10,093	11,702
Current
Current sales taxes, customs duties, production taxes and social security	2,708	2,103
Other current payables non-financial liabilities	1,336	653
Trade and other current payables non-financial liabilities	4,044	2,756
Trade and other current payables	52,611	36,014
Non-current
Non-current sales taxes, customs duties, production taxes and social security	77	73
Other non-current payables non-financial liabilities	397	337
Trade and other non-current payables non-financial liabilities	474	410
Trade and other non-current payables	$ 10,567	$ 12,112

Trade and other payables - Narr

Trade and other payables - Narrative (Details) - Gulf of Mexico Oil Spill $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)participant	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of financial liabilities [line items]
Number of gulf coast states approved by the federal district court included in the agreements (state) \| participant	5
Cash Flows From (Used In) Operating Activities, Before Tax	$ 1,484	$ 1,786	$ 2,694
Natural Resource Damages
Disclosure of financial liabilities [line items]
Other payables	4,499
State Claims
Disclosure of financial liabilities [line items]
Other payables	2,423
Clean Water Act Penalties
Disclosure of financial liabilities [line items]
Other payables	$ 3,310

Provisions - Schedule of provis

Provisions - Schedule of provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	$ 20,961
Exchange adjustments	(154)
Increase (decrease) in existing provisionsa	5,343
Write-back of unused provisionsa	(490)
Unwinding of discounta	391
Change in discount rate	1,332
Utilization	(1,915)
Reclassified to other payables	(340)
Reclassified as liabilities directly associated with assets held for sale	(47)
Deletions	(253)
Ending balance, provisions	24,828	$ 20,961
Current provisions	5,256	3,761
Non-current provisions	19,572	17,200
Decommissioning
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	14,476
Exchange adjustments	(25)
Increase (decrease) in existing provisionsa	1,231
Write-back of unused provisionsa	(18)
Unwinding of discounta	331
Change in discount rate	1,252
Utilization	(72)
Reclassified to other payables	(257)
Reclassified as liabilities directly associated with assets held for sale	0
Deletions	(253)
Ending balance, provisions	16,665	14,476
Current provisions	609
Non-current provisions	16,056
Environmental
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	1,629
Exchange adjustments	(10)
Increase (decrease) in existing provisionsa	363
Write-back of unused provisionsa	(55)
Unwinding of discounta	36
Change in discount rate	41
Utilization	(259)
Reclassified to other payables	0
Reclassified as liabilities directly associated with assets held for sale	0
Deletions	0
Ending balance, provisions	1,745	1,629
Current provisions	277
Non-current provisions	1,468
Litigation And Claims
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	910
Exchange adjustments	(4)
Increase (decrease) in existing provisionsa	226
Write-back of unused provisionsa	(90)
Unwinding of discounta	14
Change in discount rate	33
Utilization	(188)
Reclassified to other payables	(67)
Reclassified as liabilities directly associated with assets held for sale	0
Deletions	0
Ending balance, provisions	834	910
Current provisions	112
Non-current provisions	722
Emissions
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	1,669
Exchange adjustments	(39)
Increase (decrease) in existing provisionsa	2,900
Write-back of unused provisionsa	(23)
Unwinding of discounta	0
Change in discount rate	0
Utilization	(754)
Reclassified to other payables	0
Reclassified as liabilities directly associated with assets held for sale	0
Deletions	0
Ending balance, provisions	3,753	1,669
Current provisions	3,481
Non-current provisions	272
Other provisions
Reconciliation of changes in other provisions [abstract]
Beginning balance, provisions	2,277
Exchange adjustments	(76)
Increase (decrease) in existing provisionsa	623
Write-back of unused provisionsa	(304)
Unwinding of discounta	10
Change in discount rate	6
Utilization	(642)
Reclassified to other payables	(16)
Reclassified as liabilities directly associated with assets held for sale	(47)
Deletions	0
Ending balance, provisions	1,831	$ 2,277
Current provisions	777
Non-current provisions	$ 1,054

Pensions and other post-retir_3

Pensions and other post-retirement benefits - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)participantdirectorchairman	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of defined benefit plans [line items]
Past service cost	$ (327)	$ (122)	$ 6
Funded
Disclosure of defined benefit plans [line items]
Aggregate contributions	274	325	349
Expected aggregate contributions	$ 200
United Kingdom
Disclosure of defined benefit plans [line items]
Number of member-nominated directors in trustee board (director) \| director	4
Number of company-nominated directors In trustee board (director) \| director	4
Number of company-nominated independent directors in trustee board (director) \| director	1
Number of company-nominated independent chairman in trustee board (chairman) \| chairman	1
Past service cost	$ (302)	$ (48)	2
Contribution coverage period	5 years
Percentage of plan asset transfers from equity to bonds investment instrument	5.00%	11.00%
United Kingdom \| Government issued nominal bondsd
Disclosure of defined benefit plans [line items]
Government issued nominal bonds under liability driven investments LDI	$ 7,399	$ 4,217
United Kingdom \| Government issued index-linked bondsd
Disclosure of defined benefit plans [line items]
Index linked bonds under liability driven investments	24,516	24,576
US
Disclosure of defined benefit plans [line items]
Past service cost	$ 0	$ (66)	$ 0
Number of companies employees serving as investment committee members (employee) \| participant	7
Percentage of plan asset transfers from equity to bonds investment instrument	13.00%	0.00%

Pensions and other post-retir_4

Pensions and other post-retirement benefits - Details of assumptions used to estimate benefit obligations (Details)	Dec. 31, 2021	Jul. 01, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
United Kingdom
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	1.80%			1.40%	2.10%
Rate of increase for pensions in payment	3.20%			2.80%	2.70%
Rate of increase in deferred pensions	3.20%			2.80%	2.70%
Inflation for plan liabilities	3.30%			2.90%	2.70%
Discount rate for plan service cost	1.50%			2.10%	3.00%
Discount rate for plan other finance expenseb	1.70%	1.90%	1.40%	2.10%	2.90%
Inflation for plan service cost	2.80%			2.60%	3.10%
Actuarial assumption of expected rates of salary increases				3.60%	3.40%
US
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	2.70%			2.20%	3.10%
Rate of increase for pensions in payment	0.00%			0.00%	0.00%
Rate of increase in deferred pensions	0.00%			0.00%	0.00%
Inflation for plan liabilities	2.10%			1.70%	1.50%
Discount rate for plan service cost	2.40%			3.20%	4.20%
Discount rate for plan other finance expenseb	2.20%			3.10%	4.10%
Inflation for plan service cost	1.70%			1.50%	1.50%
Eurozone
Disclosure of defined benefit plans [line items]
Discount rate for plan liabilities	1.30%			1.00%	1.30%
Rate of increase for pensions in payment	1.40%			1.30%	1.50%
Rate of increase in deferred pensions	0.40%			0.50%	0.50%
Inflation for plan liabilities	1.60%			1.50%	1.70%
Discount rate for plan service cost	1.40%			1.80%	2.50%
Discount rate for plan other finance expenseb	1.00%			1.30%	2.00%
Inflation for plan service cost	1.50%			1.70%	1.70%

Pensions and other post-retir_5

Pensions and other post-retirement benefits - Summary of mortality assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Life expectancy at age 60 for a male currently aged 60 \| United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	26.9	26.9	27.3
Life expectancy at age 60 for a male currently aged 60 \| US
Disclosure of defined benefit plans [line items]
Mortality assumptions	24.9	24.7	24.9
Life expectancy at age 60 for a male currently aged 60 \| Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	25.8	25.7	25.7
Life expectancy at age 60 for a male currently aged 40 \| United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.4	28.4	28.9
Life expectancy at age 60 for a male currently aged 40 \| US
Disclosure of defined benefit plans [line items]
Mortality assumptions	26.6	26.4	26.7
Life expectancy at age 60 for a male currently aged 40 \| Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.3	28.2	28.3
Life expectancy at age 60 for a female currently aged 60 \| United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	28.9	28.8	28.7
Life expectancy at age 60 for a female currently aged 60 \| US
Disclosure of defined benefit plans [line items]
Mortality assumptions	27.9	27.7	28
Life expectancy at age 60 for a female currently aged 60 \| Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	29.1	29	29.1
Life expectancy at age 60 for a female currently aged 40 \| United Kingdom
Disclosure of defined benefit plans [line items]
Mortality assumptions	30.5	30.4	30.5
Life expectancy at age 60 for a female currently aged 40 \| US
Disclosure of defined benefit plans [line items]
Mortality assumptions	29.4	29.2	29.7
Life expectancy at age 60 for a female currently aged 40 \| Eurozone
Disclosure of defined benefit plans [line items]
Mortality assumptions	31.2	31.2	31.2

Pensions and other post-retir_6

Pensions and other post-retirement benefits - Current asset allocation (Details)	Dec. 31, 2021
United Kingdom
Disclosure of fair value of plan assets [line items]
Total equity (including private equity)	12.00%
Bonds/cash (including LDI)	81.00%
Property/real estate	7.00%
US
Disclosure of fair value of plan assets [line items]
Total equity (including private equity)	27.00%
Bonds/cash (including LDI)	73.00%
Property/real estate	0.00%

Pensions and other post-retir_7

Pensions and other post-retirement benefits - Fair value of assets held by the defined benefit plans (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of fair value of plan assets [line items]
Property	$ 2,846	$ 2,691	$ 2,630
Cash	1,375	1,873	841
Other	1,279	1,060	228
Debt (repurchase agreements) used to fund liability driven investments	(10,723)	(9,387)	(7,436)
Asset recognized	53,966	53,117	47,539
Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	4,067	6,980	8,441
Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	440	671	1,345
Private equity
Disclosure of fair value of plan assets [line items]
Equity	4,773	4,507	4,152
Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	11,503	7,869	8,515
Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	24,616	24,683	19,562
Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	13,790	12,170	9,261
United Kingdom
Disclosure of fair value of plan assets [line items]
Property	2,714	2,553	2,507
Cash	1,136	1,392	426
Other	1,133	795	98
Debt (repurchase agreements) used to fund liability driven investments	(10,723)	(9,387)	(7,436)
Asset recognized	42,844	41,463	36,129
United Kingdom \| Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	2,964	5,008	6,285
United Kingdom \| Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	252	418	1,096
United Kingdom \| Private equity
Disclosure of fair value of plan assets [line items]
Equity	3,233	2,899	2,675
United Kingdom \| Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	7,491	4,303	4,884
United Kingdom \| Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	24,516	24,576	19,462
United Kingdom \| Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	10,128	8,906	6,132
US
Disclosure of fair value of plan assets [line items]
Property	0	0	0
Cash	116	267	289
Other	54	131	74
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	7,173	7,466	7,655
US \| Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	340	1,112	1,290
US \| Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	45	115	124
US \| Private equity
Disclosure of fair value of plan assets [line items]
Equity	1,537	1,604	1,474
US \| Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	2,606	1,839	2,100
US \| Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	0	0	0
US \| Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	2,475	2,398	2,304
Eurozone
Disclosure of fair value of plan assets [line items]
Property	110	110	96
Cash	54	51	33
Other	70	104	30
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	2,537	2,680	2,343
Eurozone \| Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	473	542	495
Eurozone \| Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	67	68	61
Eurozone \| Private equity
Disclosure of fair value of plan assets [line items]
Equity	0	0	0
Eurozone \| Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	974	1,111	959
Eurozone \| Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	100	107	100
Eurozone \| Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	689	587	569
Other
Disclosure of fair value of plan assets [line items]
Property	22	28	27
Cash	69	163	93
Other	22	30	26
Debt (repurchase agreements) used to fund liability driven investments	0	0	0
Asset recognized	1,412	1,508	1,412
Other \| Listed equities – developed markets
Disclosure of fair value of plan assets [line items]
Equity	290	318	371
Other \| Listed equities – emerging markets
Disclosure of fair value of plan assets [line items]
Equity	76	70	64
Other \| Private equity
Disclosure of fair value of plan assets [line items]
Equity	3	4	3
Other \| Government issued nominal bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	432	616	572
Other \| Government issued index-linked bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	0	0	0
Other \| Corporate bondsd
Disclosure of fair value of plan assets [line items]
Debt instruments	$ 498	$ 279	$ 256

