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Alexander Krane
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00331": { "value": "265000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00332": { "value": "207000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00333": { "value": "54000000.0", "decimals": -6, "dimensions": { "concept": "hbr:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00334": { "value": "52000000.0", "decimals": -6, "dimensions": { "concept": "hbr:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00335": { "value": "1975000000.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentOfRevolvingCreditFacilityClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00336": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentOfRevolvingCreditFacilityClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00337": { "value": "178000000.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentOfReservesBasedLendingFacility", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00338": { "value": "1435000000.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentOfReservesBasedLendingFacility", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00339": { "value": "1500000000.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentsFromBridgeFacilityClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00340": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentsFromBridgeFacilityClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00422": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentOfExplorationFinancingFacility", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00421": { "value": "11000000.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentOfExplorationFinancingFacility", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00425": { "value": "17000000.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentOfFinancingArrangement", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00426": { "value": "21000000.0", "decimals": -6, "dimensions": { "concept": "hbr:RepaymentOfFinancingArrangement", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00525": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "hbr:PurchaseOfESOPTrustSharesClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00526": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "hbr:PurchaseOfESOPTrustSharesClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00527": { "value": "181000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00528": { "value": "150000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00529": { "value": "199000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00530": { "value": "190000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00533": { "value": "1229000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00534": { "value": "-1667000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00343": { "value": "567000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00344": { "value": "-210000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00345": { "value": "-37000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00346": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00347": { "value": "-11000000.0", "decimals": -6, "dimensions": { "concept": "hbr:ReclassificationOfVietnamCashAsAssetHeldForSale", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_Label_00348": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "hbr:ReclassificationOfVietnamCashAsAssetHeldForSale", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00531": { "value": "286000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00532": { "value": "500000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00535": { "value": "805000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00536": { "value": "286000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0028": { "value": "1. Corporate information
Harbour\u00a0Energy plc is a limited liability company incorporated in Scotland and listed on the London Stock Exchange. The address of the
registered of\ufb01ce is 4
th
Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, United Kingdom.
The consolidated \ufb01nancial statements of Harbour\u00a0Energy plc (Harbour or the company) and all its subsidiaries (the Group) for the year ended
31 December 2024 were authorised for issue by the board of directors on 5 March 2025.
On 3 September 2024, the Group completed the acquisition of substantially all of Wintershall\u00a0Dea\u2019s upstream oil and gas assets, including
those in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria as well as Wintershall\u00a0Dea\u2019s CCS licences in Europe. Under
IFRS 3 Business Combinations, the Group is the legal and accounting acquirer as it obtained control over the Wintershall\u00a0Dea portfolio
through the business combination: as it was the entity that issued equity and paid cash to effect the business combination; at completion
the existing Harbour\u00a0Energy shareholders held a majority of voting ordinary shares; and from completion, day-to-day management of the
enlarged group has been led by existing Harbour\u00a0Energy personnel, with no change to the executive directorship.
The Group has designated 1 September 2024 as the acquisition date (beginning of month) rather than the actual acquisition date of
3\u00a0September 2024 (during the month) as the events between the designated acquisition date and the actual acquisition date do not
result in material changes in the amounts recognised.
The acquired Wintershall\u00a0Dea portfolio results are fully consolidated in the \ufb01nancial statements from 1 September 2024, and all results
prior to this date represent those of the legacy Harbour group only.
The Group\u2019s principal activities are the acquisition, exploration, development and production of oil and gas reserves in Norway, the UK,
Germany, Mexico, Argentina, North Africa and Southeast Asia.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_007": { "value": "Harbour\u00a0Energy plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0024": { "value": "limited liability company incorporated in Scotland and listed on the London Stock Exchange", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0011": { "value": "4 th Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, United Kingdom.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_008": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0014": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0023": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0020": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0017": { "value": "The Group\u2019s principal activities are the acquisition, exploration, development and production of oil and gas reserves in Norway, the UK, Germany, Mexico, Argentina, North Africa and Southeast Asia.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0031": { "value": "2. Material accounting policies
Basis of preparation
The consolidated \ufb01nancial statements have been prepared on a going concern basis in accordance with UK-adopted International Accounting
Standards (IAS) in conformity with the requirements of the Companies Act 2006. The analysis used by the directors in adopting the going
concern basis considers the various plans and commitments of the Group as well as various sensitivity and reverse stress test analyses.
The results from the severe but plausible downside sensitivities and reverse stress tests with regard to production and commodity price
assumptions, which in management\u2019s view re\ufb02ect two of the principal risks, indicate that material changes within one year that would impact the
going concern basis of preparation are remote. Further details are within the Financial review on page 32 and Viability statement on page 63.
In 2023, the Vietnam Business Unit was classi\ufb01ed as an asset held for sale, however because this deal did not complete the prior year
accounts have been restated to classify the assets and liabilities back to their original balance sheet line items.
The presentation currency of the Group \ufb01nancial information is US dollars and all values in the Group \ufb01nancial information are presented
in millions ($ million) and all values are rounded to the nearest 1 million, except where otherwise stated.
The \ufb01nancial statements have been prepared on the historical cost basis, except for certain \ufb01nancial assets and liabilities, including
derivative \ufb01nancial instruments, which have been measured at fair value.
The accounting policies which follow set out those policies which apply in preparing the \ufb01nancial statements for the year ended
31\u00a0December 2024. All accounting policies are consistent with those adopted and disclosed in Harbour\u2019s 2023 Annual Report & Accounts.
Basis of consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the company and its subsidiaries as at 31 December 2024.
Subsidiaries are those entities over which the Group has control. Control is achieved where the Group has the power over the subsidiary,
has rights, or is exposed to variable returns from the subsidiary and has the ability to use its power to affect its returns. All subsidiaries
are 100 per cent owned by the Group, except for four entities holding interests in operations in North Africa and CCS projects which are
accounted for as joint operations.
Pro\ufb01t or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the company and to the
subordinated notes investors.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and
other components of equity, while any resultant gain or loss is recognised in pro\ufb01t or loss. Any investment retained is recognised at fair value.
The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the \ufb01nancial statements
of subsidiaries acquired to bring the accounting policies used into line with those used by other members of the Group.
All intra-group transactions and balances have been eliminated on consolidation.
Prior year adjustment
In August 2023, Harbour announced that it had entered into a Sale and Purchase Agreement (SPA) to sell its business in Vietnam,
which holds its 53.125 per cent interest in Chim S\u00e1o and Dua producing \ufb01elds to Big Energy Joint Stock Company for a consideration
of $84 million. At 31 December 2023, the assets and liabilities of Vietnam were classi\ufb01ed as assets held for sale (AHFS). The transaction,
which had a long-stop date of 10 May 2024, could not be completed within the required timeframe, and was subsequently terminated
\u00a0
on 13\u00a0May 2024, and as a result the Vietnam business was no longer classi\ufb01ed as AHFS. The relevant amounts presented as AHFS
in the 31\u00a0December 2023 consolidated \ufb01nancial statements have been reclassi\ufb01ed. Each of the affected \ufb01nancial statement line items
has been restated and the impact is summarised in the following table.
Balance sheet at 31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
As previously
\u00a0 \u00a0
\u00a0
reported
Adjustments
As restated
\u00a0
$ million
$ million
$ million
Non-current assets
\u00a0 \u00a0 \u00a0
Property, plant and equipment
4,717
119
4,836
Right-of-use assets
587
45
632
Other receivables
184
125
309
Current assets
\u00a0 \u00a0 \u00a0
Inventories
200
17
217
Trade and other receivables
832
41
873
Cash and cash equivalents
280
6
286
Assets held for sale
334
(334)
\u2013
Equity
\u00a0 \u00a0 \u00a0
Retained earnings
1,080
13
1,093
Non-current liabilities
\u00a0 \u00a0 \u00a0
Provisions
3,818
87
3,905
Deferred tax
1,260
37
1,297
Lease creditor
474
78
552
Current liabilities
\u00a0 \u00a0 \u00a0
Trade and other payables
886
29
915
Lease creditor
199
17
216
Liabilities directly associated with the assets held for sale
242
(242)
\u2013
\n
From the point of classi\ufb01cation as AHFS in August 2023, no depreciation was recorded. In addition, at 31 December 2023, a pre-tax impairment of
$38 million was recognised as the fair value less cost to sell was below the carrying amount of the disposal group. As a result of the reclassi\ufb01cation
from AHFS, the impairment of $38 million has been reversed and additional depreciation covering the period August 2023 to December 2023
has been recorded, on property, plant and equipment of $14 million and on right-of-use assets of $5 million, with net deferred tax of $6 million
associated with the impairment reversal and depreciation. As a result of the above adjustments, retained earnings increased by $13 million.
In December 2024, the Group entered into an exclusivity agreement to sell its business in Vietnam to EnQuest for a consideration of
$84 million. The transaction has an effective date of 1 January 2024. As a result, the assets and liabilities of Vietnam have been classi\ufb01ed
as held for sale as at 31 December 2024 (see note 18).
Signi\ufb01cant accounting judgements and estimates
The preparation of the Group\u2019s \ufb01nancial statements in conformity with UK-adopted IAS requires management to make judgements, estimates
and assumptions at the date of the \ufb01nancial statements. Estimates and assumptions are continuously evaluated and are based
on management experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of the assets or liabilities affected in future periods.
In preparing these \ufb01nancial statements, management has made judgements and estimates that affect the application of accounting policies
and the reported amounts of assets and liabilities, income and expenses including those that have the potential to materially impact the
balance sheet over the next 12 months. Actual results may differ from these estimates.
The signi\ufb01cant judgements made by management in applying the Group\u2019s accounting policies, and the key sources of estimation uncertainty,
were the same as those described in Harbour\u2019s 2023 Annual Report & Accounts, with the addition of the purchase price allocation that
involved a number of judgements in regard to assessing the fair value of assets and liabilities acquired from Wintershall\u00a0Dea.
Judgements
Signi\ufb01cant accounting judgements considered by the Group are:
\u2022
The carrying value of intangible exploration and evaluation assets, in relation to whether commercial determination of an exploration
prospect had been reached;
\u2022
The carrying value of property, plant and equipment regarding assessing assets for indicators of impairment;
\u2022
Decommissioning costs in relation to the timing of when decommissioning would occur; and
\u2022
Tax including assessment of risks around tax uncertainties and the recognition of deferred tax assets (see note 8).
Key sources of estimation uncertainty
Details of the Group\u2019s critical accounting estimates are set out in these \ufb01nancial statements and are:
\u2022
Purchase price allocation that involved a number of judgemental estimates in determining the fair value of assets and liabilities acquired
from Wintershall\u00a0Dea. See note 14 for further information;
\u2022
The carrying value of property, plant and equipment and goodwill, where the key assumptions relate to oil and gas prices expected
to be realised and the estimation of 2P reserves and production pro\ufb01les. See notes 10 and 12 for further information;
\u2022
Decommissioning costs where the key assumptions relate to the discount and in\ufb02ation rates applied, applicable rig rates and expected
timing of cessation of production (COP) on each \ufb01eld. See note 21 for further information;
\u2022
De\ufb01ned bene\ufb01t obligations due to volatility arising from actuarial assumptions, such as the discount rate and pension growth.
See note 28 for further information;
\u2022
The provision for, or disclosure of, areas of uncertainty for tax purposes where the key assumptions are driven by technical analysis
corroborated by external advice; and
\u2022
Recognition of deferred tax assets and liabilities, where key assumptions relate to oil and gas prices expected to be realised,
and production pro\ufb01les. See note 8 for further information.
Disclosure regarding the judgements and estimates made in assessing the impact of climate change and the energy transition are described
below and references to notes in the \ufb01nancial statements are provided.
The results from downside sensitivities prepared with regard to production and commodity price assumptions, which in management\u2019s view
re\ufb02ect the principal risks, indicate that material changes that would impact the carrying amounts of assets and liabilities within the next
\ufb01nancial year are unlikely.
Further information is provided in the Audit and Risk Committee report on page 82.
Impact of climate change on the \ufb01nancial statements and related disclosures
Judgements and estimates made in assessing the impact of climate change and the energy transition
Harbour monitors global climate change and energy transition developments and plans. Management recognises there is a general high level
of uncertainty about the speed and scale of impacts which, together with limited historical information, provides challenges in the preparation
of forecasts and plans with a range of possible future scenarios, which may have the potential to materially impact the balance sheet.
The Group\u2019s strategic aspiration is to be net zero by 2050 with an interim target of a 50 per cent reduction in Scope 1 and 2 emissions
by 2030 against the 2018 baseline. This will be achieved through several opportunities, including operational ef\ufb01ciency improvements,
targeted decarbonisation projects and the eventual cessation of production of mature \ufb01elds. In addition, the company is investing in the
development of CCS projects in the UK and Europe.
All new economic investment decisions include the cost of carbon, and opportunities are assessed on their climate-impact potential and
alignment with Harbour\u00a0Energy\u2019s net zero aspiration taking into consideration both GHG volumes and intensity. The acquisition during the
year has helped to advance our energy transition objective by strategically shifting our portfolio towards natural gas. Over time this move is
expected to notably reduce our greenhouse gas intensity on a net equity basis. The corporate modelling that supports the preparation of
the \ufb01nancial statements (such as asset and goodwill impairment assessment, going concern and viability, deferred tax asset recoverability)
includes project costs related to CCS, certain decarbonisation projects once sanctioned, other activities to reduce gross operated Scope 1
and 2 GHG emissions, the UK and EU Emissions Trading Scheme costs and carbon offset purchases. Emissions reduction incentives are
part of staff remuneration through the annual bonus programme.
Climate change and the energy transition have the potential to signi\ufb01cantly impact the accounting estimates adopted by management and
therefore the valuation of assets and liabilities reported on the balance sheet. On an ongoing basis, management continues to assess the
potential impacts on the signi\ufb01cant judgements and estimates used in the preparation of the \ufb01nancial statements. Estimates adopted in the
\ufb01nancial statements re\ufb02ect management\u2019s best estimate of future market conditions where, in particular, commodity prices can be volatile.
Commodity and carbon price curve assumptions are described below noting that there is consideration given to other assumptions, not
exhaustively, such as foreign exchange and discount rates. Notwithstanding the challenges around climate change and the energy transition,
it is management\u2019s view that the \ufb01nancial statements are consistent with the disclosures in the Strategic report.
This note provides insight into how Harbour has considered the impact on valuations of key line items in the \ufb01nancial statements and how
they could change based on the climate change scenarios and sensitivities considered. The scenarios presented show what the possible
impact could be on the \ufb01nancial statements considering both high and low commodity and carbon price outlooks plus discount rates range.
Importantly, these climate change scenarios do not form the basis of the preparation of the \ufb01nancial statements but rather indicate how
the key assumptions that underpin the \ufb01nancial statements would be impacted by the climate change scenarios. They are also designed to
challenge management\u2019s perspective on the future business environment. It is recognised that the reality of the nature of progress of energy
transition will bring greater levels of disruption and volatility than these external scenarios expect and do not represent management\u2019s
current best estimate.
The \ufb01nancial statements have been prepared using management\u2019s current best estimate for the foreseeable future, based on a range
of economic forecasts and represented by the Harbour scenario oil price curve. Management regularly reviews these estimates and
assumptions to ensure they align with the latest economic conditions and market information.
Property, plant and equipment, and goodwill
Transitioning to lower carbon energy as the energy transition progresses has the potential to signi\ufb01cantly impact future commodity and
carbon prices which would, in turn, affect the future operating and capital costs, estimates of cessation of production, useful lives, and
consequently the recoverable amount of property, plant and equipment and goodwill.
The non-current assets of the Group, particularly goodwill and oil and gas assets within property, plant and equipment, are considered to
be the most sensitive to the energy transition. The carrying value of these assets and goodwill notably increased during the year, primarily
attributed to the completion of the Wintershall\u00a0Dea acquisition in the second half of the year.
Depreciation, estimated useful life and risk of stranded assets
The energy transition and the rate of its progression may impact the remaining lifespan of assets. Typically, the Group\u2019s oil and gas assets
are depreciated using a unit of production method, which is based on the ratio of production in the year to the commercial proven and
probable reserves of the \ufb01eld, considering future capital development expenditures.
As at 31 December 2024, the Group\u2019s production plans for existing assets indicated that 44 per cent, 18 per cent and nil per cent of the
commercial proven and probable reserves would remain by 2030, 2035, and 2050, respectively. Using the unit of production depreciation
method, the carrying amounts for the oil and gas assets are depreciated in line with the depletion of reserves. An evaluation of the oil and
gas assets as at 31 December 2024 indicated that the oil and gas assets would experience signi\ufb01cant additional depreciation by 2030
and near-complete depreciation by 2035, based on the planned depletion of reserves.
This indicates that a substantial portion of proven and probable reserves are anticipated to be produced by 2035, resulting in lower risk of
stranded assets being carried in the consolidated balance sheet. The Group\u2019s portfolio management approach aims to mitigate the risk of
stranded assets in the event of a faster-than-expected structural decline in demand for oil and gas due to tighter environmental regulations,
changes in market demands and global energy demand.
Impairment of property, plant and equipment, and goodwill
The important assumptions for impairment testing of goodwill and oil and gas assets applied to the life of \ufb01elds production and cost pro\ufb01les
include commodity and carbon prices and discount rates. These key assumptions are carefully assessed by management, both in isolation
and in aggregate, to ensure there is a fair and balanced view attained with minimal aggregate bias. These assumptions are inherently
uncertain and may ultimately diverge from the actual amounts.
During the current year\u2019s impairment testing, the Harbour scenario utilised real long-term commodity price assumptions from 2028 for Brent
crude at $78 per barrel (2023: $70 per barrel), UK NBP gas at 80 pence per therm (2023: 90 pence per therm), and a European gas price
at 2 per cent higher than UK NBP. These were combined with short-term management forecasts re\ufb02ecting benchmarked consensus and
market forward curves at the year end.
Carbon costs are expected to evolve over time and are subject to signi\ufb01cant uncertainty due to the rate of transition and the maturity
of regulatory frameworks. For the carbon price, Harbour management\u2019s real forward price curve assumption in 2024 is $72 per tonne
(2023: $63 per tonne), projected to increase to $182 per tonne (2023: $175 per tonne) by 2030. Sensitivity analysis was conducted
using the IEA Net Zero carbon price curve, with a \ufb02at assumed foreign exchange rate of pound sterling to US dollar rate of \u00a31:$1.30.
Sensitivity to changes in commodity price assumptions
Sensitivity analyses on the impairment of oil and gas assets and goodwill have been conducted using different commodity price scenarios
to demonstrate the potential impact on their net book carrying values. It should be noted that the \ufb01nancial statements are based on the
Harbour scenario. Impairment sensitivities have been developed using average -10 per cent and +10 per cent deviations from the Harbour
scenario long-term crude and gas prices as well as selected published climate change price curves.
The sensitivity scenarios described below incorporate changes to the commodity price assumptions and assume that all other factors
remain unchanged from the Harbour scenario used for the basis of preparation of the \ufb01nancial statements. Importantly, these sensitivities
are stated before any management mitigation actions to manage downside risks if the scenarios were to occur.
The Sustainability review on pages 38 to 59 discusses both transition and physical risk climate change scenarios. This analysis covers the
transition risks and the graphs opposite show the crude oil, UK NBP gas price curves and European TTF gas price for the period to 2050
for the following IEA scenarios: Net Zero Emissions by 2050, Stated Policies and Announced Pledges.
All the scenario price curves are dependent on factors covering supply, demand, economic and geopolitical events and therefore are
inherently uncertain and subject to signi\ufb01cant volatility and hence unlikely to re\ufb02ect the future outcome.
\u2022
Harbour scenario: base price curves used for impairment testing
\u2022
IEA Net Zero Emissions by 2050 (NZE): pathway to limiting global temperature rise to 1.5\u00baC
\u2022
IEA Stated Policies Scenario (STEPS): pathway based on existing policy commitments and measures and those currently under
development by sector and country
\u2022
IEA Announced Pledges Scenario (APS): pathway based on current climate ambitions and targets by governments and industries
regardless of whether these have been legislated
0
\n
20
\n
40
\n
60
\n
80
\n
100
\n
2050
2049
2048
2047
2046
2045
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
\n
$/bbl
\n
Crude
\n
$/bbl
\n
Crude
\n
Harbour scenario
NZE
STEPS
APS
\n
0
\n
5
\n
10
\n
15
\n
20
\n
2050
2049
2048
2047
2046
2045
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
\n
$/mscf
\n
Gas
\n
Harbour scenario
NZE
STEPS
APS
\n
The crude price curves re\ufb02ect the published IEA price curves for all periods. For UK NBP there are no IEA published price curves therefore
\n
management has derived the gas price curves by converting from the published IEA European gas price curve. This was achieved by
\n
converting from USD per mbtu to USD per mscf and applying other known correlation coef\ufb01cients between the European and UK gas
\n
markets. In addition, for the period 2025-2027, the derived gas price curve matches the Harbour scenario price curve to create a scenario
\n
that was considered reasonably plausible.
\n
Pre-development assets are recorded in other intangible assets ahead of demonstration of commerciality and recognition of 2P reserves
\n
and hence are not included below, however they are subject to the same management rigour with the corporate models. The majority of
\n
such assets are in developing countries with a growing future demand for energy which may reduce the climate change impact from these
\n
pre-development assets.
\n
The impact of the sensitivities on the carrying value of oil and gas assets and goodwill in the consolidated balance sheet are shown in the
\n
table below:
\n
31 December 2024
\n\n \n
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
\u2013
(45)
(928)
\u2013
(38)
(note 10)
5,147
Gas
\u2013
(37)
(1,431)
(997)
(1,114)
Oil and gas
Crude oil
\u2013
(323)
(2,528)
\u2013
(415)
assets
14,458
(note 12)
Gas
\u2013
(2)
(131)
(89)
(35)
31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0 \u00a0
Pre-tax sensitivity in carrying value
\u00a0\u00a0 \u00a0
$ million
\u00a0\u00a0 \u00a0 \u00a0 \u00a0
IEA Net Zero
IEA Stated
IEA Announced
\u00a0\u00a0
Carrying value
+10% price to
-10% price to
Emissions by
Policies
Pledges
\u00a0
Commodity
$ million
Harbour scenario
Harbour scenario
2050 (NZE)
(STEPS)
(APS)
Goodwill
Crude oil
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
(note 10)
\u00a0
1,302
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Gas
\u00a0
\u2013
(4)
\u2013
\u2013
\u2013
Oil and gas
Crude oil
\u00a0
\u2013
(86)
(221)
\u2013
\u2013
assets
\u00a0
4,822
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(note 12)
Gas
\u00a0
\u2013
(21)
(9)
\u2013
\u2013
\n
The 2024 results and sensitivities are dominated by the acquired Wintershall\u00a0Dea portfolio which has substantially increased the goodwill
and property, plant and equipment carrying values.
The +/-10 per cent price curves used in the Harbour scenarios adjust long-term prices from 2028.
Under the -10 per cent price to Harbour scenario for crude, there is a pre-tax impairment to oil and gas assets of $323 million and
on goodwill an impairment of $45 million. For gas a pre-tax impairment of $2 million and on goodwill an impairment of $37 million.
For crude, under the IEA NZE 2050 scenario, there is a pre-tax impairment to oil and gas assets of $2,528 million and on goodwill an
impairment of $928 million. For gas, there is a pre-tax impairment to oil and gas assets of $131 million and on goodwill an impairment
of $1,431 million.
For crude, under the IEA STEPS, there is no pre-tax impairment to oil and gas assets or goodwill. For gas, there is a pre-tax impairment
to oil and gas assets of $89 million and on goodwill an impairment of $997 million.
For crude, under the IEA APS, there is a pre-tax impairment to oil and gas assets of $415 million and on goodwill an impairment of
$38 million. For gas there is a pre-tax impairment to oil and gas assets of $35 million and on goodwill an impairment of $1,114 million.
Sensitivity to changes in carbon price assumptions
The sensitivity scenarios described below incorporate changes to the carbon price assumptions and assume that all other factors remain
unchanged from the Harbour scenario used for the basis of preparation of the \ufb01nancial statements. This sensitivity is stated before any
management mitigation actions to manage downside risks if the scenarios were to occur.
The risk of stranded assets may increase in a higher carbon price scenario. Sensitivity analyses of the carrying value of Harbour\u2019s oil and
gas assets and goodwill to carbon prices have been conducted based on the IEA NZE 2050 scenario. This aims to demonstrate the resilience
of the assets\u2019 carrying values to higher long-term carbon prices than those re\ufb02ected in the consolidated balance sheet.
This analysis covers the transition risks, and the graph below shows the carbon price per tonne for the period to 2050 for the IEA NZE
2050 scenario.
The scenario price curves are dependent on factors covering supply, demand, economic and geopolitical events and therefore are inherently
uncertain and subject to signi\ufb01cant volatility. As a result, they are unlikely to accurately predict future outcomes.
\u2022
Harbour scenario: base price curves used for impairment testing
\u2022
IEA Net Zero Emissions by 2050 (NZE): pathway to limiting global temperature rise to 1.5\u00b0C
0
100
200
300
400
500
2050
2049
2048
2047
2046
2045
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
$/tonne
Carbon
Harbour scenario
NZE
Applying the IEA NZE 2050 carbon price scenario for the entirety of the useful economic life of the assets resulted in a pre-tax impairment
\n
of $9 million (2023: $27 million) to oil and gas assets with no impairment to goodwill under this scenario.
\n
Sensitivity to changes in discount rate assumptions
\n
The discount rate applied for impairment testing of the fair value less cost of disposal is based on a nominal post-tax weighted average
\n
cost of capital (WACC) after considering both cost of debt and equity. In 2024, the Group\u2019s post-tax discount rate ranging from 8.75 per cent
\n
to 14.5 per cent (2023: 9.0 per cent to 12.4 per cent) is derived after considering relevant peer group\u2019s post-tax WACC and incorporating
\n
segment-speci\ufb01c risk.
\n
Considering the discount rates, the Group deems a 1 per cent rise in the discount rate to be a reasonable potentiality for conducting
\n
sensitivity analysis, assuming that all other factors utilised in calculating the recoverable value for the carrying amount of goodwill and
\n
oil and gas assets remain unaltered.
\n
A 1 per cent increase in the discount rate would result in an additional impairment of $113 million (2023: $24 million) to the oil and
\n
gas assets and on goodwill $10 million (2023: $1 million), and a 1 per cent decrease in the discount rate would have no impact on the
\n
impairment charge.
\n
Intangible assets \u2013 exploration and evaluation assets
\n
The energy transition has the potential to affect the future development or viability of exploration and evaluation prospects. A signi\ufb01cant
\n
portion of the Group\u2019s exploration and evaluation assets relate to prospects that could either be tied back to existing infrastructure or are
\n
in developing countries with a growing future demand for energy which may reduce the climate change impact from these pre-development
\n
assets and hence require less capital investment as these assets are less exposed to the impacts of the energy transition compared to
\n
large frontier developments. At each balance sheet date, all exploration and evaluation prospects are reviewed against the Group\u2019s \ufb01nancial
\n
framework to ensure that the continuation of activities is planned and expected. There are no signi\ufb01cant judgements and/or critical
\n
estimation uncertainty related to climate factors.
\n
See Judgements: Exploration and evaluation expenditure (page 136) and note 11 to the \ufb01nancial statements for further information.
\n
Deferred tax assets
\n
The potential impact of climate change and energy transition on balance sheet items is uncertain and may lead to signi\ufb01cant changes in the
\n
estimations of parameters such as the useful life of assets and timing of cessation of production together with their related deferred tax balances.
\n
Deferred tax assets are recognised to the extent that their recovery is considerable probable. In general, it is expected that suf\ufb01cient
\n
forecasted taxable pro\ufb01ts will be available for the recovery of deferred tax assets recognised at 31 December 2024 and expected to
\n
be recovered within the period of production for each asset and after taking into account deferred tax liabilities.
\n
See note 8 Income tax for information on deferred tax balances.
\n
Onerous contracts
\n
Contracts may become onerous due to potential loss of revenue or heightened costs stemming from changes in climate change and energy
\n
transition regulations.
\n
Management does not foresee any of its existing supply contracts becoming onerous based on the current production level and estimated
\n
useful lives of its assets.
\n
Decommissioning cost and provisions
\n
The energy transition may accelerate the decommissioning of assets which would result in an increase in the carrying value of associated
\n
decommissioning provisions. Whilst the Group currently expects to incur decommissioning costs over the next 40 years, we anticipate the
\n
majority of costs will be incurred between the next 10 to 20 years which will reduce the exposure to the impact of the energy transition.
\n
In the current year, the undiscounted provision for decommissioning and restoration was $10.5 billion (2023: $6.6 billion), recognised
\n
on a discounted basis in the consolidated balance sheet.
\n
The discount and in\ufb02ation rates applied have taken into consideration the applicable rig rates and expected timing of cessation of production
\n
on each \ufb01eld. Therefore, the timing of decommissioning expenditures has not been materially brought forward and management do not
\n
consider that any reasonable change in the timing of decommissioning expenditure will have a material impact on the decommissioning
\n
provisions based on the production plans of existing assets.
