bp

SustainabilityReport

2024ContentsIntroduction Introduction

from

our

chief

executive

officer

1IntroductionfromourEVP

strategy,sustainability&ventures2024ataglance232024

sustainability

progress

4Our

approach

5Safety

6EthicsandcomplianceOur

people89Policiesand

practices11SustainabilityinourprocessesIdentifyingandmanaging

risk1415Getting

tonet

zero

16Ournetzero

aimsOuraimfornetzero

operations1718Ouraimfornetzero

salesAnupdateonourretirednetzero

aims2124Netzeroaims2024

update25Improving

people’s

lives

26Ourpeople

aimJust

transition2727Inclusive

cultureSocial

investment

in

local

communities

30Caring

for

our

planet 32Ourplanet

aimsBiodiversity3333Water35Our

reporting

43MaterialityAboutour

reporting4445GlossaryDeloitte’slimitedassurance

report4648Cautionary

statement50

73smiatenalpderiterruonoetadpunAEngaging

stakeholders 38Engagingwithourstakeholders

in2024 39Oursustainability

frame Ourpurposeistodeliverenergytotheworld,todayandtomorrow.Oursustainability

frame28 underpinsdeliveryofourstrategyandournewsustainabilityaimsarefocusedontheareasmostrelevanttothelong-termsuccessofour

business.Theseaimsaresupportedbystrongbeliefsandfoundationsthathelpusdotherightthingonsafety,emissions,humanrights,biodiversityandotherfundamentalmatters.Weareworkinghardtoembedsustainabilityacrossourgroupandtoengagestakeholdersinachievingour

aims.Gettonet

zeroCareforour

planetImprovepeople’slivesAboutour2024

reporting Sincelaunchingoursustainabilityframewehavecontinuedtoworktoembedsustainabilityacrossbpandhavemadeprogressinseveralareas.Ourworkin2024iscoveredinthis

report.Deloittehasassuredselectedkeyperformanceindicatorsinthisreport.Deloitte'sreportisonpage

48.Inadditiontothisreportour2024reportingsuitecomprisesseveralother

elements:bpAnnualReport2024

bpESGDatasheet

2024bp.com/sustainabilityreport

/sustainability

/reportingcentre

/basisofreportingHowtonavigatethis

report GotoanotherpageofthisreportGotoanonlinereferenceDefinitionsintheglossary,pages

46-47IntroductionOurapproachGetting

toImprovingCaringforEngagingOur

reportingnetzeropeople’slivesour

planetstakeholdersPrioritizing

safety We’vealsomadeprogressonsafety,reducingthenumberofcombinedtier1and2processsafetyeventsforasecondyearinarow,withthemostserioustier1eventsdownsignificantlyin2024–butwehavemoretodo.Ourgoalistoeliminatefatalities,life-changinginjuriesandthemostseriousprocesssafetyincidents.Tragically,anemployeeinournewlyacquiredbpbioenergybusinessinBrazilwasfatallyinjuredinOctober2024.Wemustcontinuetoembedand

reinforceourOperatingManagement

System

(OMS),Life-SavingRulesandSafetyLeadershipPrinciplesacrossbp.Seepage

6.Simplifyingand

focusing Oneoutcomeofsimplifyingouractivities–andofprogressmadetodate–isamorefocusedsetofsustainabilityaims.Weare

nowconcentratingthemonthefiveareaswebelievearemostrelevanttothelong-termsuccessofourbusinesses:netzerooperations

,netzerosales

,people,biodiversityandwater.You’llfindmoredetailsonthisinGiulia’sintroductionandthroughoutthisreport.There’salsomoreonhowwecontinuetoembedsustainability

processesintobusiness-as-usualactivityonpages

8-15.Energyfortodayand

tomorrow bp’sportfolioispredominantlyoilandgasandwecontinuetoinvestinthiscorebusiness.Butthepastfiveyearshavealsoseenusbuildstrongpositionsinlowercarbonenergies.Usingourskills,trackrecordandpartnerships,wearepositioningbpforsuccessinthechangingenergy

