As previously |
|||
reported |
Adjustments |
As restated |
|
$ million |
$ million |
$ million |
|
Non-current assets |
|||
Property, plant and equipment |
4,717 |
119 |
4,836 |
Right-of-use assets |
587 |
45 |
632 |
Other receivables |
184 |
125 |
309 |
Current assets |
|||
Inventories |
200 |
17 |
217 |
Trade and other receivables |
832 |
41 |
873 |
Cash and cash equivalents |
280 |
6 |
286 |
Assets held for sale |
334 |
(334) |
– |
Equity |
|||
Retained earnings |
1,080 |
13 |
1,093 |
Non-current liabilities |
|||
Provisions |
3,818 |
87 |
3,905 |
Deferred tax |
1,260 |
37 |
1,297 |
Lease creditor |
474 |
78 |
552 |
Current liabilities |
|||
Trade and other payables |
886 |
29 |
915 |
Lease creditor |
199 |
17 |
216 |
Liabilities directly associated with the assets held for sale |
242 |
(242) |
– |
Pre-tax sensitivity in carrying value | |||||||
$ million | |||||||
IEA Net Zero | IEA Stated | IEA Announced | |||||
Carrying value | +10% price to | -10% price to | Emissions by | Policies | Pledges | ||
Commodity | $ million | Harbour scenario | Harbour scenario | 2050 (NZE) | (STEPS) | (APS) | |
Goodwill | Crude oil | – | (45) | (928) | – | (38) | |
(note 10) | 5,147 | ||||||
Gas | – | (37) | (1,431) | (997) | (1,114) | ||
Oil and gas | Crude oil | – | (323) | (2,528) | – | (415) | |
assets | 14,458 | ||||||
(note 12) | Gas | – | (2) | (131) | (89) | (35) |
Pre-tax sensitivity in carrying value |
|||||||
$ million |
|||||||
IEA Net Zero |
IEA Stated |
IEA Announced |
|||||
Carrying value |
+10% price to |
-10% price to |
Emissions by |
Policies |
Pledges |
||
Commodity |
$ million |
Harbour scenario |
Harbour scenario |
2050 (NZE) |
(STEPS) |
(APS) |
|
Goodwill |
Crude oil |
– |
– |
– |
– |
– |
|
(note 10) |
1,302 |
||||||
Gas |
– |
(4) |
– |
– |
– |
||
Oil and gas |
Crude oil |
– |
(86) |
(221) |
– |
– |
|
assets |
4,822 |
||||||
(note 12) |
Gas |
– |
(21) |
(9) |
– |
– |
• Buildings |
Up to 50 years |
• Fixtures and fittings |
Up to 10 years |
• Office furniture and equipment |
Up to 5 years |
Adjustments |
||||||||||||
North |
Southeast |
Total |
and |
|||||||||
Year ended |
Norway |
UK |
Germany |
Mexico |
Argentina |
Africa |
Asia |
CCS |
Corporate |
segments |
eliminations |
Consolidated |
31 December 2024 |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
Revenue and other income |
||||||||||||
External customers |
||||||||||||
– Crude oil sales |
343 |
1,755 |
158 |
55 |
23 |
10 |
141 |
– |
393 |
2,878 |
– |
2,878 |
– Gas sales |
86 |
1,143 |
9 |
3 |
111 |
63 |
115 |
– |
1,406 |
2,936 |
– |
2,936 |
– Other revenue |
90 |
195 |
1 |
– |
6 |
40 |
– |
– |
12 |
344 |
– |
344 |
Other income |
– |
33 |
4 |
2 |
7 |
6 |
1 |
– |
15 |
68 |
– |
68 |
Inter-segment |
946 |
791 |
74 |
– |
– |
– |
– |
– |
68 |
1,879 |
(1,879) |
– |
Total revenue and |
||||||||||||
other income |
1,465 |
3,917 |
246 |
60 |
147 |
119 |
257 |
– |
1,894 |
8,105 |
(1,879) |
6,226 |
Cost of operations |
(520) |
(2,699) |
(243) |
(37) |
(120) |
(58) |
(172) |
(6) |
(1,631) |
(5,486) |
1,873 |
(3,613) |
(Reversal)/impairment of |
||||||||||||
property, plant and |
||||||||||||
equipment |
14 |
(323) |
(26) |
– |
– |
– |
(15) |
(5) |
3 |
(352) |
– |
(352) |
Impairment of |
||||||||||||
right-of-use asset |
– |
(20) |
– |
– |
– |
– |
– |
– |
– |
(20) |
– |
(20) |
Impairment of goodwill |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
Exploration and |
||||||||||||
evaluation expenses and |
||||||||||||
new ventures |
(22) |
(4) |
– |
– |
– |
– |
– |
(40) |
(2) |
(68) |
– |
(68) |
Exploration costs |
||||||||||||
written-off |
(76) |
(81) |
– |
– |
– |
(2) |
(14) |
– |
– |
(173) |
– |
(173) |
General and |
||||||||||||
administrative expenses |
(24) |
(76) |
(19) |
(6) |
(9) |
(7) |
(7) |
(1) |
(203) |
(352) |
– |
(352) |
Segment operating |
||||||||||||
profit/(loss) |
837 |
714 |
(42) |
17 |
18 |
52 |
49 |
(52) |
61 |
1,654 |
(6) |
1,648 |
Finance income |
173 |
|||||||||||
Finance expenses |
(602) |
|||||||||||
Income tax expense |
(1,312) |
|||||||||||
Loss for the year |
(93) |
|||||||||||
Total assets |
9,434 |
7,306 |
3,042 |
2,420 |
4,488 |
917 |
919 |
18 |
1,777 |
30,321 |
– |
30,321 |
Total liabilities |
(6,622) |
(6,936) |
(1,965) |
(482) |
(1,292) |
(165) |
(454) |
(108) |
(6,046) (24,070) |
– |
(24,070) |
|
Total capital additions |
374 |
698 |
59 |
110 |
61 |
46 |
93 |
33 |
70 |
1,544 |
– |
1,544 |
Total depreciation, |
||||||||||||
depletion and |
||||||||||||
amortisation |
293 |
1,115 |
146 |
10 |
58 |
16 |
78 |
– |
29 |
1,745 |
– |
1,745 |
Adjustments |
||||||||||||
North |
Southeast |
Total |
and |
|||||||||
Year ended |
Norway |
UK |
Germany |
Mexico |
Argentina |
Africa |
Asia |
CCS |
Corporate |
segments |
eliminations |
Consolidated |
31 December 2023 |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
Revenue and other income |
||||||||||||
External customers |
||||||||||||
– Crude oil sales |
– |
1,980 |
– |
– |
– |
– |
106 |
– |
– |
2,086 |
– |
2,086 |
– Gas sales |
– |
1,272 |
– |
– |
– |
– |
131 |
– |
12 |
1,415 |
– |
1,415 |
– Other revenue |
– |
214 |
– |
– |
– |
– |
– |
– |
– |
214 |
– |
214 |
Other income |
– |
35 |
– |
– |
– |
– |
– |
– |
1 |
36 |
– |
36 |
Inter-segment |
– |
28 |
– |
– |
– |
– |
– |
– |
– |
28 |
(28) |
– |
Total revenue and |
||||||||||||
other income |
– |
3,529 |
– |
– |
– |
– |
237 |
– |
13 |
3,779 |
(28) |
3,751 |
Cost of operations |
– |
(2,255) |
– |
– |
– |
– |
(149) |
– |
– |
(2,404) |
28 |
(2,376) |
Impairment of property, |
||||||||||||
plant and equipment |
– |
(172) |
– |
– |
– |
– |
– |
– |
(4) |
(176) |
– |
(176) |
Impairment of |
||||||||||||
right-of-use asset |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
Impairment of goodwill |
– |
– |
– |
– |
– |
– |
(25) |
– |
– |
(25) |
– |
(25) |
Exploration and evaluation |
||||||||||||
expenses and new |
||||||||||||
ventures |
(6) |
(1) |
– |
– |
– |
– |
– |
(29) |
– |
(36) |
– |
(36) |
Exploration costs |
||||||||||||
written-off |
(27) |
(11) |
– |
(13) |
– |
– |
(6) |
– |
– |
(57) |
– |
(57) |
General and |
||||||||||||
administrative expenses |
1 |
(46) |
– |
– |
– |
– |
(4) |
– |
(100) |
(149) |
– |
(149) |
Segment operating |
||||||||||||
profit/(loss) |
(32) |
1,044 |
– |
(13) |
– |
– |
53 |
(29) |
(91) |
932 |
– |
932 |
Finance income |
104 |
|||||||||||
Finance expenses |
(420) |
|||||||||||
Income tax expense |
(571) |
|||||||||||
Profit for the year |
45 |
|||||||||||
Total assets |
73 |
6,083 |
– |
360 |
– |
– |
905 |
– |
2,495 |
9,916 |
– |
9,916 |
Total liabilities |
(34) |
(5,818) |
– |
(49) |
– |
– |
(483) |
– |
(1,979) |
(8,363) |
– |
(8,363) |
Total capital additions |
24 |
575 |
– |
44 |
– |
– |
67 |
– |
11 |
721 |
– |
721 |
Total depreciation, |
||||||||||||
depletion and |
||||||||||||
amortisation |
1 |
1,352 |
– |
– |
– |
– |
80 |
– |
16 |
1,449 |
– |
1,449 |
2024 |
2023 |
|
$ million |
$ million |
|
Type of goods |
||
Crude oil sales |
2,878 |
2,086 |
Gas sales |
2,936 |
1,415 |
Condensate sales |
283 |
179 |
Total revenue from contracts with customers 1 |
6,097 |
3,680 |
Tariff income |
32 |
30 |
Other revenue |
29 |
5 |
Total revenue from production activities |
6,158 |
3,715 |
Other income 2 |
68 |
36 |
Total revenue and other income |
6,226 |
3,751 |
2023 |
|||
2024 |
As restated |
||
Note |
$ million |
$ million |
|
Cost of operations |
|||
Production, insurance and transportation costs |
1,612 |
1,171 |
|
Commodity purchases |
28 |
12 |
|
Royalties |
47 |
4 |
|
Impairment of receivables |
21 |
– |
|
Depreciation of oil and gas assets |
12 |
1,516 |
1,206 |
Depreciation of right-of-use oil and gas assets |
