Summary of carrying value of assets by segment |
| | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | $ billion | | Goodwill | Other intangible assets | Property, plant and equipment | Joint ventures and associates | Total | Integrated Gas | 4.9 | 3.2 | 57.7 | 6.1 | 71.9 | Upstream | 5.4 | 0.3 | 70.9 | 7.6 | 84.2 | Chemicals and Products | 0.3 | 2.4 | 36.9 | 4.0 | 43.6 | Marketing | 4.4 | 2.9 | 22.2 | 4.7 | 34.2 | Renewables and Energy Solutions | 1.7 | 1.5 | 4.8 | 2.0 | 10.0 | Corporate | — | — | 2.3 | 0.1 | 2.4 | Total | 16.7 | 10.3 | 194.8 | 24.5 | 246.3 | 4. Climate change and energy transition continued
| | | | | | | | | | | | | | | | | | 2022 | | | | | | | | | | | $ billion | | Goodwill | Other intangible assets | Property, plant and equipment | Joint ventures and associates | Total | Integrated Gas | 4.9 | 3.9 | 60.8 | 5.6 | 75.2 | Upstream | 5.3 | 0.2 | 74.5 | 7.7 | 87.7 | Chemicals and Products | 0.3 | 2.1 | 38.1 | 4.2 | 44.7 | Marketing | 3.3 | 1.8 | 19.1 | 4.4 | 28.6 | Renewables and Energy Solutions | 2.2 | 1.6 | 3.2 | 1.9 | 8.9 | Corporate | — | 0.1 | 2.9 | 0.1 | 3.1 | Total | 16.0 | 9.7 | 198.6 | 23.9 | 248.2 |
Information by segment on a current cost of supplies basis is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | | Revenue: | | | | | | | | | Third-party | 37,645 | 6,475 | 108,858 | 118,781 | 44,819 | 42 | 316,620 | [A] | Inter-segment | 11,560 | 41,230 | 624 | 2,252 | 4,707 | — | 60,373 | | Share of profit/(loss) of joint ventures and associates (CCS basis) | 1,951 | 768 | 548 | 590 | (96) | (3) | 3,758 | | Interest and other income, of which: | 137 | 671 | 76 | 61 | 75 | 1,818 | 2,838 | | Interest income | 6 | 27 | 9 | 57 | 12 | 2,202 | 2,313 | | Net gains/(losses) on sale and revaluation of non-current assets and businesses | (22) | 209 | 16 | (61) | 110 | 5 | 257 | | Other | 153 | 435 | 51 | 65 | (47) | (389) | 268 | | Third-party and inter-segment purchases (CCS basis) | 27,356 | 7,890 | 94,614 | 102,396 | 40,170 | 15 | 272,441 | | Operating expenses, of which: | 4,823 | 9,845 | 9,336 | 11,483 | 3,831 | 642 | 39,960 | | Production and manufacturing expenses | 4,529 | 9,186 | 949 | 7,908 | 2,610 | 58 | 25,240 | | Selling, distribution and administrative expenses | 168 | 163 | 8,137 | 3,323 | 1,058 | 584 | 13,433 | | Research and development expenses | 126 | 496 | 250 | 252 | 163 | — | 1,287 | | Exploration expenses | 216 | 1,534 | — | — | — | — | 1,750 | | Depreciation, depletion and amortisation charge, of which: | 8,903 | 12,463 | 2,335 | 6,411 | 1,159 | 19 | 31,290 | | Impairment losses | 3,472 | 1,360 | 420 | 2,787 | 908 | — | 8,947 | [B] | Impairment reversals | (324) | (206) | (1) | (90) | (141) | — | (762) | [C] | Interest expense | 146 | 507 | 52 | 62 | 4 | 3,902 | 4,673 | | Taxation charge/(credit) (CCS basis) | 2,803 | 8,377 | 819 | (198) | 1,303 | 90 | 13,194 | | CCS earnings | 7,046 | 8,528 | 2,950 | 1,530 | 3,038 | (2,811) | 20,281 | |
