BP PLC in connection with our participation in the UK Round 4 Offshore Wind Leasing together with our partner EnBW.
First Fourth First
quarter quarter quarter
2021 2020 2020
Production (net of royalties)[(c)]
Liquids* (mb/d) 112 98 96
Natural gas (mmcf/d) 4,623 4,049 4,665
Total hydrocarbons* (mboe/d) 909 796 900
Average realizations*[(d)]
Liquids (USD/bbl) 55.38 36.51 45.70
Natural gas (USD/mcf) 3.94 3.37 3.51
Total hydrocarbons* (USD/boe) 26.84 21.27 23.30 . (c)Includes bp's share of production of equity-accounted entities in the gas & low carbon energy segment. . (d) Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.
First Fourth First
quarter quarter quarter
low carbon energy 2021 2020 2020
Renewables (bp net, GW)
Installed renewables capacity* 1.6 1.5 1.1
Developed renewables to FID* 3.3 3.3 2.7
Renewables pipeline 13.8 10.9
of which by geographical area:
Renewables pipeline - Americas 7.3 6.3
Renewables pipeline - Asia Pacific 1.4 0.8
Renewables pipeline - Europe 5.1 3.7
Renewables pipeline - Other - 0.1
of which by technology:
Renewables pipeline - offshore wind 3.7 2.2
Renewables pipeline - solar 10.1 8.7
Total Developed renewables to FID and Renewables pipeline 17.1 14.1 Top of page 8 oil production & operations Financial results . The replacement cost profit before interest and tax for the first quarter was USD1,479 million, compared with a loss of USD179 million for the same period in 2020. The first quarter included a net adjusting charge of USD86 million,
compared with a net adjusting charge of USD1,074 million for the same period in 2020. . After excluding adjusting items*, the underlying replacement cost profit* before interest and tax for the first
quarter was USD1,565 million, compared with USD895 million for the same period in 2020. . The result for the first quarter mainly reflects higher liquids and gas realizations and lower depreciation,
depletion and amortization, partly offset by lower production. Operational update . Production for the quarter was 1,309mboe/d, 22.1% lower than the first quarter of 2020. This includes the impact of
divestments, mainly in bpx energy and Alaska. Underlying production* for the quarter decreased by 7.4% mainly due
to impacts from reduced capital investment levels and decline. Strategic progress . On 5 April, bp signed an agreement to transfer its participating interests in six blocks located in Foz do Amazonas
basin off northern Brazil to Petróleo Brasileiro S.A. (Petrobras). Subject to regulatory approval, the transaction
is expected to complete in 2021. . On 12 April, bp announced the safe arrival in Texas US of the Argos floating production platform, a major milestone
for the Mad Dog 2 project in the deepwater Gulf of Mexico. While?in Texas, Argos will undergo final preparatory
work and regulatory?inspections before moving offshore (bp operator 60.5%, BHP 23.9%, Union Oil Company of
California 15.6%). . On 13 April, bp announced an oil discovery in a high-quality Miocene reservoir at the Puma West prospect in the US
deepwater Gulf of Mexico. Evaluation is ongoing (bp operator 50%, Chevron U.S.A. Inc. 25%, Talos Energy 25%).
First Fourth First
quarter quarter quarter
USD million 2021 2020 2020
Profit (loss) before interest and tax 1,494 76 (238)
Inventory holding (gains) losses* (15) (10) 59
RC profit (loss) before interest and tax 1,479 66 (179)
Net (favourable) adverse impact of adjusting items 86 497 1,074
Underlying RC profit before interest and tax 1,565 563 895
Taxation on an underlying RC basis (729) (275) (503)
Underlying RC profit before interest 836 288 392
First Fourth First
quarter quarter quarter
USD million 2021 2020 2020
Depreciation, depletion and amortization
Total depreciation, depletion and amortization 1,574 1,786 2,117
Exploration write-offs
Exploration write-offs 56 112 95
Adjusted EBITDA*
Total adjusted EBITDA 3,195 2,461 3,107
Capital expenditure*
Total capital expenditure 1,319 1,133 1,960 Top of page 9 oil production & operations (continued)
First Fourth First
quarter quarter quarter
2021 2020 2020
Production (net of royalties)[(a)]
Liquids* (mb/d) 997 1,021 1,211
Natural gas (mmcf/d) 1,810 1,962 2,723
Total hydrocarbons* (mboe/d) 1,309 1,359 1,679
Average realizations*[(b)]
Liquids (USD/bbl) 52.92 38.58 47.64
Natural gas (USD/mcf) 4.11 2.38 1.44
Total hydrocarbons* (USD/boe) 46.81 33.18 37.10 . (a) Includes bp's share of production of equity-accounted entities in the oil production & operations segment. . (b) Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities. Top of page 10 customers & products Financial results . The replacement cost profit before interest and tax for the first quarter was USD934 million, compared with USD664 million for the same period in 2020. The first quarter included a net adjusting gain of USD278 million, compared with
a net charge of USD257 million for the same period in 2020. . After excluding adjusting items*, the underlying replacement cost profit* before interest and tax for the first
quarter was USD656 million, compared with USD921 million for the same period in 2020. . The customers & products result for the quarter reflects a weaker refining result, the absence of earnings from our
divested petrochemicals business, a continued strong performance from our marketing businesses and a stronger
contribution from trading. . customers - convenience and mobility results demonstrated continued resilience, delivering material profit despite
demand impacts from ongoing COVID-19 restrictions, with retail fuel volumes lower by 9% and aviation volumes lower
by 45% compared to the same period last year. Convenience performance continued to show strong momentum, with
convenience gross margin* growing by more than 10% year on year (see page 30). Castrol results were also strong, higher than the same period in 2020, with volumes, revenues and growth markets earnings materially higher. . products - the refining loss for the quarter reflects a materially weaker realized margin which was impacted by
narrower North American heavy crude oil discounts, increased cost of renewable fuel credits in the US and weaker
diesel prices. The result for the quarter also reflected a stronger contribution from trading. Operational update . For the quarter bp-operated refining availability* remained strong at 94.8%, although utilization was around 6%
lower than the same period in 2020, in part due to COVID-19 impacts on demand. The utilization result was higher
than the fourth quarter 2020. Strategic progress . We continued to progress our strategic agenda in redefining convenience, adding further strategic convenience
sites* to our network, supporting a material and resilient convenience performance. . We also made strong progress in our electrification agenda, announcing further plans to accelerate the development,
reach and utilization of our network:
? agreed to take a stake alongside Daimler and BMW in Digital Charging Solutions (DCS), a leading developer of
digital charging software for automotive manufacturers and fleet operators. As part of the agreement, bp's
European charging network of 8,700 charging points will be integrated into the DCS software system, which
already has a network of 228,000 charging points in 32 countries. Completion of the transaction is subject to
regulatory approvals.
? bp pulse announced the rollout of new EV-only ultra-fast charging hubs, supporting the expansion of its
charging network across the UK. . Castrol launched a range of advanced e-fluids, Castrol ON, designed for improved electric vehicle performance, with
more than half of the world's major vehicle manufacturers[(a)] now using them as part of their factory fill. . In February we received the final instalment of USD1 billion for the sale of our petrochemicals business to INEOS. . During the quarter, we also safely ceased production at our Kwinana refinery in preparation to convert it to an
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