13 |
269 |
235 |
Capitalisation of IFRS 16 lease depreciation on oil and gas assets |
13 |
(81) |
(27) |
Movement in over/underlift balances and hydrocarbon inventories |
201 |
(225) |
|
Total cost of operations |
3,613 |
2,376 |
|
Impairment expense of oil and gas property, plant and equipment |
12 |
178 |
70 |
Net impairment loss due to increase in decommissioning provisions on oil and gas tangible assets |
12 |
174 |
106 |
Impairment of goodwill |
10 |
– |
25 |
Impairment of right of use asset |
13 |
20 |
– |
Exploration costs written-off 1 |
11 |
173 |
57 |
Exploration and evaluation expenditure and new ventures 1 |
68 |
36 |
|
General and administrative expenses |
|||
Depreciation of right-of-use non-oil and gas assets |
13 |
16 |
9 |
Depreciation of non-oil and gas assets |
12 |
6 |
3 |
Amortisation of non-oil and gas intangible assets |
11 |
19 |
23 |
Acquisition-related transaction costs |
119 |
33 |
|
Other administrative costs 2 |
192 |
81 |
|
Total general and administrative expenses 2,5 |
352 |
149 |
|
Auditor’s remuneration |
|||
Audit fees |
|||
Fees payable to the company’s auditor for the company’s Annual Report |
6 |
3 |
|
Audit of the company’s subsidiaries pursuant to legislation |
1 |
1 |
|
Non-audit fees 3 |
|||
Other services pursuant to legislation – interim review |
– |
– |
|
Other services 4 |
2 |
1 |
2024 |
2023 |
|
$ million |
$ million |
|
Wages and salaries and other staff costs |
428 |
325 |
Social security costs |
46 |
25 |
Pension costs |
35 |
29 |
Total staff costs |
509 |
379 |
2024 |
2023 |
|
Average annual number of employees employed by the Group worldwide was: |
Number |
Number |
Offshore based |
545 |
534 |
Onshore and administration |
1,614 |
1,271 |
Total staff |
2,159 |
1,805 |
2024 |
2023 |
||
Note |
$ million |
$ million |
|
Finance income |
|||
Bank interest |
37 |
19 |
|
Other interest and finance gains |
16 |
6 |
|
Lease finance income |
1 |
2 |
|
Realised gains on foreign exchange forward contracts |
– |
9 |
|
Unrealised gains on derivatives 1 |
– |
68 |
|
Income from investments |
1 |
– |
|
Foreign exchange gains |
118 |
– |
|
Total finance income |
173 |
104 |
|
Finance expenses |
|||
Interest payable on reserve based lending facility |
1 |
15 |
|
Interest payable on revolving credit facility |
10 |
– |
|
Interest payable on bridge loan facility |
8 |
– |
|
Interest payable on bonds |
59 |
27 |
|
Other interest and finance expenses |
10 |
17 |
|
Lease interest |
13 |
53 |
51 |
Unrealised losses on derivatives 1 |
43 |
– |
|
Realised losses on foreign exchange forward contracts |
71 |
– |
|
Finance expense on deferred revenue |
20 |
5 |
4 |
Foreign exchange losses |
– |
57 |
|
Bank and financing fees 2 |
139 |
100 |
|
Unwinding of discount on decommissioning and other provisions |
21 |
221 |
156 |
620 |
427 |
||
Finance costs capitalised during the year 3 |
(18) |
(7) |
|
Total finance expense |
602 |
420 |
2023 |
||
2024 |
As restated |
|
$ million |
$ million |
|
Current income tax expense |
||
Charge for the year |
1,413 |
655 |
Adjustments in respect of prior years |
2 |
22 |
Total current income tax expense |
1,415 |
677 |
Deferred tax credit |
||
Origination and reversal of temporary differences in current year |
(168) |
(86) |
Impact of changes in tax rates 1 |
77 |
– |
Adjustments in respect of prior years |
(12) |
(20) |
Total deferred tax credit |
(103) |
(106) |
Total tax expense reported in the income statement |
1,312 |
571 |
The tax (credit)/expense in the statement of comprehensive income is as follows: |
||
Tax (credit)/expense on cash flow hedges |
(379) |
2,376 |
Tax credit on cash actuarial gains and losses |
(4) |
– |
Total tax (credit)/expense reported in the statement of comprehensive income |
(383) |
2,376 |
2023 |
||
2024 |
As restated |
|
$ million |
$ million |
|
Profit before income tax |
1,219 |
616 |
At the Group’s statutory tax rate of 78 per cent (2023: 75 per cent) |
951 |
462 |
Effects of: |
||
Expenses not deductible for tax purposes |
59 |
103 |
Adjustments in respect of prior years |
(10) |
2 |
Remeasurement of deferred tax |
53 |
13 |
Deferred Energy Profits Levy change in rate |
77 |
– |
Impact of different tax rates |
282 |
73 |
Allowances and other tax uplifts |
(113) |
(82) |
Future dividends from investments in subsidiaries, branches and associates |
(11) |
– |
Other |
24 |
– |
Total tax expense reported in the consolidated income statement at the effective tax rate of 108 per cent |
||
(2023: 93 per cent, restated) |
1,312 |
571 |
2023 |
|||
2024 |
As restated |
||
Note |
$ million |
$ million |
|
Deferred tax assets |
130 |
7 |
|
Deferred tax liabilities |
(6,240) |
(1,297) |
|
(6,110) |
(1,290) |
||
Reclassification of deferred tax liabilities directly associated with assets held for sale |
18 |
19 |
– |
Total deferred tax |
(6,091) |
(1,290) |
Accelerated |
|||||||
capital |
Fair value of |
||||||
allowances |
Decommissioning |
Losses |
derivatives |
Other 1 |
Overseas |
Total |
|
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
|
As at 1 January 2023 |
(3,396) |
1,565 |
569 |
2,452 |
(3) |
(178) |
1,009 |
Deferred tax credit/(expense) |
546 |
(25) |
(388) |
(61) |
22 |
18 |
112 |
Comprehensive income |
– |
– |
– |
(2,376) |
1 |
– |
(2,375) |
Foreign exchange |
(51) |
34 |
– |
(9) |
1 |
(5) |
(30) |
As at 31 December 2023 |
(2,901) |
1,574 |
181 |
6 |
21 |
(165) |
(1,284) |
Restated |
– |
– |
– |
– |
– |
(6) |
(6) |
As at 31 December 2023 as restated |
(2,901) |
1,574 |
181 |
6 |
21 |
(171) |
(1,290) |
Deferred tax (expense)/credit |
(44) |
257 |
(114) |
(38) |
42 |
– |
103 |
Comprehensive income |
– |
– |
– |
380 |
4 |
– |
384 |
Other reserves 2 |
– |
– |
– |
– |
(1) |
– |
(1) |
Additions from business combinations |
(6,509) |
971 |
201 |
(14) |
(2) |
– |
(5,353) |
Reclassifications 3,4 |
(221) |
7 |
28 |
15 |
171 |
– |
|
Foreign exchange |
75 |
(18) |
(8) |
2 |
(4) |
– |
47 |
As at 31 December 2024 |
(9,600) |
2,791 |
288 |
336 |
75 |
– |
(6,110) |
2024 |
2023 |
|
$ million |
$ million |
|
Tax losses by expiry date |
||
Expiring within 5 years |
477 |
24 |
Expiring within 6-10 years |
240 |
13 |
No expiration |
1,621 |
1,115 |
2,338 |
1,152 |
|
Other deductible temporary differences and allowances |
405 |
138 |
Total unrecognised tax losses and allowances |
2,743 |
1,290 |
2023 |
||
2024 |
As restated |
|
(Loss)/earnings for the year ($ millions) |
||
Earnings for the purpose of basic earnings per share |
(108) |
45 |
Effect of dilutive potential ordinary shares |
– |
– |
(Loss)/earnings for the purpose of diluted earnings per share |
(108) |
45 |
Number of ordinary shares (millions) |
||
Weighted average number of ordinary shares (voting) for the purpose of basic earnings per share |
990 |
804 |
Weighted average number of ordinary shares (non-voting) for the purpose of basic earnings per share |
93 |
– |
Weighted average number of ordinary shares (voting) for the purpose of diluted earnings per share 1 |
990 |
806 |
Weighted average number of ordinary shares (non-voting) for the purpose of diluted earnings per share |
93 |
– |
(Loss)/earnings per share ($ cents) |
||
Basic: |
||
Ordinary shares voting |
(10) |
6 |
Ordinary shares non-voting |
(11) |
– |
Diluted: |
||
Ordinary shares voting |
(10) |
6 |
Ordinary shares non-voting |
(11) |
– |
2024 |
2023 |
||
Cost and net book value |
Note |
$ million |
$ million |
At 1 January |
1,302 |
1,327 |
|
Additions from business combinations |
14 |
3,845 |
– |
Impairment charge |
– |
(25) |
|
At 31 December |
5,147 |
1,302 |
2024 |
2023 |
|
Cost and net book value |