\n
Decommissioning cost estimates are based on the current regulatory and external environment. These cost estimates and recoverability of
\n
associated deferred tax may change in the future, including as a result of the energy transition. On the basis that all other assumptions in the
\n
calculation remain the same, a 10 per cent increase in the cost estimates, and a 10 per cent reduction in the applied discount rates used to
\n
assess the \ufb01nal decommissioning obligation, would result in increases to the decommissioning provision of approximately $852 million (2023:
\n
$456 million) and $286 million ($440 million), respectively. This change would be principally offset by a change to the value of the associated
\n
asset unless the asset is fully depreciated, in which case the change in estimate is recognised directly within the income statement.
\n
See Key sources of estimation uncertainty: Decommissioning costs for further information (page 137).
\n
Portfolio changes
\n
Harbour expensed $75 million of costs in relation to CO
2
emissions during 2024 (2023: $69 million) with the majority in relation to the UK
\n
Emissions Trading Scheme quotas net of allocated free quotas. Quotas in relation to future periods are recognised in intangible assets.
Harbour has investments in a number of CCS projects which are regarded as key to assisting in the energy transition. Projects are
recognised in intangible assets once the projects are regarded as technically feasible and commercially viable; prior to this, costs are
expensed to the income statement. In 2024 Harbour spent $72 million on CCS activities, capitalising $33 million and expensing $39 million.
Further information on Harbour\u2019s CCS projects can be found on page 31.
Global oil and gas demand considerations
The transition to sustainable energy to mitigate climate change carries the potential to adversely impact commodity prices due to a global
decrease in the demand for oil and gas, potentially leading to reduced revenue. Furthermore, investment in clean energy via the adoption
of clean energy technologies could elevate production costs, thereby diminishing future pro\ufb01t margins.
Based on prevailing policies and regulatory frameworks, it is anticipated that the growth in global oil demand will decrease, but the demand
for oil and gas is projected to continue as a crucial component of the energy mix for the foreseeable future. Natural gas is widely known as
a key transition fuel. In the 2024 IEA World Energy Outlook report the demand for natural gas has been revised upwards in all scenarios
compared to the previous year, re\ufb02ecting stronger anticipated demand for gas to meet growth in electricity demand.
During the year, the Group produced 258 kboepd (2023: 186 kboepd), accounting for less than 0.3 per cent of global production.
Consequently, the Group does not expect the ability to sell the volume of oil equivalent produced to be directly impacted by shifts in
global oil and gas demand. Management remains committed to investing in a diversi\ufb01ed oil and gas company.
Cost of carbon allowances
Harbour is part of the European and UK Emissions Trading Schemes (EU and UK ETS) and purchases carbon allowances to meet its
regulatory obligations under the schemes. Harbour is entitled to receive a share of free allowances according to UK and EU ETS regulations.
Allowances owned in excess of liabilities to date that are available to be used in future periods are recorded in other intangible assets
and measured at cost. The costs for purchasing allowances are recorded in costs of operations matching emissions for the period.
Accruals that are required for allowances to be purchased are measured at market price.
Segment reporting
The Group\u2019s activities consist of one class of business being the acquisition, exploration, development and production of oil and gas
reserves and related activities and are split geographically and managed in nine Business Units: namely Norway, the UK, Germany, Mexico,
Argentina, North Africa, Southeast Asia, CCS and Corporate.
Joint arrangements
A joint arrangement is one in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
Exploration and production operations are usually conducted through joint arrangements with other parties. The Group reviews all joint
arrangements and classi\ufb01es them as either joint operations or joint ventures depending on the rights and obligations of each party to
the arrangement and whether the arrangement is structured through a separate vehicle. The Group\u2019s interest in joint operations, such
as exploration and production arrangements, are accounted for by recognising its:
\u2022
Assets, including its share of any assets held jointly
\u2022
Liabilities, including its share of any liabilities incurred jointly
\u2022
Revenue from the sale of its share of the output arising from the joint operation
\u2022
Share of the revenue from the sale of the output by the joint operation
\u2022
Expenses, including its share of any expenses incurred jointly
A joint venture, which normally involves the establishment of a separate legal entity, is a contractual arrangement whereby the parties that
have joint control of the arrangement have the rights to the arrangement\u2019s net assets. The results, assets and liabilities of a joint venture
are incorporated in the consolidated \ufb01nancial statements using the equity method of accounting. During 2023, the Group did not have any
interests in joint ventures. Note 33 describes the Group\u2019s interests in joint arrangements as at 31 December 2024.
Where the Group transacts with its joint operations, unrealised pro\ufb01ts and losses are eliminated to the extent of the Group\u2019s interest in the
joint operation.
Foreign currency translation
Each entity in the Group determines its own functional currency, being the currency of the primary economic environment in which the entity
operates, and items included in the \ufb01nancial statements of each entity are measured using that functional currency.
The consolidated \ufb01nancial statements are presented in US dollars, which is also the parent company\u2019s functional currency.
Transactions recorded in foreign currencies are initially recorded in the entity\u2019s functional currency by applying an average rate of exchange.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the
reporting date. All differences are taken to the income statement.
Non-monetary assets and liabilities denominated in foreign currencies are measured at historic cost based on exchange rates at the date
of the initial transaction and subsequently not retranslated.
On consolidation, the assets and liabilities of the Group\u2019s operations are translated at exchange rates prevailing on the balance sheet date. Income
and expense items are translated at the average monthly exchange rates for the year. Equity is held at historic cost and is not retranslated. The
resulting exchange differences are recognised as other comprehensive income and are transferred to the Group\u2019s currency translation reserve.
When an overseas operation is disposed of, such translation differences relating to it are recognised as income or expense.
Goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities
arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate.
Goodwill
In the event of a business combination or acquisition of an interest in a joint operation in which the activity constitutes a business, as
de\ufb01ned in IFRS 3 Business Combinations, the acquisition method of accounting is applied. Goodwill represents the difference between
the aggregate of the fair value of purchase consideration transferred at the acquisition date and the fair value of the identi\ufb01able assets,
liabilities and contingent liabilities acquired, less any non-controlling interest. If however, the fair value of the purchase consideration
transferred is lower than the fair value of the identi\ufb01able assets and liabilities acquired, less non-controlling interest, the difference is
recognised in the income statement as negative goodwill. The Group\u2019s goodwill is related to the requirement to recognise deferred tax for the
difference between the assigned fair values and the related tax base (technical goodwill). The fair value of the Group\u2019s licences are based
on post-tax cash \ufb02ows or benchmarked multiples. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax
corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred
tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Goodwill is initially measured at cost. Following initial recognition,
goodwill is measured at cost less any accumulated impairment. Goodwill acquired in a business combination is, from the acquisition date,
allocated to each of the Group\u2019s operating segments. This is subsequently tested for impairment at the Group\u2019s operating segment level
based on the aggregation of any headroom arising from asset impairment tests. Goodwill is treated as an asset of the relevant entity to
which it relates, and accordingly non-US dollar goodwill is translated into US dollars at the closing rate of exchange at each reporting date.
Goodwill, as disclosed in note 10, is not amortised but is reviewed for impairment at least annually by assessing the recoverable amount of the
operating segments to which the goodwill relates. Where the carrying amount of the operating segment and related goodwill is higher than the
recoverable amount of the operating segment, an impairment loss is recognised in the income statement. The recoverable amounts of the operating
segments have been determined on a fair value less costs to sell basis. Impairments are expected to arise as the deferred tax that gave rise to the
goodwill initially naturally unwinds in the normal course of business. Impairment losses relating to goodwill cannot be reversed in future periods.
Pre-licence costs
Pre-licence costs are expensed in the period in which they are incurred.
Licence and property acquisition costs
Licence and property acquisition costs paid in connection with a right to explore in an existing exploration area are capitalised as exploration
and evaluation costs within intangible assets.
Licence and property acquisition costs are reviewed at each reporting date to con\ufb01rm that there is no indication that the carrying amount
exceeds the recoverable amount. If no future activity is planned or the related licence has been relinquished or has expired, the carrying
value of the property acquisition costs is written off through the income statement. Upon recognition of proved reserves and internal
approval for development, the relevant expenditure is transferred to oil and gas properties within development and production assets.
Exploration and evaluation costs
Once the legal right to explore has been acquired, costs directly associated with the exploration are capitalised as exploration and evaluation
(E&E) intangible non-current assets until the exploration is complete and the results have been evaluated. If no potential commercial
resources are discovered, the exploration asset is written off.
All such capitalised costs are subject to technical, commercial and management review, as well as review for indicators of impairment
at least annually. This is to con\ufb01rm the continued intent to develop or otherwise extract value from the discovery. When this is no longer
the case, the costs are written off through the income statement.
When proved reserves of oil or natural gas are identi\ufb01ed and development is sanctioned by management, the relevant capitalised
expenditure is \ufb01rst assessed for impairment and, if required, any impairment loss is recognised, then the remaining balance is transferred
to oil and gas properties within development and production assets. No amortisation is charged during the exploration and evaluation phase.
Farm-outs \u2013 in the exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise any gain or loss on its exploration
and evaluation farm-out arrangements but re-designates any costs previously capitalised in relation to the whole interest as relating to the
partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the farmor as a gain on disposal.
Property, plant and equipment \u2013 oil and gas assets
Oil and gas development and production assets are accumulated generally on a \ufb01eld-by-\ufb01eld or cash-generating unit basis where
infrastructure is shared. This represents expenditure on the construction, installation or completion of infrastructure facilities such as
platforms, pipelines and the drilling of development wells, including E&E expenditures incurred in \ufb01nding commercial reserves transferred
from intangible E&E assets, as outlined in the intangible asset policy above, which is capitalised as oil and gas properties within
development and production assets.
The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into
operation, the initial estimate of the decommissioning obligation and, for qualifying assets, where relevant, borrowing costs. The purchase
price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
An item of development and production expenditure and any signi\ufb01cant part initially recognised is derecognised upon disposal or when
no future economic bene\ufb01ts are expected. Any gain or loss arising on derecognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in the income statement.
Expenditure on major maintenance includes re\ufb01ts, inspections or repairs comprising the cost of replacement assets or parts of assets,
inspection costs and overhaul costs. Where an asset, or part of an asset, that was separately depreciated and is now written off is replaced
and it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group, the expenditure is capitalised. All other
day-to-day repairs and maintenance costs are expensed as incurred.
Depreciation, depletion and amortisation (DD&A) of oil and gas assets
All costs relating to a development are accumulated and not depreciated until the commencement of production. Depreciation is provided
generally on a \ufb01eld-by-\ufb01eld or cash-generating unit basis where infrastructure is shared, using the unit of production method by reference
to the ratio of production in the year and the related commercial proven and probable reserves of the \ufb01eld, considering future development
expenditures necessary to bring those reserves into production.
When there is a change in the estimated total recoverable proven and probable reserves of a \ufb01eld, that change is accounted for in the
depreciation charge over the revised remaining proven and probable reserves.
Acquisitions, asset purchases and disposals
Acquisitions of oil and gas properties are accounted for using the acquisition method when the assets acquired, and liabilities assumed
constitute a business.
Transactions involving the purchase of an individual \ufb01eld interest, or a group of \ufb01eld interests, which do not constitute a business, are
treated as asset purchases irrespective of whether the speci\ufb01c transactions involve the transfer of the \ufb01eld interests directly or the transfer
of an incorporated entity. Accordingly, no goodwill and no deferred tax gross up arises, and the consideration is allocated to the assets and
liabilities purchased on an appropriate basis.
Proceeds on disposal are applied to the carrying amount of the speci\ufb01c intangible asset or oil and gas property disposed of and any surplus
is recorded as a gain on disposal in the income statement.
Decommissioning
A provision for decommissioning is recognised in full when the related facilities are installed. The amount recognised is the present value of
the estimated future expenditure. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil
and gas property. This is subsequently depreciated as part of the capital costs of the production facilities. Any change in the present value
of the estimated expenditure is dealt with from the start of the \ufb01nancial year as an adjustment to the opening provision and the oil and gas
property. The unwinding of the discount is included as a \ufb01nance cost.
Non-oil and gas assets
Property, plant and equipment \u2013 \ufb01xtures and \ufb01ttings and o\ufb03ce equipment
Fixtures and \ufb01ttings and of\ufb01ce equipment are stated at cost less accumulated depreciation and impairment. Depreciation is provided for
on a straight-line basis at rates suf\ufb01cient to write off the cost of the assets less any residual value over their estimated useful economic lives.
The depreciation periods for the principal categories of assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2022
Buildings
Up to 50 years
\u2022
Fixtures and \ufb01ttings
Up to 10 years
\u2022
Of\ufb01ce furniture and equipment
Up to 5 years
\n
Intangible assets
Intangible assets principally comprise IT software/licences and carbon allowances. IT software/licences are carried at cost less any
accumulated amortisation. These assets are amortised on a straight-line basis over their useful economic lives of between three and ten
years. Carbon allowances are carried at cost and subject to impairment testing.
Impairment of non-current assets (excluding goodwill)
In accordance with IAS 36 Impairment of Assets, impairment tests are carried out on items of property, plant and equipment and intangible
assets where there is an indicator of impairment, or an indicator identi\ufb01ed that a prior year impairment may have reversed or decreased.
Such indications may be based on events or changes in the market environment, or on internal sources of information.
Impairment and reversal indicators
Property, plant and equipment and intangible assets with \ufb01nite useful lives are only tested for impairment when there is an indication that
they may be impaired. This is generally the result of signi\ufb01cant changes to the environment in which the assets are operated or when asset
performance is signi\ufb01cantly lower than expected.
The main impairment indicators used by the Group are described below:
\u2022
External sources of information:
\u2013
Signi\ufb01cant changes in the economic, technological, political or market environment in which the entity operates
or to which an asset is dedicated
\u2013
Fall in demand
\u2013
Changes in commodity prices and exchange rates
\u2022
Internal sources of information:
\u2013
Evidence of obsolescence or physical damage
\u2013
Signi\ufb01cantly lower than expected production or cost performance
\u2013
Reduction in reserves and resources, including as a result of unsuccessful results of drilling operations
\u2013
Pending expiry of licence or other rights
\u2013
In respect of capitalised exploration and evaluation costs, lack of planned future activity on the prospect or licence
\u2013
For reversals, plausible downside sensitivity scenarios are run to test the robustness of the asset carrying values typically
against changes in production and commodity prices
Measurement of recoverable amount
The cash-generating unit (CGU) applied for impairment test purposes is generally the \ufb01eld, except that a number of \ufb01eld interests may
be grouped as a single CGU where the cash in\ufb02ows of each \ufb01eld are interdependent. The carrying value of each CGU is compared against
the expected recoverable amount of the asset, which is primarily determined based on the fair value less cost of disposal (FVLCD) method,
where the fair value is determined from the estimated present value of the future net cash \ufb02ows expected to be derived from production
of commercial reserves. Standard valuation techniques are used based on the discount rates that re\ufb02ect the speci\ufb01c characteristics of
the operating entities concerned; discount rates are determined on a post-tax basis and applied to post-tax cash \ufb02ows.
Any impairment loss is recorded in the income statement under \u2018Impairment of property, plant and equipment\u2019. Impairment losses recorded in relation
to property, plant and equipment may be subsequently reversed if the recoverable amount of the assets subsequently increases above carrying
value. The increased carrying amount of an item of property, plant or equipment attributable to a reversal of an impairment loss may not exceed the
carrying amount that would have been determined (net of depreciation/amortisation) had no impairment loss been recognised in prior periods.
Non-current assets held for sale and discontinued operations
The Group classi\ufb01es non-current assets and disposal groups as assets held for sale if their carrying amounts will be recovered principally
through a sale transaction rather than through continuing use. Non-current assets and disposal groups classi\ufb01ed as held for sale are
measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable
to the disposal group, excluding \ufb01nance costs and income tax expense. The criteria for held for sale classi\ufb01cation is regarded as met only
when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Management must
be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classi\ufb01cation. Actions
required to complete the sale should indicate that it is unlikely that signi\ufb01cant changes to the sale will be made or that the decision to sell will
be withdrawn. Property, plant and equipment and intangible assets are not depreciated or amortised once classi\ufb01ed as assets held for sale.
Assets and liabilities classi\ufb01ed as held for sale are presented separately as current line items in the balance sheet.
Financial assets
The Group uses two criteria to determine the classi\ufb01cation of \ufb01nancial assets: the Group\u2019s business model and contractual cash \ufb02ow
characteristics of the \ufb01nancial assets. Where appropriate the Group identi\ufb01es three categories of \ufb01nancial assets: amortised cost, fair
value through pro\ufb01t or loss (FVTPL), and fair value through other comprehensive income (FVOCI).
Financial assets held at amortised cost
Financial assets held at amortised cost are initially measured at fair value plus transaction and subsequently measured using the effective
interest rate (EIR) method and are subject to impairment. The EIR amortisation is presented within \ufb01nance income in the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are held for the purpose of meeting
short-term cash commitments, readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value.
Impairment of \ufb01nancial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVTPL. ECLs are based on the
difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
ECLs are recognised in two stages:
\u2022
12-month ECL: for credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are
provided for credit losses that result from default events (payment, prospective or covenant) that are possible within the next 12 months
\u2022
Lifetime ECL: for those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss
allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs as allowed under IFRS 9 Financial
Instruments. Provision rates are calculated based on estimates including the probability of default by assessing counterparty credit ratings,
as adjusted for forward-looking factors speci\ufb01c to the debtors, the economic environment and the Group\u2019s historical credit loss experience.
Credit impaired \ufb01nancial assets
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost and debt \ufb01nancial assets carried at FVOCI
are credit impaired. A \ufb01nancial asset is \u2018credit impaired\u2019 when one or more events that have a detrimental impact on the estimated future
cash \ufb02ows of the \ufb01nancial asset have occurred.
Evidence that a \ufb01nancial asset is credit impaired includes the following observable data:
\u2022
Signi\ufb01cant \ufb01nancial dif\ufb01culty of the borrower or issuer
\u2022
A breach of contract such as default or past due event
\u2022
The restructuring of a loan or advance by the Group on terms that the Group would otherwise not consider
\u2022
Becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation
\u2022
The disappearance of an active market for a security because of \ufb01nancial dif\ufb01culties
Financial liabilities
Financial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans and borrowings,
payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All \ufb01nancial liabilities are recognised
initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs which are capitalised
and amortised over the term of the borrowings. Where borrowings have been fully repaid but the borrowing facility remains, directly
attributable transaction costs that remain unamortised are presented within current and/or non-current assets.
Borrowings and loans
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums
payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective
interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
Subordinated notes
Through the acquisition of the Wintershall\u00a0Dea portfolio, the Group now holds two series of subordinated resettable \ufb01xed rate notes
(subordinated notes) in the aggregate principal amount of \u20ac1,500 million, which were transferred to Harbour on completion of the
acquisition. The subordinated notes are callable three months prior to the \ufb01rst reset date for the NC2026 series and six months prior
to the \ufb01rst reset date for the NC2029 series, and have no maturity.
Based on their characteristics (mainly no mandatory repayment and no obligation to pay a coupon except under certain circumstances speci\ufb01ed
in the documentation of the subordinated notes) and in compliance with IAS 32 Financial Instruments: Presentation, the subordinated notes
are wholly classi\ufb01ed as equity. On completing the acquisition, the issued subordinated notes are recognised at fair value, based on market rates
as of the acquisition date. Accrued interest payable to the subordinated notes investors increases equity, whereas the distribution of interest
payments reduces equity.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When an existing \ufb01nancial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the income statement.
Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments such as forward currency contracts, interest rate swaps, commodity option contracts and
commodity swap arrangements, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Derivative
\ufb01nancial instruments are initially recognised and subsequently remeasured at fair value. Certain derivative \ufb01nancial instruments are
designated as cash \ufb02ow hedges in line with the Group\u2019s risk management policies. When derivatives do not qualify for hedge accounting
or are not designated as accounting hedges, changes in the fair value of the instrument are recognised within the income statement.
A derivative with a positive fair value is recognised as a \ufb01nancial asset whereas a derivative with a negative fair value is recognised as a
\ufb01nancial liability. Derivatives are not offset in the \ufb01nancial statements unless the Group has both a legally enforceable right and intention
to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than
12 months and it is not due to be realised or settled within 12 months. Other derivatives maturing in less than 12 months and expected
to be realised or settled in less than 12 months are presented as current assets or current liabilities.
Cash \ufb02ow hedges
The effective portion of gains and losses arising from the remeasurement of derivative \ufb01nancial instruments designated as cash \ufb02ow hedges
are deferred within other comprehensive income and subsequently transferred to the income statement in the period the hedged transaction
is recognised in the income statement. When a hedging instrument is sold or expires, any cumulative gain or loss previously recognised in
other comprehensive income remains deferred until the hedged item affects pro\ufb01t or loss or is no longer expected to occur. Any gain or loss
relating to the ineffective portion of a cash \ufb02ow hedge is immediately recognised in the income statement. Hedge ineffectiveness could arise
if volumes of the hedging instruments are greater than the hedged item of production, or where the creditworthiness of the counterparty
is signi\ufb01cant and may dominate the transaction and lead to losses.
Fair values
Fair value is de\ufb01ned as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. It is determined by reference to quoted market prices adjusted for estimated transaction
costs that would be incurred in an actual transaction, or by the use of established estimation techniques such as option pricing models
and estimated discounted values of cash \ufb02ows.
For \ufb01nancial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques.
Under IFRS 9 Financial Instruments, embedded derivatives are not separated from a host \ufb01nancial asset, and are classi\ufb01ed based
on their contractual terms and the Group\u2019s business model.
Equity
Share capital
Share capital includes the total net proceeds, both nominal and share premium, on the issue of ordinary (voting and non-voting)
and preference shares of the company.
Merger reserve
On 31 March 2021, Harbour\u00a0Energy plc (formerly Premier Oil plc) acquired Chrysaor Holdings Limited as part of a reverse acquisition. Under
the terms of the merger, Premier legally acquired Chrysaor through the issuance of consideration shares whilst Chrysaor was the acquirer for
accounting purposes, primarily as a result of its ability to appoint the Board of the enlarged group. The merger reserve primarily represented
Premier\u2019s opening balance on the legal reserve plus the fair value of the assets and liabilities acquired by Chrysaor. This was subsequently
reduced following a capital restructuring in 2022.
On 3 September 2024, the company acquisition of the Wintershall\u00a0Dea assets met the conditions to recognise the difference between the
fair value and nominal value of the shares issues as consideration as merger reserve.
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares transferred following the company\u2019s purchase of them.
Cash \ufb02ow hedge reserve
The cash \ufb02ow hedge and cost of hedging reserves represent gains and losses on derivatives classi\ufb01ed as effective cash \ufb02ow hedges. Upon the
designation of option instruments as hedging instruments, the intrinsic and time value components are separated, with only the intrinsic component
being designated as the hedging instrument and the time value component is deferred in other comprehensive income as a \u2018cost of hedging\u2019.
Currency translation reserve
This reserve comprises exchange differences arising on consolidation of the Group\u2019s operations with a functional currency other than the US dollar.
Share-based payments
The Group has applied the requirements of IFRS 2 Share-Based Payment. The Group has share-based awards that are equity and cash
settled as de\ufb01ned by IFRS 2. The fair value of the equity-settled awards has been determined at the date of grant of the award allowing
for the effect of any market-based conditions. The fair value determined at the grant date of the equity-settled share-based payments is
expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest and adjusted
for the effect of non-market based vesting conditions. For cash-settled awards, a liability is recognised for the goods or service acquired.
This is measured initially at the fair value of the liability. The fair value of the liability is subsequently remeasured at each balance sheet date
until the liability is settled, and at the date of settlement, with any changes in fair value recognised in the income statement.
Inventories
All inventories, except for petroleum products, are stated at the lower of cost and net realisable value. The cost of materials is the purchase
cost, determined on weighted average cost basis. Petroleum products and underlift and overlift positions are measured at net realisable
value using an observable year-end oil or gas market price, and are included in other debtors or creditors, respectively.
Leases
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and
lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on
a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets which are no more than ten years.
The Group recognises right-of-use assets and lease liabilities on a gross basis and the recovery of lease costs from joint operations\u2019 partners
is recorded as other income.
Liabilities arising from a lease are initially measured on a present value basis re\ufb02ecting the net present value of the \ufb01xed lease payments and
amounts expected to be payable by the Group assuming leases run to full term. The Group has applied judgement to determine the lease
term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain
to exercise such options impacts the lease term, which signi\ufb01cantly impacts the amount of lease liabilities and right-of-use assets recognised.
The lease payments are discounted at the lease commencement date using the Group\u2019s incremental borrowing rates of between
1.2 per cent and 13.1 per cent, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset
of similar value in a similar economic environment with similar terms and conditions.
To determine the incremental borrowing rate, the Group where possible:
\u2022
Uses recent third-party \ufb01nancing received by the individual lessee as a starting point, adjusted to re\ufb02ect changes in \ufb01nancing conditions
since third party \ufb01nancing was received
\u2022
Makes adjustments speci\ufb01c to the lease, for example term, country, currency and security
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease
liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed
and adjusted against the right-of-use asset.
Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to the income statement over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Payments associated with short-term leases and leases of low value assets are recognised on a straight-line basis as an expense in the
income statement. Short-term leases are leases with a lease term of 12 months or less.
For lease arrangements where all partners of a joint operation are considered to share the primary responsibility for lease payments under
a lease contract, the Group recognises its share of the respective right-of-use asset and lease liability. This situation is most common where
the parties of a joint operation co-sign the lease contract.
The Group recognises a gross lease liability for leases entered into on behalf of a joint operation where it has primary responsibility for
making the lease payments. In such instances, if the arrangement between the Group and the joint operation represents a \ufb01nance sublease,
the Group recognises a net investment in sublease for amounts recoverable from non-operators whilst derecognising the respective portion
of the gross right-of-use asset. The gross lease liability is retained on the balance sheet.
The net investment in sublease is classi\ufb01ed as either trade and other receivables or long-term receivables on the balance sheet according
to whether or not the amounts will be recovered within 12 months of the balance sheet date. Finance income is recognised in respect of net
investment in subleases.
Provisions for liabilities
A provision is recognised when the Group has a legal or constructive obligation as a result of a past event, it is probable that an out\ufb02ow of resources
embodying economic bene\ufb01ts will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money
is material, provisions are discounted using a current pre-tax rate that re\ufb02ects, where appropriate, the risk speci\ufb01c to the liability. Where
discounting is used, the increase in the provision due to the passage of time is recognised as part of \ufb01nance costs in the income statement.
The estimated cost of dismantling and restoring the production and related facilities at the end of the economic life of each \ufb01eld is
recognised in full when the related facilities are installed. The amount provided is the present value of the estimated future restoration cost.
A non-current asset is also recognised. Any changes to estimated costs or discount rates are dealt with prospectively.
The Group recognises a provision for the estimated CO
2
emissions costs when actual emissions exceed the emission rights granted and
still held. When actual emissions exceed the amount of emission rights granted, a provision is recognised for the exceeding emission
rights based on the purchase price of allowances concluded in forward contracts or market quotations at the reporting date.
Group retirement bene\ufb01ts
The Group\u2019s various pension plans consist of both de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans. Payments to de\ufb01ned contribution
retirement bene\ufb01t plans are charged as an expense as they fall due. Payments made to state-managed retirement bene\ufb01t schemes are dealt
with as payments to de\ufb01ned contribution plans where the Group\u2019s obligations under the schemes are equivalent to those arising in a de\ufb01ned
contribution retirement bene\ufb01t plan.
The Group operates a de\ufb01ned bene\ufb01t pension scheme, which requires contributions to be made to a separately administered fund. The cost
of providing bene\ufb01ts is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet
date. Actuarial gains and losses are recognised immediately in the statement of comprehensive income.
The retirement bene\ufb01t obligation recognised in the balance sheet represents the present value of the de\ufb01ned bene\ufb01t obligation as reduced
by the fair value of plan assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions
in future contributions to the plan.
The Group participates in a legally independent multi-employer plan which is \ufb01nanced by employer and employee contributions as well as
the return on plan assets. Since suf\ufb01cient information is not available for this multi-employer plan, the Group accounts for the plan as if it
was a de\ufb01ned contribution plan.
In the case of contribution-based de\ufb01ned bene\ufb01t pension plans, the Group makes contribution payments to special-purpose funds as well
as to life insurances. These contribution payments are recorded as expenses. Furthermore, for some of the Group\u2019s contribution-based
de\ufb01ned bene\ufb01t pension plans, bene\ufb01t obligations are recognised at the fair value of these funds, so far as the assets exceed the
guaranteed minimum bene\ufb01t amount.
If the assets do not exceed the guaranteed minimum bene\ufb01t amount, bene\ufb01t obligations for these contribution-based bene\ufb01t plans
are recognised in the guaranteed minimum bene\ufb01t amount.
The de\ufb01ned bene\ufb01t plans are administered by a separate fund that is legally separated from the acquired Wintershall\u00a0Dea portfolio.
The trustees of the pension fund are required by law to act in the interest of the fund and of all relevant stakeholders in the plans.
Trade payables
Initial recognition of trade payables is at fair value. Subsequently they are stated at amortised cost.