[A]Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount includes both the reversal of prior gains of $4,689 million related to sales contracts and prior losses of $2,074 million related to purchase contracts that were previously recognised and where physical settlement has taken place during 2023. [B]Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12). [C]Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12). 7. Segment information continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | | Revenue: | | | | | | | | | | Third-party | 54,751 | | 8,352 | 120,638 | 144,342 | 53,190 | 41 | 381,314 | [A] | Inter-segment | 18,412 | | 52,285 | 606 | 2,684 | 6,791 | — | 80,778 | | Share of profit/(loss) of joint ventures and associates (CCS basis) | 1,219 | | 2,111 | 237 | 374 | (7) | (4) | 3,930 | | Interest and other income, of which: | (714) | | 726 | (104) | 244 | 57 | 706 | 915 | | Interest income | 43 | | 22 | — | 24 | (2) | 959 | 1,046 | | Net gains on sale and revaluation of non-current assets and businesses | 101 | | 437 | (186) | 282 | 8 | — | 642 | | Other | (858) | [B] | 267 | 82 | (62) | 51 | (253) | (773) | | Third-party and inter-segment purchases (CCS basis) | 37,785 | | 10,666 | 108,012 | 127,521 | 57,024 | (28) | 340,980 | | Operating expenses, of which: | 5,237 | | 10,365 | 8,383 | 11,362 | 3,590 | 539 | 39,476 | | Production and manufacturing expenses | 4,907 | | 9,676 | 810 | 7,583 | 2,520 | 22 | 25,518 | | Selling, distribution and administrative expenses | 218 | | 233 | 7,351 | 3,592 | 972 | 517 | 12,883 | | Research and development expenses | 112 | | 456 | 222 | 187 | 98 | — | 1,075 | | Exploration expenses | 240 | | 1,472 | — | — | — | — | 1,712 | | Depreciation, depletion and amortisation charge, of which: | 2,211 | | 10,334 | 1,900 | 3,289 | 777 | 18 | 18,529 | | Impairment losses | 115 | | 950 | 480 | 356 | 412 | — | 2,313 | [C] | Impairment reversals | (3,449) | | (2,504) | (151) | (73) | — | — | (6,177) | [D] | Interest expense | 84 | | 345 | 46 | 22 | 2 | 2,682 | 3,181 | | Taxation charge/(credit) (CCS basis) | 5,899 | | 14,070 | 903 | 935 | (303) | (7) | 21,497 | | CCS earnings | 22,212 | | 16,222 | 2,133 | 4,515 | (1,059) | (2,461) | 41,562 | |
[A]Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount includes both the reversal of prior losses of $9,815 million related to sales contracts and prior gains of $7,201 million related to purchase contracts that were previously recognised and where physical settlement had taken place during 2022. [B]Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities. [C]Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12). [D]Impairment reversals fully comprise Property, plant and equipment. (See Note 12). 7. Segment information continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | | Revenue: | | | | | | | | | Third-party | 29,922 | 9,182 | 83,494 | 116,448 | 22,415 | 43 | 261,504 | [A] | Inter-segment | 8,072 | 35,789 | 254 | 1,890 | 4,675 | — | 50,680 | | Share of profit/(loss) of joint ventures and associates (CCS basis) | 1,933 | 632 | 385 | 989 | (27) | 1 | 3,913 | | Interest and other income, of which: | 1,596 | 4,592 | 278 | 37 | 200 | 353 | 7,056 | | Interest income | — | 37 | 3 | 36 | 4 | 431 | 511 | | Net gains on sale and revaluation of non-current assets and businesses | 1,610 | 4,130 | 285 | (24) | (6) | — | 5,995 | | Other | (14) | 425 | (10) | 25 | 202 | (78) | 550 | | Third-party and inter-segment purchases (CCS basis) | 20,188 | 9,094 | 70,745 | 103,294 | 26,048 | (5) | 229,364 | | Operating expenses, of which: | 4,526 | 10,322 | 7,501 | 10,347 | 2,745 | 524 | 35,965 | | Production and manufacturing expenses | 4,194 | 9,797 | 950 | 6,815 | 2,098 | (32) | 23,822 | | Selling, distribution and administrative expenses | 231 | 186 | 6,384 | 3,375 | 596 | 556 | 11,328 | | Research and development expenses | 101 | 339 | 167 | 157 | 51 | — | 815 | | Exploration expenses | 122 | 1,301 | — | — | — | — | 1,423 | | Depreciation, depletion and amortisation charge, of which: | 5,908 | 13,485 | 1,700 | 5,485 | 326 | 17 | 26,921 | | Impairment losses | 723 | 920 | 129 | 2,248 | 45 | — | 4,065 | [B] | Impairment reversals | (204) | (9) | (1) | — | — | — | (214) | [C] | Interest expense | 71 | 333 | 27 | 44 | — | 3,132 | 3,607 | | Taxation charge/(credit) (CCS basis) | 2,648 | 6,057 | 903 | (210) | (342) | (665) | 8,391 | | CCS earnings | 8,060 | 9,603 | 3,535 | 404 | (1,514) | (2,606) | 17,482 | |
[A]Includes $126 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount includes both the reversal of prior losses of $4,824 million related to sales contracts and prior gains of $4,892 million related to purchase contracts that were previously recognised and where physical settlement had taken place during 2021. [B]Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4 million). (See Note 12). [C]Impairment reversals fully comprise Property, plant and equipment. (See Note 12). Cash capital expenditure Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | | Capital expenditure | 3,491 | 8,249 | 5,563 | 3,106 | 2,314 | 270 | 22,993 | [A] | Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 | [A] | Investments in equity securities | — | — | — | 2 | 106 | 89 | 197 | [A] | Cash capital expenditure* | 4,196 | 8,343 | 5,612 | 3,192 | 2,681 | 368 | 24,392 | |
[A]See Consolidated Statements of Cash Flows. * Non-GAAP measure (see page 329). 7. Segment information continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | | Capital expenditure | 3,433 | 8,020 | 4,527 | 3,835 | 2,610 | 175 | 22,600 | [A] | Investments in joint ventures and associates | 832 | 123 | 304 | 2 | 703 | 9 | 1,973 | [A] | Investments in equity securities | — | — | — | 1 | 156 | 103 | 260 | [A] | Cash capital expenditure* | 4,265 | 8,143 | 4,831 | 3,838 | 3,469 | 287 | 24,833 | |
[A]See Consolidated Statements of Cash Flows.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | | Capital expenditure | 3,306 | 6,277 | 2,122 | 5,091 | 2,069 | 135 | 19,000 | [A] | Investments in joint ventures and associates | 196 | (109) | 148 | 80 | 154 | 10 | 479 | [A] | Investments in equity securities | — | — | 3 | 4 | 136 | 75 | 218 | [A] | Cash capital expenditure* | 3,502 | 6,168 | 2,273 | 5,175 | 2,359 | 220 | 19,697 | |
[A]See Consolidated Statements of Cash Flows.