$ million |
$ million |
Norway |
2,651 |
– |
UK |
1,278 |
1,278 |
Germany |
401 |
– |
Mexico |
199 |
– |
Argentina |
594 |
– |
Southeast Asia |
24 |
24 |
At 31 December |
5,147 |
1,302 |
Oil and gas |
Non-oil and |
Carbon |
|||
assets |
gas assets 1 |
allowances |
Total |
||
Note |
$ million |
$ million |
$ million |
$ million |
|
Cost |
|||||
At 1 January 2023 |
817 |
137 |
– |
954 |
|
Additions during the year |
210 |
20 |
– |
230 |
|
Transfers from property, plant and equipment |
12 |
– |
7 |
– |
7 |
Reclassification from trade and other receivables |
– |
– |
86 |
86 |
|
Increase in decommissioning asset |
21 |
4 |
– |
– |
4 |
Exploration write-off |
(57) |
– |
– |
(57) |
|
Currency translation adjustment |
42 |
8 |
– |
50 |
|
At 31 December 2023 |
1,016 |
172 |
86 |
1,274 |
|
Additions during the year |
398 |
51 |
36 |
485 |
|
Additions from business combinations and joint arrangements |
4,407 |
2 |
– |
4,409 |
|
Transfers from property, plant and equipment |
12 |
(39) |
1 |
– |
(38) |
Increase in decommissioning asset |
21 |
12 |
– |
– |
12 |
Exploration write-off 2 |
(173) |
– |
– |
(173) |
|
Utilised |
– |
– |
(54) |
(54) |
|
Disposals |
– |
(42) |
– |
(42) |
|
Currency translation adjustment |
(76) |
(3) |
(3) |
(82) |
|
At 31 December 2024 |
5,545 |
181 |
65 |
5,791 |
|
Amortisation |
|||||
At 1 January 2023 |
– |
74 |
– |
74 |
|
Charge for the year |
– |
23 |
– |
23 |
|
Currency translation adjustment |
– |
5 |
– |
5 |
|
At 31 December 2023 |
– |
102 |
– |
102 |
|
Charge for the year |
– |
19 |
– |
19 |
|
Disposals |
– |
(42) |
– |
(42) |
|
Currency translation adjustment |
– |
(2) |
– |
(2) |
|
At 31 December 2024 |
– |
77 |
– |
77 |
|
Net book value |
|||||
At 31 December 2023 |
1,016 |
70 |
86 |
1,172 |
|
At 31 December 2024 |
5,545 |
104 |
65 |
5,714 |
Fixtures and |
|||||
Oil and gas |
fittings & office |
Land and |
|||
assets |
equipment |
buildings 1 |
Total |
||
Note |
$ million |
$ million |
$ million |
$ million |
|
Cost |
|||||
At 1 January 2023 |
11,436 |
38 |
– |
11,474 |
|
Additions |
482 |
9 |
– |
491 |
|
Transfers to intangible assets |
11 |
– |
(7) |
– |
(7) |
Reclassification of asset held for sale |
(198) |
– |
– |
(198) |
|
Decrease in decommissioning asset |
21 |
(22) |
– |
– |
(22) |
Currency translation adjustment |
159 |
2 |
– |
161 |
|
At 31 December 2023 |
11,857 |
42 |
– |
11,899 |
|
Restated |
198 |
– |
– |
198 |
|
At 31 December 20223 as restated |
12,055 |
42 |
– |
12,097 |
|
Additions 2 |
1,037 |
21 |
1 |
1,059 |
|
Additions from business combinations and joint |
|||||
arrangements |
14 |
9,951 |
20 |
40 |
10,011 |
Transfers from intangible assets |
11 |
39 |
– |
(1) |
38 |
Reclassification of asset held for sale |
18 |
(198) |
– |
– |
(198) |
Increase in decommissioning asset 3 |
21 |
760 |
– |
– |
760 |
Disposals |
(1) |
(24) |
– |
(25) |
|
Currency translation adjustment |
(258) |
(2) |
(2) |
(262) |
|
At 31 December 2024 |
23,385 |
57 |
38 |
23,480 |
|
Accumulated depreciation |
|||||
At 1 January 2023 |
5,760 |
24 |
– |
5,784 |
|
Charge for the year |
1,192 |
3 |
– |
1,195 |
|
Impairment charge |
214 |
– |
– |
214 |
|
Reclassification of asset held for sale |
(103) |
– |
– |
(103) |
|
Currency translation adjustment |
91 |
1 |
– |
92 |
|
At 31 December 2023 |
7,154 |
28 |
– |
7,182 |
|
Restated |
79 |
– |
– |
79 |
|
At 31 December 2023 as restated |
7,233 |
28 |
– |
7,261 |
|
Charge for the year |
1,516 |
5 |
1 |
1,522 |
|
Impairment charge |
352 |
– |
– |
352 |
|
Reclassification of asset held for sale |
18 |
(124) |
– |
– |
(124) |
Disposals |
(1) |
(24) |
– |
(25) |
|
Currency translation adjustment |
(49) |
– |
– |
(49) |
|
At 31 December 2024 |
8,927 |
9 |
1 |
8,937 |
|
Net book value: |
|||||
At 31 December 2023 as restated |
4,822 |
14 |
– |
4,836 |
|
At 31 December 2024 |
14,458 |
48 |
37 |
14,543 |
Land and |
Offshore |
||||||
buildings |
Drilling rigs |
FPSO |
facilities |
Equipment |
Total |
||
Right-of-use assets |
Note |
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
Cost |
|||||||
At 1 January 2023 |
88 |
169 |
562 |
334 |
20 |
1,173 |
|
Additions during the year |
25 |
– |
– |
– |
1 |
26 |
|
Cost revisions/remeasurements |
1 |
48 |
63 |
(6) |
4 |
110 |
|
Reclassification as asset held for sale |
2 |
(5) |
– |
(71) |
– |
– |
(76) |
Disposals |
(4) |
(19) |
– |
– |
– |
(23) |
|
Currency translation adjustment |
4 |
10 |
– |
– |
1 |
15 |
|
At 31 December 2023 |
109 |
208 |
554 |
328 |
26 |
1,225 |
|
Restated |
5 |
– |
71 |
– |
– |
76 |
|
At 31 December 2023 as restated |
114 |
208 |
625 |
328 |
26 |
1,301 |
|
Additions during the year 1 |
27 |
166 |
– |
– |
– |
193 |
|
Additions from business combinations and |
|||||||
joint arrangements 1 |
55 |
4 |
– |
– |
47 |
106 |
|
Cost revisions/remeasurements |
6 |
38 |
3 |
32 |
(11) |
68 |
|
Reclassification of asset held for sale |
18 |
– |
– |
(71) |
– |
(2) |
(73) |
Disposals |
(5) |
– |
– |
– |
– |
(5) |
|
Currency translation adjustment |
(3) |
(5) |
– |
– |
(1) |
(9) |
|
At 31 December 2024 |
194 |
411 |
557 |
360 |
59 |
1,581 |
|
Accumulated depreciation |
|||||||
At 1 January 2023 |
26 |
129 |
209 |
61 |
13 |
438 |
|
Charge for the year |
9 |
42 |
94 |
89 |
5 |
239 |
|
Reclassification of asset held for sale |
2 |
(2) |
– |
(23) |
– |
– |
(25) |
Disposals |
(4) |
(19) |
– |
– |
– |
(23) |
|
Currency translation adjustment |
1 |
7 |
– |
– |
1 |
9 |
|
At 31 December 2023 |
30 |
159 |
280 |
150 |
19 |
638 |
|
Restated |
2 |
– |
29 |
– |
– |
31 |
|
As 31 December 2023 as restated |
32 |
159 |
309 |
150 |
19 |
669 |
|
Charge for the year |
16 |
99 |
83 |
76 |
11 |
285 |
|
Impairment charge 2 |
20 |
– |
– |
– |
– |
20 |
|
Reclassification of asset held for sale |
18 |
– |
– |
(40) |
– |
– |
(40) |
Disposals |
(5) |
– |
– |
– |
– |
(5) |
|
Currency translation adjustment |
(1) |
(3) |
– |
– |
– |
(4) |
|
At 31 December 2024 |
62 |
255 |
352 |
226 |
30 |
925 |
|
Net book value |
|||||||
At 31 December 2023 as restated |
82 |
49 |
316 |
178 |
7 |
632 |
|
At 31 December 2024 |
132 |
156 |
205 |
134 |
29 |
656 |
2023 |
|||
2024 |
As restated |
||
Lease liabilities |
Note |
$ million |
$ million |
At 1 January as restated |
768 |
825 |
|
Additions |
193 |
28 |
|
Additions from business combinations and joint arrangements |
14 |
118 |
– |
Remeasurement |
67 |
110 |
|
Finance costs charged to income statement |
7 |
53 |
51 |
Finance costs charged to decommissioning provision |
21 |
1 |
1 |
Reclassification of liabilities as held for sale |
18 |
(78) |
– |
Lease payments |
(319) |
(262) |
|
Currency translation adjustment |
(11) |
15 |
|
At 31 December |
792 |
768 |
|
Classified as: |
|||
Current |
241 |
216 |
|
Non-current |
551 |
552 |
|
Total lease liabilities |
792 |
768 |
2024 |
2023 |
||
Depreciation charge of right-of-use assets |
Note |
$ million |
$ million |
Land and buildings – non-oil and gas assets 1 |
35 |
8 |
|
Land and buildings – oil and gas assets |
1 |
1 |
|
Drilling rigs |
99 |
42 |
|
FPSO |
83 |
99 |
|
Offshore facilities |
77 |
89 |
|
Equipment – non-oil and gas assets |
1 |
1 |
|
Equipment – oil and gas assets |
9 |
4 |
|
305 |
244 |
||
Capitalisation of IFRS 16 lease depreciation 2 |
|||
Drilling rigs |
(77) |
(25) |
|
Equipment |
(4) |
(2) |
|
Depreciation charge included within consolidated income statement |
224 |
217 |
|
Lease interest |
7 |
53 |
51 |
Fair value |
||
recognised on |
||
acquisition |
||
Note |
$ million |
|
Non-current assets |
||
Other intangible assets |
11 |
4,409 |
Property, plant and equipment |
12 |
10,011 |
Right-of-use assets |
13 |
106 |
Deferred tax assets |