system.Weownthelargestrenewablenaturalgas

businessintheUS,ArchaeaEnergy.Weown

atop-threesugarcanebioethanolproducerinBrazil,bpbioenergy.Lightsourcebpisaleadingglobalsolardeveloper.We’vealsoannouncedplanstoformanewjointventure

withourpartnerJERA.Subjecttoregulatoryapprovals,thisissetto

giveusatop-fivepositioninoffshore,helpingtogrowthebusinessinacapital-lightwayforbp.It'sbeenateameffortineveryway.Theenergytransitionhastobeacollaborationbetweenbusiness,governmentandwidersociety,sothankyouforyoursupport.Andthankyoutothebpteams–

particularlythoseonthefrontline–forhelpingus

deliver.MurrayAuchinclossChiefexecutiveofficerMarch

2025Introductionfromourchiefexecutive

officerSee

the

glossary

on

pages

46-47Sinceearly2024we’vebeeninaction,materiallyreshapingbp’sportfolioandlayingthefoundationsforafundamentallyresetstrategy.We’renowsquarelyfocusedonactionstodriveperformanceandgrowcashflowandreturnsforshareholders.Thisprocessincludedreviewingoursustainability

aims.Sustainabilityin

2024 In2024ouroperationalScope1and2emissionswere38%lowercomparedwith2019levels,includingreductionsfromdivestmentsandemissionsreductionactivities.Seepage18.Wecontinuedtooptimizeourportfolio,givingthego-aheadtotwogreenhydrogen

projectslinkedtoourrefineries.Wealsoworkedtohigh-gradeourportfolioofpotentialhydrogenprojects.Andwithourpartners,wereachedfinancialcloseontwomajorprojects

inTeesside,UK:theNorthernEndurancePartnershipcarboncaptureandstoragecluster,andtheNetZeroTeessidePowerproject.Therewasalsoabigmomentforour

EVchargingbusiness,bppulse.In2024wesoldourfirstterawatt-hour(TWh)ofEV

energy.IntroductionOurapproachGetting

toImprovingCaringforEngagingOur

reportingnetzeropeople’slivesour

planetstakeholders1bpSustainabilityReport

2024IntroductionfromourEVPstrategy,sustainability

&venturesProgressin

2024 Inhisintroduction,Murrayoutlineshowbphasdiversifieditsportfoliowhilecontinuingtoinvestinourcoreoilandgasbusiness.Wehavebeenlayingthefoundationsforgrowth–andsustainabilityremainspartofthebalancedcriteriaweuseforinvestmentdecisions.In2024wecontinuedtomakeprogressonour

aims:yNetzerooperations

–

wemadeanumberofinvestmentsin2024,whichweexpecttoreduceScope1and2emissionswhilebalancingnewprojectscomingonline.In2024wemadefinalinvestmentdecisiontoinvestwithourpartnersinthe$7billionTangguhUCCproject,whichwillincludeourfirstat-scaleenhancedgasrecoverythroughCCUS.Seepage

19.yMethanereduction–

2024wasthefirstyearwereportedusingournewmethanemeasurementapproach.Basedonthisapproach,methaneintensity

was0.07in2024.Ourreal-timemethaneemissionsdata,coupledwithourincreasedtechnicalunderstanding,hasshownusthatmethaneemissionsaregenerallyloweracrossouroperationsthanpreviouslyreportedusingouroldapproach.Ithasalsohelpedusidentifywhereadditionalmitigationmeasuresmightbeneeded.Seepage

20.yNetzerosales

–wehavenewandgrowingbusinessesandpartnershipsacrossbioenergy,EVcharging,renewablesandpowerandhydrogen.Theseareattractivecommercialopportunitieswhichalsocontributetoreducingthecarbonintensityoftheenergy

products

wesell.Forinstance,weexpandedinsupplyingpowertocommercialandindustrialcustomers,throughourpurchaseofGETECENERGIEinEurope.Seepage

21.yPeople–wecontinuedourlabourrightsandmodernslaveryassessmentsofhigh-risktier1suppliersandadvancedourjusttransitionworkwithourpartnersonprojectsintheUK,USand

