BP : 2Q 2022 bpx energy

bpx energy

The bpx energy business comprises bp's onshore oil and gas operations in the 'Lower 48' states of the US. The business has significant activities producing hydrocarbons with primary focus on developing unconventional resources in Texas.

		Second		First	Second		First	First
		quarter		quarter	quarter		half	half
Production (net of royalties)(a)	2022	2022	2021	2022	2021
Liquids(b) (mb/d)	127		120	106	124	104
Natural gas (mmcf/d)	1,145		1,101	971	1,123	948
Total hydrocarbons(c) (mboe/d)	324		310	273	317	268
Average realizations
Total liquids ($/bbl)	77.93		65.75	44.84	72.03	42.35
Natural gas ($/mcf)	6.25		3.90	3.16	5.10	3.37
Total hydrocarbons ($/boe)		52.57		39.35	28.66		46.15	28.49
Production costs per boe (excluding rationalization costs)(d) ($/boe)		8.59		9.35	8.15		8.96	9.03
Capital expenditure on a cash basis ($ million)	471		303	270	775	438
Average number of bpx energy-operated rigs per basin for the
period
Haynesville	3		3	2	3	3
Eagle Ford	4		4	4	4	4
Permian	2		2	2	2	2
Average number of rigs for the period		9		9	8		9	9
					Estimated net proved reserves(e) at
								31 December 2021
					Developed Undeveloped	Total
Crude oil(f) (million barrels)						113	244	356
Natural gas liquids (million barrels)						93	176	269
Natural gas (billion cubic feet)				2,011	3,292	5,303
Total net proved reserves on an oil equivalent basis (million barrels of oil equivalent)				552	987	1,539

1. Reflects impacts of divestments.
2. Liquids comprise crude oil, condensate and natural gas liquids.
3. Hydrocarbons comprise liquids and natural gas. Natural gas is converted to oil equivalent at 5.8 billion cubic feet = 1 million barrels.
4. Production costs do not include depreciation, depletion and amortisation, ad valorem and severance taxes and certain other costs.
5. Because of rounding, some totals may not agree exactly with the sum of their component parts.
6. Crude oil includes condensate.

For details of the group's results for the period ended 30 June 2022, see bp's Stock Exchange Announcement for the period ended 30 June 2022, dated 2 August 2022, available at http://www.bp.com/en/global/corporate/investors/results-and-reporting/quarterly-results-and-webcast.html