8 |
147 |
Other receivables |
16 |
56 |
Other financial assets |
23 |
52 |
Current assets |
||
Inventories |
15 |
213 |
Trade and other receivables |
16 |
1,305 |
Other financial assets |
23 |
188 |
Cash and cash equivalents |
17 |
748 |
Total assets |
17,235 |
|
Non-current liabilities |
||
Borrowings |
22 |
3,038 |
Provisions |
21,28 |
2,616 |
Deferred tax |
8 |
5,500 |
Trade and other payables |
20 |
25 |
Lease creditor |
13 |
86 |
Other financial liabilities |
23 |
99 |
Current liabilities |
||
Trade and other payables |
20 |
1,134 |
Borrowings |
22 |
41 |
Lease creditor |
13 |
32 |
Provisions |
21,28 |
324 |
Current tax liabilities |
8 |
1,128 |
Other financial liabilities |
23 |
218 |
Total liabilities |
14,241 |
|
Fair value of identifiable net assets acquired |
2,994 |
|
Subordinated notes measured at fair value 1 |
26 |
(1,548) |
Goodwill arising on acquisition |
10 |
3,845 |
Purchase consideration transferred |
5,291 |
$ million |
|
Purchase consideration |
|
Shares issued, at fair value |
3,457 |
Cash paid |
1,782 |
Contingent consideration |
52 |
Total consideration |
5,291 |
Analysis of cash flows on acquisition: |
|
Transaction costs of the acquisition (included in cash flows from operating activities) |
(118) |
Net cash acquired with the subsidiaries (included in cash flows from investing activities) |
748 |
Transaction costs attributable to issuance of shares (included in cash flows from financing activities, net of tax) |
(1) |
Net cash flow on acquisition |
629 |
2023 |
||
2024 |
As restated |
|
$ million |
$ million |
|
Hydrocarbons |
56 |
49 |
Consumables and subsea supplies |
312 |
168 |
Total inventories |
368 |
217 |
2023 |
||
2024 |
As restated |
|
$ million |
$ million |
|
Trade receivables |
1,203 |
372 |
Underlift position |
175 |
146 |
Other debtors |
249 |
86 |
Prepayments and accrued income |
631 |
223 |
Corporation tax receivable |
58 |
46 |
Total trade and other receivables |
2,316 |
873 |
2023 |
||
2024 |
As restated |
|
$ million |
$ million |
|
Net investment in sublease |
– |
37 |
Decommissioning funding asset 1 |
59 |
56 |
Other receivables 2 |
107 |
216 |
Prepayments and accrued income |
10 |
– |
Total other long-term receivables |
176 |
309 |
2023 |
||
2024 |
As restated |
|
$ million |
$ million |
|
Cash at banks and in hand |
805 |
286 |
2024 |
||
Note |
$ million |
|
Current |
||
Assets |
||
Property, plant and equipment |
12 |
74 |
Right-of-use-assets |
13 |
33 |
Other receivables and working capital |
170 |
|
Assets held for sale |
277 |
|
Liabilities |
||
Provisions |
21 |
90 |
Lease creditor |
13 |
78 |
Trade and other payables |
46 |
|
Deferred tax |
8 |
19 |
Liabilities directly associated with assets held for sale |
233 |
|
Net assets directly associated with disposal group |
44 |
|
Impairment loss recorded |
10 |
2023 |
||
2024 |
As restated |
|
$ million |
$ million |
|
Current |
||
Trade payables |
1,365 |
680 |
Overlift position |
207 |
33 |
Other payables |
132 |
144 |
Matured financial instruments |
27 |
48 |
Deferred income 1 |
24 |
10 |
1,755 |
915 |
|
Non-current |
||
Other payables |
19 |
13 |
Deferred income 1 |
11 |
– |
30 |
13 |
Employee |
Onerous |
|||||
Decommissioning |
Pension |
obligation |
contract |
Other |
||
provision |
provision |
provision |
provision |
provisions |
Total |
|
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
|
At 1 January 2023 |
4,141 |
– |
24 |
– |
– |
4,165 |
Additions |
40 |
– |
– |
– |
– |
40 |
Changes in estimates – decrease to oil and gas tangible |
||||||
decommissioning assets |
(203) |
– |
– |
– |
– |
(203) |
Changes in estimates on oil and gas tangible assets – debit to income |
||||||
statement |
141 |
– |
– |
– |
– |
141 |
Changes in estimate on oil and gas intangible assets – debit to income |
||||||
statement |
4 |
– |
– |
– |
– |
4 |
Changes in estimate – debit to income statement |
– |
– |
3 |
– |
– |
3 |
Amounts used |
(248) |
– |
– |
– |
– |
(248) |
Reclassification of liabilities directly associated with assets held for sale |
(87) |
– |
– |
– |
– |
(87) |
Interest on decommissioning lease |
(1) |
– |
– |
– |
– |
(1) |
Depreciation, depletion and amortisation on decommissioning |
||||||
right-of-use leased asset |
(9) |
– |
– |
– |
– |
(9) |
Unwinding of discount |
156 |
– |
– |
– |
– |
156 |
Currency translation adjustment |
87 |
– |
– |
– |
– |
87 |
At 31 December 2023 |
4,021 |
– |
27 |
– |
– |
4,048 |
Restated |
87 |
– |
– |
– |
– |
87 |
At 31 December 2023 as restated |
4,108 |
– |
27 |
– |
– |
4,135 |
Additions |
36 |
– |
– |
– |
– |
36 |
Additions from business combinations and joint arrangements |
2,511 |
40 |
40 |
65 |
284 |
2,940 |
Changes in estimates – increase to oil and gas tangible |
||||||
decommissioning assets |
550 |
– |
– |
– |
– |
550 |
Changes in estimates – increase to oil and gas intangible assets |
6 |
– |
– |
– |
– |
6 |
Changes in estimate on oil and gas tangible assets |
||||||
– debit to income statement |
174 |
– |
– |
– |
– |
174 |
Changes in estimate on oil and gas intangible assets |
||||||
– debit to income statement |
6 |
– |
– |
– |
– |
6 |
Changes in estimate – debit to income statement |
3 |
3 |
29 |
– |
28 |
63 |
Actuarial gains and losses |
– |
7 |
– |
– |
– |
7 |
Amounts used |
(284) |
(1) |
(25) |
(30) |
(36) |
(376) |
Reclassification of liabilities directly associated with assets held for sale |
(90) |
– |
– |
– |
– |
(90) |
Interest on decommissioning lease |
(1) |
– |
– |
– |
– |
(1) |
Depreciation, depletion and amortisation on decommissioning |
||||||
right-of-use leased asset |
(17) |
– |
– |
– |
– |
(17) |
Unwinding of discount |
221 |
– |
– |
– |
– |
221 |
Currency translation adjustment |
(109) |
(3) |
(3) |
– |
(18) |
(133) |
At 31 December 2024 |
7,114 |
46 |
68 |
35 |
258 |
7,521 |
Non-current |
Current |
||
liabilities |
liabilities |
Total |
|
Classified within |
$ million |
$ million |
$ million |
At 31 December 2023 |
3,905 |
230 |
4,135 |
At 31 December 2024 |
7,024 |
497 |
7,521 |
2024 |
2023 |
|
$ million |
$ million |
|
Bonds |
5,011 |
493 |
Revolving credit facility |
218 |
– |
Other loans |
– |
16 |
Total borrowings |
5,229 |
509 |
Classified within |
||
Non-current liabilities |
4,215 |
493 |
Current liabilities |
1,014 |
16 |
Total borrowings |
5,229 |
509 |
31 December 2024 |
||||||
Nominal value |
Fair value |
Carrying value |
||||
% |
Maturity |
Currency |
€/$ million |
$ million |
$ million |
|
Bond ISIN: XS2054209833 |
0.8 |
2025 |
EUR |
1,000 |
1,019 |
1,014 |
Bond ISIN: US411618AB75/ USG4289TAA19 |
5.5 |
2026 |
USD |
500 |
499 |
496 |
Bond ISIN: XS2054210252 |
1.3 |
2028 |
EUR |
1,000 |
962 |
954 |
Bond ISIN: XS2908093805 |
3.8 |
2029 |
EUR |
700 |
729 |
720 |
Bond ISIN: XS2055079904 |
1.8 |
2031 |
EUR |
1,000 |
905 |
901 |
Bond ISIN: XS2908095172 |
4.4 |
2032 |
EUR |
900 |
940 |
926 |
$ million |
|
Total borrowings as at 1 January 2023 |
1,238 |
Proceeds from drawdown of borrowing facilities |
660 |
Repayment of RBL |
(1,435) |
Repayment of financing arrangement |
(21) |
Repayment of exploration finance facility loan |
(11) |
Arrangement fees and related costs capitalised |
(34) |
Financing arrangement interest payable |
3 |
Amortisation of arrangement fees and related costs |
48 |
Reclassification of RBL arrangement fees and related costs to current and non-current assets |
61 |
Total borrowings as at 31 December 2023 |
509 |
Reclassification of capitalised RBL arrangement fees and related costs as borrowings |
(61) |
Proceeds from RBL facility |
178 |
Repayment of RBL facility |
(178) |
Proceeds from issue of bridge facility |