Pensions and other post-retir_8

Pensions and other post-retirement benefits - Analysis of the amounts charged to profit (loss), recognized in other comprehensive income, and movement in obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Analysis of the amount charged to profit or loss
Current service cost	$ 536	$ 683	$ 609
Past service cost	(327)	(122)	6
Settlement	(5)	(14)	(5)
Post-employment benefit expense (income) in profit or loss, defined benefit plans	204	547	610
Post-employment benefit expense, defined contribution plans	255	272	275
Employee Benefit, Expense	459	819	885
Interest income on plan assets	(904)	(1,008)	(1,283)
Interest cost	902	1,041	1,346
Other finance (income) expense	(2)	33	63
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	3,226	5,291	4,341
Change in financial assumptions underlying the present value of the plan liabilities	1,007	(5,570)	(4,170)
Change in demographic assumptions underlying the present value of the plan liabilities	11	666	226
Experience gains and losses arising on the plan liabilities	172	(217)	(69)
Remeasurements recognized in other comprehensive income (liabilities) assets	4,416	170	328
Movements in benefit obligation and fair value of plan assets during the year
Interest Expense, Net Defined Benefit Liability	902	1,041	1,346
Interest income on plan assets	(904)	(1,008)	(1,283)
Remeasurements recognized in other comprehensive income (liabilities) assets	4,416	170	328
Surplus (deficit) at 31 December	4,099	(1,297)
Surplus (deficit) in plan, asset recognized	11,919	7,957
Surplus (deficit) in plan, liability recognized	(7,820)	(9,254)
Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	274	325	349
Surplus (deficit) at 31 December	11,814	7,666
Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	7,715	8,963
Accrued benefit obligation
Analysis of the amount charged to profit or loss
Post-employment benefit expense (income) in profit or loss, defined benefit plans	204	547
Interest cost	902	1,041
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,190)	5,121
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(54,414)	(49,078)
Exchange adjustments (liabilities) assets	(929)	2,087
Interest Expense, Net Defined Benefit Liability	902	1,041
Contributions by plan participants (liabilities) assets	26	34
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		56
Disposals of (benefit obligations) and fair value of plan asset	2	35
Remeasurements recognized in other comprehensive income (liabilities) assets	(1,190)	5,121
Net defined benefit liability (asset), end of period	(49,867)	(54,414)	(49,078)
Net defined benefit liability (asset)	49,867	54,414	49,078
Settlement payments in respect of net defined benefit liabilities (assets)	3,416	2,935
Payments in respect of settlements, net defined benefit liability (asset)	93	428
Expenses incurred for administration of the benefits	49	40
Accrued benefit obligation \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(45,451)
Benefit payments (liabilities) assets	2,973	2,899
Net defined benefit liability (asset), end of period	(42,152)	(45,451)
Net defined benefit liability (asset)	42,152	45,451
Accrued benefit obligation \| Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(8,963)
Benefit payments (liabilities) assets	585	504
Net defined benefit liability (asset), end of period	(7,715)	(8,963)
Net defined benefit liability (asset)	7,715	8,963
Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(904)	(1,008)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	3,226	53,117
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(53,117)	(47,539)
Exchange adjustments (liabilities) assets	(607)	1,881
Interest income on plan assets	(904)	(1,008)
Contributions by plan participants (liabilities) assets	26	34
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		62
Disposals of (benefit obligations) and fair value of plan asset	1	(5,291)
Remeasurements recognized in other comprehensive income (liabilities) assets	3,226	53,117
Net defined benefit liability (asset), end of period	(53,966)	(53,117)	(47,539)
Surplus (deficit) at 31 December	4,099	(1,297)
Net defined benefit liability (asset)	53,966	53,117	47,539
Fair value of plan assets \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	274	325
Benefit payments (liabilities) assets	(2,973)	(2,899)
United Kingdom
Analysis of the amount charged to profit or loss
Current service cost	154	250	227
Past service cost	(302)	(48)	2
Settlement	0	0	0
Post-employment benefit expense (income) in profit or loss, defined benefit plans	(148)	202	229
Post-employment benefit expense, defined contribution plans	76	49	42
Employee Benefit, Expense	(72)	251	271
Interest income on plan assets	(684)	(725)	(909)
Interest cost	559	596	757
Other finance (income) expense	(125)	(129)	(152)
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	2,440	4,108	2,945
Change in financial assumptions underlying the present value of the plan liabilities	(100)	(4,207)	(2,294)
Change in demographic assumptions underlying the present value of the plan liabilities	66	585	136
Experience gains and losses arising on the plan liabilities	7	54	(57)
Remeasurements recognized in other comprehensive income (liabilities) assets	2,413	540	730
Movements in benefit obligation and fair value of plan assets during the year
Interest Expense, Net Defined Benefit Liability	559	596	757
Interest income on plan assets	(684)	(725)	(909)
Remeasurements recognized in other comprehensive income (liabilities) assets	2,413	540	730
Surplus (deficit) at 31 December	10,010	7,292
Surplus (deficit) in plan, asset recognized	10,280	7,567
Surplus (deficit) in plan, liability recognized	(270)	(275)
United Kingdom \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	10,280	7,564
United Kingdom \| Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	270	272
United Kingdom \| Accrued benefit obligation
Analysis of the amount charged to profit or loss
Post-employment benefit expense (income) in profit or loss, defined benefit plans	(148)	202
Interest cost	559	596
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	27	3,568
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(34,171)	(29,780)
Exchange adjustments (liabilities) assets	(255)	1,303
Interest Expense, Net Defined Benefit Liability	559	596
Contributions by plan participants (liabilities) assets	18	21
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		0
Disposals of (benefit obligations) and fair value of plan asset	0	0
Remeasurements recognized in other comprehensive income (liabilities) assets	27	3,568
Net defined benefit liability (asset), end of period	(32,834)	(34,171)	(29,780)
Net defined benefit liability (asset)	32,834	34,171	29,780
United Kingdom \| Accrued benefit obligation \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(33,899)
Benefit payments (liabilities) assets	1,530	1,291
Net defined benefit liability (asset), end of period	(32,564)	(33,899)
Net defined benefit liability (asset)	32,564	33,899
United Kingdom \| Accrued benefit obligation \| Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(272)
Benefit payments (liabilities) assets	8	8
Net defined benefit liability (asset), end of period	(270)	(272)
Net defined benefit liability (asset)	270	272
United Kingdom \| Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(684)	(725)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	2,440	41,463
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(41,463)	(36,129)
Exchange adjustments (liabilities) assets	(365)	1,582
Interest income on plan assets	(684)	(725)
Contributions by plan participants (liabilities) assets	18	21
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		0
Disposals of (benefit obligations) and fair value of plan asset	0	(4,108)
Remeasurements recognized in other comprehensive income (liabilities) assets	2,440	41,463
Net defined benefit liability (asset), end of period	(42,844)	(41,463)	(36,129)
Surplus (deficit) at 31 December	10,010	7,292
Net defined benefit liability (asset)	42,844	41,463	36,129
United Kingdom \| Fair value of plan assets \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	134	189
Benefit payments (liabilities) assets	(1,530)	(1,291)
US
Analysis of the amount charged to profit or loss
Current service cost	246	292	263
Past service cost	0	(66)	0
Settlement	0	(23)	(13)
Post-employment benefit expense (income) in profit or loss, defined benefit plans	246	203	250
Post-employment benefit expense, defined contribution plans	136	183	188
Employee Benefit, Expense	382	386	438
Interest income on plan assets	(150)	(210)	(285)
Interest cost	209	289	387
Other finance (income) expense	59	79	102
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	749	1,041	1,079
Change in financial assumptions underlying the present value of the plan liabilities	777	(1,178)	(1,036)
Change in demographic assumptions underlying the present value of the plan liabilities	(41)	29	91
Experience gains and losses arising on the plan liabilities	173	(101)	(22)
Remeasurements recognized in other comprehensive income (liabilities) assets	1,658	(209)	112
Movements in benefit obligation and fair value of plan assets during the year
Interest Expense, Net Defined Benefit Liability	209	289	387
Interest income on plan assets	(150)	(210)	(285)
Remeasurements recognized in other comprehensive income (liabilities) assets	1,658	(209)	112
Surplus (deficit) at 31 December	(1,100)	(2,721)
Surplus (deficit) in plan, asset recognized	1,410	269
Surplus (deficit) in plan, liability recognized	(2,510)	(2,990)
US \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	1,410	269
US \| Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	2,510	2,990
US \| Accrued benefit obligation
Analysis of the amount charged to profit or loss
Post-employment benefit expense (income) in profit or loss, defined benefit plans	246	203
Interest cost	209	289
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(909)	1,250
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(10,187)	(10,119)
Exchange adjustments (liabilities) assets	0	0
Interest Expense, Net Defined Benefit Liability	209	289
Contributions by plan participants (liabilities) assets	0	0
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		1
Disposals of (benefit obligations) and fair value of plan asset	0	35
Remeasurements recognized in other comprehensive income (liabilities) assets	(909)	1,250
Net defined benefit liability (asset), end of period	(8,273)	(10,187)	(10,119)
Net defined benefit liability (asset)	8,273	10,187	10,119
US \| Accrued benefit obligation \| Pension plans defined benefit
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(7,728)
Net defined benefit liability (asset), end of period	(6,164)	(7,728)
Net defined benefit liability (asset)	6,164	7,728
US \| Accrued benefit obligation \| Postemployment retirement benefits
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,459)
Net defined benefit liability (asset), end of period	(2,109)	(2,459)
Net defined benefit liability (asset)	2,109	2,459
US \| Accrued benefit obligation \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(7,197)
Benefit payments (liabilities) assets	1,192	1,441
Net defined benefit liability (asset), end of period	(5,763)	(7,197)
Net defined benefit liability (asset)	5,763	7,197
US \| Accrued benefit obligation \| Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,990)
Benefit payments (liabilities) assets	268	197
Net defined benefit liability (asset), end of period	(2,510)	(2,990)
Net defined benefit liability (asset)	2,510	2,990
US \| Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(150)	(210)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	749	7,466
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(7,466)	(7,655)
Exchange adjustments (liabilities) assets	0	0
Interest income on plan assets	(150)	(210)
Contributions by plan participants (liabilities) assets	0	0
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		7
Disposals of (benefit obligations) and fair value of plan asset	0	(1,041)
Remeasurements recognized in other comprehensive income (liabilities) assets	749	7,466
Net defined benefit liability (asset), end of period	(7,173)	(7,466)	(7,655)
Surplus (deficit) at 31 December	(1,100)	(2,721)
Net defined benefit liability (asset)	7,173	7,466	7,655
US \| Fair value of plan assets \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	0	8
Benefit payments (liabilities) assets	(1,192)	(1,441)
Eurozone
Analysis of the amount charged to profit or loss
Current service cost	105	103	81
Past service cost	(27)	12	5
Settlement	(4)	10	8
Post-employment benefit expense (income) in profit or loss, defined benefit plans	74	125	94
Post-employment benefit expense, defined contribution plans	7	2	7
Employee Benefit, Expense	81	127	101
Interest income on plan assets	(30)	(33)	(43)
Interest cost	78	97	133
Other finance (income) expense	48	64	90
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	12	104	220
Change in financial assumptions underlying the present value of the plan liabilities	233	(143)	(748)
Change in demographic assumptions underlying the present value of the plan liabilities	(15)	56	3
Experience gains and losses arising on the plan liabilities	(11)	(178)	6
Remeasurements recognized in other comprehensive income (liabilities) assets	219	(161)	(519)
Movements in benefit obligation and fair value of plan assets during the year
Interest Expense, Net Defined Benefit Liability	78	97	133
Interest income on plan assets	(30)	(33)	(43)
Remeasurements recognized in other comprehensive income (liabilities) assets	219	(161)	(519)
Surplus (deficit) at 31 December	(4,571)	(5,481)
Surplus (deficit) in plan, asset recognized	155	59
Surplus (deficit) in plan, liability recognized	(4,726)	(5,540)
Increase (decrease) in net defined benefit liability (asset) resulting from past service cost and losses (gains) arising from settlements	18
Eurozone \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	94	(109)
Eurozone \| Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	4,665	5,372
Eurozone \| Accrued benefit obligation
Analysis of the amount charged to profit or loss
Post-employment benefit expense (income) in profit or loss, defined benefit plans	74	125
Interest cost	78	97
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(207)	265
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(8,161)	(7,353)
Exchange adjustments (liabilities) assets	(623)	720
Interest Expense, Net Defined Benefit Liability	78	97
Contributions by plan participants (liabilities) assets	2	2
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		55
Disposals of (benefit obligations) and fair value of plan asset	2	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(207)	265
Net defined benefit liability (asset), end of period	(7,108)	(8,161)	(7,353)
Net defined benefit liability (asset)	7,108	8,161	7,353
Eurozone \| Accrued benefit obligation \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,789)
Benefit payments (liabilities) assets	87	81
Net defined benefit liability (asset), end of period	(2,443)	(2,789)
Net defined benefit liability (asset)	2,443	2,789
Eurozone \| Accrued benefit obligation \| Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(5,372)
Benefit payments (liabilities) assets	288	265
Net defined benefit liability (asset), end of period	(4,665)	(5,372)
Net defined benefit liability (asset)	4,665	5,372
Eurozone \| Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(30)	(33)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	12	2,680
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(2,680)	(2,343)
Exchange adjustments (liabilities) assets	(214)	235
Interest income on plan assets	(30)	(33)
Contributions by plan participants (liabilities) assets	2	2
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		55
Disposals of (benefit obligations) and fair value of plan asset	1	(104)
Remeasurements recognized in other comprehensive income (liabilities) assets	12	2,680
Net defined benefit liability (asset), end of period	(2,537)	(2,680)	(2,343)
Surplus (deficit) at 31 December	(4,571)	(5,481)
Net defined benefit liability (asset)	2,537	2,680	2,343
Eurozone \| Fair value of plan assets \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	115	99
Benefit payments (liabilities) assets	(87)	(81)
Other
Analysis of the amount charged to profit or loss
Current service cost	31	38	38
Past service cost	2	(20)	(1)
Settlement	(1)	(1)	0
Post-employment benefit expense (income) in profit or loss, defined benefit plans	32	17	37
Post-employment benefit expense, defined contribution plans	36	38	38
Employee Benefit, Expense	68	55	75
Interest income on plan assets	(40)	(40)	(46)
Interest cost	56	59	69
Other finance (income) expense	16	19	23
Analysis of the amount recognized in other comprehensive income
Actual asset return less interest income on plan assets	25	38	97
Change in financial assumptions underlying the present value of the plan liabilities	97	(42)	(92)
Change in demographic assumptions underlying the present value of the plan liabilities	1	(4)	(4)
Experience gains and losses arising on the plan liabilities	3	8	4
Remeasurements recognized in other comprehensive income (liabilities) assets	126	0	5
Movements in benefit obligation and fair value of plan assets during the year
Interest Expense, Net Defined Benefit Liability	56	59	69
Interest income on plan assets	(40)	(40)	(46)
Remeasurements recognized in other comprehensive income (liabilities) assets	126	0	5
Surplus (deficit) at 31 December	(240)	(387)
Surplus (deficit) in plan, asset recognized	74	62
Surplus (deficit) in plan, liability recognized	(314)	(449)
Other \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	30	(58)
Other \| Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Surplus (deficit) at 31 December	270	329
Other \| Accrued benefit obligation
Analysis of the amount charged to profit or loss
Post-employment benefit expense (income) in profit or loss, defined benefit plans	32	17
Interest cost	56	59
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	(101)	38
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(1,895)	(1,826)
Exchange adjustments (liabilities) assets	(51)	64
Interest Expense, Net Defined Benefit Liability	56	59
Contributions by plan participants (liabilities) assets	6	11
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		0
Disposals of (benefit obligations) and fair value of plan asset	0	0
Remeasurements recognized in other comprehensive income (liabilities) assets	(101)	38
Net defined benefit liability (asset), end of period	(1,652)	(1,895)	(1,826)
Net defined benefit liability (asset)	1,652	1,895	1,826
Other \| Accrued benefit obligation \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(1,566)
Benefit payments (liabilities) assets	164	86
Net defined benefit liability (asset), end of period	(1,382)	(1,566)
Net defined benefit liability (asset)	1,382	1,566
Other \| Accrued benefit obligation \| Unfunded
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(329)
Benefit payments (liabilities) assets	21	34
Net defined benefit liability (asset), end of period	(270)	(329)
Net defined benefit liability (asset)	270	329
Other \| Fair value of plan assets
Analysis of the amount charged to profit or loss
Interest income on plan assets	(40)	(40)
Analysis of the amount recognized in other comprehensive income
Remeasurements recognized in other comprehensive income (liabilities) assets	25	1,508
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(1,508)	(1,412)
Exchange adjustments (liabilities) assets	(28)	64
Interest income on plan assets	(40)	(40)
Contributions by plan participants (liabilities) assets	6	11
Decrease Through Reclassification to Assets Held For Sale, Net Defined Benefit Liability (Asset)		0
Disposals of (benefit obligations) and fair value of plan asset	0	(38)
Remeasurements recognized in other comprehensive income (liabilities) assets	25	1,508
Net defined benefit liability (asset), end of period	(1,412)	(1,508)	(1,412)
Surplus (deficit) at 31 December	(240)	(387)
Net defined benefit liability (asset)	1,412	1,508	$ 1,412
Other \| Fair value of plan assets \| Funded
Movements in benefit obligation and fair value of plan assets during the year
Contributions to plan by employer, net defined benefit liability (asset)	25	29
Benefit payments (liabilities) assets	(164)	(86)
Germany \| Accrued benefit obligation
Movements in benefit obligation and fair value of plan assets during the year
Net defined benefit liability (asset), beginning of period	(5,060)
Net defined benefit liability (asset), end of period	(4,405)	(5,060)
Net defined benefit liability (asset)	$ 4,405	$ 5,060