Australia.yPlanet–wenowhavesevenprojectscurrentlydevelopingnetpositiveimpact(NPI)plansforbiodiversity.AndwereducedfreshwateruseinourrefineriesandoperationsinEuropeandtheUS.OurbpxbusinessintheUS,investedinnewwellsatitsEagleFordfacilities,enablingittousebrackishwaterinsteadoffresh

water.Thesearegreatexamplesbutthereismuchmoretodo,andwehaveacommittedteamtodo

it.Itisfiveyearssinceweintroducedastrategyunderpinnedbyoursustainabilityframe,andIampleasedwithhowfarwehavecome.Ournetzero,peopleandplanetaimsstretchedanorganizationalreadyinactionandhelpedtochangehowweoperate.Theyalsoaddedvaluetobpinotherways,suchasdrivingdowncostsin

somecases.Theirstructure,andtheirscope,gaveusaframeworktocontinueembeddingactivitiesandprocessesintothewaywe

work.Netzero

salesOuraimistoreducetonetzerotheaveragelifecyclecarbonintensityoftheenergyproducts

wesell

by2050orsooner,enabledbysupportivegovernmentpoliciesandthedecarbonizationofenergy

demand.Netzero

operationsPeopleOuraimistosupportouremployeesandlocalcommunitiesthroughtheenergytransition.BiodiversityOuraimistosupportbiodiversitywherewe

operateb.WaterOuraimistoreduceournetfreshwateruseinstressedcatchments

whereweoperate.Lookingahead–

Focusedaims Wewillcontinueourworkonoursustainabilityframe,includingtheactivitiesthatnowfallwithinourday-to-daywork.Wearenowfocusingouraimsonthosethataremostrelevantto

thelong-termsuccessofour

business.Itismoreapparentnowthaneverbeforethatourprogresstowardsournetzeroambitiondependsonhowfastandhowfarsocietymovesonpolicy,demandandlowercarboninvestment–andourupdatednetzeroaimsreflect

this.Thank

you Itisonlywiththesupportandchallengeofmanyofyoureadingthisthatwehaveachievedasmuchaswehave.Toourteams,partners,

suppliers,ourinvestorsandthecommunitiesweworkwith,thankyou.Ibelievethatourfocusedaimsandsustainabilityframepositionustodeliver

evenmoreinthecoming

years.Giulia

ChierchiaEVPstrategy,sustainability&venturesMarch

2025aOna

CO2e

basis. bAtournewin-scopebpoperatedprojectsandmajoroperating

sites.Seetheglossaryonpages

46-47Ouraimistoreachnetzeroby2050orsoonerforScope1and2emissionswithinbp’soperationalcontrolaincludingbymaintaining‘near-zero’methaneintensityacrossouroperatedproducingassets,enabledbysupportivegovernmentpolicies.page

18page

21page

27page

33page

35IntroductionOurapproachGetting

toImprovingCaringforEngagingOur

reportingnetzeropeople’slivesour

planetstakeholders2bpSustainabilityReport

20242024ata

glanceaThisfigurereflectsnewacquisitionsandcompanieswehavetakenfullownershipofincludingbpbioenergyandLightsourcebp.b

Conversiontomboebasedongasolinegallonequivalent(1MMBTu=8.04gallons).Seetheglossaryonpages

46-47Weareanintegratedenergycompany,oneofonlyafewthatcandeliverenergyatglobalscalethroughadecades-longenergytransition.Weareinactiontogrowshareholdervalue,strengthenbpandbuildourresiliencetodeliverenergytotheworld,todayand

tomorrow.WehaveoperationsinEurope,NorthandSouthAmerica,Australasia,Asiaand

Africa.Payments

to

partners

andsuppliers

DividendsTotaleconomicvaluegeneratedby

bp$197bn(2023

$215.2bn)Value

creation Upstream

production

(2023

2.3mmboe/d)Biogassupply

volumes

2.4 /deobmm 23mboe/db(2023

22mboe/d)Our2024

performance About

bp Employees100,500a(2023

87,800)Countriesof

operation61 (2023

61)Underlyingreplacementcost(RC)