1,500 |
Repayment of bridge facility |
(1,500) |
Bond debt arising on business combination (net of arrangement fees and related costs) |
3,038 |
Proceeds from issue of new bonds |
1,728 |
Proceeds from issue of revolving credit facility |
2,225 |
Repayment of revolving credit facility |
(1,975) |
Arrangement fees and related costs capitalised |
(58) |
Amortisation of arrangement fees and related costs |
102 |
Repayment of financing arrangement |
(17) |
Financing arrangement interest payable |
1 |
Currency translation adjustment on Euro bonds |
(263) |
Total borrowings as at 31 December 2024 |
5,229 |
31 December 2024 |
31 December 2023 |
|||
Assets |
Liabilities |
Assets |
Liabilities |
|
Current |
$ million |
$ million |
$ million |
$ million |
Measured at fair value through profit and loss |
||||
Foreign exchange derivatives |
– |
(25) |
6 |
– |
Commodity derivatives |
26 |
(14) |
– |
– |
Short-term investments |
25 |
– |
– |
– |
Fair value of embedded derivative within gas contract |
5 |
– |
10 |
– |
56 |
(39) |
16 |
– |
|
Measured at fair value through other comprehensive income |
||||
Commodity derivatives |
89 |
(396) |
154 |
(197) |
Foreign exchange derivatives |
– |
(27) |
– |
– |
89 |
(423) |
154 |
(197) |
|
Total current |
145 |
(462) |
170 |
(197) |
Non-current |
||||
Measured at fair value through profit and loss |
||||
Commodity derivatives |
1 |
(2) |
– |
– |
Contingent consideration 1 |
– |
(52) |
– |
– |
Other financial assets-investments |
7 |
– |
– |
– |
8 |
(54) |
– |
– |
|
Measured at fair value through other comprehensive income |
||||
Commodity derivatives |
36 |
(215) |
112 |
(87) |
Foreign exchange derivatives |
– |
(146) |
– |
– |
36 |
(361) |
112 |
(87) |
|
Total non-current |
44 |
(415) |
112 |
(87) |
Total current and non-current |
189 |
(877) |
282 |
(284) |
Financial assets |
Financial liabilities |
||||
Level 1 |
Level 2 |
Level 3 |
Level 2 |
Level 3 |
|
As at 31 December 2024 |
$ million |
$ million |
$ million |
$ million |
$ million |
Fair value of embedded derivative within gas contract |
– |
5 |
– |
– |
– |
Commodity derivatives |
– |
152 |
– |
(627) |
– |
Argentinian bonds |
25 |
– |
– |
– |
– |
Foreign exchange derivatives |
– |
– |
– |
(198) |
– |
Investments |
– |
– |
7 |
– |
– |
Contingent consideration |
– |
– |
– |
– |
(52) |
Total fair value |
25 |
157 |
7 |
(825) |
(52) |
Financial assets |
Financial liabilities |
||||
Level 1 |
Level 2 |
Level 3 |
Level 2 |
Level 3 |
|
$ million |
$ million |
$ million |
$ million |
$ million |
|
Fair value of embedded derivative within gas contract |
– |
10 |
– |
– |
– |
Commodity derivatives |
– |
266 |
– |
(284) |
– |
Foreign exchange derivatives |
– |
6 |
– |
– |
– |
Total fair value |
– |
282 |
– |
(284) |
– |
2024 |
2023 |
|
Finance income |
$ million |
$ million |
Change in fair value of embedded derivative within gas contract |
– |
68 |
Commodity derivatives |
5 |
– |
Argentinian bonds |
7 |
– |
Interest rate derivatives |
– |
(43) |
12 |
25 |
2024 |
2023 |
|
Finance expenses |
$ million |
$ million |
Change in fair value of embedded derivative within gas contract |
5 |
– |
Foreign exchange derivatives |
30 |
– |
35 |
– |
2024 |
2023 |
|||
Book value |
Fair value |
Book value |
Fair value |
|
$ million |
$ million |
$ million |
$ million |
|
USD bond |
(496) |
(499) |
(493) |
(487) |
EUR bonds |
(4,515) |
(4,555) |
– |
– |
Total |
(5,011) |
(5,054) |
(493) |
(487) |
Position as at 31 December 2024 |
2025 |
2026 |
2027 |
Oil |
|||
Total oil volume hedged (thousand bbls) |
16,162 |
12,881 |
– |
– of which swaps |
15,598 |
12,881 |
– |
– of which zero cost collars |
564 |
– |
– |
Weighted average fixed price ($/bbl) |
76.47 |
72.88 |
– |
Weighted average collar floor and cap ($/bbl) |
60.00-86.78 |
– |
– |
Natural gas |
|||
Gas volume hedged (thousand boe) |
33,509 |
19,924 |
2,056 |
– of which swaps/fixed price forward sales |
26,912 |
16,817 |
2,056 |
– of which zero cost collars |
6,597 |
3,106 |
– |
Weighted average fixed price ($/mscf) |
12.91 |
10.79 |
11.29 |
Weighted average collar floor and cap ($/mscf) |
11.46-22.50 |
9.04-16.71 |
– |
2024 |
2023 |
|
$ million |
$ million |
|
Commodity derivatives |
– |
– |
Foreign exchange derivatives |
8 |
– |
8 |
– |
Effect on profit | Effect on | ||
before tax | equity | ||
As at 31 December 2024 | Market movement | $ million | $ million |
Brent oil price | $10/bbl increase | – | (91) |
Brent oil price | $10/bbl decrease | – | 91 |
NBP gas price | £0.1/therm increase | – | (36) |
NBP gas price | £0.1/therm decrease | – | 36 |
European Title Transfer Facility (TTF) | $1.5/mmbtu increase | 15 | (14) |
European Title Transfer Facility (TTF) | $1.5/mmbtu decrease | (15) | 14 |
Trading Hub Europe (THE) | $1.5/mmbtu increase | (15) | (46) |
Trading Hub Europe (THE) | $1.5/mmbtu decrease | 15 | 46 |
Effect on profit | Effect on | ||
before tax | equity | ||
As at 31 December 2023 | Market movement | $ million | $ million |
Brent oil price | $10/bbl increase | – | (28) |
Brent oil price | $10/bbl decrease | – | 28 |
NBP gas price | £0.1/therm increase | – | (28) |
NBP gas price | £0.1/therm decrease | – | 28 |
Derivative | Currency pair | Notional amount | Period of hedge | Terms | |
31 December 2024 | Cross-currency | USD:EUR | €363 million | <1 year | $1.1015:€1 |
interest rate swaps | €1,403 million | 2–5 years | $1.1017–$1.1209:€1 | ||
€650 million | >5 years | $1.1209:€1 | |||
31 December 2023 | Cross-currency | ||||
interest rate swaps | N/A | $nil | N/A | N/A |
Fixed rate |
Floating rate |
|||
Cash at bank |
borrowings |
borrowings |
Total |
|
As at 31 December 2024 |
$ million |
$ million |
$ million |
$ million |
US dollar |
416 |
(496) |
(218) |
(298) |
Pound sterling |
75 |
– |
– |
75 |
Euro |
75 |
(4,515) |
– |
(4,440) |
Norwegian krone |
36 |
– |
– |
36 |
Argentinian pesos |
173 |
– |
– |
173 |
Mexican pesos |
10 |
– |
– |
10 |
Egyptian pound |
8 |
– |
– |
8 |
Other |
12 |
– |
– |
12 |
805 |
(5,011) |
(218) |
(4,424) |
Fixed rate |
Floating rate |
|||
As at 31 December 2023 |
Cash at bank |
borrowings |
borrowings |
Total |
As restated |
$ million |
$ million |
$ million |
$ million |
US dollar |
244 |
(493) |
– |
(249) |
Pound sterling |
28 |
– |
– |
28 |
Norwegian krone |
13 |
– |
– |
13 |
Other |
1 |
– |
– |
1 |
286 |
(493) |
– |
(207) |
Effect on profit before tax |
Effect on equity |
||
Market movement |
$ million |
$ million |
|
31 December 2024 |
|||
US dollar interest rates |
+100 basis points |
1 |
– |
31 December 2023 |
|||
US dollar interest rates |
+100 basis points |
2 |
– |
Sensitivity (+10%) |
Sensitivity (-10%) |
|
$ million |
$ million |
|
31 December 2024 |
||
Pound sterling |
239 |
(239) |
Argentinian peso |
(14) |
(14) |
Euro |
(267) |
267 |
Norwegian krone |
81 |
(81) |
Danish krone |
7 |
(7) |
Mexican peso |
(1) |
1 |
Egyptian pound |
(1) |
1 |
31 December 2023 |
||
Pound sterling |
78 |
(78) |
Additions from |
||||||||
business |
Reclass |
|||||||
As at 1 January |
combinations & |
between |
At 31 December |
|||||
2024 |
joint arrangements |
Additions |
Reversals |
categories |
Disposals |
FX |
2024 |
|
$ million |
$ million |
$ million |
$ million |
$ million |
$ million |
$million |
$ million |
|
Trade receivables |
||||||||
Of which stage 2 1 |
– |
– |
22 |
(1) |
– |
– |
(1) |
20 |
Of which stage 3 2 |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
22 |
(1) |
– |
– |
(1) |
20 |
|
Other receivables |
||||||||
Of which stage 2 1 |
– |
– |
– |
– |
– |
– |
– |
– |
Of which stage 3 2 |
– |
– |
2 |
– |
– |
– |
– |
2 |
– |
– |
2 |
– |
– |
– |
