BAKU, Azerbaijan, February 11. In 2024, bp delivered operating cash flow of $27.3 billion and adjusted EBITDA of $38 billion, said bp's CEO Murray Auchincloss, as he presented 2024 results, Trend reports.
Auchincloss noted that the results were approximately $5.7 billion lower than 2023. This decline was largely attributed to lower refining margins, trading results, and realizations, though it was partly offset by higher upstream production.
Meanwhile, bp's upstream production reached 2.36 million barrels of oil equivalent per day in 2024, marking a 2% increase compared to the previous year. The company also maintained plant reliability at over 95%, reflecting its continued focus on operational efficiency.
Auchincloss highlighted the start-up of the Azeri Central East platform in the Caspian Sea, which marked a key milestone for bp. "We saw the start-up of oil production from the new Azeri Central East platform," he said, adding that the company also brought online its third centralized processing facility in the Permian Basin.
Looking ahead, bp took final investment decisions (FID) on 10 major projects in 2024, including the Tangguh UCC project in Indonesia, which was sanctioned in November. The company also made significant strides in renewable energy and partnerships. "In December, we established a new gas joint venture, Arcius Energy with ADNOC’s international energy investment company, XRG," Auchincloss shared. "We also announced an agreement to form JERA Nex bp – our offshore wind joint venture that will combine the complementary capabilities and portfolios of both companies and help grow the scale of the business in a capital-light way for bp".