Taxes
Current tax
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and laws used to compute the amount are those that are enacted or substantively enacted
at the reporting date in the countries where the Group operates and generates taxable income.
Current income tax related to items recognised directly in other comprehensive income or equity is recognised in other comprehensive
income or directly in equity, not in the income statement.
Management periodically evaluates positions taken in the tax returns with respect to situations in which tax regulations are subject
to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred taxation is recognised in respect of all temporary differences arising between the tax bases of the assets and liabilities and their
carrying amounts in the \ufb01nancial statements with the following exceptions:
\u2022
When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give rise
to equal taxable and deductible temporary differences
\u2022
In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements,
when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary difference will not
reverse in the foreseeable future
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax
losses. Deferred income tax assets are recognised only to the extent that it is probable that the taxable pro\ufb01t will be available against which
the deductible temporary difference, carried forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when
the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the reporting date.
The carrying amount of the deferred income tax asset is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. The Group reassesses
any unrecognised deferred tax assets each year taking into account changes in oil and gas prices, the Group\u2019s proven and probable
reserves and resources pro\ufb01le and forecast capital and operating expenditures.
Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to offset current assets against current tax liabilities,
the deferred income tax relates to the same tax authority and that same tax authority permits the Group to make a single net payment.
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive
income, in which case the deferred tax is also dealt with in other comprehensive income.
Revenue from contracts with customers
Revenue from contracts with customers is recognised when the Group satis\ufb01es a performance obligation by transferring a good or service
to a customer. A good or service is transferred when the customer obtains control of that good or service. Revenue associated with the sale
of crude oil, natural gas and natural gas liquids (NGLs) is measured based on the consideration speci\ufb01ed in contracts with customers with
reference to quoted market prices in active markets, adjusted according to speci\ufb01c terms and conditions as applicable according to the
sales contracts. The transfer of control of oil, natural gas, natural gas liquids and other items sold by the Group occurs when title passes at
the point the customer takes physical delivery. The Group principally satis\ufb01es its performance obligations at a point in time and the amounts
of revenue recognised relating to performance obligations satis\ufb01ed over time are not signi\ufb01cant.
Over/underlift
Differences between the production sold and the Group\u2019s share of production result in an overlift or an underlift. Underlift positions are
measured at net realisable value using an observable year-end oil or gas market price. Overlift positions are measured using the sales
price that generated the overlift. Underlift and overlift positions are included in receivables or payables respectively. Movements during
the accounting period are recognised within cost of sales.
Interest income
Interest income is recognised on an accruals basis, by reference to the principal outstanding and at the effective interest rate applicable.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of
time to get ready for its intended use or sale (a qualifying asset) are capitalised as part of the cost of the respective assets. Where the funds
used to \ufb01nance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable
to relevant general borrowings of the Group during the period. All other borrowing costs are recognised in the income statement in the period
in which they are incurred.
New accounting standards and interpretations
The Group applied for the \ufb01rst-time certain standards and amendments, which are effective for annual periods beginning on or after
1\u00a0January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that
has been issued but is not yet effective.
Management anticipates that all relevant pronouncements will be adopted for the \ufb01rst period beginning on or after the effective date
of the pronouncement. New standards, amendments and interpretations not adopted in the current year have not been disclosed
as they are not expected to have a material impact on the Consolidated \ufb01nancial statements.
Classi\ufb01cation of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1
The amendments specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
\u2022
What is meant by a right to defer settlement
\u2022
That a right to defer must exist at the end of the reporting period
\u2022
That classi\ufb01cation is unaffected by the likelihood that an entity will exercise its deferral right
\u2022
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact
its classi\ufb01cation
In addition, a requirement has been added to disclose when a liability arising from a loan agreement is classi\ufb01ed as non-current and
the entity\u2019s right to defer settlement is contingent on compliance with future covenants within 12 months.
The amendments had no impact on the Consolidated \ufb01nancial statements.
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
The amendments to IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and
leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use
it retains. The amendments had no impact on the Consolidated \ufb01nancial statements.
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier
\ufb01nance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are
intended to assist users of \ufb01nancial statements in understanding the effects of supplier \ufb01nance arrangements on an entity\u2019s liabilities,
cash \ufb02ows and exposure to liquidity risk.
The disclosure requirements in the amendments provide information about the impact of supplier \ufb01nance arrangements on liabilities and
cash \ufb02ows, including terms and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at
the beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of those arrangements.
The amendments had no impact on the Consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "Basis of preparation
The consolidated \ufb01nancial statements have been prepared on a going concern basis in accordance with UK-adopted International Accounting
Standards (IAS) in conformity with the requirements of the Companies Act 2006. The analysis used by the directors in adopting the going
concern basis considers the various plans and commitments of the Group as well as various sensitivity and reverse stress test analyses.
The results from the severe but plausible downside sensitivities and reverse stress tests with regard to production and commodity price
assumptions, which in management\u2019s view re\ufb02ect two of the principal risks, indicate that material changes within one year that would impact the
going concern basis of preparation are remote. Further details are within the Financial review on page 32 and Viability statement on page 63.
In 2023, the Vietnam Business Unit was classi\ufb01ed as an asset held for sale, however because this deal did not complete the prior year
accounts have been restated to classify the assets and liabilities back to their original balance sheet line items.
The presentation currency of the Group \ufb01nancial information is US dollars and all values in the Group \ufb01nancial information are presented
in millions ($ million) and all values are rounded to the nearest 1 million, except where otherwise stated.
The \ufb01nancial statements have been prepared on the historical cost basis, except for certain \ufb01nancial assets and liabilities, including
derivative \ufb01nancial instruments, which have been measured at fair value.
The accounting policies which follow set out those policies which apply in preparing the \ufb01nancial statements for the year ended
31\u00a0December 2024. All accounting policies are consistent with those adopted and disclosed in Harbour\u2019s 2023 Annual Report & Accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0032": { "value": "Basis of preparation
The consolidated \ufb01nancial statements have been prepared on a going concern basis in accordance with UK-adopted International Accounting
Standards (IAS) in conformity with the requirements of the Companies Act 2006. The analysis used by the directors in adopting the going
concern basis considers the various plans and commitments of the Group as well as various sensitivity and reverse stress test analyses.
The results from the severe but plausible downside sensitivities and reverse stress tests with regard to production and commodity price
assumptions, which in management\u2019s view re\ufb02ect two of the principal risks, indicate that material changes within one year that would impact the
going concern basis of preparation are remote. Further details are within the Financial review on page 32 and Viability statement on page 63.
In 2023, the Vietnam Business Unit was classi\ufb01ed as an asset held for sale, however because this deal did not complete the prior year
accounts have been restated to classify the assets and liabilities back to their original balance sheet line items.
The presentation currency of the Group \ufb01nancial information is US dollars and all values in the Group \ufb01nancial information are presented
in millions ($ million) and all values are rounded to the nearest 1 million, except where otherwise stated.
The \ufb01nancial statements have been prepared on the historical cost basis, except for certain \ufb01nancial assets and liabilities, including
derivative \ufb01nancial instruments, which have been measured at fair value.
The accounting policies which follow set out those policies which apply in preparing the \ufb01nancial statements for the year ended
31\u00a0December 2024. All accounting policies are consistent with those adopted and disclosed in Harbour\u2019s 2023 Annual Report & Accounts.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0041": { "value": "The consolidated \ufb01nancial statements have been prepared on a going concern basis in accordance with UK-adopted International Accounting
Standards (IAS) in conformity with the requirements of the Companies Act 2006. The analysis used by the directors in adopting the going
concern basis considers the various plans and commitments of the Group as well as various sensitivity and reverse stress test analyses.
The results from the severe but plausible downside sensitivities and reverse stress tests with regard to production and commodity price
assumptions, which in management\u2019s view re\ufb02ect two of the principal risks, indicate that material changes within one year that would impact the
going concern basis of preparation are remote. Further details are within the Financial review on page 32 and Viability statement on page 63.
In 2023, the Vietnam Business Unit was classi\ufb01ed as an asset held for sale, however because this deal did not complete the prior year
accounts have been restated to classify the assets and liabilities back to their original balance sheet line items.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the company and its subsidiaries as at 31 December 2024.
Subsidiaries are those entities over which the Group has control. Control is achieved where the Group has the power over the subsidiary,
has rights, or is exposed to variable returns from the subsidiary and has the ability to use its power to affect its returns. All subsidiaries
are 100 per cent owned by the Group, except for four entities holding interests in operations in North Africa and CCS projects which are
accounted for as joint operations.
Pro\ufb01t or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the company and to the
subordinated notes investors.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and
other components of equity, while any resultant gain or loss is recognised in pro\ufb01t or loss. Any investment retained is recognised at fair value.
The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the \ufb01nancial statements
of subsidiaries acquired to bring the accounting policies used into line with those used by other members of the Group.
All intra-group transactions and balances have been eliminated on consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements comprise the \ufb01nancial statements of the company and its subsidiaries as at 31 December 2024.
Subsidiaries are those entities over which the Group has control. Control is achieved where the Group has the power over the subsidiary,
has rights, or is exposed to variable returns from the subsidiary and has the ability to use its power to affect its returns. All subsidiaries
are 100 per cent owned by the Group, except for four entities holding interests in operations in North Africa and CCS projects which are
accounted for as joint operations.
Pro\ufb01t or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the company and to the
subordinated notes investors.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and
other components of equity, while any resultant gain or loss is recognised in pro\ufb01t or loss. Any investment retained is recognised at fair value.
The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the \ufb01nancial statements
of subsidiaries acquired to bring the accounting policies used into line with those used by other members of the Group.
All intra-group transactions and balances have been eliminated on consolidation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Signi\ufb01cant accounting judgements and estimates
The preparation of the Group\u2019s \ufb01nancial statements in conformity with UK-adopted IAS requires management to make judgements, estimates
and assumptions at the date of the \ufb01nancial statements. Estimates and assumptions are continuously evaluated and are based
on management experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of the assets or liabilities affected in future periods.
In preparing these \ufb01nancial statements, management has made judgements and estimates that affect the application of accounting policies
and the reported amounts of assets and liabilities, income and expenses including those that have the potential to materially impact the
balance sheet over the next 12 months. Actual results may differ from these estimates.
The signi\ufb01cant judgements made by management in applying the Group\u2019s accounting policies, and the key sources of estimation uncertainty,
were the same as those described in Harbour\u2019s 2023 Annual Report & Accounts, with the addition of the purchase price allocation that
involved a number of judgements in regard to assessing the fair value of assets and liabilities acquired from Wintershall\u00a0Dea.
Judgements
Signi\ufb01cant accounting judgements considered by the Group are:
\u2022
The carrying value of intangible exploration and evaluation assets, in relation to whether commercial determination of an exploration
prospect had been reached;
\u2022
The carrying value of property, plant and equipment regarding assessing assets for indicators of impairment;
\u2022
Decommissioning costs in relation to the timing of when decommissioning would occur; and
\u2022
Tax including assessment of risks around tax uncertainties and the recognition of deferred tax assets (see note 8).
Key sources of estimation uncertainty
Details of the Group\u2019s critical accounting estimates are set out in these \ufb01nancial statements and are:
\u2022
Purchase price allocation that involved a number of judgemental estimates in determining the fair value of assets and liabilities acquired
from Wintershall\u00a0Dea. See note 14 for further information;
\u2022
The carrying value of property, plant and equipment and goodwill, where the key assumptions relate to oil and gas prices expected
to be realised and the estimation of 2P reserves and production pro\ufb01les. See notes 10 and 12 for further information;
\u2022
Decommissioning costs where the key assumptions relate to the discount and in\ufb02ation rates applied, applicable rig rates and expected
timing of cessation of production (COP) on each \ufb01eld. See note 21 for further information;
\u2022
De\ufb01ned bene\ufb01t obligations due to volatility arising from actuarial assumptions, such as the discount rate and pension growth.
See note 28 for further information;
\u2022
The provision for, or disclosure of, areas of uncertainty for tax purposes where the key assumptions are driven by technical analysis
corroborated by external advice; and
\u2022
Recognition of deferred tax assets and liabilities, where key assumptions relate to oil and gas prices expected to be realised,
and production pro\ufb01les. See note 8 for further information.
Disclosure regarding the judgements and estimates made in assessing the impact of climate change and the energy transition are described
below and references to notes in the \ufb01nancial statements are provided.
The results from downside sensitivities prepared with regard to production and commodity price assumptions, which in management\u2019s view
re\ufb02ect the principal risks, indicate that material changes that would impact the carrying amounts of assets and liabilities within the next
\ufb01nancial year are unlikely.
Further information is provided in the Audit and Risk Committee report on page 82.Impact of climate change on the \ufb01nancial statements and related disclosures
Judgements and estimates made in assessing the impact of climate change and the energy transition
Harbour monitors global climate change and energy transition developments and plans. Management recognises there is a general high level
of uncertainty about the speed and scale of impacts which, together with limited historical information, provides challenges in the preparation
of forecasts and plans with a range of possible future scenarios, which may have the potential to materially impact the balance sheet.
The Group\u2019s strategic aspiration is to be net zero by 2050 with an interim target of a 50 per cent reduction in Scope 1 and 2 emissions
by 2030 against the 2018 baseline. This will be achieved through several opportunities, including operational ef\ufb01ciency improvements,
targeted decarbonisation projects and the eventual cessation of production of mature \ufb01elds. In addition, the company is investing in the
development of CCS projects in the UK and Europe.
All new economic investment decisions include the cost of carbon, and opportunities are assessed on their climate-impact potential and
alignment with Harbour\u00a0Energy\u2019s net zero aspiration taking into consideration both GHG volumes and intensity. The acquisition during the
year has helped to advance our energy transition objective by strategically shifting our portfolio towards natural gas. Over time this move is
expected to notably reduce our greenhouse gas intensity on a net equity basis. The corporate modelling that supports the preparation of
the \ufb01nancial statements (such as asset and goodwill impairment assessment, going concern and viability, deferred tax asset recoverability)
includes project costs related to CCS, certain decarbonisation projects once sanctioned, other activities to reduce gross operated Scope 1
and 2 GHG emissions, the UK and EU Emissions Trading Scheme costs and carbon offset purchases. Emissions reduction incentives are
part of staff remuneration through the annual bonus programme.
Climate change and the energy transition have the potential to signi\ufb01cantly impact the accounting estimates adopted by management and
therefore the valuation of assets and liabilities reported on the balance sheet. On an ongoing basis, management continues to assess the
potential impacts on the signi\ufb01cant judgements and estimates used in the preparation of the \ufb01nancial statements. Estimates adopted in the
\ufb01nancial statements re\ufb02ect management\u2019s best estimate of future market conditions where, in particular, commodity prices can be volatile.
Commodity and carbon price curve assumptions are described below noting that there is consideration given to other assumptions, not
exhaustively, such as foreign exchange and discount rates. Notwithstanding the challenges around climate change and the energy transition,
it is management\u2019s view that the \ufb01nancial statements are consistent with the disclosures in the Strategic report.
This note provides insight into how Harbour has considered the impact on valuations of key line items in the \ufb01nancial statements and how
they could change based on the climate change scenarios and sensitivities considered. The scenarios presented show what the possible
impact could be on the \ufb01nancial statements considering both high and low commodity and carbon price outlooks plus discount rates range.
Importantly, these climate change scenarios do not form the basis of the preparation of the \ufb01nancial statements but rather indicate how
the key assumptions that underpin the \ufb01nancial statements would be impacted by the climate change scenarios. They are also designed to
challenge management\u2019s perspective on the future business environment. It is recognised that the reality of the nature of progress of energy
transition will bring greater levels of disruption and volatility than these external scenarios expect and do not represent management\u2019s
current best estimate.
The \ufb01nancial statements have been prepared using management\u2019s current best estimate for the foreseeable future, based on a range
of economic forecasts and represented by the Harbour scenario oil price curve. Management regularly reviews these estimates and
assumptions to ensure they align with the latest economic conditions and market information.
Property, plant and equipment, and goodwill
Transitioning to lower carbon energy as the energy transition progresses has the potential to signi\ufb01cantly impact future commodity and
carbon prices which would, in turn, affect the future operating and capital costs, estimates of cessation of production, useful lives, and
consequently the recoverable amount of property, plant and equipment and goodwill.
The non-current assets of the Group, particularly goodwill and oil and gas assets within property, plant and equipment, are considered to
be the most sensitive to the energy transition. The carrying value of these assets and goodwill notably increased during the year, primarily
attributed to the completion of the Wintershall\u00a0Dea acquisition in the second half of the year.
Depreciation, estimated useful life and risk of stranded assets
The energy transition and the rate of its progression may impact the remaining lifespan of assets. Typically, the Group\u2019s oil and gas assets
are depreciated using a unit of production method, which is based on the ratio of production in the year to the commercial proven and
probable reserves of the \ufb01eld, considering future capital development expenditures.
As at 31 December 2024, the Group\u2019s production plans for existing assets indicated that 44 per cent, 18 per cent and nil per cent of the
commercial proven and probable reserves would remain by 2030, 2035, and 2050, respectively. Using the unit of production depreciation
method, the carrying amounts for the oil and gas assets are depreciated in line with the depletion of reserves. An evaluation of the oil and
gas assets as at 31 December 2024 indicated that the oil and gas assets would experience signi\ufb01cant additional depreciation by 2030
and near-complete depreciation by 2035, based on the planned depletion of reserves.
This indicates that a substantial portion of proven and probable reserves are anticipated to be produced by 2035, resulting in lower risk of
stranded assets being carried in the consolidated balance sheet. The Group\u2019s portfolio management approach aims to mitigate the risk of
stranded assets in the event of a faster-than-expected structural decline in demand for oil and gas due to tighter environmental regulations,
changes in market demands and global energy demand.
Impairment of property, plant and equipment, and goodwill
The important assumptions for impairment testing of goodwill and oil and gas assets applied to the life of \ufb01elds production and cost pro\ufb01les
include commodity and carbon prices and discount rates. These key assumptions are carefully assessed by management, both in isolation
and in aggregate, to ensure there is a fair and balanced view attained with minimal aggregate bias. These assumptions are inherently
uncertain and may ultimately diverge from the actual amounts.
During the current year\u2019s impairment testing, the Harbour scenario utilised real long-term commodity price assumptions from 2028 for Brent
crude at $78 per barrel (2023: $70 per barrel), UK NBP gas at 80 pence per therm (2023: 90 pence per therm), and a European gas price
at 2 per cent higher than UK NBP. These were combined with short-term management forecasts re\ufb02ecting benchmarked consensus and
market forward curves at the year end.
Carbon costs are expected to evolve over time and are subject to signi\ufb01cant uncertainty due to the rate of transition and the maturity
of regulatory frameworks. For the carbon price, Harbour management\u2019s real forward price curve assumption in 2024 is $72 per tonne
(2023: $63 per tonne), projected to increase to $182 per tonne (2023: $175 per tonne) by 2030. Sensitivity analysis was conducted
using the IEA Net Zero carbon price curve, with a \ufb02at assumed foreign exchange rate of pound sterling to US dollar rate of \u00a31:$1.30.
Sensitivity to changes in commodity price assumptions
Sensitivity analyses on the impairment of oil and gas assets and goodwill have been conducted using different commodity price scenarios
to demonstrate the potential impact on their net book carrying values. It should be noted that the \ufb01nancial statements are based on the
Harbour scenario. Impairment sensitivities have been developed using average -10 per cent and +10 per cent deviations from the Harbour
scenario long-term crude and gas prices as well as selected published climate change price curves.
The sensitivity scenarios described below incorporate changes to the commodity price assumptions and assume that all other factors
remain unchanged from the Harbour scenario used for the basis of preparation of the \ufb01nancial statements. Importantly, these sensitivities
are stated before any management mitigation actions to manage downside risks if the scenarios were to occur.
The Sustainability review on pages 38 to 59 discusses both transition and physical risk climate change scenarios. This analysis covers the
transition risks and the graphs opposite show the crude oil, UK NBP gas price curves and European TTF gas price for the period to 2050
for the following IEA scenarios: Net Zero Emissions by 2050, Stated Policies and Announced Pledges.
All the scenario price curves are dependent on factors covering supply, demand, economic and geopolitical events and therefore are
inherently uncertain and subject to signi\ufb01cant volatility and hence unlikely to re\ufb02ect the future outcome.
\u2022
Harbour scenario: base price curves used for impairment testing
\u2022
IEA Net Zero Emissions by 2050 (NZE): pathway to limiting global temperature rise to 1.5\u00baC
\u2022
IEA Stated Policies Scenario (STEPS): pathway based on existing policy commitments and measures and those currently under
development by sector and country
\u2022
IEA Announced Pledges Scenario (APS): pathway based on current climate ambitions and targets by governments and industries
regardless of whether these have been legislated
0
\n
20
\n
40
\n
60
\n
80
\n
100
\n
2050
2049
2048
2047
2046
2045
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
\n
$/bbl
\n
Crude
\n
$/bbl
\n
Crude
\n
Harbour scenario
NZE
STEPS
APS
\n
0
\n
5
\n
10
\n
15
\n
20
\n
2050
2049
2048
2047
2046
2045
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
\n
$/mscf
\n
Gas
\n
Harbour scenario
NZE
STEPS
APS
\n
The crude price curves re\ufb02ect the published IEA price curves for all periods. For UK NBP there are no IEA published price curves therefore
\n
management has derived the gas price curves by converting from the published IEA European gas price curve. This was achieved by
\n
converting from USD per mbtu to USD per mscf and applying other known correlation coef\ufb01cients between the European and UK gas
\n
markets. In addition, for the period 2025-2027, the derived gas price curve matches the Harbour scenario price curve to create a scenario
\n
that was considered reasonably plausible.
\n
Pre-development assets are recorded in other intangible assets ahead of demonstration of commerciality and recognition of 2P reserves
\n
and hence are not included below, however they are subject to the same management rigour with the corporate models. The majority of
\n
such assets are in developing countries with a growing future demand for energy which may reduce the climate change impact from these
\n
pre-development assets.
\n
The impact of the sensitivities on the carrying value of oil and gas assets and goodwill in the consolidated balance sheet are shown in the
\n
table below:
\n
31 December 2024
\n\n \n
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
\u2013
(45)
(928)
\u2013
(38)
(note 10)
5,147
Gas
\u2013
(37)
(1,431)
(997)
(1,114)
Oil and gas
Crude oil
\u2013
(323)
(2,528)
\u2013
(415)
assets
14,458
(note 12)
Gas
\u2013
(2)
(131)
(89)
(35)
31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0 \u00a0
Pre-tax sensitivity in carrying value
\u00a0\u00a0 \u00a0
$ million
\u00a0\u00a0 \u00a0 \u00a0 \u00a0
IEA Net Zero
IEA Stated
IEA Announced
\u00a0\u00a0
Carrying value
+10% price to
-10% price to
Emissions by
Policies
Pledges
\u00a0
Commodity
$ million
Harbour scenario
Harbour scenario
2050 (NZE)
(STEPS)
(APS)
Goodwill
Crude oil
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
(note 10)
\u00a0
1,302
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Gas
\u00a0
\u2013
(4)
\u2013
\u2013
\u2013
Oil and gas
Crude oil
\u00a0
\u2013
(86)
(221)
\u2013
\u2013
assets
\u00a0
4,822
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(note 12)
Gas
\u00a0
\u2013
(21)
(9)
\u2013
\u2013
\n
The 2024 results and sensitivities are dominated by the acquired Wintershall\u00a0Dea portfolio which has substantially increased the goodwill
and property, plant and equipment carrying values.
The +/-10 per cent price curves used in the Harbour scenarios adjust long-term prices from 2028.
Under the -10 per cent price to Harbour scenario for crude, there is a pre-tax impairment to oil and gas assets of $323 million and
on goodwill an impairment of $45 million. For gas a pre-tax impairment of $2 million and on goodwill an impairment of $37 million.
For crude, under the IEA NZE 2050 scenario, there is a pre-tax impairment to oil and gas assets of $2,528 million and on goodwill an
impairment of $928 million. For gas, there is a pre-tax impairment to oil and gas assets of $131 million and on goodwill an impairment
of $1,431 million.
For crude, under the IEA STEPS, there is no pre-tax impairment to oil and gas assets or goodwill. For gas, there is a pre-tax impairment
to oil and gas assets of $89 million and on goodwill an impairment of $997 million.
For crude, under the IEA APS, there is a pre-tax impairment to oil and gas assets of $415 million and on goodwill an impairment of
$38 million. For gas there is a pre-tax impairment to oil and gas assets of $35 million and on goodwill an impairment of $1,114 million.
Sensitivity to changes in carbon price assumptions
The sensitivity scenarios described below incorporate changes to the carbon price assumptions and assume that all other factors remain
unchanged from the Harbour scenario used for the basis of preparation of the \ufb01nancial statements. This sensitivity is stated before any
management mitigation actions to manage downside risks if the scenarios were to occur.
The risk of stranded assets may increase in a higher carbon price scenario. Sensitivity analyses of the carrying value of Harbour\u2019s oil and
gas assets and goodwill to carbon prices have been conducted based on the IEA NZE 2050 scenario. This aims to demonstrate the resilience
of the assets\u2019 carrying values to higher long-term carbon prices than those re\ufb02ected in the consolidated balance sheet.
This analysis covers the transition risks, and the graph below shows the carbon price per tonne for the period to 2050 for the IEA NZE
2050 scenario.
The scenario price curves are dependent on factors covering supply, demand, economic and geopolitical events and therefore are inherently
uncertain and subject to signi\ufb01cant volatility. As a result, they are unlikely to accurately predict future outcomes.
\u2022
Harbour scenario: base price curves used for impairment testing
\u2022
IEA Net Zero Emissions by 2050 (NZE): pathway to limiting global temperature rise to 1.5\u00b0C
0
100
200
300
400
500
2050
2049
2048
2047
2046
2045
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
$/tonne
Carbon
Harbour scenario
NZE
Applying the IEA NZE 2050 carbon price scenario for the entirety of the useful economic life of the assets resulted in a pre-tax impairment
\n
of $9 million (2023: $27 million) to oil and gas assets with no impairment to goodwill under this scenario.
\n
Sensitivity to changes in discount rate assumptions
\n
The discount rate applied for impairment testing of the fair value less cost of disposal is based on a nominal post-tax weighted average
\n
cost of capital (WACC) after considering both cost of debt and equity. In 2024, the Group\u2019s post-tax discount rate ranging from 8.75 per cent
\n
to 14.5 per cent (2023: 9.0 per cent to 12.4 per cent) is derived after considering relevant peer group\u2019s post-tax WACC and incorporating
\n
segment-speci\ufb01c risk.
\n
Considering the discount rates, the Group deems a 1 per cent rise in the discount rate to be a reasonable potentiality for conducting
\n
sensitivity analysis, assuming that all other factors utilised in calculating the recoverable value for the carrying amount of goodwill and
\n
oil and gas assets remain unaltered.
\n
A 1 per cent increase in the discount rate would result in an additional impairment of $113 million (2023: $24 million) to the oil and
\n
gas assets and on goodwill $10 million (2023: $1 million), and a 1 per cent decrease in the discount rate would have no impact on the
\n
impairment charge.
\n
Intangible assets \u2013 exploration and evaluation assets
\n
The energy transition has the potential to affect the future development or viability of exploration and evaluation prospects. A signi\ufb01cant
\n
portion of the Group\u2019s exploration and evaluation assets relate to prospects that could either be tied back to existing infrastructure or are
\n
in developing countries with a growing future demand for energy which may reduce the climate change impact from these pre-development
\n
assets and hence require less capital investment as these assets are less exposed to the impacts of the energy transition compared to
\n
large frontier developments. At each balance sheet date, all exploration and evaluation prospects are reviewed against the Group\u2019s \ufb01nancial
\n
framework to ensure that the continuation of activities is planned and expected. There are no signi\ufb01cant judgements and/or critical
\n
estimation uncertainty related to climate factors.
\n
See Judgements: Exploration and evaluation expenditure (page 136) and note 11 to the \ufb01nancial statements for further information.
\n
Deferred tax assets
\n
The potential impact of climate change and energy transition on balance sheet items is uncertain and may lead to signi\ufb01cant changes in the
\n
estimations of parameters such as the useful life of assets and timing of cessation of production together with their related deferred tax balances.
\n
Deferred tax assets are recognised to the extent that their recovery is considerable probable. In general, it is expected that suf\ufb01cient
\n
forecasted taxable pro\ufb01ts will be available for the recovery of deferred tax assets recognised at 31 December 2024 and expected to
\n
be recovered within the period of production for each asset and after taking into account deferred tax liabilities.
\n
See note 8 Income tax for information on deferred tax balances.
\n
Onerous contracts
\n
Contracts may become onerous due to potential loss of revenue or heightened costs stemming from changes in climate change and energy
\n
transition regulations.
\n
Management does not foresee any of its existing supply contracts becoming onerous based on the current production level and estimated
\n
useful lives of its assets.
\n
Decommissioning cost and provisions
\n
The energy transition may accelerate the decommissioning of assets which would result in an increase in the carrying value of associated
\n
decommissioning provisions. Whilst the Group currently expects to incur decommissioning costs over the next 40 years, we anticipate the
\n
majority of costs will be incurred between the next 10 to 20 years which will reduce the exposure to the impact of the energy transition.