– |
2 |
|
Financial receivables |
||||||||
and bank balances |
||||||||
Of which stage 1 3 |
– |
– |
– |
– |
– |
– |
– |
– |
Of which stage 2 1 |
– |
– |
– |
– |
– |
– |
– |
– |
Of which stage 3 2 |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|
Total |
– |
– |
24 |
(1) |
– |
– |
(1) |
22 |
Within one year |
1 to 2 years |
2 to 5 years |
Over 5 years |
Total |
|
As at 31 December 2024 |
$ million |
$ million |
$ million |
$ million |
$ million |
Non-derivative financial liabilities |
|||||
Bonds |
1,173 |
629 |
2,049 |
2,127 |
5,978 |
Other loans |
251 |
– |
– |
– |
251 |
Trading contracts within the scope of IFRS 9 (settled physically) |
54 |
8 |
– |
– |
62 |
Trade and other payables |
1,548 |
30 |
– |
– |
1,578 |
Lease obligations |
295 |
206 |
394 |
92 |
987 |
Total non-derivative financial liabilities |
3,321 |
873 |
2,443 |
2,219 |
8,856 |
Derivative financial liabilities |
|||||
Net-settled commodity derivatives |
191 |
92 |
23 |
– |
306 |
Net-settled foreign exchange derivatives |
48 |
39 |
97 |
29 |
213 |
3,560 |
1,004 |
2,563 |
2,248 |
9,375 |
As at 31 December 2023 |
Within one year |
1 to 2 years |
2 to 5 years |
Over 5 years |
Total |
As restated |
$ million |
$ million |
$ million |
$ million |
$ million |
Non-derivative financial liabilities |
|||||
Bond |
28 |
28 |
528 |
– |
584 |
Other loans |
16 |
– |
– |
– |
16 |
Trade and other payables |
854 |
13 |
– |
– |
867 |
Lease obligations |
250 |
186 |
340 |
121 |
897 |
Total non-derivative financial liabilities |
1,148 |
227 |
868 |
121 |
2,364 |
Derivative financial liabilities |
|||||
Net-settled commodity derivatives |
197 |
87 |
– |
– |
284 |
Net-settled foreign exchange derivatives |
– |
– |
– |
– |
– |
1,345 |
314 |
868 |
121 |
2,648 |
Gross amounts of |
|||
recognised financial |
Net amounts presented on |
||
assets/(liabilities) |
Amounts set off |
the balance sheet |
|
As at 31 December 2024 |
$ million |
$ million |
$ million |
Commodity derivative assets |
748 |
(596) |
152 |
Commodity derivative liabilities |
(1,223) |
596 |
(627) |
As at 31 December 2023 |
|||
Commodity derivative assets |
303 |
(37) |
266 |
Commodity derivative liabilities |
(321) |
37 |
(284) |
2024 |
2023 |
|||
Issued and fully paid |
Number |
$ million |
Number |
$ million |
Ordinary shares of 0.002p each |
1,440,109,512 |
0 |
770,370,830 |
0 |
Ordinary non-voting shares of 0.002p each |
251,488,211 |
0 |
– |
– |
Ordinary non-voting deferred shares of 12.4999p each |
925,532,809 |
171 |
925,532,809 |
171 |
171 |
171 |
2024 |
2023 |
|
$ million |
$ million |
|
At 1 January |
24 |
21 |
Purchase of ESOP trust shares |
25 |
16 |
Release of shares |
(13) |
(13) |
At 31 December |
36 |
24 |
Nominal value |
Nominal value |
Carrying value |
||||
% |
Reset date |
Currency |
€ million |
$ million |
$ million |
|
Bond ISIN: XS2286041517 |
2.5% |
2026 |
EUR |
650 |
718 |
690 |
Bond ISIN: XS2286041947 |
3.0% |
2029 |
EUR |
850 |
939 |
873 |
Total |
1,500 |
1,657 |
1,563 |
2024 |
|
$ million |
|
Fair value on acquisition |
1,548 |
Accrued interest in the period to 31 December |
15 |
1,563 |
2024 |
2023 |
|
million shares |
million shares |
|
Outstanding at 1 January |
33.7 |
27.8 |
Granted |
15.7 |
15.1 |
Vested |
(2.6) |
(8.7) |
Forfeited |
(9.3) |
(0.5) |
Outstanding at 31 December 1 |
37.5 |
33.7 |
2024 |
2023 |
|
Share price at date of grant |
£2.39–£3.22 |
£2.44 – £2.90 |
Dividend yield |
0% |
0% |
Expected term |
3 years |
2.9 – 3.0 years |
Risk free rate |
4.1%-4.3% |
3.3%–4.2% |
Share price volatility of the company |
47.0%-47.5% |
49.2%–50.2% |
31 December 2024 | ||
Key assumptions (%) | Germany | Norway |
Discount rate | 3.4 | 3.1 |
Pension growth | 2.3 | 1.8 |
Actuarial mortality tables as at 31 December 2024 | |
Germany | Heubeck Richttafeln 2018 G |
Norway | K2013 |
Defined benefit | |||
obligations | Plan assets | Total | |
$ million | $ million | $ million | $ million |
On acquisition | |||
Current service costs | 3 | – | 3 |
Interest expense/(income) | 5 | (5) | – |
8 | (5) | 3 | |
Remeasurement | |||
Return on plan assets, excluding amounts already recognised in interest income | – | – | – |
Actuarial gains/losses | |||
– of which effect of changes in financial assumptions | 10 | – | 10 |
– of which effect of experience adjustments | (3) | – | (3) |
7 | – | 7 | |
Currency effect | (31) | 28 | (3) |
Employer contribution to the funded plans | – | (1) | (1) |
Benefit payments | (9) | 9 | – |
Change of scope | 493 | (453) | 40 |
As at 31 December 2024 | 468 | (422) | 46 |
Impact on defined benefit obligations |
||
31 December 2024 |
31 December 2023 |
|
$ million |
$ million |
|
Discount rate |
||
Increase of 0.5 percentage points |
(26) |
– |
Reduction of 0.5 percentage points |
29 |
– |
Pension growth |
||
Increase of 0.5 percentage points |
19 |
– |
Reduction of 0.5 percentage points |
(18) |
– |
31 December 2024 |
||||
Of which has |
Of which has |
|||
Germany |
an active |
Norway |
an active |
|
$ million |
market |
$ million |
market |
|
Assets held in insurance company |
3 |
– |
22 |
100% |
Specialised funds |
397 |
100% |
– |
– |
400 |
– |
22 |
– |
2023 |
||
2024 |
As restated |
|
$ million |
$ million |
|
Profit before taxation |
1,219 |
616 |
Adjustments to reconcile profit before tax to net cash flows |
||
Finance cost, excluding foreign exchange |
602 |
363 |
Finance income, excluding foreign exchange |
(55) |
(104) |
Depreciation, depletion and amortisation |
1,745 |
1,449 |
Net impairment of property, plant and equipment |
352 |
176 |
Impairment of goodwill |
– |
25 |
Impairment of right-of-use asset |
20 |
– |
Share-based payments |
51 |
20 |
Decommissioning payments |
(284) |
(268) |
Fair value movements on derivatives |
(68) |
– |
Changes in provisions |
(31) |
– |
Exploration costs written-off |
173 |
57 |
Movement in realised cash flow hedges not yet settled |
(31) |
(207) |
Unrealised foreign exchange (gain)/loss |
(116) |
49 |
Working capital adjustments |
||
Decrease)/(increase) in inventories |
39 |
(52) |
(Increase)/decrease in trade and other receivables |
(32) |
525 |
Decrease in trade and other payables |
(470) |
(61) |
Net tax payments |
(1,499) |
(438) |
Net cash inflow from operating activities |
1,615 |
2,150 |
2023 |
||
2024 |
As restated |
|
$ million |
$ million |
|
Proceeds from drawdown of RBL facility |
(178) |
(660) |
Proceeds from Euro bonds |
(1,728) |
– |
Proceeds from RCF |
(2,225) |
– |
Proceeds from bridge facility |
(1,500) |
– |
Repayment of RBL facility |
178 |
1,435 |
Repayment of bridge facility |
1,500 |
– |
Repayment of RCF |
1,975 |
– |
Repayment of EFF loan |
– |
11 |
Repayment of financing arrangement |
17 |
21 |
Bond debt arising on business combination 1 |
(3,038) |
– |
Financing arrangement interest payable |
(1) |
(3) |
Arrangement fees and related costs on RBL capitalised |
– |
34 |
Arrangement fees and related costs on bonds capitalised |
11 |
– |
Arrangement fees and related costs on RCF capitalised |
34 |
– |
Arrangement fees and related costs on bridge facility capitalised |
13 |
– |
Amortisation of arrangement fees and related costs capitalised |
(102) |
(48) |
Currency translation adjustment on Euro bonds |
263 |
– |
Movement in total borrowings |
(4,781) |
790 |
Cash acquired on business combination |
748 |
– |
Movement in cash and cash equivalents |
(229) |
(214) |
(Increase)/decrease in net borrowings in the year |
(4,262) |
576 |
Opening net borrowings |
(162) |
(738) |
Closing net borrowings |
(4,424) |
(162) |
2023 | ||
2024 | As restated | |
$ million | $ million | |
Cash and cash equivalents | 805 | 286 |