Pensions and other post-retir_9

Pensions and other post-retirement benefits - Sensitivity analysis and actuarial assumptions (Details) $ in Millions	Dec. 31, 2021USD ($)
United Kingdom \| Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2022, Increase	$ (248)
Effect on pension and other post-retirement benefit expense in 2022, Decrease	159
Effect on pension and other post-retirement benefit obligation at 31, December 2021, Increase	(5,143)
Effect on pension and other post-retirement benefit obligation at 31 December 2021, Decrease	6,788
United Kingdom \| Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2022, Increase	74
Effect on pension and other post-retirement benefit expense in 2022, Decrease	(71)
Effect on pension and other post-retirement benefit obligation at 31, December 2021, Increase	4,062
Effect on pension and other post-retirement benefit obligation at 31 December 2021, Decrease	(3,912)
US \| Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2022, Increase	(57)
Effect on pension and other post-retirement benefit expense in 2022, Decrease	50
Effect on pension and other post-retirement benefit obligation at 31, December 2021, Increase	(951)
Effect on pension and other post-retirement benefit obligation at 31 December 2021, Decrease	1,171
US \| Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2022, Increase	10
Effect on pension and other post-retirement benefit expense in 2022, Decrease	(8)
Effect on pension and other post-retirement benefit obligation at 31, December 2021, Increase	60
Effect on pension and other post-retirement benefit obligation at 31 December 2021, Decrease	(51)
Eurozone \| Discount rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2022, Increase	(3)
Effect on pension and other post-retirement benefit expense in 2022, Decrease	(6)
Effect on pension and other post-retirement benefit obligation at 31, December 2021, Increase	(980)
Effect on pension and other post-retirement benefit obligation at 31 December 2021, Decrease	1,238
Eurozone \| Inflation rate
Disclosure of defined benefit plans [line items]
Effect on pension and other post-retirement benefit expense in 2022, Increase	32
Effect on pension and other post-retirement benefit expense in 2022, Decrease	(26)
Effect on pension and other post-retirement benefit obligation at 31, December 2021, Increase	880
Effect on pension and other post-retirement benefit obligation at 31 December 2021, Decrease	$ (748)

Pensions and other post-reti_10

Pensions and other post-retirement benefits - Effect of longevity on expenses and obligations (Details) - Actuarial assumption of mortality rates [member] $ in Millions	Dec. 31, 2021USD ($)
United Kingdom
Disclosure of defined benefit plans [line items]
Increase (Decrease) In Defined Benefit Plan Expense Due To Reasonably Possible Increase In Actuarial Assumption	$ 25
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	1,402
US
Disclosure of defined benefit plans [line items]
Increase (Decrease) In Defined Benefit Plan Expense Due To Reasonably Possible Increase In Actuarial Assumption	4
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	119
Eurozone
Disclosure of defined benefit plans [line items]
Increase (Decrease) In Defined Benefit Plan Expense Due To Reasonably Possible Increase In Actuarial Assumption	7
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption	$ 291

Pensions and other post-reti_11

Pensions and other post-retirement benefits - Expected future benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 2,208
Expected Future Benefit Payment, Year Two	2,097
Expected Future Benefit Payment, Year Three	2,096
Expected Future Benefit Payment, Year Four	2,095
Expected Future Benefit Payment, Year Five	2,100
Expected Future Benefit Payment, Years Thereafter	10,558
United Kingdom
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	1,100
Expected Future Benefit Payment, Year Two	1,141
Expected Future Benefit Payment, Year Three	1,163
Expected Future Benefit Payment, Year Four	1,164
Expected Future Benefit Payment, Year Five	1,185
Expected Future Benefit Payment, Years Thereafter	$ 6,184
Weighted average duration of defined benefit obligation	17 years 10 months 24 days
US
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 683
Expected Future Benefit Payment, Year Two	546
Expected Future Benefit Payment, Year Three	529
Expected Future Benefit Payment, Year Four	527
Expected Future Benefit Payment, Year Five	523
Expected Future Benefit Payment, Years Thereafter	$ 2,501
Weighted average duration of defined benefit obligation	12 years 8 months 12 days
Eurozone
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 328
Expected Future Benefit Payment, Year Two	319
Expected Future Benefit Payment, Year Three	312
Expected Future Benefit Payment, Year Four	312
Expected Future Benefit Payment, Year Five	299
Expected Future Benefit Payment, Years Thereafter	$ 1,397
Weighted average duration of defined benefit obligation	15 years 10 months 24 days
Other
Disclosure of defined benefit plans [line items]
Expected Future Benefit, Year One	$ 97
Expected Future Benefit Payment, Year Two	91
Expected Future Benefit Payment, Year Three	92
Expected Future Benefit Payment, Year Four	92
Expected Future Benefit Payment, Year Five	93
Expected Future Benefit Payment, Years Thereafter	$ 476
Weighted average duration of defined benefit obligation	12 years 6 months

Cash and cash equivalents - Sch

Cash and cash equivalents - Schedule of cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2018
Subclassifications of assets, liabilities and equities [abstract]
Cash	$ 9,101	$ 6,235
Triparty repos and term bank deposits	15,655	17,368
Cash equivalents (excluding triparty repos and term bank deposits)	5,925	7,508
Total cash and cash equivalents	$ 30,681	$ 31,111	$ 22,472	$ 22,468

Cash and cash equivalents - Nar

Cash and cash equivalents - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2018
Disclosure of geographical areas [line items]
Restricted cash and cash equivalents	$ 4,740	$ 1,917
Cash and cash equivalents	30,681	31,111	$ 22,472	$ 22,468
Non-UK Countries
Disclosure of geographical areas [line items]
Cash and cash equivalents	$ 4,668	$ 3,890

Finance debt - Summary of curre

Finance debt - Summary of current and non-current borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 5,557	$ 9,359
Non-current finance debt	55,619	63,305
Total	61,176	72,664
Borrowings
Disclosure of detailed information about borrowings [line items]
Current finance debt	5,557	9,359
Non-current finance debt	55,619	63,305
Total	$ 61,176	$ 72,664

Finance debt - Narrative (Detai

Finance debt - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Finance debt - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 5,557	$ 9,359
Euro and sterling bonds
Disclosure of detailed information about borrowings [line items]
Repayments of bonds, notes and debentures	11,000	4,000
Carrying amount \| Within one year \| Long-Term Borrowings, Excluding Finance Lease Liabilities
Disclosure of detailed information about borrowings [line items]
Current finance debt	3,366	8,122
Carrying amount \| Within one year \| Commercial Papers
Disclosure of detailed information about borrowings [line items]
Current finance debt	2,163	1,004
Carrying amount \| Within one year \| Accrued interest [Member]
Disclosure of detailed information about borrowings [line items]
Current finance debt	$ 484	$ 678

Finance debt - Summary of weigh

Finance debt - Summary of weighted average interest rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 61,176	$ 72,664
Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	36,079	39,630
Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	25,097	33,034
US dollar
Disclosure of detailed information about borrowings [line items]
Total borrowings	60,965	72,343
US dollar \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	35,891	39,452
US dollar \| Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 25,074	$ 32,891
US dollar \| Weighted average \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	3.00%	3.00%
Weighted average time for which rate is fixed Years	12 years	8 years
US dollar \| Weighted average \| Floating interest rate
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	2.00%	2.00%
Other currencies
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 211	$ 321
Other currencies \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Total borrowings	188	178
Other currencies \| Floating interest rate
Disclosure of detailed information about borrowings [line items]
Total borrowings	$ 23	$ 143
Other currencies \| Weighted average \| Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	6.00%	6.00%
Weighted average time for which rate is fixed Years	9 years	9 years
Other currencies \| Weighted average \| Floating interest rate
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	1.00%	5.00%

Finance debt - Summary of fair

Finance debt - Summary of fair value and carrying value of borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Short-term borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	$ 2,191	$ 1,237
Financial liabilities	2,191	1,237
Long-term borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	60,755	74,855
Financial liabilities	58,985	71,427
Borrowings
Disclosure of detailed information about borrowings [line items]
Financial liabilities, at fair value	62,946	76,092
Financial liabilities	$ 61,176	$ 72,664

Capital disclosures and net d_3

Capital disclosures and net debt - Disclosure of the net debt ratio (Details) $ in Millions		Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2018USD ($)
Disclosure of detailed information about hedges [line items]
Finance debt		$ 61,176	$ 72,664
Less: fair value asset (liability) of hedges related to finance debta		(118)	2,612
Debt, net of hedging instruments		61,294	70,052
Less: cash and cash equivalents		30,681	31,111	$ 22,472		$ 22,468
Net debt		30,613	38,941
Equity	[1]	$ 90,439	$ 85,568	$ 100,708	$ 101,548
Gearing		0.253	0.313
Debt Hedges \| Derivatives
Disclosure of detailed information about hedges [line items]
Financial liabilities at fair value through profit or loss		$ 166	$ 236

[1]	See Note 31 for further information.