\n
In the current year, the undiscounted provision for decommissioning and restoration was $10.5 billion (2023: $6.6 billion), recognised
\n
on a discounted basis in the consolidated balance sheet.
\n
The discount and in\ufb02ation rates applied have taken into consideration the applicable rig rates and expected timing of cessation of production
\n
on each \ufb01eld. Therefore, the timing of decommissioning expenditures has not been materially brought forward and management do not
\n
consider that any reasonable change in the timing of decommissioning expenditure will have a material impact on the decommissioning
\n
provisions based on the production plans of existing assets.
\n
Decommissioning cost estimates are based on the current regulatory and external environment. These cost estimates and recoverability of
\n
associated deferred tax may change in the future, including as a result of the energy transition. On the basis that all other assumptions in the
\n
calculation remain the same, a 10 per cent increase in the cost estimates, and a 10 per cent reduction in the applied discount rates used to
\n
assess the \ufb01nal decommissioning obligation, would result in increases to the decommissioning provision of approximately $852 million (2023:
\n
$456 million) and $286 million ($440 million), respectively. This change would be principally offset by a change to the value of the associated
\n
asset unless the asset is fully depreciated, in which case the change in estimate is recognised directly within the income statement.
\n
See Key sources of estimation uncertainty: Decommissioning costs for further information (page 137).
\n
Portfolio changes
\n
Harbour expensed $75 million of costs in relation to CO
2
emissions during 2024 (2023: $69 million) with the majority in relation to the UK
\n
Emissions Trading Scheme quotas net of allocated free quotas. Quotas in relation to future periods are recognised in intangible assets.
Harbour has investments in a number of CCS projects which are regarded as key to assisting in the energy transition. Projects are
recognised in intangible assets once the projects are regarded as technically feasible and commercially viable; prior to this, costs are
expensed to the income statement. In 2024 Harbour spent $72 million on CCS activities, capitalising $33 million and expensing $39 million.
Further information on Harbour\u2019s CCS projects can be found on page 31.
Global oil and gas demand considerations
The transition to sustainable energy to mitigate climate change carries the potential to adversely impact commodity prices due to a global
decrease in the demand for oil and gas, potentially leading to reduced revenue. Furthermore, investment in clean energy via the adoption
of clean energy technologies could elevate production costs, thereby diminishing future pro\ufb01t margins.
Based on prevailing policies and regulatory frameworks, it is anticipated that the growth in global oil demand will decrease, but the demand
for oil and gas is projected to continue as a crucial component of the energy mix for the foreseeable future. Natural gas is widely known as
a key transition fuel. In the 2024 IEA World Energy Outlook report the demand for natural gas has been revised upwards in all scenarios
compared to the previous year, re\ufb02ecting stronger anticipated demand for gas to meet growth in electricity demand.
During the year, the Group produced 258 kboepd (2023: 186 kboepd), accounting for less than 0.3 per cent of global production.
Consequently, the Group does not expect the ability to sell the volume of oil equivalent produced to be directly impacted by shifts in
global oil and gas demand. Management remains committed to investing in a diversi\ufb01ed oil and gas company.
Cost of carbon allowances
Harbour is part of the European and UK Emissions Trading Schemes (EU and UK ETS) and purchases carbon allowances to meet its
regulatory obligations under the schemes. Harbour is entitled to receive a share of free allowances according to UK and EU ETS regulations.
Allowances owned in excess of liabilities to date that are available to be used in future periods are recorded in other intangible assets
and measured at cost. The costs for purchasing allowances are recorded in costs of operations matching emissions for the period.
Accruals that are required for allowances to be purchased are measured at market price.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0048": { "value": "Impairment of property, plant and equipment, and goodwill
The important assumptions for impairment testing of goodwill and oil and gas assets applied to the life of \ufb01elds production and cost pro\ufb01les
include commodity and carbon prices and discount rates. These key assumptions are carefully assessed by management, both in isolation
and in aggregate, to ensure there is a fair and balanced view attained with minimal aggregate bias. These assumptions are inherently
uncertain and may ultimately diverge from the actual amounts.
During the current year\u2019s impairment testing, the Harbour scenario utilised real long-term commodity price assumptions from 2028 for Brent
crude at $78 per barrel (2023: $70 per barrel), UK NBP gas at 80 pence per therm (2023: 90 pence per therm), and a European gas price
at 2 per cent higher than UK NBP. These were combined with short-term management forecasts re\ufb02ecting benchmarked consensus and
market forward curves at the year end.
Carbon costs are expected to evolve over time and are subject to signi\ufb01cant uncertainty due to the rate of transition and the maturity
of regulatory frameworks. For the carbon price, Harbour management\u2019s real forward price curve assumption in 2024 is $72 per tonne
(2023: $63 per tonne), projected to increase to $182 per tonne (2023: $175 per tonne) by 2030. Sensitivity analysis was conducted
using the IEA Net Zero carbon price curve, with a \ufb02at assumed foreign exchange rate of pound sterling to US dollar rate of \u00a31:$1.30.
Sensitivity to changes in commodity price assumptions
Sensitivity analyses on the impairment of oil and gas assets and goodwill have been conducted using different commodity price scenarios
to demonstrate the potential impact on their net book carrying values. It should be noted that the \ufb01nancial statements are based on the
Harbour scenario. Impairment sensitivities have been developed using average -10 per cent and +10 per cent deviations from the Harbour
scenario long-term crude and gas prices as well as selected published climate change price curves.
The sensitivity scenarios described below incorporate changes to the commodity price assumptions and assume that all other factors
remain unchanged from the Harbour scenario used for the basis of preparation of the \ufb01nancial statements. Importantly, these sensitivities
are stated before any management mitigation actions to manage downside risks if the scenarios were to occur.
The Sustainability review on pages 38 to 59 discusses both transition and physical risk climate change scenarios. This analysis covers the
transition risks and the graphs opposite show the crude oil, UK NBP gas price curves and European TTF gas price for the period to 2050
for the following IEA scenarios: Net Zero Emissions by 2050, Stated Policies and Announced Pledges.
All the scenario price curves are dependent on factors covering supply, demand, economic and geopolitical events and therefore are
inherently uncertain and subject to signi\ufb01cant volatility and hence unlikely to re\ufb02ect the future outcome.
\u2022
Harbour scenario: base price curves used for impairment testing
\u2022
IEA Net Zero Emissions by 2050 (NZE): pathway to limiting global temperature rise to 1.5\u00baC
\u2022
IEA Stated Policies Scenario (STEPS): pathway based on existing policy commitments and measures and those currently under
development by sector and country
\u2022
IEA Announced Pledges Scenario (APS): pathway based on current climate ambitions and targets by governments and industries
regardless of whether these have been legislated
0
\n
20
\n
40
\n
60
\n
80
\n
100
\n
2050
2049
2048
2047
2046
2045
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
\n
$/bbl
\n
Crude
\n
$/bbl
\n
Crude
\n
Harbour scenario
NZE
STEPS
APS
\n
0
\n
5
\n
10
\n
15
\n
20
\n
2050
2049
2048
2047
2046
2045
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
\n
$/mscf
\n
Gas
\n
Harbour scenario
NZE
STEPS
APS
\n
The crude price curves re\ufb02ect the published IEA price curves for all periods. For UK NBP there are no IEA published price curves therefore
\n
management has derived the gas price curves by converting from the published IEA European gas price curve. This was achieved by
\n
converting from USD per mbtu to USD per mscf and applying other known correlation coef\ufb01cients between the European and UK gas
\n
markets. In addition, for the period 2025-2027, the derived gas price curve matches the Harbour scenario price curve to create a scenario
\n
that was considered reasonably plausible.
\n
Pre-development assets are recorded in other intangible assets ahead of demonstration of commerciality and recognition of 2P reserves
\n
and hence are not included below, however they are subject to the same management rigour with the corporate models. The majority of
\n
such assets are in developing countries with a growing future demand for energy which may reduce the climate change impact from these
\n
pre-development assets.
\n
The impact of the sensitivities on the carrying value of oil and gas assets and goodwill in the consolidated balance sheet are shown in the
\n
table below:
\n
31 December 2024
\n\n \n
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
\u2013
(45)
(928)
\u2013
(38)
(note 10)
5,147
Gas
\u2013
(37)
(1,431)
(997)
(1,114)
Oil and gas
Crude oil
\u2013
(323)
(2,528)
\u2013
(415)
assets
14,458
(note 12)
Gas
\u2013
(2)
(131)
(89)
(35)
31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0 \u00a0
Pre-tax sensitivity in carrying value
\u00a0\u00a0 \u00a0
$ million
\u00a0\u00a0 \u00a0 \u00a0 \u00a0
IEA Net Zero
IEA Stated
IEA Announced
\u00a0\u00a0
Carrying value
+10% price to
-10% price to
Emissions by
Policies
Pledges
\u00a0
Commodity
$ million
Harbour scenario
Harbour scenario
2050 (NZE)
(STEPS)
(APS)
Goodwill
Crude oil
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
(note 10)
\u00a0
1,302
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Gas
\u00a0
\u2013
(4)
\u2013
\u2013
\u2013
Oil and gas
Crude oil
\u00a0
\u2013
(86)
(221)
\u2013
\u2013
assets
\u00a0
4,822
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(note 12)
Gas
\u00a0
\u2013
(21)
(9)
\u2013
\u2013
\n
The 2024 results and sensitivities are dominated by the acquired Wintershall\u00a0Dea portfolio which has substantially increased the goodwill
and property, plant and equipment carrying values.
The +/-10 per cent price curves used in the Harbour scenarios adjust long-term prices from 2028.
Under the -10 per cent price to Harbour scenario for crude, there is a pre-tax impairment to oil and gas assets of $323 million and
on goodwill an impairment of $45 million. For gas a pre-tax impairment of $2 million and on goodwill an impairment of $37 million.
For crude, under the IEA NZE 2050 scenario, there is a pre-tax impairment to oil and gas assets of $2,528 million and on goodwill an
impairment of $928 million. For gas, there is a pre-tax impairment to oil and gas assets of $131 million and on goodwill an impairment
of $1,431 million.
For crude, under the IEA STEPS, there is no pre-tax impairment to oil and gas assets or goodwill. For gas, there is a pre-tax impairment
to oil and gas assets of $89 million and on goodwill an impairment of $997 million.
For crude, under the IEA APS, there is a pre-tax impairment to oil and gas assets of $415 million and on goodwill an impairment of
$38 million. For gas there is a pre-tax impairment to oil and gas assets of $35 million and on goodwill an impairment of $1,114 million.Impairment testing of goodwill
In accordance with IAS 36 Impairment of Assets, goodwill is reviewed for impairment at the year-end, or more frequently, if there are
indications that goodwill might be impaired.
The goodwill recognised in business combinations is allocated to operating segments for the purpose of impairment testing. The carrying value
of goodwill is tested at the operating segment level against the aggregated headroom arising from the impairment testing of corresponding
segment assets. The carrying value of the assets is the sum of tangible assets, intangible assets and goodwill as of the assessment date.
In the asset impairment test performed, and where applicable, the carrying value is adjusted by deferred tax which protects goodwill from
an immediate impairment. When the deferred tax liabilities from the acquisitions naturally unwind and decrease, as a result of depreciation
through production, more goodwill is exposed to impairment. This may lead to future impairment charges even though other assumptions
remain stable.
At the year-end, the Group tested for impairment in accordance with the accounting policy and no goodwill impairment was recognised
(2023: $25 million). Goodwill will ultimately be impaired to the income statement as the relevant operating segment businesses mature.Key assumptions used in calculations
Assumptions involved in impairment measurement include estimates of commercial reserves and production volumes, future oil and gas
prices, discount rates and the level and timing of expenditures, all of which are inherently uncertain.
Commodity and carbon prices
Management\u2019s commodity price curve assumptions are benchmarked against a range of external forward price curves on a regular basis.
The \ufb01rst three years re\ufb02ect the market forward prices curves transitioning to a long-term price thereafter. The long-term commodity prices
and carbon prices are shown in note 2 of the \ufb01nancial statements on page 138.
Production volumes and oil and gas reserves
Based on life of \ufb01eld production pro\ufb01les for each asset within the CGUs. Proven and probable reserves are estimates of the amount
of oil and gas that can be economically extracted from the Group\u2019s oil and gas assets. The Group estimates its reserves using standard
recognised evaluation techniques and they are assessed at least annually by management and by an independent consultant. Proven
and probable reserves are determined using estimates of oil and gas in place, recovery factors and future commodity prices.
Costs
Operating expenditure, capital expenditure and decommissioning costs, which have been in\ufb02ated at 2.5 per cent per annum from
1 January 2028, are derived from the Group\u2019s business plan.
Discount rates
Represent management\u2019s estimate of the Group\u2019s country-based weighted average cost of capital (WACC), considering both debt and
equity. The cost of equity is derived from an expected return on investment by the Group\u2019s investors, and the cost of debt is based on
its interest-bearing borrowings. Segment-speci\ufb01c risk is incorporated by applying a beta factor based on publicly available market data.
The discount rate is based on an assessment of a relevant peer group\u2019s post-tax WACC.
Foreign exchange rates
Based on management\u2019s long-term rate assumptions, with reference to a range of underlying economic indicators.
Sensitivity to changes in assumptions used in calculations
The Group has run sensitivities on its long-term commodity price assumptions, which have been based on long-range forecasts from external
\ufb01nancial analysts, using alternate long-term price assumptions, and discount rates. These are considered to be reasonably possible changes
for the purposes of sensitivity analysis. As shown in note 2 of the \ufb01nancial statements, the sensitivity analysis on commodity prices re\ufb02ecting
a 10 per cent reduction in the long-term oil and gas price deck applied in the impairment test would result in $81 million goodwill
impairment. A 1 per cent increase in the discount rate would result in an impairment to goodwill of $10 million.During the year, the Group recognised a pre-tax impairment charge of $352 million (post-tax $185 million) (2023: $176 million; post-tax
$83 million, as restated). This comprised a pre-tax impairment charge representing a write-down of property, plant and equipment assets
of $163 million (2023: $70 million) across three \ufb01elds in the UK, mainly driven by further changes to the UK Energy Pro\ufb01ts Levy and
changes in life of \ufb01eld outlook, in addition to a fair value impairment on the Vietnam held for sale asset of $15 million. A pre-tax impairment
charge of $174 million (2023: $106 million) was also recorded in respect of revisions to decommissioning estimates on late-life assets,
and non-producing assets with no remaining net book value (see note 21).
In 2023, a net pre-tax impairment charge of $176 million was recognised as a result of impairments on two UK CGUs of $70 million, one
driven by a reduction in the gas price forward curve and the other by a revised decommissioning cost pro\ufb01le, and a pre-tax impairment
charge of $106 million in respect of revisions to decommissioning estimates on the Group\u2019s non-producing assets with no remaining net
book value.
Key assumptions used in calculations
Assumptions used in impairment measurement include estimates of commercial reserves and production volumes, future oil and gas prices,
discount rates and the level and timing of expenditures, all of which are inherently uncertain.
Commodity and carbon prices
The Group uses the fair value less cost of disposal method (FVLCD) to calculate the recoverable amount of the cash-generating units (CGU)
consistent with a level 3 fair value measurement (see note 23). In determining the recoverable value, appropriate discounted-cash-\ufb02ow
valuation models were used, incorporating market-based assumptions. Management\u2019s commodity price curve assumptions are benchmarked
against a range of external forward price curves on a regular basis. Individual \ufb01eld price differentials are then applied. The \ufb01rst three years
re\ufb02ect benchmarked consensus and market forward price curves transitioning to a long-term price from 2028, thereafter in\ufb02ated at 2.5 per
cent per annum. The long-term commodity prices used were $78 per barrel for Brent crude, 80 pence per therm for UK NBP gas and the
European gas price at 2 per cent higher than UK NBP.
Production volumes and oil and gas reserves
Production volumes are based on life of \ufb01eld production pro\ufb01les for each asset within the CGU. Proven and probable reserves are estimates
of the amount of oil and gas that can be economically extracted from the Group\u2019s oil and gas assets. The Group estimates its reserves using
standard recognised evaluation techniques, assessed at least annually by management. Proven and probable reserves are determined
using estimates of oil and gas in place, recovery factors and future commodity prices.
Costs
Operating expenditure, capital investment and decommissioning costs are derived from the Group\u2019s business plan.
Discount rates
The discount rate re\ufb02ects management\u2019s estimate of the Group\u2019s country-based weighted average cost of capital (WACC).
Foreign exchange rates
Based on management\u2019s long-term rate assumptions, with reference to a range of underlying economic indicators.
Sensitivity to changes in assumptions used in calculations
Reductions or increases in the long-term oil and gas prices of 10 per cent are considered to be reasonably possible changes for the purpose
of sensitivity analysis. As shown in note 2 of the \ufb01nancial statements, the decreases to the long-term oil and gas prices from 2028 speci\ufb01ed
above would result in a further pre-tax impairment of $330 million (post-tax $99 million) and increases to the long-term oil and gas prices
would result in a no material change to the impairment charge.
Considering the discount rates, the Group believes a one per cent increase in the post-tax discount rate is considered to be a reasonable
possibility for the purpose of sensitivity analysis. A one per cent increase in the post-tax discount rate would lead to a further pre-tax
impairment of $113 million (post-tax $33 million) on oil and gas assets and $10 million on goodwill, and a one per cent decrease in the
post-tax discount rate would lead to a lower pre-tax impairment charge of $129 million (post-tax $41 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "Segment reporting
The Group\u2019s activities consist of one class of business being the acquisition, exploration, development and production of oil and gas
reserves and related activities and are split geographically and managed in nine Business Units: namely Norway, the UK, Germany, Mexico,
Argentina, North Africa, Southeast Asia, CCS and Corporate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "Joint arrangements
A joint arrangement is one in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
Exploration and production operations are usually conducted through joint arrangements with other parties. The Group reviews all joint
arrangements and classi\ufb01es them as either joint operations or joint ventures depending on the rights and obligations of each party to
the arrangement and whether the arrangement is structured through a separate vehicle. The Group\u2019s interest in joint operations, such
as exploration and production arrangements, are accounted for by recognising its:
\u2022
Assets, including its share of any assets held jointly
\u2022
Liabilities, including its share of any liabilities incurred jointly
\u2022
Revenue from the sale of its share of the output arising from the joint operation
\u2022
Share of the revenue from the sale of the output by the joint operation
\u2022
Expenses, including its share of any expenses incurred jointly
A joint venture, which normally involves the establishment of a separate legal entity, is a contractual arrangement whereby the parties that
have joint control of the arrangement have the rights to the arrangement\u2019s net assets. The results, assets and liabilities of a joint venture
are incorporated in the consolidated \ufb01nancial statements using the equity method of accounting. During 2023, the Group did not have any
interests in joint ventures. Note 33 describes the Group\u2019s interests in joint arrangements as at 31 December 2024.
Where the Group transacts with its joint operations, unrealised pro\ufb01ts and losses are eliminated to the extent of the Group\u2019s interest in the
joint operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "Joint arrangements
A joint arrangement is one in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
Exploration and production operations are usually conducted through joint arrangements with other parties. The Group reviews all joint
arrangements and classi\ufb01es them as either joint operations or joint ventures depending on the rights and obligations of each party to
the arrangement and whether the arrangement is structured through a separate vehicle. The Group\u2019s interest in joint operations, such
as exploration and production arrangements, are accounted for by recognising its:
\u2022
Assets, including its share of any assets held jointly
\u2022
Liabilities, including its share of any liabilities incurred jointly
\u2022
Revenue from the sale of its share of the output arising from the joint operation
\u2022
Share of the revenue from the sale of the output by the joint operation
\u2022
Expenses, including its share of any expenses incurred jointly
A joint venture, which normally involves the establishment of a separate legal entity, is a contractual arrangement whereby the parties that
have joint control of the arrangement have the rights to the arrangement\u2019s net assets. The results, assets and liabilities of a joint venture
are incorporated in the consolidated \ufb01nancial statements using the equity method of accounting. During 2023, the Group did not have any
interests in joint ventures. Note 33 describes the Group\u2019s interests in joint arrangements as at 31 December 2024.
Where the Group transacts with its joint operations, unrealised pro\ufb01ts and losses are eliminated to the extent of the Group\u2019s interest in the
joint operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "Foreign currency translation
Each entity in the Group determines its own functional currency, being the currency of the primary economic environment in which the entity
operates, and items included in the \ufb01nancial statements of each entity are measured using that functional currency.
The consolidated \ufb01nancial statements are presented in US dollars, which is also the parent company\u2019s functional currency.
Transactions recorded in foreign currencies are initially recorded in the entity\u2019s functional currency by applying an average rate of exchange.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the
reporting date. All differences are taken to the income statement.
Non-monetary assets and liabilities denominated in foreign currencies are measured at historic cost based on exchange rates at the date
of the initial transaction and subsequently not retranslated.
On consolidation, the assets and liabilities of the Group\u2019s operations are translated at exchange rates prevailing on the balance sheet date. Income
and expense items are translated at the average monthly exchange rates for the year. Equity is held at historic cost and is not retranslated. The
resulting exchange differences are recognised as other comprehensive income and are transferred to the Group\u2019s currency translation reserve.
When an overseas operation is disposed of, such translation differences relating to it are recognised as income or expense.
Goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities
arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "Each entity in the Group determines its own functional currency, being the currency of the primary economic environment in which the entity
operates, and items included in the \ufb01nancial statements of each entity are measured using that functional currency.
The consolidated \ufb01nancial statements are presented in US dollars, which is also the parent company\u2019s functional currency.
Transactions recorded in foreign currencies are initially recorded in the entity\u2019s functional currency by applying an average rate of exchange.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the
reporting date. All differences are taken to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "Goodwill
In the event of a business combination or acquisition of an interest in a joint operation in which the activity constitutes a business, as
de\ufb01ned in IFRS 3 Business Combinations, the acquisition method of accounting is applied. Goodwill represents the difference between
the aggregate of the fair value of purchase consideration transferred at the acquisition date and the fair value of the identi\ufb01able assets,
liabilities and contingent liabilities acquired, less any non-controlling interest. If however, the fair value of the purchase consideration
transferred is lower than the fair value of the identi\ufb01able assets and liabilities acquired, less non-controlling interest, the difference is
recognised in the income statement as negative goodwill. The Group\u2019s goodwill is related to the requirement to recognise deferred tax for the
difference between the assigned fair values and the related tax base (technical goodwill). The fair value of the Group\u2019s licences are based
on post-tax cash \ufb02ows or benchmarked multiples. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax
corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred
tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Goodwill is initially measured at cost. Following initial recognition,
goodwill is measured at cost less any accumulated impairment. Goodwill acquired in a business combination is, from the acquisition date,
allocated to each of the Group\u2019s operating segments. This is subsequently tested for impairment at the Group\u2019s operating segment level
based on the aggregation of any headroom arising from asset impairment tests. Goodwill is treated as an asset of the relevant entity to
which it relates, and accordingly non-US dollar goodwill is translated into US dollars at the closing rate of exchange at each reporting date.
Goodwill, as disclosed in note 10, is not amortised but is reviewed for impairment at least annually by assessing the recoverable amount of the
operating segments to which the goodwill relates. Where the carrying amount of the operating segment and related goodwill is higher than the
recoverable amount of the operating segment, an impairment loss is recognised in the income statement. The recoverable amounts of the operating
segments have been determined on a fair value less costs to sell basis. Impairments are expected to arise as the deferred tax that gave rise to the
goodwill initially naturally unwinds in the normal course of business. Impairment losses relating to goodwill cannot be reversed in future periods.
Pre-licence costs
Pre-licence costs are expensed in the period in which they are incurred.
Licence and property acquisition costs
Licence and property acquisition costs paid in connection with a right to explore in an existing exploration area are capitalised as exploration
and evaluation costs within intangible assets.
Licence and property acquisition costs are reviewed at each reporting date to con\ufb01rm that there is no indication that the carrying amount
exceeds the recoverable amount. If no future activity is planned or the related licence has been relinquished or has expired, the carrying
value of the property acquisition costs is written off through the income statement. Upon recognition of proved reserves and internal
approval for development, the relevant expenditure is transferred to oil and gas properties within development and production assets.
Exploration and evaluation costs
Once the legal right to explore has been acquired, costs directly associated with the exploration are capitalised as exploration and evaluation
(E&E) intangible non-current assets until the exploration is complete and the results have been evaluated. If no potential commercial
resources are discovered, the exploration asset is written off.
All such capitalised costs are subject to technical, commercial and management review, as well as review for indicators of impairment
at least annually. This is to con\ufb01rm the continued intent to develop or otherwise extract value from the discovery. When this is no longer
the case, the costs are written off through the income statement.
When proved reserves of oil or natural gas are identi\ufb01ed and development is sanctioned by management, the relevant capitalised
expenditure is \ufb01rst assessed for impairment and, if required, any impairment loss is recognised, then the remaining balance is transferred
to oil and gas properties within development and production assets. No amortisation is charged during the exploration and evaluation phase.
Farm-outs \u2013 in the exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise any gain or loss on its exploration
and evaluation farm-out arrangements but re-designates any costs previously capitalised in relation to the whole interest as relating to the
partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the farmor as a gain on disposal.
Property, plant and equipment \u2013 oil and gas assets
Oil and gas development and production assets are accumulated generally on a \ufb01eld-by-\ufb01eld or cash-generating unit basis where
infrastructure is shared. This represents expenditure on the construction, installation or completion of infrastructure facilities such as
platforms, pipelines and the drilling of development wells, including E&E expenditures incurred in \ufb01nding commercial reserves transferred
from intangible E&E assets, as outlined in the intangible asset policy above, which is capitalised as oil and gas properties within
development and production assets.
The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into
operation, the initial estimate of the decommissioning obligation and, for qualifying assets, where relevant, borrowing costs. The purchase
price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
An item of development and production expenditure and any signi\ufb01cant part initially recognised is derecognised upon disposal or when
no future economic bene\ufb01ts are expected. Any gain or loss arising on derecognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in the income statement.
Expenditure on major maintenance includes re\ufb01ts, inspections or repairs comprising the cost of replacement assets or parts of assets,
inspection costs and overhaul costs. Where an asset, or part of an asset, that was separately depreciated and is now written off is replaced
and it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group, the expenditure is capitalised. All other
day-to-day repairs and maintenance costs are expensed as incurred.
Depreciation, depletion and amortisation (DD&A) of oil and gas assets
All costs relating to a development are accumulated and not depreciated until the commencement of production. Depreciation is provided
generally on a \ufb01eld-by-\ufb01eld or cash-generating unit basis where infrastructure is shared, using the unit of production method by reference
to the ratio of production in the year and the related commercial proven and probable reserves of the \ufb01eld, considering future development
expenditures necessary to bring those reserves into production.
When there is a change in the estimated total recoverable proven and probable reserves of a \ufb01eld, that change is accounted for in the
depreciation charge over the revised remaining proven and probable reserves.
Acquisitions, asset purchases and disposals
Acquisitions of oil and gas properties are accounted for using the acquisition method when the assets acquired, and liabilities assumed
constitute a business.
Transactions involving the purchase of an individual \ufb01eld interest, or a group of \ufb01eld interests, which do not constitute a business, are
treated as asset purchases irrespective of whether the speci\ufb01c transactions involve the transfer of the \ufb01eld interests directly or the transfer
of an incorporated entity. Accordingly, no goodwill and no deferred tax gross up arises, and the consideration is allocated to the assets and
liabilities purchased on an appropriate basis.
Proceeds on disposal are applied to the carrying amount of the speci\ufb01c intangible asset or oil and gas property disposed of and any surplus
is recorded as a gain on disposal in the income statement.
Decommissioning
A provision for decommissioning is recognised in full when the related facilities are installed. The amount recognised is the present value of
the estimated future expenditure. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil
and gas property. This is subsequently depreciated as part of the capital costs of the production facilities. Any change in the present value
of the estimated expenditure is dealt with from the start of the \ufb01nancial year as an adjustment to the opening provision and the oil and gas
property. The unwinding of the discount is included as a \ufb01nance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "Goodwill
In the event of a business combination or acquisition of an interest in a joint operation in which the activity constitutes a business, as
de\ufb01ned in IFRS 3 Business Combinations, the acquisition method of accounting is applied. Goodwill represents the difference between
the aggregate of the fair value of purchase consideration transferred at the acquisition date and the fair value of the identi\ufb01able assets,
liabilities and contingent liabilities acquired, less any non-controlling interest. If however, the fair value of the purchase consideration
transferred is lower than the fair value of the identi\ufb01able assets and liabilities acquired, less non-controlling interest, the difference is
recognised in the income statement as negative goodwill. The Group\u2019s goodwill is related to the requirement to recognise deferred tax for the
difference between the assigned fair values and the related tax base (technical goodwill). The fair value of the Group\u2019s licences are based
on post-tax cash \ufb02ows or benchmarked multiples. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax
corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred
tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Goodwill is initially measured at cost. Following initial recognition,
goodwill is measured at cost less any accumulated impairment. Goodwill acquired in a business combination is, from the acquisition date,
allocated to each of the Group\u2019s operating segments. This is subsequently tested for impairment at the Group\u2019s operating segment level
based on the aggregation of any headroom arising from asset impairment tests. Goodwill is treated as an asset of the relevant entity to
which it relates, and accordingly non-US dollar goodwill is translated into US dollars at the closing rate of exchange at each reporting date.