RCF | (218) | – |
Bonds | (5,011) | (493) |
Net debt | (4,424) | (207) |
Financing arrangement | – | (16) |
Closing net borrowings | (4,424) | (223) |
Non-current assets 1 | – | 42 |
Current assets 1 | – | 19 |
Closing net borrowings after unamortised fees 1 | (4,424) | (162) |
2024 | 2023 | |
$ million | $ million | |
Salaries and short-term employee benefits | 16 | 13 |
Payments made in lieu of pension contributions | 1 | 1 |
Termination benefits | 1 | – |
Pension benefits | – | – |
18 | 14 |
2024 | 2023 | |
$ million | $ million | |
Cash dividends on ordinary shares declared and paid | ||
Final dividend for 2023: 13 cents per share (2022: 12 cents per share) | 100 | 99 |
Interim dividend for 2024: 13 cents per share (2023: 12 cents per share) | 99 | 91 |
199 | 190 | |
Proposed dividends on ordinary shares | ||
Final dividend for 2024: |
Name of company |
Area of operation |
Country of incorporation |
Main activity |
Chrysaor (U.K.) Alpha Limited 17 |
UK |
UK |
Exploration, production, and development |
Chrysaor (U.K.) Beta Limited 17 |
UK |
UK |
Decommissioning activities |
Chrysaor (U.K.) Sigma Limited 17 |
UK |
UK |
Exploration, production, and development |
Chrysaor (U.K.) Theta Limited 17 |
UK |
UK |
Exploration, production, and development |
Chrysaor CNS Limited 17 |
UK |
UK |
Exploration, production, and development |
Chrysaor Developments Limited 17 |
UK |
UK |
Decommissioning activities |
Chrysaor E&P Limited 17 |
UK |
UK |
Intermediate holding company |
Chrysaor Holdings Limited 7 |
UK |
Cayman Islands |
Intermediate holding company |
Chrysaor Limited 17 |
UK |
UK |
Exploration, production, and development |
Harbour Energy Marketing Limited 17 |
UK |
UK |
Gas trading |
Chrysaor North Sea Limited 17 |
UK |
UK |
Exploration, production, and development |
Chrysaor Petroleum Company U.K. Limited 17 |
UK |
UK |
Exploration, production, and development |
Chrysaor Petroleum Limited 17 |
UK |
UK |
Decommissioning activities |
Chrysaor Production (U.K.) Limited 17 |
UK |
UK |
Exploration, production, and development |
Chrysaor Production Holdings Limited 17 |
UK |
UK |
Intermediate holding company |
Chrysaor Resources (Irish Sea) Limited 17 |
UK |
UK |
Exploration, production, and development |
DEA Cyrenaica GmbH 8 |
Libya |
Germany |
Exploration, production, and development |
DEA E&P GmbH 8 |
Germany |
Germany |
Exploration, production, and development |
DEA North Africa/Middle East GmbH 8 |
North Africa |
Germany |
Exploration, production, and development |
DEM México Erdoel, S.A.P.I. de C.V. 14 |
Mexico |
Mexico |
Intermediate holding company |
E&A Internationale Explorations-und Produktions GmbH 20 |
Germany |
Germany |
Exploration, production, and development |
Ebury Gate Limited 9 |
Guernsey |
Guernsey |
Risk mitigation services |
EnCore Oil Limited 17 |
UK |
UK |
Intermediate holding company |
FP Mauritania A BV 11 |
Mauritania |
Netherlands |
Decommissioning activities |
FP Mauritania B BV 11 |
Mauritania |
Netherlands |
Decommissioning activities |
Harbour Energy Bloque 7, S.A. de C.V. (formerly Premier Oil |
|||
Exploration and Production Mexico S.A.de C.V.) 15 |
Mexico |
Mexico |
Exploration, production, and development |
Harbour Energy DH GmbH 21 |
Germany |
Germany |
Intermediate holding company |
Harbour Energy Finance Limited 17 |
UK |
UK |
Financing company |
Harbour Energy Netherlands Holdings BV 11 |
Netherlands |
Netherlands |
Intermediate holding company |
Harbour Energy Norge AS (formerly Wintershall Dea Norge AS) 12,22 |
Norway |
Norway |
Exploration, production, and development |
Harbour Energy Services Limited 17 |
UK |
UK |
Service company |
Harbour Energy Unidad Zama, S. de R.L. de C.V. (formerly |
|||
Sierra O&G Exploration y Producción, S. de R.L. de C.V.) 14 |
Mexico |
Mexico |
Exploration, production, and development |
Izta Energia, S. de R.L. de C.V. 14 |
Mexico |
Mexico |
Intermediate holding company |
Premier Oil (Vietnam) Limited 4 |
Vietnam |
British Virgin Islands |
Exploration, production, and development |
Premier Oil Aberdeen Services Limited 17 |
UK |
UK |
Service company |
Premier Oil and Gas Services Limited 17 |
UK |
UK |
Service company |
Name of company | Area of operation | Country of incorporation | Main activity |
Premier Oil Andaman I Limited 17 | Indonesia | UK | Exploration, production, and development |
Premier Oil Andaman Limited 17 | Indonesia | UK | Exploration, production, and development |
Premier Oil Barakuda Limited 17 | Indonesia | UK | Exploration, production, and development |
Premier Oil E&P Holdings Limited 17 | UK | UK | Intermediate holding company |
Premier Oil E&P UK EU Limited 17 | UK | UK | Exploration, production, and development |
Premier Oil E&P UK Limited 17 | UK | UK | Exploration, production, and development |
Premier Oil Exploration (Mauritania) Limited 13 | Mauritania | Jersey | Decommissioning activities |
Premier Oil Group Holdings Limited 1,17 | UK | UK | Intermediate holding company |
Premier Oil Group Limited 19 | UK | UK | Intermediate holding company |
Premier Oil Holdings Limited 17 | UK | UK | Intermediate holding company |
Premier Oil Mauritania B Limited 13 | Mauritania | Jersey | Decommissioning activities |
Premier Oil Mexico Holdings Limited 17 | UK | UK | Intermediate holding company |
Premier Oil Mexico Investments Limited 17 | UK | UK | Intermediate holding company |
Premier Oil Mexico Recursos S.A. de C.V. 15 | Mexico | Mexico | Exploration, production, and development |
Premier Oil Natuna Sea BV 11 | Indonesia | Netherlands | Exploration, production, and development |
Premier Oil Overseas BV 11 | Netherlands | Netherlands | Intermediate holding company |
Premier Oil South Andaman Limited 17 | Indonesia | UK | Exploration, production, and development |
Premier Oil Tuna BV 11 | Indonesia | Netherlands | Exploration, production, and development |
Premier Oil UK Limited 19 | UK | UK | Exploration, production, and development |
Premier Oil Vietnam Offshore BV 11 | Vietnam | Netherlands | Exploration, production, and development |
Servicios Unidad PWTH S. De R.L. de C.V. 14 | Mexico | Mexico | Service company |
Sierra Blanca P&D, S. de R.L. de C.V. 14 | Mexico | Mexico | Exploration, production, and development |
Sierra Coronado E&P, S. de R.L. de C.V. 14 | Mexico | Mexico | Exploration, production, and development |
Sierra Nevada E&P, S. de R.L. de C.V. 14 | Mexico | Mexico | Exploration, production, and development |
Sierra Offshore Exploration, S. de R.L. de C.V. 14 | Mexico | Mexico | Exploration, production, and development |
Sierra Oil & Gas Holdings, L.P. 6 | Mexico | Canada | Intermediate holding company |
Sierra Oil & Gas S.de R.L. de C.V. 14 | Mexico | Mexico | Exploration, production, and development |
Sierra Perote E&P, S. de R.L de C.V. 14 | Mexico | Mexico | Exploration, production, and development |
Wintershall Dea Algeria GmbH 8 | Algeria | Germany | Exploration, production, and development |
Wintershall Dea Argentina S.A. 2 | Argentina | Argentina | Exploration, production, and development |
Wintershall Dea Deutschland GmbH 8 | Germany | Germany | Exploration, production, and development |
Wintershall Dea Finance 2 BV (1) 11 | Netherlands | Netherlands | Financing company |
Wintershall Dea Finance BV (1) 11 | Netherlands | Netherlands | Financing company |
Wintershall Dea Global Holding GmbH 8 | Germany | Germany | Exploration, production, and development |
Wintershall Dea Global Support 11 | Netherlands | Netherlands | Service company |
Wintershall Dea Holding GmbH 8 | Germany | Germany | Exploration, production, and development |