profit

$8.9bn (2023

$13.8bn)Strategic

convenience

sites

Electricvehiclecharge

points

2,950 >39,000

$146.6bn

$5.0bn (2023

2,850) (2023>29,000) (2023

$151.7bn) (2023

$4.8bn)Developedrenewablesto

FID

(net) Installed

renewables

capacity

(net)Taxes

to

governments Benefitspaidto

employees8.2GW

4.0GW

$10.6bn

$11.2bn (2023

6.2GW) (2023

2.7GW) (2023

$11.9bn) (2023

$10.3bn)Socialinvestment

spendsupportingadditionalinitiativestobenefit

communities(2023

$117m)Tier1and2processsafety

events

38 $76m (2023

39)IntroductionOurapproachGetting

toImprovingCaringforEngagingOur

reportingnetzeropeople’slivesour

planetstakeholders3bpSustainabilityReport

2024In2024reportedabsolutemethaneemissionsfromupstreammajoroilandgasprocessingsitesarebasedonournewmeasurementapproach.Priorto2024theseemissionswerecalculatedusingadifferentmethodologyandthereforethemethaneintensityreportedinthoseyearsandcalculatedusing

that

datadoes

not

directly

correlateto

progress

towards

deliveringthe

2025

target.

Prioryear

data

is

provided

for

information

purposes,

and

we

do

notseek

to

directly

compare

prior

years.Onanupdatedmethodologybasis.Seepage

21.Seetheglossaryonpages

46-472024sustainability

progressSomeexamplesofourworkacrossourthreefocus

areas.Gettingtonet

zeroImprovingpeople's

livesCaringforour

planetFostering

aninclusive

cultureInIndia,welaunchedanattractioncampaigncalled‘bpworksfor

women’aimedatincreasingjobapplicationsfromwomenwhowanttobuildacareerintheenergy

industry.Just

transitionWecontinuedourworkin

Teesside,UK,tohelplocalpeopleprepareforjobsinlowcarbonindustries.AtRedcar&ClevelandCollege,41studentshavenowenrolledinthebp-supportedClean

EnergyTechnicianScholarship

programme.Biodiversity WaterWehavestartedtoapply

our

net AtourbpxenergyEagleFordfacilitiespositiveimpact(NPI)methodologyintheUS,wehaveinvestedinfouronnewinscopeprojects,

and

by newwaterwellsthatenableustousetheendof2024sevenprojectswerebrackishwaterinsteadoffreshwaterdevelopingNPIplans. inourcommissioning

operations.Nearly550,000m3ofbrackishwaterfromthesewellswasusedin

2024.Net

zero

operations

Netzero

sales

38% 0.07% 6% reductionincombined methane

intensity

reductioninaverageScope1

and

2 (20230.05%)a lifecyclecarbon

intensityemissions,

against ofenergy

products

the2019baseline. wesell,againstthe2019(2023

41%) baseline.(2023

5%)bpage

18 page

19 page

21Unlockinggrowthin

bioenergyWetookfullownershipofbpBungeBioenergiain

2024.Nowcalledbpbioenergy,thecompanyisoneofBrazil’sleadingbiofuelscompanies,withthecapacitytoproducearound50,000barrelsadayofethanolequivalentfromsugarcane,acrossfiveBrazilianstates.page

23page

28 page

29Supportinglivelihoodsin

OmanIn2024wecelebrated10yearsofoursocialinvestmentprogrammeinOman.Inthattime,wehaveinvested$30milliontodelivermorethan150initiativesthatsupporteducation,enterprisedevelopmentandenvironmentalsustainability.TheseareasalignwithoursustainabilityframeandOman's2040vision,

whichsetspillarsandprioritiesforthecountry'ssocialandeconomicplanningfrom2021to

2040.page

30page

33 page

35EnhancingbiodiversityatCherryPoint

refineryCherryPointrefinery,US,islocatedclosetohundredsofacresofwetlandwhicharehometomanydifferentspeciesofanimalwildlife,grasses,treesandshrubs.Wearetryingtopreserveandenhancethisnativebiodiversitybycreatingmorethan

470acresofnewwetlandjustoutsidetherefineryperimeter.Wehavedevelopedafive-yearbiodiversityenhancementplan,underpinnedbyouruseofnewtechnologiestomapandmonitorbiodiversity.page