Goodwill, as disclosed in note 10, is not amortised but is reviewed for impairment at least annually by assessing the recoverable amount of the
operating segments to which the goodwill relates. Where the carrying amount of the operating segment and related goodwill is higher than the
recoverable amount of the operating segment, an impairment loss is recognised in the income statement. The recoverable amounts of the operating
segments have been determined on a fair value less costs to sell basis. Impairments are expected to arise as the deferred tax that gave rise to the
goodwill initially naturally unwinds in the normal course of business. Impairment losses relating to goodwill cannot be reversed in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "Goodwill
In the event of a business combination or acquisition of an interest in a joint operation in which the activity constitutes a business, as
de\ufb01ned in IFRS 3 Business Combinations, the acquisition method of accounting is applied. Goodwill represents the difference between
the aggregate of the fair value of purchase consideration transferred at the acquisition date and the fair value of the identi\ufb01able assets,
liabilities and contingent liabilities acquired, less any non-controlling interest. If however, the fair value of the purchase consideration
transferred is lower than the fair value of the identi\ufb01able assets and liabilities acquired, less non-controlling interest, the difference is
recognised in the income statement as negative goodwill. The Group\u2019s goodwill is related to the requirement to recognise deferred tax for the
difference between the assigned fair values and the related tax base (technical goodwill). The fair value of the Group\u2019s licences are based
on post-tax cash \ufb02ows or benchmarked multiples. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax
corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred
tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Goodwill is initially measured at cost. Following initial recognition,
goodwill is measured at cost less any accumulated impairment. Goodwill acquired in a business combination is, from the acquisition date,
allocated to each of the Group\u2019s operating segments. This is subsequently tested for impairment at the Group\u2019s operating segment level
based on the aggregation of any headroom arising from asset impairment tests. Goodwill is treated as an asset of the relevant entity to
which it relates, and accordingly non-US dollar goodwill is translated into US dollars at the closing rate of exchange at each reporting date.
Goodwill, as disclosed in note 10, is not amortised but is reviewed for impairment at least annually by assessing the recoverable amount of the
operating segments to which the goodwill relates. Where the carrying amount of the operating segment and related goodwill is higher than the
recoverable amount of the operating segment, an impairment loss is recognised in the income statement. The recoverable amounts of the operating
segments have been determined on a fair value less costs to sell basis. Impairments are expected to arise as the deferred tax that gave rise to the
goodwill initially naturally unwinds in the normal course of business. Impairment losses relating to goodwill cannot be reversed in future periods.
Pre-licence costs
Pre-licence costs are expensed in the period in which they are incurred.
Licence and property acquisition costs
Licence and property acquisition costs paid in connection with a right to explore in an existing exploration area are capitalised as exploration
and evaluation costs within intangible assets.
Licence and property acquisition costs are reviewed at each reporting date to con\ufb01rm that there is no indication that the carrying amount
exceeds the recoverable amount. If no future activity is planned or the related licence has been relinquished or has expired, the carrying
value of the property acquisition costs is written off through the income statement. Upon recognition of proved reserves and internal
approval for development, the relevant expenditure is transferred to oil and gas properties within development and production assets.
Exploration and evaluation costs
Once the legal right to explore has been acquired, costs directly associated with the exploration are capitalised as exploration and evaluation
(E&E) intangible non-current assets until the exploration is complete and the results have been evaluated. If no potential commercial
resources are discovered, the exploration asset is written off.
All such capitalised costs are subject to technical, commercial and management review, as well as review for indicators of impairment
at least annually. This is to con\ufb01rm the continued intent to develop or otherwise extract value from the discovery. When this is no longer
the case, the costs are written off through the income statement.
When proved reserves of oil or natural gas are identi\ufb01ed and development is sanctioned by management, the relevant capitalised
expenditure is \ufb01rst assessed for impairment and, if required, any impairment loss is recognised, then the remaining balance is transferred
to oil and gas properties within development and production assets. No amortisation is charged during the exploration and evaluation phase.
Farm-outs \u2013 in the exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise any gain or loss on its exploration
and evaluation farm-out arrangements but re-designates any costs previously capitalised in relation to the whole interest as relating to the
partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the farmor as a gain on disposal.Intangible assets
Intangible assets principally comprise IT software/licences and carbon allowances. IT software/licences are carried at cost less any
accumulated amortisation. These assets are amortised on a straight-line basis over their useful economic lives of between three and ten
years. Carbon allowances are carried at cost and subject to impairment testing.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "Goodwill
In the event of a business combination or acquisition of an interest in a joint operation in which the activity constitutes a business, as
de\ufb01ned in IFRS 3 Business Combinations, the acquisition method of accounting is applied. Goodwill represents the difference between
the aggregate of the fair value of purchase consideration transferred at the acquisition date and the fair value of the identi\ufb01able assets,
liabilities and contingent liabilities acquired, less any non-controlling interest. If however, the fair value of the purchase consideration
transferred is lower than the fair value of the identi\ufb01able assets and liabilities acquired, less non-controlling interest, the difference is
recognised in the income statement as negative goodwill. The Group\u2019s goodwill is related to the requirement to recognise deferred tax for the
difference between the assigned fair values and the related tax base (technical goodwill). The fair value of the Group\u2019s licences are based
on post-tax cash \ufb02ows or benchmarked multiples. In accordance with IAS 12 paragraphs 15 and 24, a provision is made for deferred tax
corresponding to the difference between the acquisition cost and the transferred tax depreciation basis. The offsetting entry to this deferred
tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax. Goodwill is initially measured at cost. Following initial recognition,
goodwill is measured at cost less any accumulated impairment. Goodwill acquired in a business combination is, from the acquisition date,
allocated to each of the Group\u2019s operating segments. This is subsequently tested for impairment at the Group\u2019s operating segment level
based on the aggregation of any headroom arising from asset impairment tests. Goodwill is treated as an asset of the relevant entity to
which it relates, and accordingly non-US dollar goodwill is translated into US dollars at the closing rate of exchange at each reporting date.
Goodwill, as disclosed in note 10, is not amortised but is reviewed for impairment at least annually by assessing the recoverable amount of the
operating segments to which the goodwill relates. Where the carrying amount of the operating segment and related goodwill is higher than the
recoverable amount of the operating segment, an impairment loss is recognised in the income statement. The recoverable amounts of the operating
segments have been determined on a fair value less costs to sell basis. Impairments are expected to arise as the deferred tax that gave rise to the
goodwill initially naturally unwinds in the normal course of business. Impairment losses relating to goodwill cannot be reversed in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Goodwill, as disclosed in note 10, is not amortised but is reviewed for impairment at least annually by assessing the recoverable amount of the
operating segments to which the goodwill relates. Where the carrying amount of the operating segment and related goodwill is higher than the
recoverable amount of the operating segment, an impairment loss is recognised in the income statement. The recoverable amounts of the operating
segments have been determined on a fair value less costs to sell basis. Impairments are expected to arise as the deferred tax that gave rise to the
goodwill initially naturally unwinds in the normal course of business. Impairment losses relating to goodwill cannot be reversed in future periods.Licence and property acquisition costs
Licence and property acquisition costs paid in connection with a right to explore in an existing exploration area are capitalised as exploration
and evaluation costs within intangible assets.
Licence and property acquisition costs are reviewed at each reporting date to con\ufb01rm that there is no indication that the carrying amount
exceeds the recoverable amount. If no future activity is planned or the related licence has been relinquished or has expired, the carrying
value of the property acquisition costs is written off through the income statement. Upon recognition of proved reserves and internal
approval for development, the relevant expenditure is transferred to oil and gas properties within development and production assets.
Exploration and evaluation costs
Once the legal right to explore has been acquired, costs directly associated with the exploration are capitalised as exploration and evaluation
(E&E) intangible non-current assets until the exploration is complete and the results have been evaluated. If no potential commercial
resources are discovered, the exploration asset is written off.
All such capitalised costs are subject to technical, commercial and management review, as well as review for indicators of impairment
at least annually. This is to con\ufb01rm the continued intent to develop or otherwise extract value from the discovery. When this is no longer
the case, the costs are written off through the income statement.
When proved reserves of oil or natural gas are identi\ufb01ed and development is sanctioned by management, the relevant capitalised
expenditure is \ufb01rst assessed for impairment and, if required, any impairment loss is recognised, then the remaining balance is transferred
to oil and gas properties within development and production assets. No amortisation is charged during the exploration and evaluation phase.
Farm-outs \u2013 in the exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise any gain or loss on its exploration
and evaluation farm-out arrangements but re-designates any costs previously capitalised in relation to the whole interest as relating to the
partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the farmor as a gain on disposal.Impairment of non-current assets (excluding goodwill)
In accordance with IAS 36 Impairment of Assets, impairment tests are carried out on items of property, plant and equipment and intangible
assets where there is an indicator of impairment, or an indicator identi\ufb01ed that a prior year impairment may have reversed or decreased.
Such indications may be based on events or changes in the market environment, or on internal sources of information.
Impairment and reversal indicators
Property, plant and equipment and intangible assets with \ufb01nite useful lives are only tested for impairment when there is an indication that
they may be impaired. This is generally the result of signi\ufb01cant changes to the environment in which the assets are operated or when asset
performance is signi\ufb01cantly lower than expected.
The main impairment indicators used by the Group are described below:
\u2022
External sources of information:
\u2013
Signi\ufb01cant changes in the economic, technological, political or market environment in which the entity operates
or to which an asset is dedicated
\u2013
Fall in demand
\u2013
Changes in commodity prices and exchange rates
\u2022
Internal sources of information:
\u2013
Evidence of obsolescence or physical damage
\u2013
Signi\ufb01cantly lower than expected production or cost performance
\u2013
Reduction in reserves and resources, including as a result of unsuccessful results of drilling operations
\u2013
Pending expiry of licence or other rights
\u2013
In respect of capitalised exploration and evaluation costs, lack of planned future activity on the prospect or licence
\u2013
For reversals, plausible downside sensitivity scenarios are run to test the robustness of the asset carrying values typically
against changes in production and commodity prices
Measurement of recoverable amount
The cash-generating unit (CGU) applied for impairment test purposes is generally the \ufb01eld, except that a number of \ufb01eld interests may
be grouped as a single CGU where the cash in\ufb02ows of each \ufb01eld are interdependent. The carrying value of each CGU is compared against
the expected recoverable amount of the asset, which is primarily determined based on the fair value less cost of disposal (FVLCD) method,
where the fair value is determined from the estimated present value of the future net cash \ufb02ows expected to be derived from production
of commercial reserves. Standard valuation techniques are used based on the discount rates that re\ufb02ect the speci\ufb01c characteristics of
the operating entities concerned; discount rates are determined on a post-tax basis and applied to post-tax cash \ufb02ows.
Any impairment loss is recorded in the income statement under \u2018Impairment of property, plant and equipment\u2019. Impairment losses recorded in relation
to property, plant and equipment may be subsequently reversed if the recoverable amount of the assets subsequently increases above carrying
value. The increased carrying amount of an item of property, plant or equipment attributable to a reversal of an impairment loss may not exceed the
carrying amount that would have been determined (net of depreciation/amortisation) had no impairment loss been recognised in prior periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "Goodwill, as disclosed in note 10, is not amortised but is reviewed for impairment at least annually by assessing the recoverable amount of the
operating segments to which the goodwill relates. Where the carrying amount of the operating segment and related goodwill is higher than the
recoverable amount of the operating segment, an impairment loss is recognised in the income statement. The recoverable amounts of the operating
segments have been determined on a fair value less costs to sell basis. Impairments are expected to arise as the deferred tax that gave rise to the
goodwill initially naturally unwinds in the normal course of business. Impairment losses relating to goodwill cannot be reversed in future periods.Licence and property acquisition costs
Licence and property acquisition costs paid in connection with a right to explore in an existing exploration area are capitalised as exploration
and evaluation costs within intangible assets.
Licence and property acquisition costs are reviewed at each reporting date to con\ufb01rm that there is no indication that the carrying amount
exceeds the recoverable amount. If no future activity is planned or the related licence has been relinquished or has expired, the carrying
value of the property acquisition costs is written off through the income statement. Upon recognition of proved reserves and internal
approval for development, the relevant expenditure is transferred to oil and gas properties within development and production assets.
Exploration and evaluation costs
Once the legal right to explore has been acquired, costs directly associated with the exploration are capitalised as exploration and evaluation
(E&E) intangible non-current assets until the exploration is complete and the results have been evaluated. If no potential commercial
resources are discovered, the exploration asset is written off.
All such capitalised costs are subject to technical, commercial and management review, as well as review for indicators of impairment
at least annually. This is to con\ufb01rm the continued intent to develop or otherwise extract value from the discovery. When this is no longer
the case, the costs are written off through the income statement.
When proved reserves of oil or natural gas are identi\ufb01ed and development is sanctioned by management, the relevant capitalised
expenditure is \ufb01rst assessed for impairment and, if required, any impairment loss is recognised, then the remaining balance is transferred
to oil and gas properties within development and production assets. No amortisation is charged during the exploration and evaluation phase.
Farm-outs \u2013 in the exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise any gain or loss on its exploration
and evaluation farm-out arrangements but re-designates any costs previously capitalised in relation to the whole interest as relating to the
partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the farmor as a gain on disposal.Impairment of non-current assets (excluding goodwill)
In accordance with IAS 36 Impairment of Assets, impairment tests are carried out on items of property, plant and equipment and intangible
assets where there is an indicator of impairment, or an indicator identi\ufb01ed that a prior year impairment may have reversed or decreased.
Such indications may be based on events or changes in the market environment, or on internal sources of information.
Impairment and reversal indicators
Property, plant and equipment and intangible assets with \ufb01nite useful lives are only tested for impairment when there is an indication that
they may be impaired. This is generally the result of signi\ufb01cant changes to the environment in which the assets are operated or when asset
performance is signi\ufb01cantly lower than expected.
The main impairment indicators used by the Group are described below:
\u2022
External sources of information:
\u2013
Signi\ufb01cant changes in the economic, technological, political or market environment in which the entity operates
or to which an asset is dedicated
\u2013
Fall in demand
\u2013
Changes in commodity prices and exchange rates
\u2022
Internal sources of information:
\u2013
Evidence of obsolescence or physical damage
\u2013
Signi\ufb01cantly lower than expected production or cost performance
\u2013
Reduction in reserves and resources, including as a result of unsuccessful results of drilling operations
\u2013
Pending expiry of licence or other rights
\u2013
In respect of capitalised exploration and evaluation costs, lack of planned future activity on the prospect or licence
\u2013
For reversals, plausible downside sensitivity scenarios are run to test the robustness of the asset carrying values typically
against changes in production and commodity prices
Measurement of recoverable amount
The cash-generating unit (CGU) applied for impairment test purposes is generally the \ufb01eld, except that a number of \ufb01eld interests may
be grouped as a single CGU where the cash in\ufb02ows of each \ufb01eld are interdependent. The carrying value of each CGU is compared against
the expected recoverable amount of the asset, which is primarily determined based on the fair value less cost of disposal (FVLCD) method,
where the fair value is determined from the estimated present value of the future net cash \ufb02ows expected to be derived from production
of commercial reserves. Standard valuation techniques are used based on the discount rates that re\ufb02ect the speci\ufb01c characteristics of
the operating entities concerned; discount rates are determined on a post-tax basis and applied to post-tax cash \ufb02ows.
Any impairment loss is recorded in the income statement under \u2018Impairment of property, plant and equipment\u2019. Impairment losses recorded in relation
to property, plant and equipment may be subsequently reversed if the recoverable amount of the assets subsequently increases above carrying
value. The increased carrying amount of an item of property, plant or equipment attributable to a reversal of an impairment loss may not exceed the
carrying amount that would have been determined (net of depreciation/amortisation) had no impairment loss been recognised in prior periods.Impairment of \ufb01nancial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVTPL. ECLs are based on the
difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
ECLs are recognised in two stages:
\u2022
12-month ECL: for credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are
provided for credit losses that result from default events (payment, prospective or covenant) that are possible within the next 12 months
\u2022
Lifetime ECL: for those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss
allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs as allowed under IFRS 9 Financial
Instruments. Provision rates are calculated based on estimates including the probability of default by assessing counterparty credit ratings,
as adjusted for forward-looking factors speci\ufb01c to the debtors, the economic environment and the Group\u2019s historical credit loss experience.
Credit impaired \ufb01nancial assets
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost and debt \ufb01nancial assets carried at FVOCI
are credit impaired. A \ufb01nancial asset is \u2018credit impaired\u2019 when one or more events that have a detrimental impact on the estimated future
cash \ufb02ows of the \ufb01nancial asset have occurred.
Evidence that a \ufb01nancial asset is credit impaired includes the following observable data:
\u2022
Signi\ufb01cant \ufb01nancial dif\ufb01culty of the borrower or issuer
\u2022
A breach of contract such as default or past due event
\u2022
The restructuring of a loan or advance by the Group on terms that the Group would otherwise not consider
\u2022
Becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation
\u2022
The disappearance of an active market for a security because of \ufb01nancial dif\ufb01culties", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "Pre-licence costs
Pre-licence costs are expensed in the period in which they are incurred.
Licence and property acquisition costs
Licence and property acquisition costs paid in connection with a right to explore in an existing exploration area are capitalised as exploration
and evaluation costs within intangible assets.
Licence and property acquisition costs are reviewed at each reporting date to con\ufb01rm that there is no indication that the carrying amount
exceeds the recoverable amount. If no future activity is planned or the related licence has been relinquished or has expired, the carrying
value of the property acquisition costs is written off through the income statement. Upon recognition of proved reserves and internal
approval for development, the relevant expenditure is transferred to oil and gas properties within development and production assets.
Exploration and evaluation costs
Once the legal right to explore has been acquired, costs directly associated with the exploration are capitalised as exploration and evaluation
(E&E) intangible non-current assets until the exploration is complete and the results have been evaluated. If no potential commercial
resources are discovered, the exploration asset is written off.
All such capitalised costs are subject to technical, commercial and management review, as well as review for indicators of impairment
at least annually. This is to con\ufb01rm the continued intent to develop or otherwise extract value from the discovery. When this is no longer
the case, the costs are written off through the income statement.
When proved reserves of oil or natural gas are identi\ufb01ed and development is sanctioned by management, the relevant capitalised
expenditure is \ufb01rst assessed for impairment and, if required, any impairment loss is recognised, then the remaining balance is transferred
to oil and gas properties within development and production assets. No amortisation is charged during the exploration and evaluation phase.
Farm-outs \u2013 in the exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise any gain or loss on its exploration
and evaluation farm-out arrangements but re-designates any costs previously capitalised in relation to the whole interest as relating to the
partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the farmor as a gain on disposal.Intangible assets
Intangible assets principally comprise IT software/licences and carbon allowances. IT software/licences are carried at cost less any
accumulated amortisation. These assets are amortised on a straight-line basis over their useful economic lives of between three and ten
years. Carbon allowances are carried at cost and subject to impairment testing.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "Pre-licence costs
Pre-licence costs are expensed in the period in which they are incurred.
Licence and property acquisition costs
Licence and property acquisition costs paid in connection with a right to explore in an existing exploration area are capitalised as exploration
and evaluation costs within intangible assets.
Licence and property acquisition costs are reviewed at each reporting date to con\ufb01rm that there is no indication that the carrying amount
exceeds the recoverable amount. If no future activity is planned or the related licence has been relinquished or has expired, the carrying
value of the property acquisition costs is written off through the income statement. Upon recognition of proved reserves and internal
approval for development, the relevant expenditure is transferred to oil and gas properties within development and production assets.
Exploration and evaluation costs
Once the legal right to explore has been acquired, costs directly associated with the exploration are capitalised as exploration and evaluation
(E&E) intangible non-current assets until the exploration is complete and the results have been evaluated. If no potential commercial
resources are discovered, the exploration asset is written off.
All such capitalised costs are subject to technical, commercial and management review, as well as review for indicators of impairment
at least annually. This is to con\ufb01rm the continued intent to develop or otherwise extract value from the discovery. When this is no longer
the case, the costs are written off through the income statement.
When proved reserves of oil or natural gas are identi\ufb01ed and development is sanctioned by management, the relevant capitalised
expenditure is \ufb01rst assessed for impairment and, if required, any impairment loss is recognised, then the remaining balance is transferred
to oil and gas properties within development and production assets. No amortisation is charged during the exploration and evaluation phase.
Farm-outs \u2013 in the exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise any gain or loss on its exploration
and evaluation farm-out arrangements but re-designates any costs previously capitalised in relation to the whole interest as relating to the
partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the farmor as a gain on disposal.
Property, plant and equipment \u2013 oil and gas assets
Oil and gas development and production assets are accumulated generally on a \ufb01eld-by-\ufb01eld or cash-generating unit basis where
infrastructure is shared. This represents expenditure on the construction, installation or completion of infrastructure facilities such as
platforms, pipelines and the drilling of development wells, including E&E expenditures incurred in \ufb01nding commercial reserves transferred
from intangible E&E assets, as outlined in the intangible asset policy above, which is capitalised as oil and gas properties within
development and production assets.
The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into
operation, the initial estimate of the decommissioning obligation and, for qualifying assets, where relevant, borrowing costs. The purchase
price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
An item of development and production expenditure and any signi\ufb01cant part initially recognised is derecognised upon disposal or when
no future economic bene\ufb01ts are expected. Any gain or loss arising on derecognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in the income statement.
Expenditure on major maintenance includes re\ufb01ts, inspections or repairs comprising the cost of replacement assets or parts of assets,
inspection costs and overhaul costs. Where an asset, or part of an asset, that was separately depreciated and is now written off is replaced
and it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group, the expenditure is capitalised. All other
day-to-day repairs and maintenance costs are expensed as incurred.
Depreciation, depletion and amortisation (DD&A) of oil and gas assets
All costs relating to a development are accumulated and not depreciated until the commencement of production. Depreciation is provided
generally on a \ufb01eld-by-\ufb01eld or cash-generating unit basis where infrastructure is shared, using the unit of production method by reference
to the ratio of production in the year and the related commercial proven and probable reserves of the \ufb01eld, considering future development
expenditures necessary to bring those reserves into production.
When there is a change in the estimated total recoverable proven and probable reserves of a \ufb01eld, that change is accounted for in the
depreciation charge over the revised remaining proven and probable reserves.
Acquisitions, asset purchases and disposals
Acquisitions of oil and gas properties are accounted for using the acquisition method when the assets acquired, and liabilities assumed
constitute a business.
Transactions involving the purchase of an individual \ufb01eld interest, or a group of \ufb01eld interests, which do not constitute a business, are
treated as asset purchases irrespective of whether the speci\ufb01c transactions involve the transfer of the \ufb01eld interests directly or the transfer
of an incorporated entity. Accordingly, no goodwill and no deferred tax gross up arises, and the consideration is allocated to the assets and
liabilities purchased on an appropriate basis.
Proceeds on disposal are applied to the carrying amount of the speci\ufb01c intangible asset or oil and gas property disposed of and any surplus
is recorded as a gain on disposal in the income statement.
Decommissioning
A provision for decommissioning is recognised in full when the related facilities are installed. The amount recognised is the present value of
the estimated future expenditure. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil
and gas property. This is subsequently depreciated as part of the capital costs of the production facilities. Any change in the present value
of the estimated expenditure is dealt with from the start of the \ufb01nancial year as an adjustment to the opening provision and the oil and gas
property. The unwinding of the discount is included as a \ufb01nance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "Exploration and evaluation costs
Once the legal right to explore has been acquired, costs directly associated with the exploration are capitalised as exploration and evaluation
(E&E) intangible non-current assets until the exploration is complete and the results have been evaluated. If no potential commercial
resources are discovered, the exploration asset is written off.
All such capitalised costs are subject to technical, commercial and management review, as well as review for indicators of impairment
at least annually. This is to con\ufb01rm the continued intent to develop or otherwise extract value from the discovery. When this is no longer
the case, the costs are written off through the income statement.
When proved reserves of oil or natural gas are identi\ufb01ed and development is sanctioned by management, the relevant capitalised
expenditure is \ufb01rst assessed for impairment and, if required, any impairment loss is recognised, then the remaining balance is transferred
to oil and gas properties within development and production assets. No amortisation is charged during the exploration and evaluation phase.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "Property, plant and equipment \u2013 oil and gas assets
Oil and gas development and production assets are accumulated generally on a \ufb01eld-by-\ufb01eld or cash-generating unit basis where
infrastructure is shared. This represents expenditure on the construction, installation or completion of infrastructure facilities such as
platforms, pipelines and the drilling of development wells, including E&E expenditures incurred in \ufb01nding commercial reserves transferred
from intangible E&E assets, as outlined in the intangible asset policy above, which is capitalised as oil and gas properties within
development and production assets.
The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into
operation, the initial estimate of the decommissioning obligation and, for qualifying assets, where relevant, borrowing costs. The purchase
price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
An item of development and production expenditure and any signi\ufb01cant part initially recognised is derecognised upon disposal or when
no future economic bene\ufb01ts are expected. Any gain or loss arising on derecognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in the income statement.
Expenditure on major maintenance includes re\ufb01ts, inspections or repairs comprising the cost of replacement assets or parts of assets,
inspection costs and overhaul costs. Where an asset, or part of an asset, that was separately depreciated and is now written off is replaced
and it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group, the expenditure is capitalised. All other
day-to-day repairs and maintenance costs are expensed as incurred.
Depreciation, depletion and amortisation (DD&A) of oil and gas assets
All costs relating to a development are accumulated and not depreciated until the commencement of production. Depreciation is provided
generally on a \ufb01eld-by-\ufb01eld or cash-generating unit basis where infrastructure is shared, using the unit of production method by reference
to the ratio of production in the year and the related commercial proven and probable reserves of the \ufb01eld, considering future development
expenditures necessary to bring those reserves into production.
When there is a change in the estimated total recoverable proven and probable reserves of a \ufb01eld, that change is accounted for in the
depreciation charge over the revised remaining proven and probable reserves.
Acquisitions, asset purchases and disposals
Acquisitions of oil and gas properties are accounted for using the acquisition method when the assets acquired, and liabilities assumed
constitute a business.
Transactions involving the purchase of an individual \ufb01eld interest, or a group of \ufb01eld interests, which do not constitute a business, are
treated as asset purchases irrespective of whether the speci\ufb01c transactions involve the transfer of the \ufb01eld interests directly or the transfer
of an incorporated entity. Accordingly, no goodwill and no deferred tax gross up arises, and the consideration is allocated to the assets and
liabilities purchased on an appropriate basis.
Proceeds on disposal are applied to the carrying amount of the speci\ufb01c intangible asset or oil and gas property disposed of and any surplus
is recorded as a gain on disposal in the income statement.
Decommissioning
A provision for decommissioning is recognised in full when the related facilities are installed. The amount recognised is the present value of
the estimated future expenditure. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil
and gas property. This is subsequently depreciated as part of the capital costs of the production facilities. Any change in the present value
of the estimated expenditure is dealt with from the start of the \ufb01nancial year as an adjustment to the opening provision and the oil and gas
property. The unwinding of the discount is included as a \ufb01nance cost.
Non-oil and gas assets
Property, plant and equipment \u2013 \ufb01xtures and \ufb01ttings and o\ufb03ce equipment
Fixtures and \ufb01ttings and of\ufb01ce equipment are stated at cost less accumulated depreciation and impairment. Depreciation is provided for
on a straight-line basis at rates suf\ufb01cient to write off the cost of the assets less any residual value over their estimated useful economic lives.
The depreciation periods for the principal categories of assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2022
Buildings
Up to 50 years
\u2022
Fixtures and \ufb01ttings
Up to 10 years
\u2022
Of\ufb01ce furniture and equipment
Up to 5 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Depreciation, depletion and amortisation (DD&A) of oil and gas assets
All costs relating to a development are accumulated and not depreciated until the commencement of production. Depreciation is provided
generally on a \ufb01eld-by-\ufb01eld or cash-generating unit basis where infrastructure is shared, using the unit of production method by reference
to the ratio of production in the year and the related commercial proven and probable reserves of the \ufb01eld, considering future development
expenditures necessary to bring those reserves into production.
When there is a change in the estimated total recoverable proven and probable reserves of a \ufb01eld, that change is accounted for in the
depreciation charge over the revised remaining proven and probable reserves.Fixtures and \ufb01ttings and of\ufb01ce equipment are stated at cost less accumulated depreciation and impairment. Depreciation is provided for
on a straight-line basis at rates suf\ufb01cient to write off the cost of the assets less any residual value over their estimated useful economic lives.
