v3.26.1
MASTER TRUST
 12 Months Ended
Dec. 31, 2025
BP Employee Savings Plan (Plan No. 001)  
EBP, Master Trust [Line Items]  
MASTER TRUST MASTER TRUST
The purpose of the Master Trust is the collective investment of assets of the Plans. Each Plan’s interest in the Master Trust is based on account balances of the participants and their elected investment options. The Master Trust assets are allocated among the Plans by assigning to each Plan those transactions (primarily contributions, benefit payments and plan-specific expenses) that can be specifically identified and by allocating among all Plans, in proportion to the fair value of the assets assigned to each Plan, income and expenses resulting from the collective investment of the assets of the Master Trust.

Investment income and administrative expenses related to the Master Trust are allocated to the individual Plans on a daily basis based on each participant’s account balance within each investment fund option.

Fully Benefit-Responsive Investment Contracts. In connection with the Income Fund, the Master Trust enters into contracts that meet fully benefit-responsive investment contract criteria and therefore are reported at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses. The Master Trust’s interest in these contracts represents the maximum potential credit loss from concentrations of credit risk associated with its investment.

The contracts provide for the payment of a stated interest crediting rate for a specified period of time. The underlying fixed income assets that support the interest crediting rate are owned by the Master Trust. Under the contracts, investment gains and losses on the underlying assets are not reflected immediately in the interest crediting rate. Rather, the gains and losses are amortized, usually over time to maturity or the duration of the underlying assets, through adjustments to future interest crediting rates. These adjustments generally result in contract value, over time, converging with the market value of the underlying fixed income assets. Factors affecting future interest crediting rates include the current yield, duration and the existing difference between market value of the underlying fixed income assets and contract value. Interest crediting rates, which cannot be less than zero percent, are generally reset monthly. The issuers of the contracts guarantee that all qualified participant withdrawals occur at contract value, subject to certain limitations described below.

Contract termination occurs whenever the contract value or market value of the underlying assets reaches zero or upon certain events of default. If the contract terminates due to a contract issuer default or if the market value of the underlying portfolio reaches zero, the contract issuer will generally be required to pay any excess contract value at the date of termination. If the Plans default in their obligation under the agreements and the default is not cured within the time permitted, the Plans will receive the market value as of the date of termination. Contract termination also may occur by either party upon election and notice.

Certain events may limit the ability of the Plans to transact at contract value with an issuer. Such events include (i) amendments to Plan documents or the Plans’ administration (including complete or partial plan termination or merger with another plan); (ii) changes to the Plans’ prohibition on competing investment options or deletion of equity wash provisions; (iii) the failure of the Plans or the Master Trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; (iv) bankruptcy of the Plan sponsor or other Plan sponsor event (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plans; and (v) the delivery of any communication to plan participants designed to influence a participant’s behavior in the investment option. At this time, management does not believe that the occurrence of any such event, which would limit the Plans’ ability to transact at contract value with participants, is probable.

In addition, certain events allow the issuer to terminate the contracts with the Plans and settle at an amount different from contract value. Those events may be different under each contract. Such events may include (i) an uncured violation of the Plans’ investment guidelines; (ii) a breach of material obligation under the contract; (iii) a material misrepresentation; and (iv) a material amendment to the agreements without the consent of the issuer.