Capital disclosures and net d_4

Capital disclosures and net debt - Disclosure of reconciliation of liabilities arising from financing activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [line items]
Finance debt at beginning of year	$ 72,664
Hedge accounted derivatives at beginning of year	(2,612)
Lease liabilities	9,262
Liabilities arising from financing activities at beginning of year	79,228	$ 78,654
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	(400)	534
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(10,823)	(1,119)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	984	(1,122)
Increase through new leases, liabilities arising from financing activities	1,790	1,599
Increase (decrease) through other changes, liabilities arising from financing activities	(261)	682
Finance debt at end of year	61,176	72,664
Hedge accounted derivatives at end of year	118	(2,612)
Lease liabilities	8,611	9,262
Liabilities arising from financing activities at beginning of year	70,518	79,228
Borrowings
Disclosure of detailed information about hedges [line items]
Finance debt at beginning of year	72,664	67,724
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	(185)	349
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(8,575)	1,589
Increase (decrease) through changes in fair values, liabilities arising from financing activities	(2,578)	2,612
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	(150)	390
Finance debt at end of year	61,176	72,664
Currency derivatives
Disclosure of detailed information about hedges [line items]
Hedge accounted derivatives at beginning of year	(2,965)	918
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	0	0
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(126)	(226)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	3,562	(3,734)
Increase through new leases, liabilities arising from financing activities	0	0
Increase (decrease) through other changes, liabilities arising from financing activities	10	77
Hedge accounted derivatives at end of year	481	(2,965)
Lease liabilities
Disclosure of detailed information about hedges [line items]
Lease liabilities	9,262	9,722
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	(215)	181
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(2,082)	(2,442)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	1,767	1,579
Increase (decrease) through other changes, liabilities arising from financing activities	(121)	222
Lease liabilities	8,611	9,262
Net partner payable for leases entered into on behalf of joint operations
Disclosure of detailed information about hedges [line items]
Net partner (receivable) payable for joint operation leases at beginning of year	267	290
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities	0	4
Increase (decrease) through financing cash flows, liabilities arising from financing activities	(40)	(40)
Increase (decrease) through changes in fair values, liabilities arising from financing activities	0	0
Increase through new leases, liabilities arising from financing activities	23	20
Increase (decrease) through other changes, liabilities arising from financing activities	0	(7)
Net partner (receivable) payable for joint operation leases at end of year	$ 250	$ 267

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Undiscounted operating lease payments for future commitments for leases not yet commenced [Abstract]
Weighted-average remaining lease term (years)	8 years	8 years
Undiscounted operating lease payment for future commitments for leases not yet commenced	$ 4,996	$ 5,309

Leases - Disclosure of maturity

Leases - Disclosure of maturity analysis of operating lease payments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	$ 10,025	$ 10,884
Effect Of Lease Discounting	(1,414)	(1,622)
Lease liabilities	8,611	9,262
Current lease liabilities	1,747	1,933
Non-current lease liabilities	6,864	7,329
Within one year
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,949	2,262
1 to 2 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,631	1,672
2 to 3 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,207	1,340
3 to 4 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	1,005	1,025
4 to 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	682	878
5 to 10 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	2,089	2,192
Over 10 years
Disclosure of maturity analysis of operating lease payments [line items]
Gross lease liabilities	$ 1,462	$ 1,515

Leases - Disclosure of quantita

Leases - Disclosure of quantitative information about right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Total cash outflow for amounts included in lease liabilities	$ 2,372	$ 2,779
Expense for variable payments not included in the lease liability	37	41
Short-term lease expense	409	621
Additions to right-of-use assets in the period	1,807	1,714
Gains (losses) arising from sale and leaseback transactions	$ (1)	$ 187

Financial instruments and fin_3

Financial instruments and financial risk factors - Schedule of financial assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Financial liabilities
Financial assets (liabilities)	$ (74,251)	$ (72,303)
Trade and other payables
Financial liabilities
Financial liabilities	(61,338)	(48,264)
Derivatives
Financial liabilities
Financial liabilities	(13,921)	(8,402)
Accruals
Financial liabilities
Financial liabilities	(6,606)	(5,502)
Lease liabilities
Financial liabilities
Financial liabilities	(8,611)	(9,262)
Borrowings
Financial liabilities
Financial liabilities	(61,176)	(72,664)
Other financial assets
Financial assets
Financial assets	2,824	3,079
Loans
Financial assets
Financial assets	1,277	1,298
Trade and other receivables
Financial assets
Financial assets	27,191	20,252
Derivatives
Financial assets
Financial assets	12,750	12,747
Cash and cash equivalents
Financial assets
Financial assets	30,681	31,111
Designated as measured at fair value through other comprehensive income
Financial liabilities
Financial assets (liabilities)	(79,710)	(86,302)
Designated as measured at fair value through other comprehensive income \| Trade and other payables
Financial liabilities
Financial liabilities	(58,660)	(44,960)
Designated as measured at fair value through other comprehensive income \| Accruals
Financial liabilities
Financial liabilities	(6,606)
Financial assets (liabilities)		(5,502)
Designated as measured at fair value through other comprehensive income \| Lease liabilities
Financial liabilities
Financial liabilities	(8,611)	(9,262)
Designated as measured at fair value through other comprehensive income \| Borrowings
Financial liabilities
Financial liabilities	(61,176)	(72,664)
Financial liabilities at fair value through profit or loss, category \| Derivatives
Financial liabilities
Financial liabilities	(13,456)	(8,320)
Derivative hedging instruments
Financial liabilities
Financial assets (liabilities)		2,616
Derivative hedging instruments \| Derivatives
Financial liabilities
Financial liabilities	(465)	82
Measured at amortized cost \| Loans
Financial assets
Financial assets	1,045	929
Measured at amortized cost \| Trade and other receivables
Financial assets
Financial assets	27,191	20,252
Measured at amortized cost \| Cash and cash equivalents
Financial assets
Financial assets	27,107	24,905
Mandatorily measured at fair value through profit or loss
Financial liabilities
Financial assets (liabilities)	5,576	11,383
Mandatorily measured at fair value through profit or loss \| Other financial assets
Financial assets
Financial assets	2,824	3,079
Mandatorily measured at fair value through profit or loss \| Loans
Financial assets
Financial assets	232	369
Mandatorily measured at fair value through profit or loss \| Derivatives
Financial assets
Financial assets	12,402	10,049
Mandatorily measured at fair value through profit or loss \| Cash and cash equivalents
Financial assets
Financial assets	3,574	6,206
Derivative hedging instruments
Financial liabilities
Financial assets (liabilities)	(117)
Derivative hedging instruments \| Derivatives
Financial assets
Financial assets	$ 348	$ 2,698

Financial instruments and fin_4

Financial instruments and financial risk factors - Narrative (Details) $ in Millions		12 Months Ended
		Dec. 31, 2021USD ($)bank	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2018USD ($)
Disclosure of detailed information about financial instruments [line items]
Net gain (loss) related to other assets and liabilities classified as measured at fair value		$ 627	$ 367
Dividends recognised for investments in equity instruments designated as measured at fair value through profit or loss		11	17
Finance debt		61,176	72,664
Proceeds from long-term financing		6,987	14,736	$ 8,597
Issue of perpetual hybrid bonds	[1]	924	11,861
Cash and cash equivalents		30,681	31,111	$ 22,472	$ 22,468
Non-controlling interests, hybrid bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Issue of perpetual hybrid bonds	[1]	950	11,909
Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Finance debt		36,079	39,630
Commodity price risk \| Trading [Member]
Disclosure of detailed information about financial instruments [line items]
Value at risk		100	40
Commodity price risk \| Arithmetic Average [Member]
Disclosure of detailed information about financial instruments [line items]
Value at risk		64	56
Currency risk
Disclosure of detailed information about financial instruments [line items]
Borrowings not swapped		$ 211	321
Period in which maximum value at risk was not exceeded		3 years
Currency risk \| Currency Forward Contract, USD And Sterling
Disclosure of detailed information about financial instruments [line items]
Notional amount		$ 55	$ 124
Currency risk \| Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Value at risk		$ 400
Interest rate risk
Disclosure of detailed information about financial instruments [line items]
Proportion of floating rate debt, net of interest rate swaps, to total finance debt		41.00%	45.00%
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, amount		$ 251	$ 330
Finance debt		2,062
Credit derivative, nominal amount		$ 24,088
Interest rate risk \| Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings excluding leases, weighted average maturity period		12 years	8 years
Interest rate risk \| Weighted average \| Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Weighted average interest rate		3.00%	3.00%
Credit risk
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic		$ 9,500	$ 5,400
Credit risk \| Financial assets which are subject to review for impairment under IFRS 9
Disclosure of detailed information about financial instruments [line items]
Risk exposure associated with instruments sharing characteristic		7,500	4,900
Credit risk \| Financial guarantee contracts \| Third party arrangement
Disclosure of detailed information about financial instruments [line items]
Exposure to credit risk on loan commitments and financial guarantee contracts		694	661
Credit risk \| Joint ventures and associates \| Financial guarantee contracts
Disclosure of detailed information about financial instruments [line items]
Exposure to credit risk on loan commitments and financial guarantee contracts		1,407	1,405
Liquidity risk
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents		30,700	31,100
Liquidity risk \| Non-controlling interests, hybrid bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Issue of perpetual hybrid bonds		900	11,900
Liquidity risk \| Committed Letter Of Credit Facilities [Member]
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		12,575	11,325
Trade payables		9,154	5,250
Liquidity risk \| Secured Letter Of Credit Facilities
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		4,290	3,460
Liquidity risk \| Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Proceeds from long-term financing		6,000	14,000
Liquidity risk \| Standby Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		4,000	7,600
Liquidity risk \| Credit Facility
Disclosure of detailed information about financial instruments [line items]
Maximum borrowing capacity		$ 8,000	10,000
Liquidity risk \| Committed Letter Of Credit Facilities [Member]
Disclosure of detailed information about financial instruments [line items]
Number of lenders, financial institutions (international bank) \| bank		26
Liquidity risk \| Standby Credit Facility
Disclosure of detailed information about financial instruments [line items]
Number of lenders, financial institutions (international bank) \| bank		27
Liquidity risk \| Top of range [member] \| Committed Letter Of Credit Facilities [Member]
Disclosure of detailed information about financial instruments [line items]
Borrowings, maturity term		24 months
Liquidity risk \| Top of range [member] \| Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Borrowings, maturity term		40 years
Liquidity risk \| Bottom of range [member] \| Long-Term Taxable Bonds
Disclosure of detailed information about financial instruments [line items]
Borrowings, maturity term		20 years
Currency and interest rate risk
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, undiscounted cash flows		$ 27,048	$ 33,704

[1]	See Note 31 for further information.

Financial instruments and fin_5

Financial instruments and financial risk factors - Summary of credit risk profile of financial assets (Details) - Financial assets which are subject to review for impairment under IFRS 9	Dec. 31, 2021	Dec. 31, 2020
AAA to AA-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	14.00%	11.00%
A+ to A-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	46.00%	59.00%
BBB+ to BBB-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	14.00%	8.00%
BB+ to BB-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	8.00%	6.00%
B+ to B-
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	16.00%	13.00%
CCC+ and below
Disclosure of external credit grades [line items]
Expected credit loss rate, percent	2.00%	3.00%

Financial instruments and fin_6

Financial instruments and financial risk factors - Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative assets	$ 20,519	$ 14,765
Less: netting by counterparty	(7,769)	(2,019)
Net amounts presented on the balance sheet	12,750	12,746
Related amounts not set off in the balance sheet
Master netting arrangements	(3,104)	(2,075)
Cash collateral (received) pledged	(414)	(386)
Net asset amount	9,232	10,285
Trade and other receivables
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative assets	17,105	7,772
Less: netting by counterparty	(8,104)	(3,679)
Net amounts presented on the balance sheet	9,001	4,093
Related amounts not set off in the balance sheet
Master netting arrangements	(1,038)	(823)
Cash collateral (received) pledged	(249)	(122)
Net asset amount	7,714	3,148
Derivatives
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative liabilities	(21,683)	(10,414)
Less: netting by counterparty	7,769	2,019
Net amounts presented on the balance sheet	(13,914)	(8,395)
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract]
Master netting arrangements	3,104	2,075
Cash collateral (received) pledged	0	0
Net amount	(10,810)	(6,320)
Trade and other payables
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Fair value of derivative liabilities	(19,279)	(8,836)
Less: netting by counterparty	8,104	3,679
Net amounts presented on the balance sheet	(11,175)	(5,157)
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract]
Master netting arrangements	1,038	823
Cash collateral (received) pledged	0	0
Net amount	$ (10,137)	$ (4,334)

Financial instruments and fin_7

Financial instruments and financial risk factors - Schedule of timing of cash outflows (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 61,338	$ 48,264
Trade and other payables \| Gulf of Mexico Oil Spill
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	13,170	14,569
Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	6,606	5,502
Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	58,437	69,305
Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	10,389	10,034
Later than one year [member] \| Trade and other payables \| Gulf of Mexico Oil Spill
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	11,883	13,160
Within one year \| Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	48,497	33,290
Within one year \| Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,638	4,650
Within one year \| Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,370	9,119
Within one year \| Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,497	1,778
1 to 2 years \| Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,627	1,728
1 to 2 years \| Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	209	157
1 to 2 years \| Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	4,425	6,292
1 to 2 years \| Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,341	1,477
2 to 3 years \| Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,346	1,590
2 to 3 years \| Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	108	184
2 to 3 years \| Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,953	7,031
2 to 3 years \| Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,204	1,305
3 to 4 years \| Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,328	1,332
3 to 4 years \| Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	144	87
3 to 4 years \| Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,958	8,047
3 to 4 years \| Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,047	1,110
4 to 5 years \| Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,146	1,335
4 to 5 years \| Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	56	217
4 to 5 years \| Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,504	6,652
4 to 5 years \| Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	896	919
5 to 10 years \| Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,695	4,570
5 to 10 years \| Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	218	108
5 to 10 years \| Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	16,483	22,156
5 to 10 years \| Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	2,705	2,408
Over 10 years \| Trade and other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,699	4,419
Over 10 years \| Accruals
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	233	99
Over 10 years \| Finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	14,744	10,008
Over 10 years \| Interest on finance debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	$ 1,699	$ 1,037