The depreciation periods for the principal categories of assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u2022
Buildings
Up to 50 years
\u2022
Fixtures and \ufb01ttings
Up to 10 years
\u2022
Of\ufb01ce furniture and equipment
Up to 5 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "Decommissioning
A provision for decommissioning is recognised in full when the related facilities are installed. The amount recognised is the present value of
the estimated future expenditure. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil
and gas property. This is subsequently depreciated as part of the capital costs of the production facilities. Any change in the present value
of the estimated expenditure is dealt with from the start of the \ufb01nancial year as an adjustment to the opening provision and the oil and gas
property. The unwinding of the discount is included as a \ufb01nance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "Non-current assets held for sale and discontinued operations
The Group classi\ufb01es non-current assets and disposal groups as assets held for sale if their carrying amounts will be recovered principally
through a sale transaction rather than through continuing use. Non-current assets and disposal groups classi\ufb01ed as held for sale are
measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable
to the disposal group, excluding \ufb01nance costs and income tax expense. The criteria for held for sale classi\ufb01cation is regarded as met only
when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Management must
be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classi\ufb01cation. Actions
required to complete the sale should indicate that it is unlikely that signi\ufb01cant changes to the sale will be made or that the decision to sell will
be withdrawn. Property, plant and equipment and intangible assets are not depreciated or amortised once classi\ufb01ed as assets held for sale.
Assets and liabilities classi\ufb01ed as held for sale are presented separately as current line items in the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Financial assets
The Group uses two criteria to determine the classi\ufb01cation of \ufb01nancial assets: the Group\u2019s business model and contractual cash \ufb02ow
characteristics of the \ufb01nancial assets. Where appropriate the Group identi\ufb01es three categories of \ufb01nancial assets: amortised cost, fair
value through pro\ufb01t or loss (FVTPL), and fair value through other comprehensive income (FVOCI).
Financial assets held at amortised cost
Financial assets held at amortised cost are initially measured at fair value plus transaction and subsequently measured using the effective
interest rate (EIR) method and are subject to impairment. The EIR amortisation is presented within \ufb01nance income in the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are held for the purpose of meeting
short-term cash commitments, readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value.
Impairment of \ufb01nancial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVTPL. ECLs are based on the
difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
ECLs are recognised in two stages:
\u2022
12-month ECL: for credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are
provided for credit losses that result from default events (payment, prospective or covenant) that are possible within the next 12 months
\u2022
Lifetime ECL: for those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss
allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs as allowed under IFRS 9 Financial
Instruments. Provision rates are calculated based on estimates including the probability of default by assessing counterparty credit ratings,
as adjusted for forward-looking factors speci\ufb01c to the debtors, the economic environment and the Group\u2019s historical credit loss experience.
Credit impaired \ufb01nancial assets
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost and debt \ufb01nancial assets carried at FVOCI
are credit impaired. A \ufb01nancial asset is \u2018credit impaired\u2019 when one or more events that have a detrimental impact on the estimated future
cash \ufb02ows of the \ufb01nancial asset have occurred.
Evidence that a \ufb01nancial asset is credit impaired includes the following observable data:
\u2022
Signi\ufb01cant \ufb01nancial dif\ufb01culty of the borrower or issuer
\u2022
A breach of contract such as default or past due event
\u2022
The restructuring of a loan or advance by the Group on terms that the Group would otherwise not consider
\u2022
Becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation
\u2022
The disappearance of an active market for a security because of \ufb01nancial dif\ufb01culties
Financial liabilities
Financial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans and borrowings,
payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All \ufb01nancial liabilities are recognised
initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs which are capitalised
and amortised over the term of the borrowings. Where borrowings have been fully repaid but the borrowing facility remains, directly
attributable transaction costs that remain unamortised are presented within current and/or non-current assets.
Borrowings and loans
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums
payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective
interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
Subordinated notes
Through the acquisition of the Wintershall\u00a0Dea portfolio, the Group now holds two series of subordinated resettable \ufb01xed rate notes
(subordinated notes) in the aggregate principal amount of \u20ac1,500 million, which were transferred to Harbour on completion of the
acquisition. The subordinated notes are callable three months prior to the \ufb01rst reset date for the NC2026 series and six months prior
to the \ufb01rst reset date for the NC2029 series, and have no maturity.
Based on their characteristics (mainly no mandatory repayment and no obligation to pay a coupon except under certain circumstances speci\ufb01ed
in the documentation of the subordinated notes) and in compliance with IAS 32 Financial Instruments: Presentation, the subordinated notes
are wholly classi\ufb01ed as equity. On completing the acquisition, the issued subordinated notes are recognised at fair value, based on market rates
as of the acquisition date. Accrued interest payable to the subordinated notes investors increases equity, whereas the distribution of interest
payments reduces equity.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When an existing \ufb01nancial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the income statement.
Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments such as forward currency contracts, interest rate swaps, commodity option contracts and
commodity swap arrangements, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Derivative
\ufb01nancial instruments are initially recognised and subsequently remeasured at fair value. Certain derivative \ufb01nancial instruments are
designated as cash \ufb02ow hedges in line with the Group\u2019s risk management policies. When derivatives do not qualify for hedge accounting
or are not designated as accounting hedges, changes in the fair value of the instrument are recognised within the income statement.
A derivative with a positive fair value is recognised as a \ufb01nancial asset whereas a derivative with a negative fair value is recognised as a
\ufb01nancial liability. Derivatives are not offset in the \ufb01nancial statements unless the Group has both a legally enforceable right and intention
to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than
12 months and it is not due to be realised or settled within 12 months. Other derivatives maturing in less than 12 months and expected
to be realised or settled in less than 12 months are presented as current assets or current liabilities.
Cash \ufb02ow hedges
The effective portion of gains and losses arising from the remeasurement of derivative \ufb01nancial instruments designated as cash \ufb02ow hedges
are deferred within other comprehensive income and subsequently transferred to the income statement in the period the hedged transaction
is recognised in the income statement. When a hedging instrument is sold or expires, any cumulative gain or loss previously recognised in
other comprehensive income remains deferred until the hedged item affects pro\ufb01t or loss or is no longer expected to occur. Any gain or loss
relating to the ineffective portion of a cash \ufb02ow hedge is immediately recognised in the income statement. Hedge ineffectiveness could arise
if volumes of the hedging instruments are greater than the hedged item of production, or where the creditworthiness of the counterparty
is signi\ufb01cant and may dominate the transaction and lead to losses.
Fair values
Fair value is de\ufb01ned as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. It is determined by reference to quoted market prices adjusted for estimated transaction
costs that would be incurred in an actual transaction, or by the use of established estimation techniques such as option pricing models
and estimated discounted values of cash \ufb02ows.
For \ufb01nancial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques.
Under IFRS 9 Financial Instruments, embedded derivatives are not separated from a host \ufb01nancial asset, and are classi\ufb01ed based
on their contractual terms and the Group\u2019s business model.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "Financial assets
The Group uses two criteria to determine the classi\ufb01cation of \ufb01nancial assets: the Group\u2019s business model and contractual cash \ufb02ow
characteristics of the \ufb01nancial assets. Where appropriate the Group identi\ufb01es three categories of \ufb01nancial assets: amortised cost, fair
value through pro\ufb01t or loss (FVTPL), and fair value through other comprehensive income (FVOCI).
Financial assets held at amortised cost
Financial assets held at amortised cost are initially measured at fair value plus transaction and subsequently measured using the effective
interest rate (EIR) method and are subject to impairment. The EIR amortisation is presented within \ufb01nance income in the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are held for the purpose of meeting
short-term cash commitments, readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value.
Impairment of \ufb01nancial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVTPL. ECLs are based on the
difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
ECLs are recognised in two stages:
\u2022
12-month ECL: for credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are
provided for credit losses that result from default events (payment, prospective or covenant) that are possible within the next 12 months
\u2022
Lifetime ECL: for those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss
allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs as allowed under IFRS 9 Financial
Instruments. Provision rates are calculated based on estimates including the probability of default by assessing counterparty credit ratings,
as adjusted for forward-looking factors speci\ufb01c to the debtors, the economic environment and the Group\u2019s historical credit loss experience.
Credit impaired \ufb01nancial assets
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost and debt \ufb01nancial assets carried at FVOCI
are credit impaired. A \ufb01nancial asset is \u2018credit impaired\u2019 when one or more events that have a detrimental impact on the estimated future
cash \ufb02ows of the \ufb01nancial asset have occurred.
Evidence that a \ufb01nancial asset is credit impaired includes the following observable data:
\u2022
Signi\ufb01cant \ufb01nancial dif\ufb01culty of the borrower or issuer
\u2022
A breach of contract such as default or past due event
\u2022
The restructuring of a loan or advance by the Group on terms that the Group would otherwise not consider
\u2022
Becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation
\u2022
The disappearance of an active market for a security because of \ufb01nancial dif\ufb01culties", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are held for the purpose of meeting
short-term cash commitments, readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "Impairment of \ufb01nancial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVTPL. ECLs are based on the
difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
ECLs are recognised in two stages:
\u2022
12-month ECL: for credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are
provided for credit losses that result from default events (payment, prospective or covenant) that are possible within the next 12 months
\u2022
Lifetime ECL: for those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss
allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs as allowed under IFRS 9 Financial
Instruments. Provision rates are calculated based on estimates including the probability of default by assessing counterparty credit ratings,
as adjusted for forward-looking factors speci\ufb01c to the debtors, the economic environment and the Group\u2019s historical credit loss experience.
Credit impaired \ufb01nancial assets
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost and debt \ufb01nancial assets carried at FVOCI
are credit impaired. A \ufb01nancial asset is \u2018credit impaired\u2019 when one or more events that have a detrimental impact on the estimated future
cash \ufb02ows of the \ufb01nancial asset have occurred.
Evidence that a \ufb01nancial asset is credit impaired includes the following observable data:
\u2022
Signi\ufb01cant \ufb01nancial dif\ufb01culty of the borrower or issuer
\u2022
A breach of contract such as default or past due event
\u2022
The restructuring of a loan or advance by the Group on terms that the Group would otherwise not consider
\u2022
Becoming probable that the borrower will enter bankruptcy or other \ufb01nancial reorganisation
\u2022
The disappearance of an active market for a security because of \ufb01nancial dif\ufb01culties", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Financial liabilities
Financial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans and borrowings,
payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All \ufb01nancial liabilities are recognised
initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs which are capitalised
and amortised over the term of the borrowings. Where borrowings have been fully repaid but the borrowing facility remains, directly
attributable transaction costs that remain unamortised are presented within current and/or non-current assets.
Borrowings and loans
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums
payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective
interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
Subordinated notes
Through the acquisition of the Wintershall\u00a0Dea portfolio, the Group now holds two series of subordinated resettable \ufb01xed rate notes
(subordinated notes) in the aggregate principal amount of \u20ac1,500 million, which were transferred to Harbour on completion of the
acquisition. The subordinated notes are callable three months prior to the \ufb01rst reset date for the NC2026 series and six months prior
to the \ufb01rst reset date for the NC2029 series, and have no maturity.
Based on their characteristics (mainly no mandatory repayment and no obligation to pay a coupon except under certain circumstances speci\ufb01ed
in the documentation of the subordinated notes) and in compliance with IAS 32 Financial Instruments: Presentation, the subordinated notes
are wholly classi\ufb01ed as equity. On completing the acquisition, the issued subordinated notes are recognised at fair value, based on market rates
as of the acquisition date. Accrued interest payable to the subordinated notes investors increases equity, whereas the distribution of interest
payments reduces equity.
Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When an existing \ufb01nancial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Borrowings and loans
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums
payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective
interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "Derecognition
A \ufb01nancial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. When an existing \ufb01nancial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments such as forward currency contracts, interest rate swaps, commodity option contracts and
commodity swap arrangements, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Derivative
\ufb01nancial instruments are initially recognised and subsequently remeasured at fair value. Certain derivative \ufb01nancial instruments are
designated as cash \ufb02ow hedges in line with the Group\u2019s risk management policies. When derivatives do not qualify for hedge accounting
or are not designated as accounting hedges, changes in the fair value of the instrument are recognised within the income statement.
A derivative with a positive fair value is recognised as a \ufb01nancial asset whereas a derivative with a negative fair value is recognised as a
\ufb01nancial liability. Derivatives are not offset in the \ufb01nancial statements unless the Group has both a legally enforceable right and intention
to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than
12 months and it is not due to be realised or settled within 12 months. Other derivatives maturing in less than 12 months and expected
to be realised or settled in less than 12 months are presented as current assets or current liabilities.
Cash \ufb02ow hedges
The effective portion of gains and losses arising from the remeasurement of derivative \ufb01nancial instruments designated as cash \ufb02ow hedges
are deferred within other comprehensive income and subsequently transferred to the income statement in the period the hedged transaction
is recognised in the income statement. When a hedging instrument is sold or expires, any cumulative gain or loss previously recognised in
other comprehensive income remains deferred until the hedged item affects pro\ufb01t or loss or is no longer expected to occur. Any gain or loss
relating to the ineffective portion of a cash \ufb02ow hedge is immediately recognised in the income statement. Hedge ineffectiveness could arise
if volumes of the hedging instruments are greater than the hedged item of production, or where the creditworthiness of the counterparty
is signi\ufb01cant and may dominate the transaction and lead to losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments such as forward currency contracts, interest rate swaps, commodity option contracts and
commodity swap arrangements, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Derivative
\ufb01nancial instruments are initially recognised and subsequently remeasured at fair value. Certain derivative \ufb01nancial instruments are
designated as cash \ufb02ow hedges in line with the Group\u2019s risk management policies. When derivatives do not qualify for hedge accounting
or are not designated as accounting hedges, changes in the fair value of the instrument are recognised within the income statement.
A derivative with a positive fair value is recognised as a \ufb01nancial asset whereas a derivative with a negative fair value is recognised as a
\ufb01nancial liability. Derivatives are not offset in the \ufb01nancial statements unless the Group has both a legally enforceable right and intention
to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than
12 months and it is not due to be realised or settled within 12 months. Other derivatives maturing in less than 12 months and expected
to be realised or settled in less than 12 months are presented as current assets or current liabilities.
Cash \ufb02ow hedges
The effective portion of gains and losses arising from the remeasurement of derivative \ufb01nancial instruments designated as cash \ufb02ow hedges
are deferred within other comprehensive income and subsequently transferred to the income statement in the period the hedged transaction
is recognised in the income statement. When a hedging instrument is sold or expires, any cumulative gain or loss previously recognised in
other comprehensive income remains deferred until the hedged item affects pro\ufb01t or loss or is no longer expected to occur. Any gain or loss
relating to the ineffective portion of a cash \ufb02ow hedge is immediately recognised in the income statement. Hedge ineffectiveness could arise
if volumes of the hedging instruments are greater than the hedged item of production, or where the creditworthiness of the counterparty
is signi\ufb01cant and may dominate the transaction and lead to losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments such as forward currency contracts, interest rate swaps, commodity option contracts and
commodity swap arrangements, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Derivative
\ufb01nancial instruments are initially recognised and subsequently remeasured at fair value. Certain derivative \ufb01nancial instruments are
designated as cash \ufb02ow hedges in line with the Group\u2019s risk management policies. When derivatives do not qualify for hedge accounting
or are not designated as accounting hedges, changes in the fair value of the instrument are recognised within the income statement.
A derivative with a positive fair value is recognised as a \ufb01nancial asset whereas a derivative with a negative fair value is recognised as a
\ufb01nancial liability. Derivatives are not offset in the \ufb01nancial statements unless the Group has both a legally enforceable right and intention
to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than
12 months and it is not due to be realised or settled within 12 months. Other derivatives maturing in less than 12 months and expected
to be realised or settled in less than 12 months are presented as current assets or current liabilities.
Cash \ufb02ow hedges
The effective portion of gains and losses arising from the remeasurement of derivative \ufb01nancial instruments designated as cash \ufb02ow hedges
are deferred within other comprehensive income and subsequently transferred to the income statement in the period the hedged transaction
is recognised in the income statement. When a hedging instrument is sold or expires, any cumulative gain or loss previously recognised in
other comprehensive income remains deferred until the hedged item affects pro\ufb01t or loss or is no longer expected to occur. Any gain or loss
relating to the ineffective portion of a cash \ufb02ow hedge is immediately recognised in the income statement. Hedge ineffectiveness could arise
if volumes of the hedging instruments are greater than the hedged item of production, or where the creditworthiness of the counterparty
is signi\ufb01cant and may dominate the transaction and lead to losses.
Fair values
Fair value is de\ufb01ned as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. It is determined by reference to quoted market prices adjusted for estimated transaction
costs that would be incurred in an actual transaction, or by the use of established estimation techniques such as option pricing models
and estimated discounted values of cash \ufb02ows.
For \ufb01nancial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques.
Under IFRS 9 Financial Instruments, embedded derivatives are not separated from a host \ufb01nancial asset, and are classi\ufb01ed based
on their contractual terms and the Group\u2019s business model.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "Cash \ufb02ow hedges
The effective portion of gains and losses arising from the remeasurement of derivative \ufb01nancial instruments designated as cash \ufb02ow hedges
are deferred within other comprehensive income and subsequently transferred to the income statement in the period the hedged transaction
is recognised in the income statement. When a hedging instrument is sold or expires, any cumulative gain or loss previously recognised in
other comprehensive income remains deferred until the hedged item affects pro\ufb01t or loss or is no longer expected to occur. Any gain or loss
relating to the ineffective portion of a cash \ufb02ow hedge is immediately recognised in the income statement. Hedge ineffectiveness could arise
if volumes of the hedging instruments are greater than the hedged item of production, or where the creditworthiness of the counterparty
is signi\ufb01cant and may dominate the transaction and lead to losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "Fair values
Fair value is de\ufb01ned as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. It is determined by reference to quoted market prices adjusted for estimated transaction
costs that would be incurred in an actual transaction, or by the use of established estimation techniques such as option pricing models
and estimated discounted values of cash \ufb02ows.
For \ufb01nancial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques.
Under IFRS 9 Financial Instruments, embedded derivatives are not separated from a host \ufb01nancial asset, and are classi\ufb01ed based
on their contractual terms and the Group\u2019s business model.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "Share capital
Share capital includes the total net proceeds, both nominal and share premium, on the issue of ordinary (voting and non-voting)
and preference shares of the company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "Merger reserve
On 31 March 2021, Harbour\u00a0Energy plc (formerly Premier Oil plc) acquired Chrysaor Holdings Limited as part of a reverse acquisition. Under
the terms of the merger, Premier legally acquired Chrysaor through the issuance of consideration shares whilst Chrysaor was the acquirer for
accounting purposes, primarily as a result of its ability to appoint the Board of the enlarged group. The merger reserve primarily represented
Premier\u2019s opening balance on the legal reserve plus the fair value of the assets and liabilities acquired by Chrysaor. This was subsequently
reduced following a capital restructuring in 2022.
On 3 September 2024, the company acquisition of the Wintershall\u00a0Dea assets met the conditions to recognise the difference between the
fair value and nominal value of the shares issues as consideration as merger reserve.
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares transferred following the company\u2019s purchase of them.
Cash \ufb02ow hedge reserve
The cash \ufb02ow hedge and cost of hedging reserves represent gains and losses on derivatives classi\ufb01ed as effective cash \ufb02ow hedges. Upon the
designation of option instruments as hedging instruments, the intrinsic and time value components are separated, with only the intrinsic component
being designated as the hedging instrument and the time value component is deferred in other comprehensive income as a \u2018cost of hedging\u2019.
Currency translation reserve
This reserve comprises exchange differences arising on consolidation of the Group\u2019s operations with a functional currency other than the US dollar.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "Share-based payments
The Group has applied the requirements of IFRS 2 Share-Based Payment. The Group has share-based awards that are equity and cash
settled as de\ufb01ned by IFRS 2. The fair value of the equity-settled awards has been determined at the date of grant of the award allowing
for the effect of any market-based conditions. The fair value determined at the grant date of the equity-settled share-based payments is
expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest and adjusted
for the effect of non-market based vesting conditions. For cash-settled awards, a liability is recognised for the goods or service acquired.
This is measured initially at the fair value of the liability. The fair value of the liability is subsequently remeasured at each balance sheet date
until the liability is settled, and at the date of settlement, with any changes in fair value recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "Inventories
All inventories, except for petroleum products, are stated at the lower of cost and net realisable value. The cost of materials is the purchase
cost, determined on weighted average cost basis. Petroleum products and underlift and overlift positions are measured at net realisable
value using an observable year-end oil or gas market price, and are included in other debtors or creditors, respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "Leases
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and
lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on
a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets which are no more than ten years.
The Group recognises right-of-use assets and lease liabilities on a gross basis and the recovery of lease costs from joint operations\u2019 partners
is recorded as other income.
Liabilities arising from a lease are initially measured on a present value basis re\ufb02ecting the net present value of the \ufb01xed lease payments and
amounts expected to be payable by the Group assuming leases run to full term. The Group has applied judgement to determine the lease
term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain
to exercise such options impacts the lease term, which signi\ufb01cantly impacts the amount of lease liabilities and right-of-use assets recognised.
The lease payments are discounted at the lease commencement date using the Group\u2019s incremental borrowing rates of between
1.2 per cent and 13.1 per cent, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset
of similar value in a similar economic environment with similar terms and conditions.
To determine the incremental borrowing rate, the Group where possible:
\u2022
Uses recent third-party \ufb01nancing received by the individual lessee as a starting point, adjusted to re\ufb02ect changes in \ufb01nancing conditions
since third party \ufb01nancing was received
\u2022
Makes adjustments speci\ufb01c to the lease, for example term, country, currency and security
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease
liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed
and adjusted against the right-of-use asset.
Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to the income statement over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Payments associated with short-term leases and leases of low value assets are recognised on a straight-line basis as an expense in the
income statement. Short-term leases are leases with a lease term of 12 months or less.
For lease arrangements where all partners of a joint operation are considered to share the primary responsibility for lease payments under
a lease contract, the Group recognises its share of the respective right-of-use asset and lease liability. This situation is most common where
the parties of a joint operation co-sign the lease contract.
The Group recognises a gross lease liability for leases entered into on behalf of a joint operation where it has primary responsibility for
making the lease payments. In such instances, if the arrangement between the Group and the joint operation represents a \ufb01nance sublease,
the Group recognises a net investment in sublease for amounts recoverable from non-operators whilst derecognising the respective portion
of the gross right-of-use asset. The gross lease liability is retained on the balance sheet.
The net investment in sublease is classi\ufb01ed as either trade and other receivables or long-term receivables on the balance sheet according
to whether or not the amounts will be recovered within 12 months of the balance sheet date. Finance income is recognised in respect of net
investment in subleases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "Provisions for liabilities
A provision is recognised when the Group has a legal or constructive obligation as a result of a past event, it is probable that an out\ufb02ow of resources
embodying economic bene\ufb01ts will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money
is material, provisions are discounted using a current pre-tax rate that re\ufb02ects, where appropriate, the risk speci\ufb01c to the liability. Where
discounting is used, the increase in the provision due to the passage of time is recognised as part of \ufb01nance costs in the income statement.
The estimated cost of dismantling and restoring the production and related facilities at the end of the economic life of each \ufb01eld is
recognised in full when the related facilities are installed. The amount provided is the present value of the estimated future restoration cost.
A non-current asset is also recognised. Any changes to estimated costs or discount rates are dealt with prospectively.
The Group recognises a provision for the estimated CO
2
emissions costs when actual emissions exceed the emission rights granted and
still held. When actual emissions exceed the amount of emission rights granted, a provision is recognised for the exceeding emission
rights based on the purchase price of allowances concluded in forward contracts or market quotations at the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "Group retirement bene\ufb01ts
The Group\u2019s various pension plans consist of both de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans. Payments to de\ufb01ned contribution
retirement bene\ufb01t plans are charged as an expense as they fall due. Payments made to state-managed retirement bene\ufb01t schemes are dealt
with as payments to de\ufb01ned contribution plans where the Group\u2019s obligations under the schemes are equivalent to those arising in a de\ufb01ned
contribution retirement bene\ufb01t plan.
The Group operates a de\ufb01ned bene\ufb01t pension scheme, which requires contributions to be made to a separately administered fund. The cost
of providing bene\ufb01ts is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet
date. Actuarial gains and losses are recognised immediately in the statement of comprehensive income.
The retirement bene\ufb01t obligation recognised in the balance sheet represents the present value of the de\ufb01ned bene\ufb01t obligation as reduced
by the fair value of plan assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions
in future contributions to the plan.
The Group participates in a legally independent multi-employer plan which is \ufb01nanced by employer and employee contributions as well as
the return on plan assets. Since suf\ufb01cient information is not available for this multi-employer plan, the Group accounts for the plan as if it
was a de\ufb01ned contribution plan.
In the case of contribution-based de\ufb01ned bene\ufb01t pension plans, the Group makes contribution payments to special-purpose funds as well
as to life insurances. These contribution payments are recorded as expenses. Furthermore, for some of the Group\u2019s contribution-based
de\ufb01ned bene\ufb01t pension plans, bene\ufb01t obligations are recognised at the fair value of these funds, so far as the assets exceed the
guaranteed minimum bene\ufb01t amount.
If the assets do not exceed the guaranteed minimum bene\ufb01t amount, bene\ufb01t obligations for these contribution-based bene\ufb01t plans
are recognised in the guaranteed minimum bene\ufb01t amount.
The de\ufb01ned bene\ufb01t plans are administered by a separate fund that is legally separated from the acquired Wintershall\u00a0Dea portfolio.
The trustees of the pension fund are required by law to act in the interest of the fund and of all relevant stakeholders in the plans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "Trade payables Initial recognition of trade payables is at fair value. Subsequently they are stated at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "Taxes
Current tax
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and laws used to compute the amount are those that are enacted or substantively enacted
at the reporting date in the countries where the Group operates and generates taxable income.
Current income tax related to items recognised directly in other comprehensive income or equity is recognised in other comprehensive
income or directly in equity, not in the income statement.
Management periodically evaluates positions taken in the tax returns with respect to situations in which tax regulations are subject
to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred taxation is recognised in respect of all temporary differences arising between the tax bases of the assets and liabilities and their
carrying amounts in the \ufb01nancial statements with the following exceptions:
\u2022
When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give rise
to equal taxable and deductible temporary differences
\u2022
In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements,
when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary difference will not
reverse in the foreseeable future
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax
losses. Deferred income tax assets are recognised only to the extent that it is probable that the taxable pro\ufb01t will be available against which
the deductible temporary difference, carried forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when
the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the reporting date.
The carrying amount of the deferred income tax asset is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. The Group reassesses
any unrecognised deferred tax assets each year taking into account changes in oil and gas prices, the Group\u2019s proven and probable
reserves and resources pro\ufb01le and forecast capital and operating expenditures.
Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to offset current assets against current tax liabilities,
the deferred income tax relates to the same tax authority and that same tax authority permits the Group to make a single net payment.
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive
income, in which case the deferred tax is also dealt with in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "Deferred tax
Deferred taxation is recognised in respect of all temporary differences arising between the tax bases of the assets and liabilities and their
carrying amounts in the \ufb01nancial statements with the following exceptions:
\u2022
When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give rise
to equal taxable and deductible temporary differences
\u2022
In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements,
when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary difference will not
reverse in the foreseeable future
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax
losses. Deferred income tax assets are recognised only to the extent that it is probable that the taxable pro\ufb01t will be available against which
the deductible temporary difference, carried forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when
the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the reporting date.
The carrying amount of the deferred income tax asset is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. The Group reassesses
any unrecognised deferred tax assets each year taking into account changes in oil and gas prices, the Group\u2019s proven and probable
reserves and resources pro\ufb01le and forecast capital and operating expenditures.
Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to offset current assets against current tax liabilities,
the deferred income tax relates to the same tax authority and that same tax authority permits the Group to make a single net payment.
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive
income, in which case the deferred tax is also dealt with in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "Revenue from contracts with customers
Revenue from contracts with customers is recognised when the Group satis\ufb01es a performance obligation by transferring a good or service
to a customer. A good or service is transferred when the customer obtains control of that good or service. Revenue associated with the sale
of crude oil, natural gas and natural gas liquids (NGLs) is measured based on the consideration speci\ufb01ed in contracts with customers with
reference to quoted market prices in active markets, adjusted according to speci\ufb01c terms and conditions as applicable according to the
sales contracts. The transfer of control of oil, natural gas, natural gas liquids and other items sold by the Group occurs when title passes at
the point the customer takes physical delivery. The Group principally satis\ufb01es its performance obligations at a point in time and the amounts
of revenue recognised relating to performance obligations satis\ufb01ed over time are not signi\ufb01cant.
Over/underlift
Differences between the production sold and the Group\u2019s share of production result in an overlift or an underlift. Underlift positions are
measured at net realisable value using an observable year-end oil or gas market price. Overlift positions are measured using the sales
price that generated the overlift. Underlift and overlift positions are included in receivables or payables respectively. Movements during
the accounting period are recognised within cost of sales.
Interest income
Interest income is recognised on an accruals basis, by reference to the principal outstanding and at the effective interest rate applicable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "Interest income Interest income is recognised on an accruals basis, by reference to the principal outstanding and at the effective interest rate applicable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of
time to get ready for its intended use or sale (a qualifying asset) are capitalised as part of the cost of the respective assets. Where the funds
used to \ufb01nance a project form part of general borrowings, the amount capitalised is calculated using a weighted average of rates applicable
to relevant general borrowings of the Group during the period. All other borrowing costs are recognised in the income statement in the period
in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "New accounting standards and interpretations
The Group applied for the \ufb01rst-time certain standards and amendments, which are effective for annual periods beginning on or after
1\u00a0January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that
has been issued but is not yet effective.