34IntroductionOurapproachGetting

toImprovingCaringforEngagingOur

reportingnetzeropeople’slivesour

planetstakeholders4bpSustainabilityReport

2024Inthis

sectionSafetyEthicsand

compliance68Our

peoplePoliciesand

practices911SustainabilityinourprocessesIdentifyingandmanaging

risk1415OurapproachOurapproachtosustainabilityisbuiltonstrongfoundations,whichguidethewayweworkandsupportoursustainabilityframeandnetzero,peopleandplanetaims.In2024wecontinuedtotakeactiononsustainabilityacross

bp.Block61,Khazzangasfield,

OmanIntroductionOur

approachGetting

toImprovingCaringforEngagingOur

reportingnetzeropeople’slivesour

planetstakeholders5bpSustainabilityReport

2024Ouroperatingmanagementsystem

(OMS)aprovidesasingleframeworkforouroperations.Itdefinesaconsistentapproachtomanagingour

operational

activities

–

helping

us

to

improveperformanceindeliveringsafe,reliableandcompliantoperations.Itbringstogetherbprequirementsonhealth,safety,security,andenvironment(HSSE),socialperformanceandoperationalreliability,andsupportstheimplementationofkey

programmes.TheseprogrammesincludeourSafetyLeadershipPrinciplesandtheInternationalAssociationofOil&GasProducers’(IOGP)Life-SavingRulesandProcessSafety

Fundamentals.OurSafetyLeadership

PrinciplesOurfiveSafetyLeadershipPrinciplesaredesignedtoguidebehaviourandwaysofworkingacrossbptodriveastrong,consistentsafetyculture.Theyareinformedbyhumanperformanceandsupportacultureofcarebyhelpingusunderstandhowpeopleinteractwiththeirworkingenvironmentandmaysometimesmakemistakesrelatedto

safety.In2024wetookfurtherstepstohelpourpeopleuseandbenefitfromtheSafetyLeadershipPrinciples,particularlytosupporttheirpsychologicalsafety.Forexample,

weofferedtrainingtomoreemployeesinoperationsabouthowtoincorporatetheprinciplesintodailyconversationsatwork,stressingthatpsychologicalsafetymeanssharingwhateverisontheirminds,includinganychallengestoexecutingtheirwork

safely./safetyLife-Saving

RulesIndustrystandardizationandconsistentrules,includingtheIOGPLife-SavingRules,helpimprovesafetyperformance.Approximately80%ofpersonalsafetyincidentsintheoilandgasindustrythatresultinfatalitiesandlife-changinginjuriesinvolveactivitiescoveredbytheserules.In2024westartedmeasuringtheeffectivenessoftherulesinoperatingbusinessesthathadimplementedthemin2023.Wealsocontinuedtoembedthemandreinforceconformanceacrossourotherbusinesses–throughsafetyinductions,teamsafetytalks,andcontrolofworksystems.Tohelpassesshowtheruleshavebeenimplementedandtheireffectivenessindrivingimprovements,theHSE&Coperationalsafetyteammadeseveralsitevisits.ThesecoveredproductioninAzerbaijan,refininginSpain,andterminals,pipelinesandbpxenergyintheUS.ThesevisitsprovidedinvaluableinsightsabouthowtointegratetheLife-SavingRulesmoreeffectivelyatothersites./lifesavingrulesSafetyLife-changing

injuriesWerecordandreportlife-changinginjuriesagainsttheIOGPindustry-standarddefinition.Thisreportingmetricisintendedtohelpsharpenourfocusonriskswiththepotentialtocausefatalitiesorlife-changing

injuries.Usingdigital

solutionsIn2024westeppeduptheimplementationofnewdigitalsystemsandenhancedexistingtoolstohelpusimproveoursafety

performance.Thesearedesignedtoprovideaccesstodata,helpusstandardizeprocesses,andsupportcollaborationandagileworking.They

include:yIRIS,ourHSSErecordingandreportingsystem,whichwemademoreintuitivefor

users.yLENS,auser-friendlyplatformdevelopedtostreamlinethewaywelearnaboutsafetyandshareknowledgeacrossbp.Ithashelpedimprovethewayweshareinformationaboutpersonal,process,andothersafetyincidents,includingtheirpotentialcauses,sowecandomoretoreducetheriskofsimilareventsinthe

future.yNova,anintegratedmanagementtool,whichwestartedrollingouttohelpourworkforcemanagerisks,monitorcontrols,andupholdsafety

measures.Atbp,safetycomesfirst.