Financial instruments and fin_8

Financial instruments and financial risk factors - Schedule of future cash outflows for derivative instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 27,131	$ 31,779
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, undiscounted cash flows	27,048	33,704
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	1,497	2,384
1 to 2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	1,492	1,976
2 to 3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	2,531	2,017
3 to 4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	2,053	3,074
4 to 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	5,575	2,582
5 to 10 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	8,618	15,263
Over 10 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, undiscounted cash flows	$ 5,365	$ 4,483

Derivative financial instrume_3

Derivative financial instruments - Summary of fair value of derivative instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 12,402	$ 10,048
Derivatives held for trading, Fair value liabilities	(13,449)	(8,313)
Embedded derivatives, Fair value assets	0	1
Embedded derivative, Fair value liabilities	(7)	(7)
Fair value asset	12,750	12,747
Fair value liability	(13,921)	(8,402)
Current derivatives, Fair value assets	5,744	2,992
Current derivatives, Fair value liabilities	(7,565)	(2,998)
Non-current derivatives, Fair value assets	7,006	9,755
Non-current derivatives, Fair value liabilities	(6,356)	(5,404)
Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	1	4
Hedges, Fair value liability	0	0
Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	347	2,694
Hedges, Fair value liability	(465)	(82)
Currency forwards \| Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	1	4
Hedges, Fair value liability	0	0
Gas price futures \| Cash flow hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	0	0
Hedges, Fair value liability	0	0
Currency swaps \| Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	326	2,614
Hedges, Fair value liability	(465)	(82)
Interest rate swaps \| Fair value hedges
Disclosure of detailed information about financial instruments [line items]
Hedges, Fair value asset	21	80
Hedges, Fair value liability	0	0
Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	272	858
Derivatives held for trading, Fair value liabilities	(643)	(694)
Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,192	1,519
Derivatives held for trading, Fair value liabilities	(1,567)	(1,093)
Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	6,823	6,406
Derivatives held for trading, Fair value liabilities	(8,273)	(5,489)
Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	3,105	1,258
Derivatives held for trading, Fair value liabilities	(2,966)	(1,037)
Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	10	7
Derivatives held for trading, Fair value liabilities	0	0
Embedded derivatives, Fair value assets	0	1
Embedded derivative, Fair value liabilities	$ (7)	$ (7)

Derivative financial instrume_4

Derivative financial instruments - Summary of maturities of derivative assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 12,402	$ 10,048
Derivative liabilities held for trading	(13,449)	(8,313)
Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	272	858
Derivative liabilities held for trading	(643)	(694)
Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,192	1,519
Derivative liabilities held for trading	(1,567)	(1,093)
Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	6,823	6,406
Derivative liabilities held for trading	(8,273)	(5,489)
Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	3,105	1,258
Derivative liabilities held for trading	(2,966)	(1,037)
Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	10	7
Derivative liabilities held for trading	0	0
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	5,712	2,947
Derivative liabilities held for trading	(7,567)	(2,942)
Within one year \| Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	168	153
Derivative liabilities held for trading	(191)	(502)
Within one year \| Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,544	1,159
Derivative liabilities held for trading	(1,340)	(1,000)
Within one year \| Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,678	1,210
Derivative liabilities held for trading	(4,551)	(1,095)
Within one year \| Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,322	425
Derivative liabilities held for trading	(1,485)	(345)
Within one year \| Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	0
1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,888	1,160
Derivative liabilities held for trading	(1,835)	(979)
1-2 years \| Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	52	9
Derivative liabilities held for trading	(2)	(117)
1-2 years \| Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	429	197
Derivative liabilities held for trading	(179)	(83)
1-2 years \| Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	847	731
Derivative liabilities held for trading	(1,053)	(595)
1-2 years \| Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	553	223
Derivative liabilities held for trading	(601)	(184)
1-2 years \| Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	7	0
2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,000	857
Derivative liabilities held for trading	(723)	(625)
2-3 years \| Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1	3
Derivative liabilities held for trading	(13)	(11)
2-3 years \| Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	167	90
Derivative liabilities held for trading	(39)	(9)
2-3 years \| Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	547	596
Derivative liabilities held for trading	(460)	(479)
2-3 years \| Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	285	161
Derivative liabilities held for trading	(211)	(126)
2-3 years \| Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	7
3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	678	697
Derivative liabilities held for trading	(498)	(505)
3-4 years \| Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1	2
Derivative liabilities held for trading	(5)	(1)
3-4 years \| Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	47	63
Derivative liabilities held for trading	(7)	(1)
3-4 years \| Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	456	525
Derivative liabilities held for trading	(351)	(422)
3-4 years \| Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	174	107
Derivative liabilities held for trading	(135)	(81)
3-4 years \| Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	0
4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	496	561
Derivative liabilities held for trading	(549)	(416)
4-5 years \| Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	2
Derivative liabilities held for trading	(173)	0
4-5 years \| Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	4	7
Derivative liabilities held for trading	(2)	0
4-5 years \| Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	368	476
Derivative liabilities held for trading	(282)	(348)
4-5 years \| Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	124	76
Derivative liabilities held for trading	(92)	(68)
4-5 years \| Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	0	0
Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	2,628	3,826
Derivative liabilities held for trading	(2,277)	(2,846)
Over 5 years \| Currency derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	50	689
Derivative liabilities held for trading	(259)	(63)
Over 5 years \| Oil price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1	3
Derivative liabilities held for trading	0	0
Over 5 years \| Natural gas price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	1,927	2,868
Derivative liabilities held for trading	(1,576)	(2,550)
Over 5 years \| Power price derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	647	266
Derivative liabilities held for trading	(442)	(233)
Over 5 years \| Other derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative assets held for trading	$ 3	$ 0

Derivative financial instrume_5

Derivative financial instruments - Analysis of fair value derivative sssets and liabilities by maturity and fair value estimation (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	$ 12,402	$ 10,048
Derivatives held for trading, Fair value liabilities	(13,449)	(8,313)
Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	5,712	2,947
Derivatives held for trading, Fair value liabilities	(7,567)	(2,942)
1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,888	1,160
Derivatives held for trading, Fair value liabilities	(1,835)	(979)
2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,000	857
Derivatives held for trading, Fair value liabilities	(723)	(625)
3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	678	697
Derivatives held for trading, Fair value liabilities	(498)	(505)
4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	496	561
Derivatives held for trading, Fair value liabilities	(549)	(416)
Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	2,628	3,826
Derivatives held for trading, Fair value liabilities	(2,277)	(2,846)
Derivatives held for trading
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	12,402	10,048
Derivative assets held for trading, before netting	20,171	12,067
Less: netting by counterparty	(7,769)	(2,019)
Derivatives held for trading, Fair value liabilities	(13,449)	(8,313)
Derivative financial liabilities held for trading, before netting	(21,218)	(10,332)
Less: netting by counterparty	7,769	2,019
Net fair value	(1,047)	1,735
Derivatives held for trading \| Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	99	81
Derivatives held for trading, Fair value liabilities	(99)	(86)
Derivatives held for trading \| Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	14,545	5,588
Derivatives held for trading, Fair value liabilities	(17,182)	(4,905)
Derivatives held for trading \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	5,527	6,398
Derivatives held for trading, Fair value liabilities	(3,937)	(5,341)
Derivatives held for trading \| Within one year
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	5,712	2,947
Derivative assets held for trading, before netting	12,369	4,129
Less: netting by counterparty	(6,657)	(1,182)
Derivatives held for trading, Fair value liabilities	(7,567)	(2,942)
Derivative financial liabilities held for trading, before netting	(14,224)	(4,124)
Less: netting by counterparty	6,657	1,182
Net fair value	(1,855)	5
Derivatives held for trading \| Within one year \| Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	63	48
Derivatives held for trading, Fair value liabilities	(57)	(55)
Derivatives held for trading \| Within one year \| Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	11,418	3,342
Derivatives held for trading, Fair value liabilities	(13,646)	(3,577)
Derivatives held for trading \| Within one year \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	888	739
Derivatives held for trading, Fair value liabilities	(521)	(492)
Derivatives held for trading \| 1-2 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,888	1,160
Derivative assets held for trading, before netting	2,582	1,413
Less: netting by counterparty	(694)	(253)
Derivatives held for trading, Fair value liabilities	(1,835)	(979)
Derivative financial liabilities held for trading, before netting	(2,529)	(1,232)
Less: netting by counterparty	694	253
Net fair value	53	181
Derivatives held for trading \| 1-2 years \| Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	25	9
Derivatives held for trading, Fair value liabilities	(28)	(9)
Derivatives held for trading \| 1-2 years \| Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,957	858
Derivatives held for trading, Fair value liabilities	(2,189)	(809)
Derivatives held for trading \| 1-2 years \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	600	546
Derivatives held for trading, Fair value liabilities	(312)	(414)
Derivatives held for trading \| 2-3 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1,000	857
Derivative assets held for trading, before netting	1,145	934
Less: netting by counterparty	(145)	(77)
Derivatives held for trading, Fair value liabilities	(723)	(625)
Derivative financial liabilities held for trading, before netting	(868)	(702)
Less: netting by counterparty	145	77
Net fair value	277	232
Derivatives held for trading \| 2-3 years \| Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	4	15
Derivatives held for trading, Fair value liabilities	(4)	(13)
Derivatives held for trading \| 2-3 years \| Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	631	367
Derivatives held for trading, Fair value liabilities	(575)	(263)
Derivatives held for trading \| 2-3 years \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	510	552
Derivatives held for trading, Fair value liabilities	(289)	(426)
Derivatives held for trading \| 3-4 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	678	697
Derivative assets held for trading, before netting	720	735
Less: netting by counterparty	(42)	(38)
Derivatives held for trading, Fair value liabilities	(498)	(505)
Derivative financial liabilities held for trading, before netting	(540)	(543)
Less: netting by counterparty	42	38
Net fair value	180	192
Derivatives held for trading \| 3-4 years \| Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	6	3
Derivatives held for trading, Fair value liabilities	(8)	(3)
Derivatives held for trading \| 3-4 years \| Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	298	212
Derivatives held for trading, Fair value liabilities	(251)	(136)
Derivatives held for trading \| 3-4 years \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	416	520
Derivatives held for trading, Fair value liabilities	(281)	(404)
Derivatives held for trading \| 4-5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	496	561
Derivative assets held for trading, before netting	522	598
Less: netting by counterparty	(26)	(37)
Derivatives held for trading, Fair value liabilities	(549)	(416)
Derivative financial liabilities held for trading, before netting	(575)	(453)
Less: netting by counterparty	26	37
Net fair value	(53)	145
Derivatives held for trading \| 4-5 years \| Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	1	5
Derivatives held for trading, Fair value liabilities	(2)	(5)
Derivatives held for trading \| 4-5 years \| Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	139	100
Derivatives held for trading, Fair value liabilities	(305)	(41)
Derivatives held for trading \| 4-5 years \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	382	493
Derivatives held for trading, Fair value liabilities	(268)	(407)
Derivatives held for trading \| Over 5 years
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	2,628	3,826
Derivative assets held for trading, before netting	2,833	4,258
Less: netting by counterparty	(205)	(432)
Derivatives held for trading, Fair value liabilities	(2,277)	(2,846)
Derivative financial liabilities held for trading, before netting	(2,482)	(3,278)
Less: netting by counterparty	205	432
Net fair value	351	980
Derivatives held for trading \| Over 5 years \| Level 1
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	0	1
Derivatives held for trading, Fair value liabilities	0	(1)
Derivatives held for trading \| Over 5 years \| Level 2
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	102	709
Derivatives held for trading, Fair value liabilities	(216)	(79)
Derivatives held for trading \| Over 5 years \| Level 3
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets held for trading	2,731	3,548
Derivatives held for trading, Fair value liabilities	$ (2,266)	$ (3,198)

Derivative financial instrume_6

Derivative financial instruments - Disclosure of changes in fair value of derivative instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	$ 85,568
Net assets, end of period	90,439	$ 85,568
Level 3
Reconciliation of changes in fair value measurement, assets [abstract]
Deferred day-one gains (losses)	961	881
Derivative asset (liability)	1,590	1,057
Level 3 \| Derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	176	84
Gains (losses) recognized in the income statement	961	530
Purchases, fair value measurement, assets	3
Sales, fair value measurement, assets		(32)
Settlements	(396)	(346)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	(115)	(60)
Net assets, end of period	629	176
Level 3 \| Derivatives \| Oil price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	191	71
Gains (losses) recognized in the income statement	302	250
Purchases, fair value measurement, assets	0
Sales, fair value measurement, assets		0
Settlements	(248)	(135)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	(46)	5
Net assets, end of period	199	191
Level 3 \| Derivatives \| Natural gas price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	147	28
Gains (losses) recognized in the income statement	410	184
Purchases, fair value measurement, assets	0
Sales, fair value measurement, assets		0
Settlements	(33)	(22)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	10	(43)
Net assets, end of period	534	147
Level 3 \| Derivatives \| Power price derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	(173)	(125)
Gains (losses) recognized in the income statement	407	162
Purchases, fair value measurement, assets	0
Sales, fair value measurement, assets		0
Settlements	(115)	(189)
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	(79)	(21)
Net assets, end of period	40	(173)
Level 3 \| Derivatives \| Currency derivatives [Member]
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	5	0
Gains (losses) recognized in the income statement	(159)	5
Purchases, fair value measurement, assets	0
Sales, fair value measurement, assets		0
Settlements	0	0
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	0	0
Net assets, end of period	(154)	5
Level 3 \| Derivatives \| Other derivatives
Reconciliation of changes in fair value measurement, assets [abstract]
Net assets, beginning of period	6	110
Gains (losses) recognized in the income statement	1	(71)
Purchases, fair value measurement, assets	3
Sales, fair value measurement, assets		(32)
Settlements	0	0
Transfers out of Level 3 of fair value hierarchy, (assets) liabilities	0	(1)
Net assets, end of period	$ 10	$ 6