Management anticipates that all relevant pronouncements will be adopted for the \ufb01rst period beginning on or after the effective date
of the pronouncement. New standards, amendments and interpretations not adopted in the current year have not been disclosed
as they are not expected to have a material impact on the Consolidated \ufb01nancial statements.
Classi\ufb01cation of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1
The amendments specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
\u2022
What is meant by a right to defer settlement
\u2022
That a right to defer must exist at the end of the reporting period
\u2022
That classi\ufb01cation is unaffected by the likelihood that an entity will exercise its deferral right
\u2022
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact
its classi\ufb01cation
In addition, a requirement has been added to disclose when a liability arising from a loan agreement is classi\ufb01ed as non-current and
the entity\u2019s right to defer settlement is contingent on compliance with future covenants within 12 months.
The amendments had no impact on the Consolidated \ufb01nancial statements.
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
The amendments to IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and
leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use
it retains. The amendments had no impact on the Consolidated \ufb01nancial statements.
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier
\ufb01nance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are
intended to assist users of \ufb01nancial statements in understanding the effects of supplier \ufb01nance arrangements on an entity\u2019s liabilities,
cash \ufb02ows and exposure to liquidity risk.
The disclosure requirements in the amendments provide information about the impact of supplier \ufb01nance arrangements on liabilities and
cash \ufb02ows, including terms and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at
the beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of those arrangements.
The amendments had no impact on the Consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "New accounting standards and interpretations
The Group applied for the \ufb01rst-time certain standards and amendments, which are effective for annual periods beginning on or after
1\u00a0January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that
has been issued but is not yet effective.
Management anticipates that all relevant pronouncements will be adopted for the \ufb01rst period beginning on or after the effective date
of the pronouncement. New standards, amendments and interpretations not adopted in the current year have not been disclosed
as they are not expected to have a material impact on the Consolidated \ufb01nancial statements.
Classi\ufb01cation of Liabilities as Current or Non-current and Non-current Liabilities with Covenants \u2013 Amendments to IAS 1
The amendments specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
\u2022
What is meant by a right to defer settlement
\u2022
That a right to defer must exist at the end of the reporting period
\u2022
That classi\ufb01cation is unaffected by the likelihood that an entity will exercise its deferral right
\u2022
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact
its classi\ufb01cation
In addition, a requirement has been added to disclose when a liability arising from a loan agreement is classi\ufb01ed as non-current and
the entity\u2019s right to defer settlement is contingent on compliance with future covenants within 12 months.
The amendments had no impact on the Consolidated \ufb01nancial statements.
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
The amendments to IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and
leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use
it retains. The amendments had no impact on the Consolidated \ufb01nancial statements.
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier
\ufb01nance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are
intended to assist users of \ufb01nancial statements in understanding the effects of supplier \ufb01nance arrangements on an entity\u2019s liabilities,
cash \ufb02ows and exposure to liquidity risk.
The disclosure requirements in the amendments provide information about the impact of supplier \ufb01nance arrangements on liabilities and
cash \ufb02ows, including terms and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at
the beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of those arrangements.
The amendments had no impact on the Consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0049": { "value": "3. Segment information
The chief operating decision maker, who is responsible for allocating resources and assessing performance of the Group\u2019s business
segments, has been identi\ufb01ed as the Chief Executive Of\ufb01cer.
Prior to the acquisition of substantially all of Wintershall\u00a0Dea\u2019s upstream oil and gas assets, the Group\u2019s activities consisted of one class
of business being the acquisition, exploration, development and production of oil and gas reserves and related activities, and were split
geographically and managed in two regions, namely \u2018North Sea\u2019 and \u2018International\u2019. The North Sea segment included the UK and Norwegian
continental shelves, and the \u2018International\u2019 segment included Indonesia, Vietnam and Mexico.
The operating segments have been modi\ufb01ed following the acquisition of the Wintershall\u00a0Dea portfolio and changes in the Group\u2019s structure
effective from September 2024. The operating segments are now divided geographically and managed across nine Business Units: namely
Norway, UK, Germany, Mexico, Argentina, North Africa, Southeast Asia, CCS and Corporate. The CCS segment includes Denmark.
Information on major customers can be found in note 4.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
North
Southeast
\u00a0 \u00a0
Total
and
\u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
External customers
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Crude oil sales
343
1,755
158
55
23
10
141
\u2013
393
2,878
\u2013
2,878
\u2013 Gas sales
86
1,143
9
3
111
63
115
\u2013
1,406
2,936
\u2013
2,936
\u2013 Other revenue
90
195
1
\u2013
6
40
\u2013
\u2013
12
344
\u2013
344
Other income
\u2013
33
4
2
7
6
1
\u2013
15
68
\u2013
68
Inter-segment
946
791
74
\u2013
\u2013
\u2013
\u2013
\u2013
68
1,879
(1,879)
\u2013
Total revenue and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
other income
1,465
3,917
246
60
147
119
257
\u2013
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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
property, plant and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
equipment
14
(323)
(26)
\u2013
\u2013
\u2013
(15)
(5)
3
(352)
\u2013
(352)
Impairment of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
right-of-use asset
\u2013
(20)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(20)
\u2013
(20)
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exploration and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
evaluation expenses and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
new ventures
(22)
(4)
\u2013
\u2013
\u2013
\u2013
\u2013
(40)
(2)
(68)
\u2013
(68)
Exploration costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
written-off
(76)
(81)
\u2013
\u2013
\u2013
(2)
(14)
\u2013
\u2013
(173)
\u2013
(173)
General and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
administrative expenses
(24)
(76)
(19)
(6)
(9)
(7)
(7)
(1)
(203)
(352)
\u2013
(352)
Segment operating
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pro\ufb01t/(loss)
837
714
(42)
17
18
52
49
(52)
61
1,654
(6)
1,648
Finance income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
173
Finance expenses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(602)
Income tax expense
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(1,312)
Loss for the year
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(93)
Total assets
9,434
7,306
3,042
2,420
4,488
917
919
18
1,777
30,321
\u2013
30,321
Total liabilities
(6,622)
(6,936)
(1,965)
(482)
(1,292)
(165)
(454)
(108)
(6,046) (24,070)
\u2013
(24,070)
Total capital additions
374
698
59
110
61
46
93
33
70
1,544
\u2013
1,544
Total depreciation,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
amortisation
293
1,115
146
10
58
16
78
\u2013
29
1,745
\u2013
1,745
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
North
Southeast
\u00a0 \u00a0
Total
and
\u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
External customers
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 Crude oil sales
\u2013
1,980
\u2013
\u2013
\u2013
\u2013
106
\u2013
\u2013
2,086
\u2013
2,086
\u2013 Gas sales
\u2013
1,272
\u2013
\u2013
\u2013
\u2013
131
\u2013
12
1,415
\u2013
1,415
\u2013 Other revenue
\u2013
214
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
214
\u2013
214
Other income
\u2013
35
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
36
\u2013
36
Inter-segment
\u2013
28
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
28
(28)
\u2013
Total revenue and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
other income
\u2013
3,529
\u2013
\u2013
\u2013
\u2013
237
\u2013
13
3,779
(28)
3,751
Cost of operations
\u2013
(2,255)
\u2013
\u2013
\u2013
\u2013
(149)
\u2013
\u2013
(2,404)
28
(2,376)
Impairment of property,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
plant and equipment
\u2013
(172)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
(176)
\u2013
(176)
Impairment of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
right-of-use asset
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment of goodwill
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(25)
\u2013
\u2013
(25)
\u2013
(25)
Exploration and evaluation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
expenses and new
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
ventures
(6)
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
(29)
\u2013
(36)
\u2013
(36)
Exploration costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
written-off
(27)
(11)
\u2013
(13)
\u2013
\u2013
(6)
\u2013
\u2013
(57)
\u2013
(57)
General and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
administrative expenses
1
(46)
\u2013
\u2013
\u2013
\u2013
(4)
\u2013
(100)
(149)
\u2013
(149)
Segment operating
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pro\ufb01t/(loss)
(32)
1,044
\u2013
(13)
\u2013
\u2013
53
(29)
(91)
932
\u2013
932
Finance income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
104
Finance expenses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(420)
Income tax expense
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(571)
Pro\ufb01t for the year
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
45
Total assets
73
6,083
\u2013
360
\u2013
\u2013
905
\u2013
2,495
9,916
\u2013
9,916
Total liabilities
(34)
(5,818)
\u2013
(49)
\u2013
\u2013
(483)
\u2013
(1,979)
(8,363)
\u2013
(8,363)
Total capital additions
24
575
\u2013
44
\u2013
\u2013
67
\u2013
11
721
\u2013
721
Total depreciation,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
amortisation
1
1,352
\u2013
\u2013
\u2013
\u2013
80
\u2013
16
1,449
\u2013
1,449
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0063": { "value": "4. Revenue from contracts with customers and other income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Type of goods
\u00a0 \u00a0
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
\n
1
Revenues from contracts with customers of $6,115 million (2023: $4,591 million) include crude oil sales of $2,846 million (2023: $2,179 million) and gas sales of $2,986 million
(2023: $2,233 million). This was prior to realised hedging gains in the year of $32 million (2023: $93 million, hedging loss) on crude oil and realised hedging losses in the year of
$50 million (2023: $818 million) on gas sales.
2
Other income mainly represents partner recoveries related to lease obligations and government subsidies in Argentina. Other income in 2023 includes a receipt related to the Viking
CCS Development Agreement that was signed in March 2023.
Approximately 54 per cent (2023: 88 per cent) of the revenues were attributable to sales to energy trading companies of the Shell group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0053": { "value": "4. Revenue from contracts with customers and other income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Type of goods
\u00a0 \u00a0
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
\n
1
Revenues from contracts with customers of $6,115 million (2023: $4,591 million) include crude oil sales of $2,846 million (2023: $2,179 million) and gas sales of $2,986 million
(2023: $2,233 million). This was prior to realised hedging gains in the year of $32 million (2023: $93 million, hedging loss) on crude oil and realised hedging losses in the year of
$50 million (2023: $818 million) on gas sales.
2
Other income mainly represents partner recoveries related to lease obligations and government subsidies in Argentina. Other income in 2023 includes a receipt related to the Viking
CCS Development Agreement that was signed in March 2023.
Approximately 54 per cent (2023: 88 per cent) of the revenues were attributable to sales to energy trading companies of the Shell group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0052": { "value": "4. Revenue from contracts with customers and other income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Type of goods
\u00a0 \u00a0
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
\n
1
Revenues from contracts with customers of $6,115 million (2023: $4,591 million) include crude oil sales of $2,846 million (2023: $2,179 million) and gas sales of $2,986 million
(2023: $2,233 million). This was prior to realised hedging gains in the year of $32 million (2023: $93 million, hedging loss) on crude oil and realised hedging losses in the year of
$50 million (2023: $818 million) on gas sales.
2
Other income mainly represents partner recoveries related to lease obligations and government subsidies in Argentina. Other income in 2023 includes a receipt related to the Viking
CCS Development Agreement that was signed in March 2023.
Approximately 54 per cent (2023: 88 per cent) of the revenues were attributable to sales to energy trading companies of the Shell group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0062": { "value": "4. Revenue from contracts with customers and other income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Type of goods
\u00a0 \u00a0
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
\n
1
Revenues from contracts with customers of $6,115 million (2023: $4,591 million) include crude oil sales of $2,846 million (2023: $2,179 million) and gas sales of $2,986 million
(2023: $2,233 million). This was prior to realised hedging gains in the year of $32 million (2023: $93 million, hedging loss) on crude oil and realised hedging losses in the year of
$50 million (2023: $818 million) on gas sales.
2
Other income mainly represents partner recoveries related to lease obligations and government subsidies in Argentina. Other income in 2023 includes a receipt related to the Viking
CCS Development Agreement that was signed in March 2023.
Approximately 54 per cent (2023: 88 per cent) of the revenues were attributable to sales to energy trading companies of the Shell group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0070": { "value": "5. Operating pro\ufb01t \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
\u00a0
Note
$ million
$ million
Cost of operations
\u00a0 \u00a0 \u00a0
Production, insurance and transportation costs
\u00a0
1,612
1,171
Commodity purchases
\u00a0
28
12
Royalties
\u00a0
47
4
Impairment of receivables
\u00a0
21
\u2013
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
\u00a0
201
(225)
Total cost of operations
\u00a0
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
\u2013
25
Impairment of right of use asset
13
20
\u2013
Exploration costs written-off
1
11
173
57
Exploration and evaluation expenditure and new ventures
1
\u00a0
68
36
General and administrative expenses
\u00a0 \u00a0 \u00a0
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
\u00a0
119
33
Other administrative costs
2
\u00a0
192
81
Total general and administrative expenses
2,5
\u00a0
352
149
Auditor\u2019s remuneration
\u00a0 \u00a0 \u00a0
Audit fees
\u00a0 \u00a0 \u00a0
Fees payable to the company\u2019s auditor for the company\u2019s Annual Report
\u00a0
6
3
Audit of the company\u2019s subsidiaries pursuant to legislation
\u00a0
1
1
Non-audit fees
3
\u00a0 \u00a0 \u00a0
Other services pursuant to legislation \u2013 interim review
\u00a0
\u2013
\u2013
Other services
4
\u00a0
2
1
\n
1
During the year, the Group expensed $241 million (2023: $93 million) of exploration and appraisal activities. This covers exploration write-off expense of $173 million (2023: $57 million)
including write-off of costs associated with projects in our UK business unit ($79 million) and licence relinquishments in Norway ($64 million), and $40 million (2023: $29 million) costs
associated with energy transition projects.
2
Other administrative costs in 2024 include consultancy and business development costs of $119 million (2023: $33 million), mainly related to the acquisition of the Wintershall\u00a0Dea
asset portfolio which completed in September 2024.
3
The company has a policy on the provision of non-audit services by the auditor which is aimed at ensuring their continued independence. This policy is available on the Group\u2019s website.
The use of the external auditor for services relating to accounting systems or \ufb01nancial statement preparations is not permitted, as are various other services that could give rise to
con\ufb02icts of interest or other threats to the auditor\u2019s objectivity that cannot be reduced to an acceptable level by applying safeguards.
4
Other non-audit services in 2024 primarily relate to transaction related activities including the Wintershall\u00a0Dea acquisition.
5
Expenses related to both short-term and low value lease arrangements are considered to be immaterial for reporting purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0073": { "value": "5. Operating pro\ufb01t \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
\u00a0
Note
$ million
$ million
Cost of operations
\u00a0 \u00a0 \u00a0
Production, insurance and transportation costs
\u00a0
1,612
1,171
Commodity purchases
\u00a0
28
12
Royalties
\u00a0
47
4
Impairment of receivables
\u00a0
21
\u2013
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
\u00a0
201
(225)
Total cost of operations
\u00a0
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
\u2013
25
Impairment of right of use asset
13
20
\u2013
Exploration costs written-off
1
11
173
57
Exploration and evaluation expenditure and new ventures
1
\u00a0
68
36
General and administrative expenses
\u00a0 \u00a0 \u00a0
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
\u00a0
119
33
Other administrative costs
2
\u00a0
192
81
Total general and administrative expenses
2,5
\u00a0
352
149
Auditor\u2019s remuneration
\u00a0 \u00a0 \u00a0
Audit fees
\u00a0 \u00a0 \u00a0
Fees payable to the company\u2019s auditor for the company\u2019s Annual Report
\u00a0
6
3
Audit of the company\u2019s subsidiaries pursuant to legislation
\u00a0
1
1
Non-audit fees
3
\u00a0 \u00a0 \u00a0
Other services pursuant to legislation \u2013 interim review
\u00a0
\u2013
\u2013
Other services
4
\u00a0
2
1
\n
1
During the year, the Group expensed $241 million (2023: $93 million) of exploration and appraisal activities. This covers exploration write-off expense of $173 million (2023: $57 million)
including write-off of costs associated with projects in our UK business unit ($79 million) and licence relinquishments in Norway ($64 million), and $40 million (2023: $29 million) costs
associated with energy transition projects.
2
Other administrative costs in 2024 include consultancy and business development costs of $119 million (2023: $33 million), mainly related to the acquisition of the Wintershall\u00a0Dea
asset portfolio which completed in September 2024.
3
The company has a policy on the provision of non-audit services by the auditor which is aimed at ensuring their continued independence. This policy is available on the Group\u2019s website.
The use of the external auditor for services relating to accounting systems or \ufb01nancial statement preparations is not permitted, as are various other services that could give rise to
con\ufb02icts of interest or other threats to the auditor\u2019s objectivity that cannot be reduced to an acceptable level by applying safeguards.
4
Other non-audit services in 2024 primarily relate to transaction related activities including the Wintershall\u00a0Dea acquisition.
5
Expenses related to both short-term and low value lease arrangements are considered to be immaterial for reporting purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0080": { "value": "5. Operating pro\ufb01t \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
\u00a0
Note
$ million
$ million
Cost of operations
\u00a0 \u00a0 \u00a0
Production, insurance and transportation costs
\u00a0
1,612
1,171
Commodity purchases
\u00a0
28
12
Royalties
\u00a0
47
4
Impairment of receivables
\u00a0
21
\u2013
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
\u00a0
201
(225)
Total cost of operations
\u00a0
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
\u2013
25
Impairment of right of use asset
13
20
\u2013
Exploration costs written-off
1
11
173
57
Exploration and evaluation expenditure and new ventures
1
\u00a0
68
36
General and administrative expenses
\u00a0 \u00a0 \u00a0
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
\u00a0
119
33
Other administrative costs
2
\u00a0
192
81
Total general and administrative expenses
2,5
\u00a0
352
149
Auditor\u2019s remuneration
\u00a0 \u00a0 \u00a0
Audit fees
\u00a0 \u00a0 \u00a0
Fees payable to the company\u2019s auditor for the company\u2019s Annual Report
\u00a0
6
3
Audit of the company\u2019s subsidiaries pursuant to legislation
\u00a0
1
1
Non-audit fees
3
\u00a0 \u00a0 \u00a0
Other services pursuant to legislation \u2013 interim review
\u00a0
\u2013
\u2013
Other services
4
\u00a0
2
1
\n
1
During the year, the Group expensed $241 million (2023: $93 million) of exploration and appraisal activities. This covers exploration write-off expense of $173 million (2023: $57 million)
including write-off of costs associated with projects in our UK business unit ($79 million) and licence relinquishments in Norway ($64 million), and $40 million (2023: $29 million) costs
associated with energy transition projects.
2
Other administrative costs in 2024 include consultancy and business development costs of $119 million (2023: $33 million), mainly related to the acquisition of the Wintershall\u00a0Dea
asset portfolio which completed in September 2024.
3
The company has a policy on the provision of non-audit services by the auditor which is aimed at ensuring their continued independence. This policy is available on the Group\u2019s website.
The use of the external auditor for services relating to accounting systems or \ufb01nancial statement preparations is not permitted, as are various other services that could give rise to
con\ufb02icts of interest or other threats to the auditor\u2019s objectivity that cannot be reduced to an acceptable level by applying safeguards.
4
Other non-audit services in 2024 primarily relate to transaction related activities including the Wintershall\u00a0Dea acquisition.
5
Expenses related to both short-term and low value lease arrangements are considered to be immaterial for reporting purposes.
6. Staff costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Wages and salaries and other staff costs
428
325
Social security costs
46
25
Pension costs
35
29
Total sta\ufb00 costs
509
379
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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 sta\ufb00
2,159
1,805
\n
During the period September to December 2024, following the acquisition of the Wintershall\u00a0Dea portfolio, the Group employed an average
of 3,019 employees.
Staff costs above are recharged to joint venture partners where applicable, or are capitalised to the extent that they are directly attributable
to capital or decommissioning projects. The above costs include share-based payments as disclosed in note 27.
The Group operates de\ufb01ned contribution and bene\ufb01t pension schemes for which further details are provided in note 28.
7. Finance income and \ufb01nance expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
\u00a0
Note
$ million
$ million
Finance income
\u00a0\u00a0\u00a0
Bank interest
\u00a0
37
19
Other interest and \ufb01nance gains
\u00a0
16
6
Lease \ufb01nance income
\u00a0
1
2
Realised gains on foreign exchange forward contracts
\u00a0
\u2013
9
Unrealised gains on derivatives
1
\u00a0
\u2013
68
Income from investments
\u00a0
1
\u2013
Foreign exchange gains
\u00a0
118
\u2013
Total \ufb01nance income
\u00a0
173
104
Finance expenses
\u00a0\u00a0\u00a0
Interest payable on reserve based lending facility
\u00a0
1
15
Interest payable on revolving credit facility
\u00a0
10
\u2013
Interest payable on bridge loan facility
\u00a0
8
\u2013
Interest payable on bonds
\u00a0
59
27
Other interest and \ufb01nance expenses
\u00a0
10
17
Lease interest
13
53
51
Unrealised losses on derivatives
1
\u00a0
43
\u2013
Realised losses on foreign exchange forward contracts
\u00a0
71
\u2013
Finance expense on deferred revenue
20
5
4
Foreign exchange losses
\u00a0
\u2013
57
Bank and \ufb01nancing fees
2
\u00a0
139
100
Unwinding of discount on decommissioning and other provisions
21
221
156
\u00a0\u00a0
620
427
Finance costs capitalised during the year
3
\u00a0
(18)
(7)
Total \ufb01nance expense
\u00a0
602
420
\n
1
Losses on derivatives include mark to market losses on foreign currency derivatives of $30 million (2023: $nil), derivative ineffectiveness losses of $8 million (2023: $nil) and $5 million
related to changes in the fair value of an embedded derivative within one of the Group\u2019s gas contracts (2023: $68 million gain).
2
Bank and \ufb01nancing fees include an amount of $102 million (2023: $48 million) relating to the amortisation of arrangement fees and related costs capitalised against the Group\u2019s
long-term borrowings (note 22). This primarily relates to the expensing of previously capitalised fees in respect of the Group\u2019s reserve based lending (RBL) facility of $61 million at
the end of 2023 which was replaced by the new revolving credit facility (RCF) facility as part of the acquisition of the Wintershall\u00a0Dea portfolio.
3
The amount of \ufb01nance costs capitalised was determined by applying the weighted average rate of \ufb01nance costs applicable to the borrowings of the Group of 4.5 per cent to the
expenditures on the qualifying assets (2023: 6.0 per cent).
8. Income tax
The major components of income tax expense are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Current income tax expense
\u00a0 \u00a0
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
\u00a0 \u00a0
Origination and reversal of temporary differences in current year
(168)
(86)
Impact of changes in tax rates
1
77
\u2013
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:
\u00a0 \u00a0
Tax (credit)/expense on cash \ufb02ow hedges
(379)
2,376
Tax credit on cash actuarial gains and losses
(4)
\u2013
Total tax (credit)/expense reported in the statement of comprehensive income
(383)
2,376
\n
1
The amounts for 2024 comprise the impact of the increase in Energy Pro\ufb01ts Levy in the UK business unit from 35 per cent to 38 per cent from 1\u00a0November 2024.
Reconciliation of tax expense and the accounting pro\ufb01t before taxation at the Group\u2019s statutory tax rate is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Pro\ufb01t before income tax
1,219
616
At the Group\u2019s statutory tax rate of 78 per cent (2023: 75 per cent)
951
462
E\ufb00ects of:
\u00a0 \u00a0
Expenses not deductible for tax purposes
59
103
Adjustments in respect of prior years
(10)
2
Remeasurement of deferred tax
53
13
Deferred Energy Pro\ufb01ts Levy change in rate
77
\u2013
Impact of different tax rates
282
73
Allowances and other tax uplifts
(113)
(82)
Future dividends from investments in subsidiaries, branches and associates
(11)
\u2013
Other
24
\u2013
Total tax expense reported in the consolidated income statement at the e\ufb00ective tax rate of 108 per cent
\u00a0 \u00a0
(2023: 93 per cent, restated)
1,312
571
\n
The tax expense reconciliation has been prepared based on the statutory tax rate of 78 per cent applicable to oil and gas production in the
UK and Norway, the two most signi\ufb01cant jurisdictions of operation for the Group. Management believes that using this rate provides the most
meaningful comparison between the expected tax expense, based on accounting pro\ufb01t, and the actual tax expense recognised. In 2023, the
tax expense was prepared based on the statutory rate of taxation of 75 per cent applying to UK oil and gas production because the majority
of the Group\u2019s pro\ufb01t was generated in the UK Continental Shelf.
The effective tax rate for the year is 108 per cent, compared to 93 per cent for 2023 (restated).
The effective tax rate of 108 per cent is signi\ufb01cantly higher than the statutory rate of 78 per cent for the Group, mainly due to several
UK-speci\ufb01c exceptional items impacting the UK tax expense. These items, resulting from the application of Energy Pro\ufb01ts Levy (EPL), create
tax rate differences re\ufb02ected in the income statement. Notably, the increase in the UK asset retirement obligation raised the effective tax
rate by 15 per cent as there is no tax relief available against EPL for expenditure on abandonment. Additionally, exploration write-offs and
impairments of tangible assets in the UK, which carried blended deferred tax liabilities up to the enacted EPL sunset clause date of
31\u00a0March 2028, increased the effective tax rate by another 4 per cent. Finally, the EPL rate change from 35 per cent to 38 per cent added
6 per cent to the effective tax rate. Overall, these EPL-related adjustments resulted in an additional 25 per cent increase in the Group\u2019s
effective tax rate.
The UK and Norway are expected to remain the principal jurisdictions where pro\ufb01ts will be earned, so their statutory tax rates for oil
and gas production operations are anticipated to continue as the primary factors in\ufb02uencing the Group\u2019s future tax expense.
Deferred tax
The principal components of deferred tax are set out in the following tables:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
\u00a0
Note
$ million
$ million
Deferred tax assets
\u00a0
130
7
Deferred tax liabilities
\u00a0
(6,240)
(1,297)
\u00a0 \u00a0
(6,110)
(1,290)
Reclassi\ufb01cation of deferred tax liabilities directly associated with assets held for sale
18
19
\u2013
Total deferred tax
\u00a0
(6,091)
(1,290)
\n
The presentation above takes into account the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction
(where this is permitted). The overall deferred tax balance in a jurisdiction determines if the deferred tax related to that jurisdiction is
disclosed within deferred tax assets or deferred tax liabilities.
The origination of and reversal of temporary differences are, as shown in the next table, related primarily to movements in the carrying amounts
and tax base values of expenditure and the timing of when these items are charged and/or credited against accounting and taxable pro\ufb01t.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Accelerated
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
capital
\u00a0\u00a0
Fair value of
\u00a0\u00a0\u00a0
\u00a0
allowances
Decommissioning
Losses
derivatives
Other
1
Overseas
Total
\u00a0
$ 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
\u2013
\u2013
\u2013
(2,376)
1
\u2013
(2,375)
Foreign exchange
(51)
34
\u2013
(9)
1
(5)
(30)
As at 31 December 2023
(2,901)
1,574
181
6
21
(165)
(1,284)
Restated
\u2013
\u2013
\u2013
\u2013
\u2013
(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
\u2013
103
Comprehensive income
\u2013
\u2013
\u2013
380
4
\u2013
384
Other reserves
2
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Additions from business combinations
(6,509)
971
201
(14)
(2)
\u2013
(5,353)
Reclassi\ufb01cations
3,4
(221)
7
28
\u00a0
15
171
\u2013
Foreign exchange
75
(18)
(8)
2
(4)
\u2013
47
As at 31 December 2024
(9,600)
2,791
288
336
75
\u2013
(6,110)
\n
1
Includes deferred tax movements related to investment allowances, share-based payments and pensions.
2
Movement in other reserves relates to the element of deferred tax on UK share-based payments taken to pro\ufb01t and loss reserves.
3
Items classi\ufb01ed as overseas balances in 2023 have been reclassi\ufb01ed into speci\ufb01c deferred tax categories.
4
Balances related to UK investment allowances ($12 million) have been reclassi\ufb01ed from accelerated capital allowances to other.
The Group\u2019s deferred tax assets are recognised to the extent that taxable pro\ufb01ts are expected to arise against which the tax assets can
be utilised. The Group assessed the recoverability of tax losses and allowances using corporate assumptions which are consistent with the
Group\u2019s impairment assessment. Based on those assumptions, the Group expects to fully utilise its recognised tax losses and allowances.
The recovery of the Group\u2019s UK decommissioning deferred tax asset is additionally supported by the ability to carry back decommissioning
tax losses and set these against ring fence taxable pro\ufb01ts of prior periods.
In October 2024, the UK Government announced changes to the EPL, including an increase in the rate from 35 per cent to 38 per cent, the
removal of the main EPL investment allowance and an extension of the EPL to 31 March 2030. The three per cent increase in the rate and
the removal of the main EPL investment allowance were substantively enacted at the balance sheet date and have effect from 1 November
2024. As a result, the current accounting period re\ufb02ects an additional deferred tax expense of $77 million, based on the currently enacted
expiration date of the EPL of 31 March 2028 and the remeasurement of temporary differences expected to reverse within this period.
