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BP produced **** million barrels of oil per day in 2024. This represented one of the lowest production volumes in the period of consideration and was largely the result of divesting of Rosneft shares from 2022 onward. North America has been the company's largest producing region since 2021 accounting for ** barrels of daily output in 2024. BP is a multinational company headquartered in the United Kingdom and active in all areas of the oil and gas supply chain, including power generation. Its subsidiaries are active on all continents apart from Antarctica. BP's natural gas production stood at *** billion cubic feet per day in 2024.

Reserves and production overview

Despite maintaining significant oil reserves, BP's production levels have seen notable changes. The company held proved liquids reserves of approximately *** billion barrels in 2024, a substantial decrease from the ** billion barrels reported in 2021 - before its Rosneft divestment. This reduction in reserves coincides with a fall in daily liquids production to around *** million barrels. In the natural gas sector, BP maintained reserves of **** billion cubic feet in 2024, while its daily production stood at *** billion cubic feet.

Financial performance amid lower refining margins

BP's upstream business segment generated revenues of **** billion U.S. dollars in 2024, showing a decrease from the previous year. The downstream business segment remained a significant revenue generator, bringing in billion U.S. dollars in 2024. However, operational changes were evident in the refinery sector, with lower refining margins resulting in BP reporting the lowest throughput figure in recent years.