Derivative financial instrume_7

Derivative financial instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)MMBTU	Dec. 31, 2020USD ($)MMBTU	Dec. 31, 2019USD ($)
Disclosure of detailed information about financial instruments [line items]
Gains (losses) recognized in the income statement, excluding gains and losses on realized physical derivative contracts reflected in sales and purchases \| $	$ (4,466)
Derivatives held for trading \| Derivatives \| Level 3
Disclosure of detailed information about financial instruments [line items]
Gains (losses) recognised in profit or loss attributable to change in unrealised gains or losses for assets held at end of period, fair value measurement \| $	755	$ 315
Futures, Options, Swaps, and Forward Derivative Contracts
Disclosure of detailed information about financial instruments [line items]
Gains (losses) recognized in the income statement \| $	$ (775)	$ 829	$ 160
Highly probable forecast sales \| Cash flow hedges \| Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments \| MMBTU	(420,000,000)	(175,000,000)
Highly probable forecast sales \| Cash flow hedges \| Within one year \| Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments \| MMBTU	245	135
Highly probable forecast sales \| Cash flow hedges \| 1-2 years \| Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Nominal Amounts Of Hedging Instruments \| MMBTU	175	40

Derivative financial instrume_8

Derivative financial instruments - Fair value of hedge ineffectiveness (Details) - Cash flow hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Highly probable forecast capital expenditure \| Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	$ (1)	$ 4
Change in fair value of hedged item used to calculate ineffectiveness	1	(4)
Hedge ineffectiveness recognized in profit or (loss)	0	0
Highly probable forecast sales \| Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	(430)	78
Change in fair value of hedged item used to calculate ineffectiveness	430	(78)
Hedge ineffectiveness recognized in profit or (loss)	$ 0	$ 0

Derivative financial instrume_9

Derivative financial instruments - Carrying and notional amounts of hedges (Details) - Cash flow hedges $ in Millions	Dec. 31, 2021USD ($)MMBTU	Dec. 31, 2020USD ($)MMBTU
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	$ 1	$ 4
Hedging instrument, liabilities	0	0
Highly probable forecast capital expenditure \| Foreign exchange risk
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	1	4
Hedging instrument, liabilities	0	0
Nominal amounts of hedging instruments	55	162
Highly probable forecast sales \| Commodity price risk
Disclosure of detailed information about financial instruments [line items]
Hedging instrument, assets	0	0
Hedging instrument, liabilities	$ 0	$ 0
Nominal Amounts Of Hedging Instruments \| MMBTU	(420,000,000)	(175,000,000)

Derivative financial instrum_10

Derivative financial instruments - Weighted average exchange rates and sales prices, cash flow hedges (Details) - Cash flow hedges	12 Months Ended
	Dec. 31, 2021MMBTUgBPPerUSD	Dec. 31, 2021MMBTUkRWPerUSD	Dec. 31, 2020gBPPerUSD	Dec. 31, 2020kRWPerUSD
Highly probable forecast capital expenditure
Disclosure of detailed information about hedges [line items]
Average foreign exchange rate (per USD)	1.33	0	1.35	1,174.47
Highly probable forecast sales
Disclosure of detailed information about hedges [line items]
Average price of hedging instrument (Henry Hub $/mmBtu)	3.24	3.24	2.88	2.88

Derivative financial instrum_11

Derivative financial instruments - Summary of changes in fair value, hedges used to calculate ineffectiveness (Details) - Fair value hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	$ 54	$ (258)
Change in fair value of hedged item used to calculate ineffectiveness	(54)	258
Gain (loss) on hedge ineffectiveness recognised in profit or loss	0	0
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Change in fair value of hedging instrument used to calculate ineffectiveness	2,565	(2,743)
Change in fair value of hedged item used to calculate ineffectiveness	(2,460)	2,549
Gain (loss) on hedge ineffectiveness recognised in profit or loss	$ (105)	$ 194

Derivative financial instrum_12

Derivative financial instruments - Summary of carrying amount of fair value hedges (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	$ 347	$ 2,694
Hedging instrument, liabilities	465	82
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	21	80
Hedging instrument, liabilities	0	0
Notional amount	1,102	4,104
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Hedges, Fair value asset	326	2,614
Hedging instrument, liabilities	465	82
Notional amount	$ 18,880	$ 23,313

Derivative financial instrum_13

Derivative financial instruments - Summary of tenor of nominal amount of hedges (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	$ 1,102	$ 4,104
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	18,880	23,313
Within one year \| Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	713	2,705
Within one year \| Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	715	737
1 to 2 years \| Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	996
1 to 2 years \| Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	1,426	1,056
2 to 3 years \| Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	219	0
2 to 3 years \| Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	2,377	2,039
3 to 4 years \| Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	227
3 to 4 years \| Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	2,114	3,175
4 to 5 years \| Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	170	0
4 to 5 years \| Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	2,400	2,804
5 to 10 years \| Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	176
5 to 10 years \| Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	4,471	8,587
Over 10 years \| Interest rate risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	0	0
Over 10 years \| Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedges [line items]
Notional amount	$ 5,377	$ 4,915

Derivative financial instrum_14

Derivative financial instruments - Weighted average exchange rates of hedges (Details)	12 Months Ended
	Dec. 31, 2021gBPPerUSD	Dec. 31, 2021eURPerUSD	Dec. 31, 2021cADPerUSD	Dec. 31, 2020gBPPerUSD	Dec. 31, 2020eURPerUSD	Dec. 31, 2020cADPerUSD
Cross-currency interest rate swaps
Disclosure of detailed information about hedges [line items]
Average foreign exchange rate (per USD)	1.36	1.13	0.78	1.33	1.14	0.78
Fair value hedges \| Interest rate swaps \| Floating interest rate
Disclosure of detailed information about hedges [line items]
Average rate of hedging instrument	0.31%	0.31%	0.31%	0.58%	0.58%	0.58%
Fair value hedges \| Cross-currency interest rate swaps \| Floating interest rate
Disclosure of detailed information about hedges [line items]
Average rate of hedging instrument	1.91%	1.91%	1.91%	1.88%	1.88%	1.88%

Derivative financial instrum_15

Derivative financial instruments - Accumulated fair value adjustments of the hedged items (Details) - Fair value hedges - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Interest rate risk on finance debt
Disclosure of detailed information about hedged items [line items]
Hedged item, assets	$ 0	$ 0
Hedged item, liabilities	(1,170)	(4,196)
Accumulated fair value hedge adjustment on hedged item included in carrying amount, assets	0	0
Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, liabilities	(22)	(81)
Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, discontinued hedges	(524)	(775)
Interest rate and foreign currency risk on finance debt
Disclosure of detailed information about hedged items [line items]
Hedged item, assets	0	0
Hedged item, liabilities	(18,837)	(23,253)
Accumulated fair value hedge adjustment on hedged item included in carrying amount, assets	0	0
Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, liabilities	(94)	(938)
Accumulated fair value hedge adjustment remaining in statement of financial position for hedged item that ceased to be adjusted for hedging gains and losses, discontinued hedges	$ 0	$ 0

Derivative financial instrum_16

Derivative financial instruments - Movement in reserves related to hedge accounting (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in cash flow hedge reserve
Cash flow hedges marked to market	[1]	$ (430)	$ 78	$ (100)
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss	[1]	255	(37)	106
Cash flow hedges (including reclassifications), pre-tax		(175)	41	6
Movement in costs of hedging reserve
Costs of hedging marked to market	[1]	(105)	42	(4)
Costs of hedging reclassified to the income statement	[1]	21	22	57
Costs of hedging (including reclassifications), Pre-tax		(84)	64	53
Movement in cash flow hedge and costs of hedging reserves
Total reserve, period start		(704)	(822)
Cash flow hedges marked to market		(429)	85
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss	[1]	255	(37)	106
Costs of hedging marked to market	[1]	(105)	42	(4)
Costs of hedging reclassified to the income statement	[1]	21	22	57
Cash flow hedges and cost of hedges (including reclassifications), pre-tax		(258)	112
Cash flow hedges transferred to the balance sheet	[2]	10	(6)	(23)
Total reserve, period start		(972)	(704)	(822)
Highly probable forecast capital expenditure \| Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		12	(1)
Cash flow hedges marked to market		1	7
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0	0
Cash flow hedges (including reclassifications), pre-tax		1	7
Reserve of cash flow hedges, period end		3	12	(1)
Movement in cash flow hedge and costs of hedging reserves
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0	0
Cash flow hedges transferred to the balance sheet		10	(6)
Highly probable forecast sales \| Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		41	0
Cash flow hedges marked to market		(430)	78
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		255	(37)
Cash flow hedges (including reclassifications), pre-tax		(175)	41
Reserve of cash flow hedges, period end		(134)	41	0
Movement in cash flow hedge and costs of hedging reserves
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		255	(37)
Cash flow hedges transferred to the balance sheet		0	0
Purchase of equity \| Cash flow hedges
Movement in cash flow hedge reserve
Reserve of cash flow hedges, period start		(651)	(651)
Cash flow hedges marked to market		0	0
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0	0
Cash flow hedges (including reclassifications), pre-tax		0	0
Reserve of cash flow hedges, period end		(651)	(651)	(651)
Movement in cash flow hedge and costs of hedging reserves
Cash flow hedges reclassified to the income statement - hedged item affected profit or loss		0	0
Cash flow hedges transferred to the balance sheet		0	0
Interest rate and foreign currency risk on finance debt \| Fair value hedges
Movement in costs of hedging reserve
Cost of hedging reserve, period start		(106)	(170)
Costs of hedging marked to market		(105)	42
Costs of hedging reclassified to the income statement		21	22
Costs of hedging (including reclassifications), Pre-tax		(84)	64
Cost of hedging reserve, period end		(190)	(106)	$ (170)
Movement in cash flow hedge and costs of hedging reserves
Costs of hedging marked to market		(105)	42
Costs of hedging reclassified to the income statement		$ 21	$ 22

[1]	See Note 31 for further information.
[2]	See Note 31 for further information.

Called-up share capital - Summa

Called-up share capital - Summary of allotted, called up and fully paid share capital (Details) £ / shares in Units, $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended	12 Months Ended
		Mar. 31, 2022USD ($)shares	Dec. 31, 2021USD ($)$ / sharesshares		Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2021GBP (£)£ / sharesshares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		$ 5,215	$ 5,383		$ 5,404
Repurchase of ordinary share capitalc	[2]		(3,151)	[1]	(776)	$ (1,511)
Balance, end of period			5,215		5,383	5,404
Preference shares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		21	21		21
Balance, end of period			21		$ 21	$ 21
Number of shares authorised \| £							£ 10,000,000
First Preference Shares
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid (in shares) \| shares					7,233	7,233	7,233
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		12	12		$ 12
Balance, end of period			$ 12		$ 12	$ 12
Par value per share \| £ / shares							£ 1
Percentage of nominal cumulative preference shares			8.00%
Second Preference Shares
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid (in shares) \| shares					5,473	5,473	5,473
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period		$ 9	$ 9		$ 9
Balance, end of period			$ 9		$ 9	$ 9
Par value per share \| £ / shares							£ 1
Percentage of nominal cumulative preference shares			9.00%
Ordinary Shares
Reconciliation of number of shares outstanding [abstract]
Balance, beginning of period (in shares) \| shares		20,778,082	21,449,782		21,535,840	21,525,464
Balance, beginning of period		$ 5,194	$ 5,362		$ 5,383	$ 5,381
Issue of new shares for the scrip dividend programme (in shares) \| shares			0		0	208,927
Issue of new shares for the scrip dividend programme			$ 0		$ 0	$ 52
Issue of new shares for employee share-based payment plans (in shares) \| shares			35,001		34,000	37,400
Issue of new shares for employee share-based payment plans			$ 9		$ 9	$ 9
Repurchase of ordinary share capital (in shares) \| shares		(288,000)	(706,701)		(120,058)	(235,951)
Repurchase of ordinary share capitalc			$ (177)		$ (30)	$ (59)
Balance, end of period (in shares) \| shares			20,778,082		21,449,782	21,535,840
Balance, end of period			$ 5,194		$ 5,362	$ 5,383
Par value per share \| $ / shares			$ 0.25

[1]	See Note 30 for further information.
[2]	See Note 31 for further information.