Wintershall Dea Insurance Limited 10 | Guernsey | Guernsey | Risk mitigation services |
Wintershall Dea International GmbH 8 | Germany | Germany | Exploration, production, and development |
Wintershall Dea Marketing Services GmbH 20 | Germany | Germany | Distribution, transportation and trade |
Wintershall Dea Mexico Holding BV 11 | Mexico | Netherlands | Intermediate holding company |
Wintershall Dea Mexico Holdings GP Ltd 5 | Mexico | Canada | Intermediate holding company |
Wintershall Dea México, S. de R.L. de C.V. 14 | Mexico | Mexico | Exploration, production, and development |
Wintershall Dea Middle East GmbH 20 | United Arab Emirates | Germany | Exploration, production, and development |
Wintershall Dea Nederland BV 11 | Netherlands | Netherlands | Servicing and financing company |
Wintershall Dea Nile GmbH 8 | Egypt | Germany | Exploration, production, and development |
Wintershall Dea South East Asia GmbH 20 | Germany | Germany | Exploration, production, and development |
Wintershall Dea Suez GmbH 8 | Egypt | Germany | Exploration, production, and development |
Wintershall Dea Technology Ventures GmbH 20 | Germany | Germany | Investment company |
Wintershall Dea TSC GmbH & Co.KG 8 | Germany | Germany | Research and development |
Name of company | Area of operation | Country of incorporation | Main activity |
Wintershall Dea TSC Management GmbH 20 | Germany | Germany | Research and development |
Wintershall Dea Vermögensverwaltungs gesellschaft mbH 20 | Germany | Germany | Intermediate holding company |
Wintershall Dea WND GmbH 8 | Egypt | Germany | Exploration, production, and development |
Wintershall Petroleum (E&P) BV 11 | Netherlands | Netherlands | Exploration, production, and development |
Chrysaor (U.K.) Britannia Limited 17 | – | UK | Dormant company |
Chrysaor (U.K.) Lambda Limited 16 | – | Ireland | Dormant company |
DEA Trinidad & Tobago GmbH 8 | – | Germany | Non-trading |
EnCore (NNS) Limited 17 | – | UK | Non-trading |
Harbour Energy Argentina Limited 17 | – | UK | Dormant company |
Harbour Energy Central Andaman Limited | |||
(formerly Premier Oil B Limited) 17 | – | UK | Dormant company |
Harbour Energy Developments Limited 17 | – | UK | Dormant company |
Harbour Energy Production Limited 17 | – | UK | Dormant company |
Harbour Energy Secretaries Limited 17 | – | UK | Dormant company |
Premier Oil (EnCore Petroleum) Limited 17 | – | UK | Non-trading |
Premier Oil ANS Limited 17 | – | UK | Non-trading |
Premier Oil do Brasil Petroleo e Gas Ltda 3 | – | Brazil | Dormant company |
Premier Oil Exploration Limited 19 | – | UK | Non-trading |
Premier Oil Far East Limited 17 | – | UK | Non-trading |
Premier Oil ONS Limited 17 | – | UK | Dormant company |
Premier Oil Pakistan Offshore BV 11 | – | Netherlands | Dormant company |
Premier Oil Vietnam 121 Limited 17 | – | UK | Non-trading |
Viking CCS Limited 17 | – | UK | Dormant company |
Chrysaor (U.K.) Delta Limited 17 | – | UK | Liquidation |
Chrysaor (U.K.) Eta Limited 17 | – | UK | Liquidation |
Chrysaor (U.K.) Zeta Limited 17 | – | UK | Liquidation |
Chrysaor Production Limited 18 | – | UK | Liquidation |
Chrysaor Resources (UK) Holdings Limited 17 | – | UK | Liquidation |
Premier Oil ANS Holdings Limited 18 | – | UK | Liquidation |
Premier Oil Congo (Marine IX) Limited 13 | – | Jersey | Liquidation |
Premier Oil Exploration ONS Limited 18 | – | UK | Liquidation |
Premier Oil Finance (Jersey) Limited 1,13 | – | Jersey | Liquidation |
Name of company |
Effective % ownership |
Registered office address |
Luna Carbon Storage ANS |
60 |
Jåttåflaten 27, 4020, Stavanger, Norway |
Havstjerne ANS |
60 |
Jåttåflaten 27, 4020, Stavanger, Norway |
Disouq Petroleum Company |
50 |
Plot No. 188 (Dana Gas Building), City Center, 5 th Settlement, New Cairo, Egypt |
JV East Damanhur Gas Company |
50 |
Plot No. 188 (Dana Gas Building), City Center, 5 th Settlement, New Cairo, Egypt |
Erdgas Münster GmbH |
33.7 |
Johann-Krane-Weg 46, 48149, Münster, Germany |
Wellstarter AS |
24.4 |
Stiklestadveien 3, 7041, Trondheim, Norway |
AMBARtec AG |
24.4 |
Erna-Berger-Str. 17, 01097, Dresden, Germany |
Earth Science Analytics AS |
13.5 |
Strandveien 37, 1366, Lysaker, Norway |
Gasoducto Cruz del Sur S.A. |
10 |
La Cumparsita 1373 office 402, 11200, Montevideo, Uruguay |
HiiROC Limited |
9.6 |
Number 22 Mount Ephraim, Tunbridge Wells, TN4 8AS, United Kingdom |
Gas Links S.A. |
5.1 |
Don Bosco 3672 6 th floor, C1206ABF, City of Buenos Aires, Argentina |
2024 | 2023 | ||
Note | $ million | $ million | |
Assets | |||
Non-current assets | |||
Investments in subsidiaries | 3 | 6,065 | 2,238 |
Long-term employee benefit plan surplus | 7 | 1 | – |
Long-term receivables | 4 | 2,056 | 1,924 |
Total non-current assets | 8,122 | 4,162 | |
Current assets | |||
Trade and other receivables | 4 | 30 | 22 |
Total current assets | 30 | 22 | |
Total assets | 8,152 | 4,184 | |
Current liabilities | |||
Trade and other payables | 5 | 842 | 54 |
Total current liabilities | 842 | 54 | |
Non-current liabilities | |||
Borrowings | 6 | 496 | 493 |
Other financial liabilities | 5 | 52 | – |
Long-term employee benefit plan deficit | 7 | 1 | 1 |
Total non-current liabilities | 549 | 494 | |
Total liabilities | 1,391 | 548 | |
Net assets | 6,761 | 3,636 | |
Equity and reserves | |||
Share capital | 9 | 171 | 171 |
Merger reserve | 9 | 3,457 | – |
Retained earnings | 3,125 | 3,457 | |
Other reserves | 8 | 8 | |
Total equity and reserves | 6,761 | 3,636 |
Capital | |||||
Share | Merger | redemption | Retained | Total | |
capital | reserve 1 | reserve | earnings 2 | equity | |
$ million | $ million | $ million | $ million | $ million | |
At 1 January 2023 | 171 | – | 8 | 3,829 | 4,008 |
Profit for the year | – | – | – | 36 | 36 |
Other comprehensive income | – | – | – | – | – |
Total comprehensive income | – | – | – | 36 | 36 |
Purchase and cancellation of own shares | – | – | – | (249) | (249) |
Share-based payments | – | – | – | 46 | 46 |
Purchase of ESOP Trust shares | – | – | – | (15) | (15) |
Dividends paid | – | – | – | (190) | (190) |
At 31 December 2023 | 171 | – | 8 | 3,457 | 3,636 |
Loss for the year | – | – | – | (160) | (160) |
Other comprehensive income | 1 | 1 | |||
Total comprehensive loss | – | – | – | (159) | (159) |
Issue of new shares | – | 3,457 | – | – | 3,457 |
Share-based payments | – | – | – | 51 | 51 |
Purchase of ESOP Trust shares | – | – | – | (25) | (25) |
Dividends paid | – | – | – | (199) | (199) |
At 31 December 2024 | 171 | 3,457 | 8 | 3,125 | 6,761 |
2024 | 2023 | |
Net book value | $ million | $ million |
At 1 January | 2,238 | 2,302 |
Additions | 4,089 | – |
Transfers | (262) | – |
Impairment | – | (64) |
At 31 December | 6,065 | 2,238 |
2024 | 2023 | |
Current | $ million | $ million |
Amounts owed by subsidiary undertakings in respect of taxation | 14 | – |
Trade debtors | – | 1 |
Other debtors | 11 | – |
Prepayments | 5 | 21 |
30 | 22 | |
Non-current | ||
Amounts owed by subsidiary undertakings 1,2 | 2,052 | 1,924 |
Other long-term receivables | 4 | – |
2,056 | 1,924 |
2024 | 2023 | |
Current | $ million | $ million |
Amounts owed to subsidiary undertakings | 822 | – |
Amounts owed to subsidiary undertakings in respect of taxation | – | 8 |
Other creditors | 1 | – |
Accruals | 19 | 46 |
842 | 54 | |
Non-current | ||
Other financial liabilities | 52 | – |
52 | – |
2024 | 2023 | |||
Book value | Fair value | Book value | Fair value | |
$ million | $ million | $ million | $ million | |
Bond | (496) | (499) | (493) | (487) |