Plans’ Interest in Master Trust. The Plans have a divided interest in the investments held in the Master Trust since each Plan’s interest is based on the account balances of the participants and their elected investment options. Each
Plan’s beneficial interest in the underlying investment options does not vary significantly from each Plan’s beneficial interest in the total net assets of the Master Trust.
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2025, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$637,686 $623,424 $1,880 $470 $11,688 $224 
Common/collective trust funds8,635,683 8,087,870 40,452 37,639 424,147 45,575 
BrokerageLink - self directed70,106 68,646 130 — 1,153 177 
Money market funds39,772 39,014 137 61 555 5 
Total investments at fair value9,383,247 8,818,954 42,599 38,170 437,543 45,981 
Benefit responsive investment contracts at contract value226,673 220,511 846 938 3,580 798 
Total investments9,609,920 9,039,465 43,445 39,108 441,123 46,779 
Receivables:
Dividends and interest1,953 1,909 7 5 30 2 
Total assets9,611,873 9,041,374 43,452 39,113 441,153 46,781 
Accounts payable:
Pending transactions, net2,435 2,599 — (88)(51)(25)
Accrued fees and other430 402 2 3 20 3 
Total liabilities2,865 3,001 2 (85)(31)(22)
Net assets$9,609,008 $9,038,373 $43,450 $39,198 $441,184 $46,803 
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2024, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$604,037 $591,764 $1,902 $367 $9,892 $112 
Common/collective trust funds7,818,385 7,367,068 33,464 35,545 349,799 32,509 
Money market funds38,306 37,491 133 59 617 6 
Total investments at fair value8,460,728 7,996,323 35,499 35,971 360,308 32,627 
Benefit responsive investment contracts at contract value244,874 238,765 1,032 924 3,105 1,048 
Total investments8,705,602 8,235,088 36,531 36,895 363,413 33,675 
Receivables:
Pending transactions
Dividends and interest2,095 2,048 8 4 32 3 
Total assets8,707,697 8,237,136 36,539 36,899 363,445 33,678 
Accounts payable:
Pending transactions, net441 477 12 (86)38 — 
Accrued fees and other619 598 1 2 16 2 
Total liabilities1,060 1,075 13 (84)54 2 
Net assets$8,706,637 $8,236,061 $36,526 $36,983 $363,391 $33,676 
The changes in net assets of the Master Trust for the year ended December 31, 2025, are as follows:

CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2025
thousands of dollars
Additions of assets attributed to:
Transfer of assets from participating plans:
Participant contributions$232,490 
Company contributions149,609 
Rollover contributions38,619 
Repayments of notes receivable and interest from participants25,170 
Net appreciation in fair value of investments1,411,156 
Interest, dividends and other62,614 
Transfer In2,538 
Total additions1,922,196 
Deductions of assets attributed to:
Transfer of assets to participating plans:
Benefits paid to participants993,140 
Notes receivable from participants23,566 
Administrative expenses914 
Fund management fees2,205 
Total deductions1,019,825 
Net increase in assets during year902,371 
Net Assets:
Beginning of year8,706,637 
End of year$9,609,008 
BP Partnership Savings Plan (Plan No. 051)  
EBP, Master Trust [Line Items]  
MASTER TRUST MASTER TRUST
The purpose of the Master Trust is the collective investment of assets of the Plans. Each Plan’s interest in the Master Trust is based on account balances of the participants and their elected investment options. The Master Trust assets are allocated among the Plans by assigning to each Plan those transactions (primarily contributions, benefit payments and plan-specific expenses) that can be specifically identified and by allocating among all Plans, in proportion to the fair value of the assets assigned to each Plan, income and expenses resulting from the collective investment of the assets of the Master Trust.

Investment income and administrative expenses related to the Master Trust are allocated to the individual Plans on a daily basis based on each participant’s account balance within each investment fund option.

Fully Benefit-Responsive Investment Contracts. In connection with the Income Fund, the Master Trust enters into contracts that meet fully benefit-responsive investment contract criteria and therefore are reported at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses. The Master Trust’s interest in these contracts represents the maximum potential credit loss from concentrations of credit risk associated with its investment.

The contracts provide for the payment of a stated interest crediting rate for a specified period of time. The underlying fixed income assets that support the interest crediting rate are owned by the Master Trust. Under the contracts, investment gains and losses on the underlying assets are not reflected immediately in the interest crediting rate. Rather, the gains and losses are amortized, usually over time to maturity or the duration of the underlying assets, through adjustments to future interest crediting rates. These adjustments generally result in contract value, over time, converging with the market value of the underlying fixed income assets. Factors affecting future interest crediting rates include the current yield, duration and the existing difference between market value of the underlying fixed income assets and contract value. Interest crediting rates, which cannot be less than zero percent, are generally reset monthly. The issuers of the contracts guarantee that all qualified participant withdrawals occur at contract value, subject to certain limitations described below.