Called-up share capital - Narra

Called-up share capital - Narrative (Details) shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)shares	Dec. 31, 2021USD ($)voteshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Disclosure of classes of share capital [line items]
Payments to acquire or redeem entity's shares		$ 3,151	$ 776	$ 1,511
Percentage of ordinary share capital repurchased		3.40%
Percentage of number of shares held in treasury		5.20%	5.40%	5.90%
Movement in shares held in treasury to ordinary share capital, percent		0.30%	0.30%	0.50%
Preference shares
Disclosure of classes of share capital [line items]
Number of shareholder votes per each 5 pounds in nominal amount held (vote) \| vote		2
Percentage of the capital paid on preference shares, added to accrued and unpaid dividends		10.00%
Ordinary Shares
Disclosure of classes of share capital [line items]
Number of shareholder votes held (vote) \| vote		1
Ordinary share repurchase (in shares) \| shares	288,000	706,701	120,058	235,951
Payments to acquire or redeem entity's shares	$ 1,535	$ 3,151
Transaction costs for repurchase of ordinary shares	$ 8	$ 17

Called-up share capital - Treas

Called-up share capital - Treasury shares (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Treasury shares [member]
Disclosure of classes of share capital [line items]
Balance, beginning of period (in shares)	1,187,650	1,296,856	1,426,265
Treasury shares outstanding, beginning of period	$ 296	$ 323	$ 356
Purchases for settlement of employee share plans (in shares)	1,432	0	1,118
Purchases for settlement of employee share plans	$ 0	$ 0	$ 0
Shares re-issued for employee share-based payment plans (in shares)	(86,721)	(143,322)	(167,927)
Shares re-issued for employee share-based payment plans	$ (22)	$ (36)	$ (42)
Balance, end of period (in shares)	1,137,457	1,187,650	1,296,856
Treasury shares outstanding, end of period	$ 283	$ 296	$ 323
Treasury shares [member]
Disclosure of classes of share capital [line items]
Issue of new shares for employee share-based payment plans (in shares)	35,096	34,116	37,400
Issue of new shares for employee share-based payment plans	$ 9	$ 9	$ 9

Capital and reserves - Summary

Capital and reserves - Summary of reserves and other equity interest (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	$ 85,568		$ 100,708		$ 101,548
Profit (loss) for the year		8,487	[2]	(20,729)	[1]	4,190	[2]
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		(870)		(2,187)		2,416
Cash flow hedges and costs of hedging (including reclassifications)		(210)		91		55
Share of items relating to equity-accounted entities, net of tax	[2]	44		312		82
Other		1		71		(64)
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		3,099		65		171
Costs of hedges that will subsequently be transferred to the balance sheet		1		7		(3)
Total comprehensive income		10,552	[1]	(22,370)	[2]	6,847	[2]
Dividends	[1],[3]	(4,627)		(6,605)		(7,142)
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(10)		6		23
Repurchase of ordinary share capitalc	[1]	(3,151)	[4]	(776)		(1,511)
Share-based payments, net of tax	[1]	632		726		719
Share of equity-accounted entities’ changes in equity, net of tax	[1]	556		1,341		5
Issue of perpetual hybrid bonds	[1]	924		11,861
Payments on issue of perpetual hybrid bonds	[1]	(499)		(89)
Tax on issue of perpetual hybrid bonds	[1]	0		3
Transactions involving non-controlling interests, net of tax	[1]	494		763		549
Equity outstanding, end of period	[1]	90,439		85,568		100,708
Proceeds from disposals of fixed assets		1,145		491		500
Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]					101,218
UK
Items that will not be reclassified to profit or loss
Proceeds from disposals of fixed assets				500
NEW ZEALAND
Items that will not be reclassified to profit or loss
Proceeds from disposals of fixed assets				200
Share Capital And Capital Reserve [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	46,701		46,525		46,352
Items that will not be reclassified to profit or loss
Dividends		0		0		0
Repurchase of ordinary share capitalc		0		0		0
Share-based payments, net of tax	[1]	170		176		173
Equity outstanding, end of period	[1]	46,871		46,701		46,525
Share Capital And Capital Reserve [Member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]					46,352
Issued capital [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		5,383		5,404		5,402
Items that will not be reclassified to profit or loss
Dividends		0		0		52
Repurchase of ordinary share capitalc		(177)		(30)		(59)
Share-based payments, net of tax		9		9		9
Equity outstanding, end of period		5,215		5,383		5,404
Issued capital [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						5,402
Share premium [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		12,584		12,417		12,305
Items that will not be reclassified to profit or loss
Dividends		0		0		(52)
Share-based payments, net of tax		161		167		164
Equity outstanding, end of period		12,745		12,584		12,417
Share premium [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						12,305
Capital redemption reserve [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		1,528		1,498		1,439
Items that will not be reclassified to profit or loss
Repurchase of ordinary share capitalc		177		30		59
Equity outstanding, end of period		1,705		1,528		1,498
Capital redemption reserve [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						1,439
Merger reserve [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		27,206		27,206		27,206
Items that will not be reclassified to profit or loss
Equity outstanding, end of period		27,206		27,206		27,206
Merger reserve [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						27,206
Treasury shares [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	(13,224)		(14,412)		(15,767)
Items that will not be reclassified to profit or loss
Share-based payments, net of tax	[1]	600		1,188		1,355
Equity outstanding, end of period	[1]	(12,624)		(13,224)		(14,412)
Treasury shares [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]					(15,767)
Reserve of exchange differences on translation [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	(8,719)		(6,495)		(8,902)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		(846)		(2,224)		2,407
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	(846)		(2,224)		2,407
Payments on issue of perpetual hybrid bonds	[1]	(7)
Equity outstanding, end of period	[1]	(9,572)		(8,719)		(6,495)
Reserve of exchange differences on translation [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]					(8,902)
Reserve of cash flow hedges [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(708)		(752)		(777)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		(134)		31		5
Items that will not be reclassified to profit or loss
Costs of hedges that will subsequently be transferred to the balance sheet		1		7		(3)
Total comprehensive income		(133)		38		2
Cash flow hedges transferred to the balance sheet, net of tax		(10)		6		23
Equity outstanding, end of period		(851)		(708)		(752)
Reserve of cash flow hedges [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						(777)
Reserve of change in value of foreign currency basis spreads [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		(100)		(160)		(210)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		(76)		60		50
Items that will not be reclassified to profit or loss
Total comprehensive income		(76)		60		50
Equity outstanding, end of period		(176)		(100)		(160)
Reserve of change in value of foreign currency basis spreads [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						(210)
Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	(808)		(912)		(987)
Items that may be reclassified subsequently to profit or loss
Cash flow hedges and costs of hedging (including reclassifications)		(210)		91		55
Items that will not be reclassified to profit or loss
Costs of hedges that will subsequently be transferred to the balance sheet		1		7		(3)
Total comprehensive income	[1]	(209)		98		52
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(10)		6		23
Equity outstanding, end of period	[1]	(1,027)		(808)		(912)
Total Reserve Of Available-For-Sale Securities And Cash Flow Hedges [Member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]					(987)
Retained earnings [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	47,300		73,706		78,748
Profit (loss) for the year	[1]	7,565		(20,305)		4,026
Items that may be reclassified subsequently to profit or loss
Share of items relating to equity-accounted entities, net of tax		44		312		82
Other		1		71		(64)
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		3,099		65		171
Total comprehensive income	[1]	10,709		(19,857)		4,215
Dividends	[1],[3]	(4,316)		(6,367)		(6,929)
Repurchase of ordinary share capitalc	[1]	(3,151)	[4]	(776)		(1,511)
Share-based payments, net of tax	[1]	(138)		(638)		(809)
Share of equity-accounted entities’ changes in equity, net of tax	[1]	556		1,341		5
Issue of perpetual hybrid bonds	[1]	(26)		(48)
Tax on issue of perpetual hybrid bonds	[1]	0		3
Transactions involving non-controlling interests, net of tax	[1]	881		(64)		316
Equity outstanding, end of period	[1]	51,815		47,300		73,706
Retained earnings [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]					78,419
Equity attributable to owners of parent [member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	71,250		98,412		99,444
Profit (loss) for the year	[1]	7,565		(20,305)		4,026
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		(846)		(2,224)		2,407
Cash flow hedges and costs of hedging (including reclassifications)		(210)		91		55
Share of items relating to equity-accounted entities, net of tax		44		312		82
Other		1		71		(64)
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-retirement benefit liability or asset		3,099		65		171
Costs of hedges that will subsequently be transferred to the balance sheet		1		7		(3)
Total comprehensive income	[1]	9,654		(21,983)		6,674
Dividends	[1],[3]	(4,316)		(6,367)		(6,929)
Cash flow hedges transferred to the balance sheet, net of tax	[1]	(10)		6		23
Repurchase of ordinary share capitalc	[1]	(3,151)	[4]	(776)		(1,511)
Share-based payments, net of tax	[1]	632		726		719
Share of equity-accounted entities’ changes in equity, net of tax	[1]	556		1,341		5
Issue of perpetual hybrid bonds	[1]	(26)		(48)
Payments on issue of perpetual hybrid bonds	[1]	(7)
Tax on issue of perpetual hybrid bonds	[1]	0		3
Transactions involving non-controlling interests, net of tax	[1]	881		(64)		316
Equity outstanding, end of period	[1]	75,463		71,250		98,412
Equity attributable to owners of parent [member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]					99,115
Non-controlling interests, hybrid bonds [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period		12,076	[1]	0		0
Profit (loss) for the year		507	[1]	256	[1]	0
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	507		256
Issue of perpetual hybrid bonds	[1]	950		11,909
Payments on issue of perpetual hybrid bonds	[1]	(492)		(89)
Equity outstanding, end of period		13,041	[1]	12,076	[1]	0
Non-controlling interests, hybrid bonds [Member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						0
Non-controlling interests, other interest [Member]
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]	2,242		2,296		2,104
Profit (loss) for the year	[1]	415		(680)		164
Items that may be reclassified subsequently to profit or loss
Currency translation differences (including reclassifications)		(24)		37		9
Items that will not be reclassified to profit or loss
Total comprehensive income	[1]	391		(643)		173
Dividends	[1],[3]	(311)		(238)		(213)
Transactions involving non-controlling interests, net of tax	[1]	(387)		827		233
Equity outstanding, end of period	[1]	$ 1,935		$ 2,242		2,296
Non-controlling interests, other interest [Member] \| Cumulative Effect, Period of Adoption, Adjusted Balance
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period	[1]					2,103
IFRS 16 Leases [Member] \| Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						(330)
IFRS 16 Leases [Member] \| Retained earnings [member] \| Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						(329)
IFRS 16 Leases [Member] \| Equity attributable to owners of parent [member] \| Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						(329)
IFRS 16 Leases [Member] \| Non-controlling interests, other interest [Member] \| Cumulative Effect, Period of Adoption, Adjustment
Disclosure of reserves within equity [line items]
Equity outstanding, beginning of period						$ (1)
Discontinued operations [member]
Items that will not be reclassified to profit or loss
Proportion of ownership interest in joint operation						49.00%

[1]	See Note 31 for further information.
[2]	See Note 31 for further information.
[3]	See Note 9 for further information.
[4]	See Note 30 for further information.

Capital and reserves - Narrativ

Capital and reserves - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2015	Dec. 31, 2018
Disclosure of reserves within equity [line items]
Equity	[1]	$ 90,439		$ 85,568		$ 100,708			$ 101,548
Issue of perpetual hybrid bonds	[1]	924		11,861
Payments on issue of perpetual hybrid bonds	[1]	(499)		(89)
Profit (loss) for the year		8,487	[2]	(20,729)	[1]	4,190	[2]
Corporate bonds [Member]
Disclosure of reserves within equity [line items]
Payments on issue of perpetual hybrid bonds		$ (499)		(89)
Fixed interest rate [member] \| Bottom of range [member]
Disclosure of reserves within equity [line items]
Coupons on hybrid bonds, fixed rate		3.25%
Fixed interest rate [member] \| Top of range [member]
Disclosure of reserves within equity [line items]
Coupons on hybrid bonds, fixed rate		4.875%
Rosneft
Disclosure of reserves within equity [line items]
Ownership percentage in associate		19.75%						18.50%
Reserve of cash flow hedges [member]
Disclosure of reserves within equity [line items]
Equity		$ (851)		(708)		(752)			(777)
Reserve of cash flow hedges [member] \| Rosneft
Disclosure of reserves within equity [line items]
Equity		651
Non-controlling interests, hybrid bonds [Member]
Disclosure of reserves within equity [line items]
Equity		13,041	[1]	12,076	[1]	0			0
Issue of perpetual hybrid bonds	[1]	950		11,909
Payments on issue of perpetual hybrid bonds	[1]	(492)		(89)
Profit (loss) for the year		507	[1]	256	[1]	0
Non-controlling interests, hybrid bonds [Member] \| Corporate bonds [Member]
Disclosure of reserves within equity [line items]
Equity		12,081		12,076
Profit (loss) for the year		497		256
Non-controlling interests, hybrid bonds [Member] \| Project specific bonds [Member]
Disclosure of reserves within equity [line items]
Equity		960
Issue of perpetual hybrid bonds		950
Profit (loss) for the year		10
Reserve of exchange differences on translation [member]
Disclosure of reserves within equity [line items]
Equity	[1]	(9,572)		$ (8,719)		$ (6,495)			$ (8,902)
Payments on issue of perpetual hybrid bonds	[1]	(7)
Reserve of exchange differences on translation [member] \| Announcement of plan to discontinue operation [member]
Disclosure of reserves within equity [line items]
Equity		11,000
Reserve of exchange differences on translation [member] \| Rosneft \| Announcement of plan to discontinue operation [member]
Disclosure of reserves within equity [line items]
Equity		$ (11,000)

[1]	See Note 31 for further information.
[2]	See Note 31 for further information.