Wewanttoimproveoursafetyperformanceandcontinueworkingtowardsourgoalofeliminatingfatalities,life-changinginjuriesandtier1processsafety

events.For

recently

acquired

businesses,

there

is

typically

a

transition

periodwhilebp’s

operating

standards,

as

set

out

in

our

OMS,

areintegrated

or

aligned.InOctober2024bpacquiredtheremaining50%ofbpBungeBioenergia.Shortlyaftertheacquisitionwascompleted,anincidentoccurredwhichresultedinafatality.Atthetimeofpublication,bpbioenergysafetyprocesseswere

still

beingintegrated

into

bp’s

reporting

processes,

during

an

initial

transition

period

for

acquiredbusinesses,

and

as

such,

this

fatality

is

not

included

in

reported

fatality

datafor

2024.Atthetimeofpublication,duringaninitialtransitionperiodfortheseacquiredbusinesses–ArchaeaEnergy,TravelCentersofAmerica,Lightsourcebpandbpbioenergy–safetyreportingprocesseswerestillbeingintegratedinto

bp’s

safety

reporting

processes

and

as

such,

their

safety

performance

dataarenot

included

in

reported

data

for

2024.Seetheglossaryonpages

46-47Wealsoincreasedtheuseofnewtechnologiestoimproveoperationalsafety.Forexample,forsiteswherewehavedrillingactivities,weimplementedanadditionalmonitoringprocess.TechnologiesthatmonitordrillingactivitiesforpotentialindicatorsofriskarenowreviewedbothonsiteandremotelybybpexpertsatourHouston,US,andSunbury,UK,offices.Consequently,wecanidentifynecessaryimprovementsearlier.AndintheUS,bpxenergyisusingAItohelpaddressdrivingsafety.Youcanreadmoreaboutthisinnovativeapproachinthecasestudyonpage

7.Personal

safetyWedeeplyregretthefatalityandfourlife-changinginjuriesthatoccurredin2024.InOctoberanemployeeofourrecentlyacquiredbpbioenergybusinessinBrazilbwasfatallyinjuredduringanoperationalactivity.InMay,acontractorinourWellsTrinidadbusinessandanemployeeatourTravelCentersofAmericabusinessintheUScsufferedlife-changinginjuriesduringmanualactivities.InSeptemberatoneofourThorntonsretailstoresintheUS,twoemployees

sufferedlife-changinginjuriesduringanincidentinvolvingamemberofthepublicwhowascarryinga

firearm.Wehaveofferedoursupporttothefamiliesandemployeesaffected.Weknowwehavemoreworktodoonsafety,sowearetakingactiontoleveragelessonslearnedfromtheseincidentstohelpusimproveoursafety

performance.IntroductionOur

approachGetting

toImprovingCaringforEngagingOur

reportingnetzeropeople’slivesour

planetstakeholders6bpSustainabilityReport

2024Wemadefurtherprogressinpreventingandreducingspills.In2024therewere96oilspillsdcomparedwith100in2023and108in

2022.Ouroperatingsitesshareexamplesofgoodpracticesandourcentralhealth,safety,andenvironmentincidentinvestigationsteaminvestigatesseriousorcomplexincidentssosystemicgapscanbeidentifiedandaddressed.Theintroductionofournewlearningtool,LENS,in2024,hasimprovedthewayweshareinformationabout

incidents.3330351793202220232024Tier

1Tier

28040206002020

2021175316462024personalsafety

performanceIn2024ourrecordableinjuryfrequencya(RIF)increasedby8.5%.Ourbusinesseshaveidentifiedunderlyingpatternsfortheseinjuriesanddevelopedplansintendedtohelpreducetheminthe

future.Driving

safe