Contract termination occurs whenever the contract value or market value of the underlying assets reaches zero or upon certain events of default. If the contract terminates due to a contract issuer default or if the market value of the underlying portfolio reaches zero, the contract issuer will generally be required to pay any excess contract value at the date of termination. If the Plans default in their obligation under the agreements and the default is not cured within the time permitted, the Plans will receive the market value as of the date of termination. Contract termination also may occur by either party upon election and notice.

Certain events may limit the ability of the Plans to transact at contract value with an issuer. Such events include (i) amendments to Plan documents or the Plans’ administration (including complete or partial plan termination or merger with another plan); (ii) changes to the Plans’ prohibition on competing investment options or deletion of equity wash provisions; (iii) the failure of the Plans or the Master Trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; (iv) bankruptcy of the Plan sponsor or other Plan sponsor event (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plans; and (v) the delivery of any communication to plan participants designed to influence a participant’s behavior in the investment option. At this time, management does not believe that the occurrence of any such event, which would limit the Plans’ ability to transact at contract value with participants, is probable.

In addition, certain events allow the issuer to terminate the contracts with the Plans and settle at an amount different from contract value. Those events may be different under each contract. Such events may include (i) an uncured violation of the Plans’ investment guidelines; (ii) a breach of material obligation under the contract; (iii) a material misrepresentation; and (iv) a material amendment to the agreements without the consent of the issuer.

Plans’ Interest in Master Trust. The Plans have a divided interest in the investments held in the Master Trust since each Plan’s interest is based on the account balances of the participants and their elected investment options. Each
Plan’s beneficial interest in the underlying investment options does not vary significantly from each Plan’s beneficial interest in the total net assets of the Master Trust.
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2025, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$637,686 $623,424 $1,880 $470 $11,688 $224 
Common/collective trust funds8,635,683 8,087,870 40,452 37,639 424,147 45,575 
BrokerageLink - self directed70,106 68,646 130 — 1,153 177 
Money market funds39,772 39,014 137 61 555 5 
Total investments at fair value9,383,247 8,818,954 42,599 38,170 437,543 45,981 
Benefit responsive investment contracts at contract value226,673 220,511 846 938 3,580 798 
Total investments9,609,920 9,039,465 43,445 39,108 441,123 46,779 
Receivables:
Dividends and interest1,953 1,909 7 5 30 2 
Total assets9,611,873 9,041,374 43,452 39,113 441,153 46,781 
Accounts payable:
Pending transactions, net2,435 2,599 — (88)(51)(25)
Accrued fees and other430 402 2 3 20 3 
Total liabilities2,865 3,001 2 (85)(31)(22)
Net assets$9,609,008 $9,038,373 $43,450 $39,198 $441,184 $46,803 
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2024, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$604,037 $591,764 $1,902 $367 $9,892 $112 
Common/collective trust funds7,818,385 7,367,068 33,464 35,545 349,799 32,509 
Money market funds38,306 37,491 133 59 617 6 
Total investments at fair value8,460,728 7,996,323 35,499 35,971 360,308 32,627 
Benefit responsive investment contracts at contract value244,874 238,765 1,032 924 3,105 1,048 
Total investments8,705,602 8,235,088 36,531 36,895 363,413 33,675 
Receivables:
Pending transactions
Dividends and interest2,095 2,048 8 4 32 3 
Total assets8,707,697 8,237,136 36,539 36,899 363,445 33,678 
Accounts payable:
Pending transactions, net441 477 12 (86)38 — 
Accrued fees and other619 598 1 2 16 2 
Total liabilities1,060 1,075 13 (84)54 2 
Net assets$8,706,637 $8,236,061 $36,526 $36,983 $363,391 $33,676 
The changes in net assets of the Master Trust for the year ended December 31, 2025, are as follows:

CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2025
thousands of dollars
Additions of assets attributed to:
Transfer of assets from participating plans:
Participant contributions$232,490 
Company contributions149,609 
Rollover contributions38,619 
Repayments of notes receivable and interest from participants25,170 
Net appreciation in fair value of investments1,411,156 
Interest, dividends and other62,614 
Transfer In2,538 
Total additions1,922,196 
Deductions of assets attributed to:
Transfer of assets to participating plans:
Benefits paid to participants993,140 
Notes receivable from participants23,566 
Administrative expenses914 
Fund management fees2,205 
Total deductions1,019,825 
Net increase in assets during year902,371 
Net Assets:
Beginning of year8,706,637 
End of year$9,609,008 
BP DirectSave Plan (Plan No. 052)  
EBP, Master Trust [Line Items]  
MASTER TRUST MASTER TRUST
The purpose of the Master Trust is the collective investment of assets of the Plans. Each Plan’s interest in the Master Trust is based on account balances of the participants and their elected investment options. The Master Trust assets are allocated among the Plans by assigning to each Plan those transactions (primarily contributions, benefit payments and plan-specific expenses) that can be specifically identified and by allocating among all Plans, in proportion to the fair value of the assets assigned to each Plan, income and expenses resulting from the collective investment of the assets of the Master Trust.

Investment income and administrative expenses related to the Master Trust are allocated to the individual Plans on a daily basis based on each participant’s account balance within each investment fund option.

Fully Benefit-Responsive Investment Contracts. In connection with the Income Fund, the Master Trust enters into contracts that meet fully benefit-responsive investment contract criteria and therefore are reported at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses. The Master Trust’s interest in these contracts represents the maximum potential credit loss from concentrations of credit risk associated with its investment.

The contracts provide for the payment of a stated interest crediting rate for a specified period of time. The underlying fixed income assets that support the interest crediting rate are owned by the Master Trust. Under the contracts, investment gains and losses on the underlying assets are not reflected immediately in the interest crediting rate. Rather, the gains and losses are amortized, usually over time to maturity or the duration of the underlying assets, through adjustments to future interest crediting rates. These adjustments generally result in contract value, over time, converging with the market value of the underlying fixed income assets. Factors affecting future interest crediting rates include the current yield, duration and the existing difference between market value of the underlying fixed income assets and contract value. Interest crediting rates, which cannot be less than zero percent, are generally reset monthly. The issuers of the contracts guarantee that all qualified participant withdrawals occur at contract value, subject to certain limitations described below.

Contract termination occurs whenever the contract value or market value of the underlying assets reaches zero or upon certain events of default. If the contract terminates due to a contract issuer default or if the market value of the underlying portfolio reaches zero, the contract issuer will generally be required to pay any excess contract value at the date of termination. If the Plans default in their obligation under the agreements and the default is not cured within the time permitted, the Plans will receive the market value as of the date of termination. Contract termination also may occur by either party upon election and notice.

Certain events may limit the ability of the Plans to transact at contract value with an issuer. Such events include (i) amendments to Plan documents or the Plans’ administration (including complete or partial plan termination or merger with another plan); (ii) changes to the Plans’ prohibition on competing investment options or deletion of equity wash provisions; (iii) the failure of the Plans or the Master Trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; (iv) bankruptcy of the Plan sponsor or other Plan sponsor event (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plans; and (v) the delivery of any communication to plan participants designed to influence a participant’s behavior in the investment option. At this time, management does not believe that the occurrence of any such event, which would limit the Plans’ ability to transact at contract value with participants, is probable.

In addition, certain events allow the issuer to terminate the contracts with the Plans and settle at an amount different from contract value. Those events may be different under each contract. Such events may include (i) an uncured violation of the Plans’ investment guidelines; (ii) a breach of material obligation under the contract; (iii) a material misrepresentation; and (iv) a material amendment to the agreements without the consent of the issuer.