Capital and reserves - Summar_2

Capital and reserves - Summary of pre-tax tax amounts of component of other comprehensive income (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Pre-tax
Currency translation differences (including reclassifications), Pre-tax		$ (885)		$ (2,196)		$ 2,418
Cash flow hedges (including reclassifications), pre-tax		(175)		41		6
Costs of hedging (including reclassifications), Pre-tax		(84)		64		53
Share of items relating to equity-accounted entities, net of tax, Pre-tax		44		312		82
Other, Pre-tax		0		0		0
Tax
Currency translation differences (including reclassifications), Tax		15		9		(2)
Cash flow hedges (including reclassifications), Tax		41		(10)		(1)
Costs of hedging (including reclassifications), Tax		8		(4)		(3)
Share of items relating to equity-accounted entities, net of tax, Tax		0		0		0
Other, Tax		1		71		(64)
Currency translation differences (including reclassifications), Net of tax		(870)		(2,187)		2,416
Cash flow hedges (including reclassifications), Net of tax		(134)		31		5
Costs of hedging (including reclassifications), Net of tax		(76)		60		50
Share of items relating to equity-accounted entities, net of tax, Net of tax	[1]	44		312		82
Other, Net of tax		1		71		(64)
Pre-tax
Remeasurements of the net pension and other post-retirement benefit liability or asset, Pre-tax	[1]	4,416		170		328
Cash flow hedges that will subsequently be transferred to the balance sheet, Pre-tax	[1]	1		7		(3)
Tax
Remeasurements of the net pension and other post-retirement benefit liability or asset, Tax		(1,317)		(105)		(157)
Cash flow hedges that will subsequently be transferred to the balance sheet, Tax		0		0		0
Remeasurements of the net pension and other post-retirement benefit liability or asset, Net of tax		3,099		65		171
Costs of hedges that will subsequently be transferred to the balance sheet		1		7		(3)
Other comprehensive income, Pre-tax		3,317		(1,602)		2,884
Other comprehensive income, Tax		(1,252)		(39)		(227)
Other comprehensive income		$ 2,065	[2]	$ (1,641)	[1]	$ 2,657	[1]

[1]	See Note 31 for further information.
[2]	See Note 31 for further information.

Contingent liabilities and le_2

Contingent liabilities and legal proceedings - Disclosure of legal proceedings (Details)	12 Months Ended
	Dec. 31, 2021USD ($)caseparticipant	Jul. 11, 2016USD ($)
Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation claims approved for compensation	27,603
Medical Benefits Class Action Settlement \| Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Losses on litigation settlements \| $	$ 67,000,000
Number of litigation claims denied	9,624
SPC claims \| Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation claims approved for compensation	22,833
PMCP claims \| Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation claims approved for compensation	4,770
LMPC claims \| Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Period within which notice must be filed	4 years
Number of litigation cases pending	199
Other civil complaints - economic loss \| Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	1
Other civil complaints - personal injury \| Gulf of Mexico Oil Spill
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	9
Other civil complaints - personal injury \| Gulf of Mexico Oil Spill \| Gulf coast [Member]
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	19
Other civil complaints - personal injury \| Gulf of Mexico Oil Spill \| Eastern district Louisiana [Member]
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	777
FERC and CFTC matters
Disclosure of detailed information about legal proceedings [Line Items]
Civil penalty \| $		$ 20,160,000
Amount of unjust profits directed to disgorge \| $		$ 207,169
Louisiana Coastal Restoration
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending \| participant	17
Number of coastal parishes \| participant	6
Lawsuits filed against oil and gas companies \| participant	40
Louisiana Coastal Restoration - private landowners
Disclosure of detailed information about legal proceedings [Line Items]
Number of litigation cases pending	2
Number of plaintiffs \| participant	4

Remuneration of senior manage_3

Remuneration of senior management and non-executive directors - Remuneration of directors, senior managment, and non-executive directors (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Directors
Disclosure of transactions between related parties [line items]
Emoluments and short-term employee benefits	$ 9	$ 6	$ 9
Amounts received under incentive schemes and share-based payments	4	14	20
Total	13	20	29
Senior management and non-executive directors
Disclosure of transactions between related parties [line items]
Emoluments and short-term employee benefits	30	17	30
Pensions and other post-retirement benefits	1	2	2
Amounts received under incentive schemes and share-based payments	32	52	32
Short term employee benefits, for loss of office	0	8	0
Total	$ 63	$ 79	$ 64

Employee costs and numbers (Det

Employee costs and numbers (Details) $ in Millions	12 Months Ended
Employee costs and numbers (Details) $ in Millions	Dec. 31, 2021USD ($)employees	Dec. 31, 2020USD ($)employees	Dec. 31, 2019USD ($)employees
Entity Information [Line Items]
Wages and salaries \| $	$ 6,934	$ 7,600	$ 7,497
Social security costs \| $	733	729	733
Share-based payments \| $	733	728	694
Pension and other post-retirement benefit costs \| $	457	852	948
Employee benefits expense \| $	$ 8,857	$ 9,909	$ 9,872
Average number of employees (employee)	64,000	68,100	72,500
Termination payments \| $	$ 74	$ 1,237	$ 182
Operating segments \| gas & low carbon energy
Entity Information [Line Items]
Average number of employees (employee)	3,800
Operating segments \| oil production & operations
Entity Information [Line Items]
Average number of employees (employee)	9,100
Operating segments \| customers & products
Entity Information [Line Items]
Average number of employees (employee)	42,000
other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	9,100
Service station staff \| Operating segments \| customers & products
Entity Information [Line Items]
Average number of employees (employee)	21,300	19,100	18,100
US
Entity Information [Line Items]
Average number of employees (employee)	11,100	12,400	13,600
US \| Operating segments \| gas & low carbon energy
Entity Information [Line Items]
Average number of employees (employee)	400
US \| Operating segments \| oil production & operations
Entity Information [Line Items]
Average number of employees (employee)	3,100
US \| Operating segments \| customers & products
Entity Information [Line Items]
Average number of employees (employee)	6,200
US \| other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	1,400
Non-US
Entity Information [Line Items]
Average number of employees (employee)	52,900	55,700	58,900
Non-US \| Operating segments \| gas & low carbon energy
Entity Information [Line Items]
Average number of employees (employee)	3,400
Non-US \| Operating segments \| oil production & operations
Entity Information [Line Items]
Average number of employees (employee)	6,000
Non-US \| Operating segments \| customers & products
Entity Information [Line Items]
Average number of employees (employee)	35,800
Non-US \| other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	7,700
Brazil \| Agricultural, operational and seasonal \| other businesses & corporate
Entity Information [Line Items]
Average number of employees (employee)	0	0	2,500

Auditor_s remuneration - Summar

Auditor’s remuneration - Summary of auditor's remuneration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Auditor's remuneration
The audit of the company annual accounts	$ 37	$ 30	$ 32
The audit of accounts of subsidiaries of the company	15	11	11
Total audit	52	41	43
Audit-related assurance services	5	11	4
Total audit and audit-related assurance services	57	52	47
Non-audit and other assurance services	0	1	1
Services relating to BP pension plans	1	1	1
Auditor's remuneration	$ 58	$ 54	$ 49

Auditor_s remuneration - Narrat

Auditor’s remuneration - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Additional information [abstract]
Additional fees for prior year services	$ 1,000	$ 500	$ 3,600
Auditor's remuneration	58,000	54,000	49,000
Total audit expenses, excluding interim services	52,000	41,000	43,000
Interim audit-related assurance services	5,000	11,000	4,000
Taxation compliance services	0	0	0
Auditor's remuneration for corporate finance, services related to defined benefit plants, and non-audit and other assurance	$ 1,000	$ 2,000	$ 2,000

Subsidiaries, joint arrangeme_3

Subsidiaries, joint arrangements and associates - Disclosures of interests in subsidiaries, joint arrangements, and associates (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2015
Rosneft
Disclosure of subsidiaries [line items]
Ownership percentage in associate	19.75%	18.50%
BP Corporate Holdings Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration Operating Company Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*BP Global Investments Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*BP International Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Oil International Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*Burmah Castrol PLC
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Angola) Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Caspian Sea) Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Azerbaijan) Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*BP Holdings Canada Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Delta) Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Europa SE
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Exploration (Alpha) Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Trinidad and Tobago LLC
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	70.00%
BP Capital Markets p.l.c.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
*BP Holdings North America Limited
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
Atlantic Richfield Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP America Production Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Company North America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Corporation North America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Products North America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
The Standard Oil Company
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
BP Capital Markets America Inc.
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	100.00%
Pan American Energy Group [Member]
Disclosure of subsidiaries [line items]
Ownership percentage in subsidiary	50.00%

Events after reporting period (

Events after reporting period (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of non-adjusting events after reporting period [table]
Investments in associates		$ 21,001	$ 18,975
Equity	[1]	90,439	85,568	$ 100,708	$ 101,548
Reserve of exchange differences on translation [member]
Disclosure of non-adjusting events after reporting period [table]
Equity	[1]	$ (9,572)	(8,719)	$ (6,495)	$ (8,902)
Rosneft
Disclosure of non-adjusting events after reporting period [table]
Voting shares held in associate		19.75%
Investments in associates		$ 14,354	$ 11,808
Announcement of plan to discontinue operation [member] \| Reserve of exchange differences on translation [member]
Disclosure of non-adjusting events after reporting period [table]
Equity		$ 11,000
Announcement of plan to discontinue operation [member] \| Rosneft
Disclosure of non-adjusting events after reporting period [table]
Voting shares held in associate		19.75%
Investments in associates		$ 14,000
Announcement of plan to discontinue operation [member] \| Rosneft \| Reserve of exchange differences on translation [member]
Disclosure of non-adjusting events after reporting period [table]
Equity		(11,000)
Announcement of plan to discontinue operation [member] \| Other associates [Member]
Disclosure of non-adjusting events after reporting period [table]
Investments in associates		$ 1,400

[1]	See Note 31 for further information.

Uncategorized Items - bp-202112

Label	Element	Value
Financial instruments credit-impaired [member]
Disclosure Of Valuation And Qualifying Accounts [Text Block]	bp_DisclosureOfValuationAndQualifyingAccountsTextBlock	Valuation and qualifying accounts $ million 2021 2020 2019 Trade and other receivables Fixed asset Trade and other receivables Fixed asset Trade and other receivables Fixed asset At 1 January 555 186 509 249 416 235 Charged to costs and expenses 136 3 214 103 206 28 Charged to other accounts a (11) — 2 — (2) — Deductions (96) (20) (170) (166) (111) (14) At 31 December 584 169 555 186 509 249 a Principally exchange adjustments. Valuation and qualifying accounts relating to trade and other receivables comprise expected credit loss allowances. The expected credit loss allowance comprises $456 million (2020 $456 million, 2019 $414 million) relating to receivables that were credit-impaired at the end of the year and $128 million (2020 $99 million, 2019 $95 million) relating to receivables that were not credit-impaired at the end of the year. Whilst credit risk has decreased since 31 December 2020, there has also been a significant increase in the group's trade and other receivables balance. Therefore, the total expected credit loss allowances recognized as at 31 December 2021 have not significantly changed during the year. Valuation and qualifying accounts relating to fixed asset investments comprise impairment provisions for investments in equity-accounted entities. Valuation and qualifying accounts are deducted in the balance sheet from the assets to which they apply. For further information on the group's credit risk management policies and how the group recognizes and measures expected losses see Note 28.
Treasury Shares Held In Employee Share Ownership Plans [Member]
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	133,707,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	100,256,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	82,491,000
Treasury shares	ifrs-full_TreasuryShares	$ 33,000,000
Treasury shares	ifrs-full_TreasuryShares	21,000,000
Treasury shares	ifrs-full_TreasuryShares	$ 24,000,000
Treasury Shares Held In Employee Share-based Payment Plans [Member] \| UNITED STATES
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	0
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	2,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	72,000
Treasury shares	ifrs-full_TreasuryShares	$ 0
Treasury shares	ifrs-full_TreasuryShares	0
Treasury shares	ifrs-full_TreasuryShares	$ 0
Treasury Shares Held By Parent [Member]
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	1,037,201,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	1,105,157,000
Number of shares outstanding	ifrs-full_NumberOfSharesOutstanding	1,163,077,000
Treasury shares	ifrs-full_TreasuryShares	$ 290,000,000
Treasury shares	ifrs-full_TreasuryShares	275,000,000
Treasury shares	ifrs-full_TreasuryShares	$ 259,000,000