BP plc Revenue & Financials

BP's financial performance in 2024 reflected the dual pressures of lower commodity prices and the structural costs of portfolio transition. The company reported revenues of approximately $194 billion for the full year, down from roughly $241 billion in 2023, primarily driven by lower average crude oil and natural gas prices. Adjusted EBITDA came in at approximately $26 billion, and adjusted profit — BP's preferred metric for underlying performance — was approximately $8.9 billion, down from approximately $13.8 billion in 2023. Reported profit was substantially lower, weighed down by impairment charges totaling approximately $4.5 billion related to underperforming renewable energy assets and certain Gulf of Mexico fields. Capital expenditure in 2024 totaled approximately $16 billion, at the upper end of management's $14 to $18 billion guidance range, reflecting continued investment in Gulf of Mexico development and Lightsource BP solar projects. Free cash flow after capital expenditure was approximately $6 billion, compared to approximately $10 billion in 2022 when oil prices were significantly higher. The dividend remained at $0.10 per ordinary share per quarter — totaling $0.40 per share annually — and BP completed approximately $3.5 billion of share buybacks, bringing total 2024 shareholder returns to approximately $7.9 billion. Net debt at year-end 2024 stood at approximately $24 billion, essentially flat with the prior year, as the company prioritized balance sheet discipline over aggressive deleveraging. Looking at the five-year revenue trajectory: 2020 revenues of approximately $105 billion (pandemic-impacted), rising to $164 billion in 2021, $241 billion in 2022 (energy price shock), $241 billion in 2023, and approximately $194 billion in 2024 — a pattern that closely tracks global crude oil prices and illustrates the deep commodity sensitivity of BP's financial model.