Plans’ Interest in Master Trust. The Plans have a divided interest in the investments held in the Master Trust since each Plan’s interest is based on the account balances of the participants and their elected investment options. Each
Plan’s beneficial interest in the underlying investment options does not vary significantly from each Plan’s beneficial interest in the total net assets of the Master Trust.
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2025, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$637,686 $623,424 $1,880 $470 $11,688 $224 
Common/collective trust funds8,635,683 8,087,870 40,452 37,639 424,147 45,575 
BrokerageLink - self directed70,106 68,646 130 — 1,153 177 
Money market funds39,772 39,014 137 61 555 5 
Total investments at fair value9,383,247 8,818,954 42,599 38,170 437,543 45,981 
Benefit responsive investment contracts at contract value226,673 220,511 846 938 3,580 798 
Total investments9,609,920 9,039,465 43,445 39,108 441,123 46,779 
Receivables:
Dividends and interest1,953 1,909 7 5 30 2 
Total assets9,611,873 9,041,374 43,452 39,113 441,153 46,781 
Accounts payable:
Pending transactions, net2,435 2,599 — (88)(51)(25)
Accrued fees and other430 402 2 3 20 3 
Total liabilities2,865 3,001 2 (85)(31)(22)
Net assets$9,609,008 $9,038,373 $43,450 $39,198 $441,184 $46,803 
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2024, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$604,037 $591,764 $1,902 $367 $9,892 $112 
Common/collective trust funds7,818,385 7,367,068 33,464 35,545 349,799 32,509 
Money market funds38,306 37,491 133 59 617 6 
Total investments at fair value8,460,728 7,996,323 35,499 35,971 360,308 32,627 
Benefit responsive investment contracts at contract value244,874 238,765 1,032 924 3,105 1,048 
Total investments8,705,602 8,235,088 36,531 36,895 363,413 33,675 
Receivables:
Pending transactions
Dividends and interest2,095 2,048 8 4 32 3 
Total assets8,707,697 8,237,136 36,539 36,899 363,445 33,678 
Accounts payable:
Pending transactions, net441 477 12 (86)38 — 
Accrued fees and other619 598 1 2 16 2 
Total liabilities1,060 1,075 13 (84)54 2 
Net assets$8,706,637 $8,236,061 $36,526 $36,983 $363,391 $33,676 
The changes in net assets of the Master Trust for the year ended December 31, 2025, are as follows:

CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2025
thousands of dollars
Additions of assets attributed to:
Transfer of assets from participating plans:
Participant contributions$232,490 
Company contributions149,609 
Rollover contributions38,619 
Repayments of notes receivable and interest from participants25,170 
Net appreciation in fair value of investments1,411,156 
Interest, dividends and other62,614 
Transfer In2,538 
Total additions1,922,196 
Deductions of assets attributed to:
Transfer of assets to participating plans:
Benefits paid to participants993,140 
Notes receivable from participants23,566 
Administrative expenses914 
Fund management fees2,205 
Total deductions1,019,825 
Net increase in assets during year902,371 
Net Assets:
Beginning of year8,706,637 
End of year$9,609,008 
BPX Energy Employee Savings Plan (Plan No. 100)  
EBP, Master Trust [Line Items]  
MASTER TRUST MASTER TRUST
The purpose of the Master Trust is the collective investment of assets of the Plans. Each Plan’s interest in the Master Trust is based on account balances of the participants and their elected investment options. The Master Trust assets are allocated among the Plans by assigning to each Plan those transactions (primarily contributions, benefit payments and plan-specific expenses) that can be specifically identified and by allocating among all Plans, in proportion to the fair value of the assets assigned to each Plan, income and expenses resulting from the collective investment of the assets of the Master Trust.

Investment income and administrative expenses related to the Master Trust are allocated to the individual Plans on a daily basis based on each participant’s account balance within each investment fund option.

Fully Benefit-Responsive Investment Contracts. In connection with the Income Fund, the Master Trust enters into contracts that meet fully benefit-responsive investment contract criteria and therefore are reported at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses. The Master Trust’s interest in these contracts represents the maximum potential credit loss from concentrations of credit risk associated with its investment.