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Summary of PPE |
| | | Carrying amount of Integrated Gas and Upstream assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ billion | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Integrated Gas | 95 | 94 | 91 | 93 | 79 | 75 | 75 | 72 | Upstream | 136 | 128 | 123 | 119 | 106 | 91 | 88 | 84 | Total at December 31 | 231 | 222 | 214 | 212 | 185 | 166 | 163 | 156 | 4. Climate change and energy transition continued
| | | Carrying amount of production assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ billion | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | At December 31 | 169 | 154 | 149 | 141 | 125 | 112 | 111 | 105 | Right of use assets | | | | 9 | 7 | 6 | 6 | 6 | Total at December 31 | 169 | 154 | 149 | 150 | 132 | 118 | 117 | 111 |
| | | Carrying amount of exploration and evaluation assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ billion | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | At December 31 | 19 | 19 | 18 | 15 | 9 | 7 | 6 | 5 |
| | | Carrying amount of Chemicals and Production assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ billion | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Chemicals | 15 | 16 | 18 | 22 | 25 | 27 | 28 | 25 | Refineries | 10 | 14 | 14 | 13 | 7 | 6 | 6 | 6 | Other | 1 | 8 | 7 | 12 | 11 | 11 | 11 | 13 | Total at December 31 | 26 | 38 | 39 | 47 | 43 | 44 | 45 | 44 | | | | Carrying amount of Marketing assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ billion | | | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | At December 31 | | 15 | 15 | 20 | 23 | 25 | 29 | 34 | | | | | | | | | | | | | | | | | | |
| | | Carrying amount of Renewables and Energy Solutions assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ billion | | | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | At December 31 | | 1 | 1 | 3 | 3 | 5 | 9 | 10 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | $ million | | Exploration and production | | | | | Exploration and evaluation | Production | Manufacturing, supply and distribution | Other | Total | Cost | | | | | | At January 1 | 11,565 | 277,016 | 106,785 | 39,595 | 434,961 | Additions | 2,161 | 10,731 | 5,910 | 7,029 | 25,831 | Sales, retirements and other movements [B] | (5,164) | (1,153) | (1,016) | (1,387) | (8,720) | Reclassifications [C] | — | (2,779) | 527 | 2,252 | — | Currency translation differences | 73 | 1,855 | 863 | 207 | 2,998 | At December 31 | 8,635 | 285,670 | 113,069 | 47,696 | 455,070 | Depreciation, depletion and amortisation, including impairments | | | | | | At January 1 | 5,162 | 159,662 | 56,901 | 14,594 | 236,319 | Charge for the year [D] | 731 | 18,202 | 8,295 | 2,687 | 29,915 | Sales, retirements and other movements [B] | (2,609) | (2,000) | (2,083) | (1,394) | (8,086) | Reclassifications [C] | — | (2,217) | 63 | 2,154 | — | Currency translation differences | 39 | 1,326 | 650 | 72 | 2,087 | At December 31 | 3,323 | 174,973 | 63,826 | 18,113 | 260,235 | Carrying amount at December 31 | 5,312 | 110,697 | 49,243 | 29,583 | 194,835 |
[A]Includes right-of-use assets under leases. (See Note 21). [B]Includes the reclassification of assets classified as held for sale. (See Note 18). [C]Reclassifications of right-of-use assets. (See Note 21). [D]Includes impairment losses and reversals. (See Note 12). | | | | | | | | | | | | | | | | | | | $ million | | Exploration and production | | | | | Exploration and evaluation | Production | Manufacturing, supply and distribution | Other | Total | Cost | | | | | | At January 1 | 12,679 | 285,903 | 104,182 | 34,005 | 436,769 | Additions | 1,564 | 11,954 | 6,928 | 7,808 | 28,254 | Sales, retirements and other movements [B] | (2,469) | (14,541) | (2,548) | (242) | (19,800) | Currency translation differences | (209) | (6,300) | (1,777) | (1,976) | (10,262) | At December 31 | 11,565 | 277,016 | 106,785 | 39,595 | 434,961 | Depreciation, depletion and amortisation, including impairments | | | | | | At January 1 | 5,580 | 167,530 | 55,131 | 13,596 | 241,837 | Charge for the year [C] | 397 | 9,709 | 5,149 | 2,055 | 17,310 | Sales, retirements and other movements [B] | (765) | (13,207) | (2,054) | (396) | (16,422) | Currency translation differences | (50) | (4,370) | (1,325) | (661) | (6,406) | At December 31 | 5,162 | 159,662 | 56,901 | 14,594 | 236,319 | Carrying amount at December 31 | 6,403 | 117,354 | 49,884 | 25,001 | 198,642 |
[A]Includes right-of-use assets under leases. (See Note 21). [B]Includes the reclassification of assets classified as held for sale. (See Note 18). [C]Includes impairment losses and reversals. (See Note 12).
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