The contracts provide for the payment of a stated interest crediting rate for a specified period of time. The underlying fixed income assets that support the interest crediting rate are owned by the Master Trust. Under the contracts, investment gains and losses on the underlying assets are not reflected immediately in the interest crediting rate. Rather, the gains and losses are amortized, usually over time to maturity or the duration of the underlying assets, through adjustments to future interest crediting rates. These adjustments generally result in contract value, over time, converging with the market value of the underlying fixed income assets. Factors affecting future interest crediting rates include the current yield, duration and the existing difference between market value of the underlying fixed income assets and contract value. Interest crediting rates, which cannot be less than zero percent, are generally reset monthly. The issuers of the contracts guarantee that all qualified participant withdrawals occur at contract value, subject to certain limitations described below.

Contract termination occurs whenever the contract value or market value of the underlying assets reaches zero or upon certain events of default. If the contract terminates due to a contract issuer default or if the market value of the underlying portfolio reaches zero, the contract issuer will generally be required to pay any excess contract value at the date of termination. If the Plans default in their obligation under the agreements and the default is not cured within the time permitted, the Plans will receive the market value as of the date of termination. Contract termination also may occur by either party upon election and notice.

Certain events may limit the ability of the Plans to transact at contract value with an issuer. Such events include (i) amendments to Plan documents or the Plans’ administration (including complete or partial plan termination or merger with another plan); (ii) changes to the Plans’ prohibition on competing investment options or deletion of equity wash provisions; (iii) the failure of the Plans or the Master Trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; (iv) bankruptcy of the Plan sponsor or other Plan sponsor event (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plans; and (v) the delivery of any communication to plan participants designed to influence a participant’s behavior in the investment option. At this time, management does not believe that the occurrence of any such event, which would limit the Plans’ ability to transact at contract value with participants, is probable.

In addition, certain events allow the issuer to terminate the contracts with the Plans and settle at an amount different from contract value. Those events may be different under each contract. Such events may include (i) an uncured violation of the Plans’ investment guidelines; (ii) a breach of material obligation under the contract; (iii) a material misrepresentation; and (iv) a material amendment to the agreements without the consent of the issuer.

Plans’ Interest in Master Trust. The Plans have a divided interest in the investments held in the Master Trust since each Plan’s interest is based on the account balances of the participants and their elected investment options. Each
Plan’s beneficial interest in the underlying investment options does not vary significantly from each Plan’s beneficial interest in the total net assets of the Master Trust.
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2025, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$637,686 $623,424 $1,880 $470 $11,688 $224 
Common/collective trust funds8,635,683 8,087,870 40,452 37,639 424,147 45,575 
BrokerageLink - self directed70,106 68,646 130 — 1,153 177 
Money market funds39,772 39,014 137 61 555 5 
Total investments at fair value9,383,247 8,818,954 42,599 38,170 437,543 45,981 
Benefit responsive investment contracts at contract value226,673 220,511 846 938 3,580 798 
Total investments9,609,920 9,039,465 43,445 39,108 441,123 46,779 
Receivables:
Dividends and interest1,953 1,909 7 5 30 2 
Total assets9,611,873 9,041,374 43,452 39,113 441,153 46,781 
Accounts payable:
Pending transactions, net2,435 2,599 — (88)(51)(25)
Accrued fees and other430 402 2 3 20 3 
Total liabilities2,865 3,001 2 (85)(31)(22)
Net assets$9,609,008 $9,038,373 $43,450 $39,198 $441,184 $46,803 
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2024, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$604,037 $591,764 $1,902 $367 $9,892 $112 
Common/collective trust funds7,818,385 7,367,068 33,464 35,545 349,799 32,509 
Money market funds38,306 37,491 133 59 617 6 
Total investments at fair value8,460,728 7,996,323 35,499 35,971 360,308 32,627 
Benefit responsive investment contracts at contract value244,874 238,765 1,032 924 3,105 1,048 
Total investments8,705,602 8,235,088 36,531 36,895 363,413 33,675 
Receivables:
Pending transactions
Dividends and interest2,095 2,048 8 4 32 3 
Total assets8,707,697 8,237,136 36,539 36,899 363,445 33,678 
Accounts payable:
Pending transactions, net441 477 12 (86)38 — 
Accrued fees and other619 598 1 2 16 2 
Total liabilities1,060 1,075 13 (84)54 2 
Net assets$8,706,637 $8,236,061 $36,526 $36,983 $363,391 $33,676 
The changes in net assets of the Master Trust for the year ended December 31, 2025, are as follows:

CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2025
thousands of dollars
Additions of assets attributed to:
Transfer of assets from participating plans:
Participant contributions$232,490 
Company contributions149,609 
Rollover contributions38,619 
Repayments of notes receivable and interest from participants25,170 
Net appreciation in fair value of investments1,411,156 
Interest, dividends and other62,614 
Transfer In2,538 
Total additions1,922,196 
Deductions of assets attributed to:
Transfer of assets to participating plans:
Benefits paid to participants993,140 
Notes receivable from participants23,566 
Administrative expenses914 
Fund management fees2,205 
Total deductions1,019,825 
Net increase in assets during year902,371 
Net Assets:
Beginning of year8,706,637 
End of year$9,609,008 
Archaea Employee Savings Plan (Plan No. 101)  
EBP, Master Trust [Line Items]  
MASTER TRUST MASTER TRUST
The purpose of the Master Trust is the collective investment of assets of the Plans. Each Plan’s interest in the Master Trust is based on account balances of the participants and their elected investment options. The Master Trust assets are allocated among the Plans by assigning to each Plan those transactions (primarily contributions, benefit payments and plan-specific expenses) that can be specifically identified and by allocating among all Plans, in proportion to the fair value of the assets assigned to each Plan, income and expenses resulting from the collective investment of the assets of the Master Trust.

Investment income and administrative expenses related to the Master Trust are allocated to the individual Plans on a daily basis based on each participant’s account balance within each investment fund option.

Fully Benefit-Responsive Investment Contracts. In connection with the Income Fund, the Master Trust enters into contracts that meet fully benefit-responsive investment contract criteria and therefore are reported at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses. The Master Trust’s interest in these contracts represents the maximum potential credit loss from concentrations of credit risk associated with its investment.

The contracts provide for the payment of a stated interest crediting rate for a specified period of time. The underlying fixed income assets that support the interest crediting rate are owned by the Master Trust. Under the contracts, investment gains and losses on the underlying assets are not reflected immediately in the interest crediting rate. Rather, the gains and losses are amortized, usually over time to maturity or the duration of the underlying assets, through adjustments to future interest crediting rates. These adjustments generally result in contract value, over time, converging with the market value of the underlying fixed income assets. Factors affecting future interest crediting rates include the current yield, duration and the existing difference between market value of the underlying fixed income assets and contract value. Interest crediting rates, which cannot be less than zero percent, are generally reset monthly. The issuers of the contracts guarantee that all qualified participant withdrawals occur at contract value, subject to certain limitations described below.

Contract termination occurs whenever the contract value or market value of the underlying assets reaches zero or upon certain events of default. If the contract terminates due to a contract issuer default or if the market value of the underlying portfolio reaches zero, the contract issuer will generally be required to pay any excess contract value at the date of termination. If the Plans default in their obligation under the agreements and the default is not cured within the time permitted, the Plans will receive the market value as of the date of termination. Contract termination also may occur by either party upon election and notice.

Certain events may limit the ability of the Plans to transact at contract value with an issuer. Such events include (i) amendments to Plan documents or the Plans’ administration (including complete or partial plan termination or merger with another plan); (ii) changes to the Plans’ prohibition on competing investment options or deletion of equity wash provisions; (iii) the failure of the Plans or the Master Trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; (iv) bankruptcy of the Plan sponsor or other Plan sponsor event (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plans; and (v) the delivery of any communication to plan participants designed to influence a participant’s behavior in the investment option. At this time, management does not believe that the occurrence of any such event, which would limit the Plans’ ability to transact at contract value with participants, is probable.

In addition, certain events allow the issuer to terminate the contracts with the Plans and settle at an amount different from contract value. Those events may be different under each contract. Such events may include (i) an uncured violation of the Plans’ investment guidelines; (ii) a breach of material obligation under the contract; (iii) a material misrepresentation; and (iv) a material amendment to the agreements without the consent of the issuer.

Plans’ Interest in Master Trust. The Plans have a divided interest in the investments held in the Master Trust since each Plan’s interest is based on the account balances of the participants and their elected investment options. Each
Plan’s beneficial interest in the underlying investment options does not vary significantly from each Plan’s beneficial interest in the total net assets of the Master Trust.
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2025, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$637,686 $623,424 $1,880 $470 $11,688 $224 
Common/collective trust funds8,635,683 8,087,870 40,452 37,639 424,147 45,575 
BrokerageLink - self directed70,106 68,646 130 — 1,153 177 
Money market funds39,772 39,014 137 61 555 5 
Total investments at fair value9,383,247 8,818,954 42,599 38,170 437,543 45,981 
Benefit responsive investment contracts at contract value226,673 220,511 846 938 3,580 798 
Total investments9,609,920 9,039,465 43,445 39,108 441,123 46,779 
Receivables:
Dividends and interest1,953 1,909 7 5 30 2 
Total assets9,611,873 9,041,374 43,452 39,113 441,153 46,781 
Accounts payable:
Pending transactions, net2,435 2,599 — (88)(51)(25)
Accrued fees and other430 402 2 3 20 3 
Total liabilities2,865 3,001 2 (85)(31)(22)
Net assets$9,609,008 $9,038,373 $43,450 $39,198 $441,184 $46,803 
The net assets of the Master Trust and the Plans' interest in the Master Trust as of December 31, 2024, are as follows:
NET ASSETS
thousands of dollars
Master TrustESP's Interest in Master TrustPSP's Interest in Master TrustDSP's Interest in Master TrustBPX's Interest in Master TrustAESP's Interest in Master Trust
Investments at fair value:
BP ADS$604,037 $591,764 $1,902 $367 $9,892 $112 
Common/collective trust funds7,818,385 7,367,068 33,464 35,545 349,799 32,509 
Money market funds38,306 37,491 133 59 617 6 
Total investments at fair value8,460,728 7,996,323 35,499 35,971 360,308 32,627 
Benefit responsive investment contracts at contract value244,874 238,765 1,032 924 3,105 1,048 
Total investments8,705,602 8,235,088 36,531 36,895 363,413 33,675 
Receivables:
Pending transactions
Dividends and interest2,095 2,048 8 4 32 3 
Total assets8,707,697 8,237,136 36,539 36,899 363,445 33,678 
Accounts payable:
Pending transactions, net441 477 12 (86)38 — 
Accrued fees and other619 598 1 2 16 2 
Total liabilities1,060 1,075 13 (84)54 2 
Net assets$8,706,637 $8,236,061 $36,526 $36,983 $363,391 $33,676 
The changes in net assets of the Master Trust for the year ended December 31, 2025, are as follows:

CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2025
thousands of dollars
Additions of assets attributed to:
Transfer of assets from participating plans:
Participant contributions$232,490 
Company contributions149,609 
Rollover contributions38,619 
Repayments of notes receivable and interest from participants25,170 
Net appreciation in fair value of investments1,411,156 
Interest, dividends and other62,614 
Transfer In2,538 
Total additions1,922,196 
Deductions of assets attributed to:
Transfer of assets to participating plans:
Benefits paid to participants993,140 
Notes receivable from participants23,566 
Administrative expenses914 
Fund management fees2,205 
Total deductions1,019,825 
Net increase in assets during year902,371 
Net Assets:
Beginning of year8,706,637 
End of year$9,609,008