The extension of the EPL to 31 March 2030 was substantively enacted on 3 March 2025 and is therefore not re\ufb02ected in the \ufb01nancial
statements as at 31 December 2024. This impact will be included in the \ufb01nancial statements for the following period. If the extension had
been in place at the balance sheet date, an additional deferred tax expense of $306 million would have been recognised in the current
\ufb01nancial statements.
In the UK, ring fence tax losses cannot be offset against pro\ufb01ts subject to EPL nor are deductions allowed for decommissioning related expenditure.
Consequently, any deferred tax assets representing future decommissioning deductions or ring fence tax losses are unaffected by the EPL. The primary
impact of the EPL is on the deferred tax liability associated with accelerated capital allowances. The closing deferred tax liability for the period is $6,110
million (2023: $1,290 million), of which $877 million (2023: $1,014 million) relates to deferred tax liabilities arising from the impact of the EPL.
Consistent with other sensitivity analyses undertaken, we have assessed the impact on the recoverability of deferred tax assets based on a
decrease of 10 per cent to the Harbour scenario average crude price curves. While there would generally be no material impacts, tax losses
in Mexico are particularly sensitive to the timing of pro\ufb01ts as they expire within a 10-year period once generated. Under this scenario, the
deferred tax assets currently recognised for Mexican tax losses would decrease by around $50 million.
Unrecognised tax losses and allowances
Deferred tax assets are recognised for tax loss carry forwards, tax allowances and other deductible temporary differences to the extent
that it is probable the associated tax bene\ufb01ts will be realised through offsetting future taxable pro\ufb01ts or by carrying losses back to prior
periods\u2019 pro\ufb01ts. At the end of the accounting period, the Group had not recognised deferred tax assets for tax losses, allowances and other
deductible temporary differences amounting to approximately $2,743 million (2023: $1,290 million). These other deductible temporary
differences include unclaimed tax depreciation, unrealised losses on non-commodity derivatives and decommissioning related provisions.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Tax losses by expiry date
\u00a0 \u00a0
Expiring within 5 years
477
24
Expiring within 6-10 years
240
13
No expiration
1,621
1,115
\u00a0
2,338
1,152
Other deductible temporary differences and allowances
405
138
Total unrecognised tax losses and allowances
2,743
1,290
\n
No deferred tax liabilities were recognised for temporary differences associated with investments in subsidiaries, branches and associates
of approximately $293 million (2023: $nil) because the Group is in a position to control the timing of the reversal of the temporary
differences and it is probable that such differences will not reverse in the foreseeable future.
Global minimum corporation tax rate \u2013 Pillar Two requirements
The legislation implementing the Organisation for Economic Co-operation and Development\u2019s (OECD) proposals for a global minimum
corporation tax rate (Pillar Two) was substantively enacted into UK law on 20 June 2023. The rules became effective from 1 January 2024.
The Group has applied the mandatory exception in IAS 12 to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.
The Group has performed an assessment of its potential exposure to Pillar Two income taxes for periods from 1 January 2024. The assessment
of the potential exposure is based on the most recent tax \ufb01lings, country-by-country reporting and \ufb01nancial statements for the constituent
entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are
above 15 per cent and the transitional safe harbour relief is expected to apply. On this basis, the Group does not expect a material exposure
to Pillar Two income taxes in any jurisdictions.
Uncertain tax positions
The Group considers an uncertain tax position to exist when it believes that the amount of pro\ufb01t subject to tax in the future may exceed
the amount initially re\ufb02ected in the Group\u2019s tax returns. The Group applies IFRIC 23 Uncertainty over Income Tax Treatments in relation to
uncertain tax positions. When management judges that an out\ufb02ow of funds is probable and a reliable estimate of the dispute can be made,
a provision is recognised for the best estimate of the most likely liability.
In estimating any such liability, the Group adopts a risk-based approach, considering the speci\ufb01c circumstances of each dispute. This is
based on management\u2019s interpretation of tax law and, where appropriate, is supported by independent specialist advice. These estimates
are inherently judgemental and can change signi\ufb01cantly over time as disputes progress and new facts emerge.
Provisions are reviewed continuously. However, the resolution of tax issues may take a long time to conclude, and there is a possibility
that the amounts ultimately paid could differ from the amounts initially provided.
In 2023, an uncertain tax position was identi\ufb01ed in certain UK subsidiaries relating to the timing of the taxation of fair value movements
and realised gains and losses on hedges entered into to manage commodity price risk. On the strength of independent advice, management
considers that there is no expectation of a net additional out\ufb02ow of funds. As such no additional liability has been recognised in the
consolidated \ufb01nancial statements as at 31 December 2024. However, a contingent liability exists as the UK tax authorities could take an
alternative view on whether the fair value movements on the hedged instruments are disregarded for tax purposes. While not considered
a likely outcome, if the UK tax authorities were to disagree and successfully challenge the position, a possible liability currently estimated
not to exceed $130 million could arise because of the differences in tax rates across the periods in question.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0079": { "value": "5. Operating pro\ufb01t \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
\u00a0
Note
$ million
$ million
Cost of operations
\u00a0 \u00a0 \u00a0
Production, insurance and transportation costs
\u00a0
1,612
1,171
Commodity purchases
\u00a0
28
12
Royalties
\u00a0
47
4
Impairment of receivables
\u00a0
21
\u2013
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
\u00a0
201
(225)
Total cost of operations
\u00a0
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
\u2013
25
Impairment of right of use asset
13
20
\u2013
Exploration costs written-off
1
11
173
57
Exploration and evaluation expenditure and new ventures
1
\u00a0
68
36
General and administrative expenses
\u00a0 \u00a0 \u00a0
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
\u00a0
119
33
Other administrative costs
2
\u00a0
192
81
Total general and administrative expenses
2,5
\u00a0
352
149
Auditor\u2019s remuneration
\u00a0 \u00a0 \u00a0
Audit fees
\u00a0 \u00a0 \u00a0
Fees payable to the company\u2019s auditor for the company\u2019s Annual Report
\u00a0
6
3
Audit of the company\u2019s subsidiaries pursuant to legislation
\u00a0
1
1
Non-audit fees
3
\u00a0 \u00a0 \u00a0
Other services pursuant to legislation \u2013 interim review
\u00a0
\u2013
\u2013
Other services
4
\u00a0
2
1
\n
1
During the year, the Group expensed $241 million (2023: $93 million) of exploration and appraisal activities. This covers exploration write-off expense of $173 million (2023: $57 million)
including write-off of costs associated with projects in our UK business unit ($79 million) and licence relinquishments in Norway ($64 million), and $40 million (2023: $29 million) costs
associated with energy transition projects.
2
Other administrative costs in 2024 include consultancy and business development costs of $119 million (2023: $33 million), mainly related to the acquisition of the Wintershall\u00a0Dea
asset portfolio which completed in September 2024.
3
The company has a policy on the provision of non-audit services by the auditor which is aimed at ensuring their continued independence. This policy is available on the Group\u2019s website.
The use of the external auditor for services relating to accounting systems or \ufb01nancial statement preparations is not permitted, as are various other services that could give rise to
con\ufb02icts of interest or other threats to the auditor\u2019s objectivity that cannot be reduced to an acceptable level by applying safeguards.
4
Other non-audit services in 2024 primarily relate to transaction related activities including the Wintershall\u00a0Dea acquisition.
5
Expenses related to both short-term and low value lease arrangements are considered to be immaterial for reporting purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0076": { "value": "5. Operating pro\ufb01t \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
\u00a0
Note
$ million
$ million
Cost of operations
\u00a0 \u00a0 \u00a0
Production, insurance and transportation costs
\u00a0
1,612
1,171
Commodity purchases
\u00a0
28
12
Royalties
\u00a0
47
4
Impairment of receivables
\u00a0
21
\u2013
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
\u00a0
201
(225)
Total cost of operations
\u00a0
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
\u2013
25
Impairment of right of use asset
13
20
\u2013
Exploration costs written-off
1
11
173
57
Exploration and evaluation expenditure and new ventures
1
\u00a0
68
36
General and administrative expenses
\u00a0 \u00a0 \u00a0
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
\u00a0
119
33
Other administrative costs
2
\u00a0
192
81
Total general and administrative expenses
2,5
\u00a0
352
149
Auditor\u2019s remuneration
\u00a0 \u00a0 \u00a0
Audit fees
\u00a0 \u00a0 \u00a0
Fees payable to the company\u2019s auditor for the company\u2019s Annual Report
\u00a0
6
3
Audit of the company\u2019s subsidiaries pursuant to legislation
\u00a0
1
1
Non-audit fees
3
\u00a0 \u00a0 \u00a0
Other services pursuant to legislation \u2013 interim review
\u00a0
\u2013
\u2013
Other services
4
\u00a0
2
1
\n
1
During the year, the Group expensed $241 million (2023: $93 million) of exploration and appraisal activities. This covers exploration write-off expense of $173 million (2023: $57 million)
including write-off of costs associated with projects in our UK business unit ($79 million) and licence relinquishments in Norway ($64 million), and $40 million (2023: $29 million) costs
associated with energy transition projects.
2
Other administrative costs in 2024 include consultancy and business development costs of $119 million (2023: $33 million), mainly related to the acquisition of the Wintershall\u00a0Dea
asset portfolio which completed in September 2024.
3
The company has a policy on the provision of non-audit services by the auditor which is aimed at ensuring their continued independence. This policy is available on the Group\u2019s website.
The use of the external auditor for services relating to accounting systems or \ufb01nancial statement preparations is not permitted, as are various other services that could give rise to
con\ufb02icts of interest or other threats to the auditor\u2019s objectivity that cannot be reduced to an acceptable level by applying safeguards.
4
Other non-audit services in 2024 primarily relate to transaction related activities including the Wintershall\u00a0Dea acquisition.
5
Expenses related to both short-term and low value lease arrangements are considered to be immaterial for reporting purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0088": { "value": "6. Staff costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Wages and salaries and other staff costs
428
325
Social security costs
46
25
Pension costs
35
29
Total sta\ufb00 costs
509
379
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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 sta\ufb00
2,159
1,805
\n
During the period September to December 2024, following the acquisition of the Wintershall\u00a0Dea portfolio, the Group employed an average
of 3,019 employees.
Staff costs above are recharged to joint venture partners where applicable, or are capitalised to the extent that they are directly attributable
to capital or decommissioning projects. The above costs include share-based payments as disclosed in note 27.
The Group operates de\ufb01ned contribution and bene\ufb01t pension schemes for which further details are provided in note 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0081": { "value": "6. Staff costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Wages and salaries and other staff costs
428
325
Social security costs
46
25
Pension costs
35
29
Total sta\ufb00 costs
509
379
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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 sta\ufb00
2,159
1,805
\n
During the period September to December 2024, following the acquisition of the Wintershall\u00a0Dea portfolio, the Group employed an average
of 3,019 employees.
Staff costs above are recharged to joint venture partners where applicable, or are capitalised to the extent that they are directly attributable
to capital or decommissioning projects. The above costs include share-based payments as disclosed in note 27.
The Group operates de\ufb01ned contribution and bene\ufb01t pension schemes for which further details are provided in note 28.27. Share-based payments
The company currently operates a Long Term Incentive Plan (LTIP) for certain employees, a Share Incentive Plan (SIP), a Save As You Earn
(SAYE) scheme for UK-based employees, and an Expatriate SIP for expatriate employees only.
For the year ended 31 December 2024, the total cost recognised by the company for share-based payment transactions was $51 million
(2023: $46 million). A credit of $51 million (2023: $46 million) has been recorded in retained earnings for all equity-settled payments
of the company.
Like other elements of remuneration, this charge is processed through the time-writing system which allocates cost, based on time
spent by individuals, to various entities within the Group. Part of this cost is therefore recharged to the relevant subsidiary undertakings,
part is capitalised as directly attributable to capital projects and part is charged to the income statement as operating costs, pre-licence
exploration costs or general and administration costs.
Details of the various share incentive plans currently in operation are set out below:
2017 Long Term Incentive Plan (2017 LTIP)
Discretionary share awards are granted to employees under the company\u2019s Long Term Incentive Plan (LTIP).
The following types of award have been granted under the 2017 LTIP:
\u2022
Performance share awards (PSAs):
vesting is subject to a performance target, normally measured over a three-year period from
1\u00a0January based on total shareholder return (TSR) relative to (i) FTSE 100 index, and (ii) a bespoke peer group of oil and gas companies
and aligns to longer-term strategic objectives
\u2022
Conditional share awards (CSAs):
vesting is only subject to continued employment
\u2022
Deferred bonus share (DBS) awards:
certain employees are required to defer a portion of their annual bonus into shares which vest
over a three-year period subject to continued employment
All LTIP awards are granted in the form of nil-cost options or conditional share awards and therefore there is no exercise price payable
on the exercise of these awards.
For further details of the LTIP awards, including the performance conditions of the PSAs granted in 2024, please refer to the Directors\u2019
remuneration report (pages 88 to 113).
The following table shows the movement in the number of LTIP awards:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
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
\n
1
This includes 0.7 million cash settled awards at 31 December 2024 (2023: 0.6 million), which are revalued using the year-end share price.
LTIP awards totalling 2.6 million shares were vested during the period (2023: 8.7 million). The weighted average remaining contractual life
of the LTIP awards at 31 December 2024 was 1.33 years (2023: 2.2 years).
Key assumptions used to calculate the fair value of awards
The fair value of PSAs which are subject to TSR conditions is determined using a Monte Carlo simulation. The fair value of all other awards
is calculated using the share price at the date of grant, adjusted for dividends not received during the vesting period.
The following table lists the inputs to the model used in respect of the PSAs granted during the \ufb01nancial year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Share price at date of grant
\u00a32.39\u2013\u00a33.22
\u00a32.44 \u2013 \u00a32.90
Dividend yield
0%
0%
Expected term
3 years
2.9 \u2013 3.0 years
Risk free rate
4.1%-4.3%
3.3%\u20134.2%
Share price volatility of the company
47.0%-47.5%
49.2%\u201350.2%
\n
The weighted average fair value of the PSA awards granted in 2024 was $1.64 (2023: $2.86).
Expected volatility was determined by reference to both the historical volatility of the company and the historical volatility of a group
of comparable quoted companies over a period in line with the expected term assumption.
Share Incentive Plan (SIP)
Under the Share Incentive Plan employees are invited to make contributions to buy partnership shares. If an employee agrees to buy
partnership shares the company currently matches the number of partnership shares bought with an award of shares (matching shares),
on a one-for-one basis. In 2024, 0.6 million matching shares were awarded to employees (2023: 0.3 million). The SIP matching shares
are valued based on the quoted share price on the grant date.
Save As You Earn (SAYE) scheme
Under the SAYE scheme, UK qualifying employees with one month or more continuous service can join the scheme. Employees can save
up to a maximum of \u00a3500 per month through payroll deductions for a period of three years, after which time they can acquire shares at
the option price, which is set at a discount of up to 20 per cent to the prevailing market price at the grant date, determined in accordance
with SAYE scheme rules. In 2024, 1 million SAYE options were granted (2023: 3.1 million).
The SAYE options outstanding at 31 December 2024 had exercise prices ranging from \u00a32.32 to \u00a32.72 (2023: \u00a32.21 to \u00a34.12) and
a weighted average remaining contractual life of 2.25 years (2023: 2.8 years).
28. Group pension schemes
In addition to state pension plans, most employees are granted company pension bene\ufb01ts from either de\ufb01ned contribution or de\ufb01ned bene\ufb01t
plans. Bene\ufb01ts generally depend on the length of service, compensation and contributions and take into consideration the legal framework
of labour, tax and social security laws in the countries where the employing subsidiaries are located.
De\ufb01ned contribution schemes
The Group primarily operates de\ufb01ned contribution retirement bene\ufb01t schemes. The only obligation of the Group with respect to the retirement
bene\ufb01t schemes is to make speci\ufb01ed contributions. Payments to the de\ufb01ned contribution schemes are charged as an expense as they fall due.
De\ufb01ned bene\ufb01t plans
Germany
Employees of Harbour\u00a0Energy companies in Germany participate in a capital market-oriented de\ufb01ned bene\ufb01t pension scheme. This scheme
applies to all new employees joining Harbour\u00a0Energy and is \ufb01nanced by employer and employee contributions and the performance of
the investment. Typically, Harbour\u00a0Energy guarantees at least the sum of all employer and employee contributions paid and usually covers
these pension obligations with plan assets as part of an additional contractual trust arrangement (CTA). The option of building up
employee-\ufb01nanced retirement provisions through deferred compensation is also available to all employees of Harbour\u00a0Energy companies
in Germany as part of the capital market-oriented de\ufb01ned bene\ufb01t pension scheme. All other pension plans (including deferred compensation
plans) have been closed to new employees.
The de\ufb01ned bene\ufb01t plan of BASF Pensionskasse VVaG was closed in 2004.
Some Harbour\u00a0Energy companies in Germany only participate in the BASF group\u2019s pension plans for periods of service already rendered
(past service). Some of the past service bene\ufb01ts \ufb01nanced via BASF Pensionskasse VVaG are subject to adjustments that must be borne
by its member companies to the extent that these cannot be borne by BASF Pensionskasse VVaG due to the regulations imposed by the
German supervisory authority. In addition to the former basic level of BASF Pensionskasse VVaG bene\ufb01ts, there are still de\ufb01ned pension
schemes, which are \ufb01nanced via pension provisions at the German Group companies. The bene\ufb01ts are largely based on modular plans. Only
employees who already participated in various existing deferred compensation plans before 2022 can continue to participate in these plans.
BASF SE does not provide suf\ufb01cient plan information from BASF Pensionskasse regarding the allocation of assets to Harbour\u00a0Energy for
year-end closing. As a result, the former participation in BASF Pensionskasse is accounted for as a multi-employer de\ufb01ned bene\ufb01t plan
with insuf\ufb01cient information about the asset allocation and, therefore, as a de\ufb01ned contribution plan in accordance with IAS 19.36.
For further existing pension plans in Germany that are self-managed by Harbour\u00a0Energy, assets were transferred to Willis Towers Watson Treuhand
\n
GmbH within the framework of CTAs and to Willis Towers Watson Pensionsfonds AG as insolvency insurance. Willis Towers Watson Pensionsfonds AG falls
\n
within the scope of the Act on Supervision of Insurance Undertakings and Oversight by the German Federal Financial Supervisory Authority (BaFin).
\n
Insofar as a regulatory de\ufb01cit occurs in the pension fund, supplementary payments are requested from the employer. Irrespective of the rules, the liability
\n
of the employer remains in place. The bodies of Willis Towers Watson Treuhand GmbH and Willis Towers Watson Pensionsfonds AG are responsible for
\n
ensuring that the funds under management are used in compliance with the contract and thus ful\ufb01l the requirements for their recognition as plan assets.
\n
The de\ufb01ned bene\ufb01t plans that are recognised as pension provisions mainly include pension promises and are hence subject to longevity risk.
\n
Norway
\n
The Harbour\u00a0Energy Norge AS (formerly Wintershall\u00a0Dea Norge) de\ufb01ned bene\ufb01t plans have been closed to new employees since 1 January
\n
2016. For Norwegian employees whose remaining length of service until retirement on 1 January 2016 was 15 years or less, a \ufb01nal salary
\n
commitment continues to apply after the closure of the plan. The plans are partly funded via Nordea Liv AS. Employees who still had a
\n
remaining length of service of more than 15 years on the date of 1 January 2016, and employees who joined the company after this date
\n
are entitled to bene\ufb01ts under a de\ufb01ned contribution pension plan. De\ufb01ned contribution plans are either secured with Nordea Liv AS or
\n
unfunded and administered by Storebrand Pensjonstjenester on behalf of Harbour\u00a0Energy Norge AS (formerly Wintershall\u00a0Dea Norge AS).
\n
Moreover, closed de\ufb01ned bene\ufb01t plans are in place for former DEA Norge employees. These are secured with DNB ASA. Employees who still had 15
\n
years or less until retirement on 1 January 2021 remained in the existing plans. All others were transferred to existing de\ufb01ned contribution plans.
\n
UK
\n
Harbour\u00a0Energy operates a \ufb01nal salary de\ufb01ned bene\ufb01t pension plan in the UK, primarily in\ufb02ation-linked annuities based on an employee\u2019s
\n
length of service and \ufb01nal salary. The scheme is closed to new members. Further details of this plan have not been provided as the plan
\n
is not material to the \ufb01nancial position or results of the Group.
\n
Actuarial assumptions
\n
The amount of the provision for de\ufb01ned bene\ufb01t pension schemes was determined by actuarial methods based on the following key assumptions.
\n\n \n
31 December 2024
Key assumptions (%)
Germany
Norway
Discount rate
3.4
3.1
Pension growth
2.3
1.8
\n
The assumptions used to determine the present value of the entitlements as at 31 December 2024 are used in the following \ufb01scal year
\n
to determine the expenses for pension plans.
\n
The valuation of the de\ufb01ned bene\ufb01t obligation is generally performed using the most recent actuarial mortality tables as at 31 December 2024.
\n\n \n
Actuarial mortality tables as at 31 December 2024
Germany
Heubeck Richttafeln 2018 G
Norway
K2013
\n
Provision for pensions
\n \n \n
De\ufb01ned bene\ufb01t
obligations
Plan assets
Total
$ million
$ million
$ million
$ million
On acquisition
Current service costs
3
\u2013
3
Interest expense/(income)
5
(5)
\u2013
8
(5)
3
Remeasurement
Return on plan assets, excluding amounts already recognised in interest income
\u2013
\u2013
\u2013
Actuarial gains/losses
\u2013 of which effect of changes in \ufb01nancial assumptions
10
\u2013
10
\u2013 of which effect of experience adjustments
(3)
\u2013
(3)
7
\u2013
7
Currency effect
(31)
28
(3)
Employer contribution to the funded plans
\u2013
(1)
(1)
Bene\ufb01t payments
(9)
9
\u2013
Change of scope
493
(453)
40
As at 31 December 2024
468
(422)
46
The present value of the de\ufb01ned bene\ufb01t obligations less plan assets measured at fair value results in the net de\ufb01ned bene\ufb01t obligation
arising from funded and unfunded plans and is recognised as pension provision on the balance sheet. Of the present value of de\ufb01ned
bene\ufb01t obligations, $98 million relate to bene\ufb01t obligations in Germany, $320 million to bene\ufb01t obligations in Corporate and $49 million
to bene\ufb01t obligations in Norway.
Domestic company pensions are subject to an obligation to review for adjustments every three years pursuant to Section 16 of the German
Occupational Pensions Act (BetrAVG). Additionally, some commitments grant annual pension adjustments, which may exceed the legally
mandated adjustment obligation.
The weighted average duration of the pension obligations is 20 years in Germany, 10 years for Corporate and 15 years in Norway.
Sensitivity analysis of de\ufb01ned bene\ufb01t obligations
An increase or decrease in the discount rate and pension growth would have the following impact on the present value of the de\ufb01ned
bene\ufb01t obligations:
Change in actuarial assumptions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Impact on de\ufb01ned bene\ufb01t obligations
\u00a0
31 December 2024
31 December 2023
\u00a0
$ million
$ million
Discount rate
\u00a0 \u00a0
Increase of 0.5 percentage points
(26)
\u2013
Reduction of 0.5 percentage points
29
\u2013
Pension growth
\u00a0 \u00a0
Increase of 0.5 percentage points
19
\u2013
Reduction of 0.5 percentage points
(18)
\u2013
\n
Plan assets
The investment policy in Germany is based on detailed asset liability management (ALM) studies. Portfolios are identi\ufb01ed that can achieve
the best target return within a given risk budget. From these ef\ufb01cient portfolios, one is selected, and the strategic asset allocation is
determined. The strategic asset allocation consists of two main elements. The \ufb01rst one is used to hedge \ufb02uctuations. This involves the
use of capital market instruments that hedge the \ufb01nancial risks arising from the valuation of pension obligations. The second part of the
allocation is used to generate income and for diversi\ufb01cation purposes. The broadly diversi\ufb01ed portfolio includes investments in bonds,
equities, real estate and other asset classes. The assets are continuously monitored and managed from a risk and return perspective.
Composition of plan assets (fair values)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
31 December 2024
\u00a0 \u00a0
Of which has
\u00a0
Of which has
\u00a0
Germany
an active
Norway
an active
\u00a0
$ million
market
$ million
market
Assets held in insurance company
3
\u2013
22
100%
Specialised funds
397
100%
\u2013
\u2013
\u00a0
400
\u2013
22
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00112": { "value": "7. Finance income and \ufb01nance expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
\u00a0
Note
$ million
$ million
Finance income
\u00a0\u00a0\u00a0
Bank interest
\u00a0
37
19
Other interest and \ufb01nance gains
\u00a0
16
6
Lease \ufb01nance income
\u00a0
1
2
Realised gains on foreign exchange forward contracts
\u00a0
\u2013
9
Unrealised gains on derivatives
1
\u00a0
\u2013
68
Income from investments
\u00a0
1
\u2013
Foreign exchange gains
\u00a0
118
\u2013
Total \ufb01nance income
\u00a0
173
104
Finance expenses
\u00a0\u00a0\u00a0
Interest payable on reserve based lending facility
\u00a0
1
15
Interest payable on revolving credit facility
\u00a0
10
\u2013
Interest payable on bridge loan facility
\u00a0
8
\u2013
Interest payable on bonds
\u00a0
59
27
Other interest and \ufb01nance expenses
\u00a0
10
17
Lease interest
13
53
51
Unrealised losses on derivatives
1
\u00a0
43
\u2013
Realised losses on foreign exchange forward contracts
\u00a0
71
\u2013
Finance expense on deferred revenue
20
5
4
Foreign exchange losses
\u00a0
\u2013
57
Bank and \ufb01nancing fees
2
\u00a0
139
100
Unwinding of discount on decommissioning and other provisions
21
221
156
\u00a0\u00a0
620
427
Finance costs capitalised during the year
3
\u00a0
(18)
(7)
Total \ufb01nance expense
\u00a0
602
420
\n
1
Losses on derivatives include mark to market losses on foreign currency derivatives of $30 million (2023: $nil), derivative ineffectiveness losses of $8 million (2023: $nil) and $5 million
related to changes in the fair value of an embedded derivative within one of the Group\u2019s gas contracts (2023: $68 million gain).
2
Bank and \ufb01nancing fees include an amount of $102 million (2023: $48 million) relating to the amortisation of arrangement fees and related costs capitalised against the Group\u2019s
long-term borrowings (note 22). This primarily relates to the expensing of previously capitalised fees in respect of the Group\u2019s reserve based lending (RBL) facility of $61 million at
the end of 2023 which was replaced by the new revolving credit facility (RCF) facility as part of the acquisition of the Wintershall\u00a0Dea portfolio.
3
The amount of \ufb01nance costs capitalised was determined by applying the weighted average rate of \ufb01nance costs applicable to the borrowings of the Group of 4.5 per cent to the
expenditures on the qualifying assets (2023: 6.0 per cent).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00103": { "value": "7. Finance income and \ufb01nance expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
\u00a0
Note
$ million
$ million
Finance income
\u00a0\u00a0\u00a0
Bank interest
\u00a0
37
19
Other interest and \ufb01nance gains
\u00a0
16
6
Lease \ufb01nance income
\u00a0
1
2
Realised gains on foreign exchange forward contracts
\u00a0
\u2013
9
Unrealised gains on derivatives
1
\u00a0
\u2013
68
Income from investments
\u00a0
1
\u2013
Foreign exchange gains
\u00a0
118
\u2013
Total \ufb01nance income
\u00a0
173
104
Finance expenses
\u00a0\u00a0\u00a0
Interest payable on reserve based lending facility
\u00a0
1
15
Interest payable on revolving credit facility
\u00a0
10
\u2013
Interest payable on bridge loan facility
\u00a0
8
\u2013
Interest payable on bonds
\u00a0
59
27
Other interest and \ufb01nance expenses
\u00a0
10
17
Lease interest
13
53
51
Unrealised losses on derivatives
1
\u00a0
43
\u2013
Realised losses on foreign exchange forward contracts
\u00a0
71
\u2013
Finance expense on deferred revenue
20
5
4
Foreign exchange losses
\u00a0
\u2013
57
Bank and \ufb01nancing fees
2
\u00a0
139
100
Unwinding of discount on decommissioning and other provisions
21
221
156
\u00a0\u00a0
620
427
Finance costs capitalised during the year
3
\u00a0
(18)
(7)
Total \ufb01nance expense
\u00a0
602
420
\n
1
Losses on derivatives include mark to market losses on foreign currency derivatives of $30 million (2023: $nil), derivative ineffectiveness losses of $8 million (2023: $nil) and $5 million
related to changes in the fair value of an embedded derivative within one of the Group\u2019s gas contracts (2023: $68 million gain).
2
Bank and \ufb01nancing fees include an amount of $102 million (2023: $48 million) relating to the amortisation of arrangement fees and related costs capitalised against the Group\u2019s
long-term borrowings (note 22). This primarily relates to the expensing of previously capitalised fees in respect of the Group\u2019s reserve based lending (RBL) facility of $61 million at
the end of 2023 which was replaced by the new revolving credit facility (RCF) facility as part of the acquisition of the Wintershall\u00a0Dea portfolio.
3
The amount of \ufb01nance costs capitalised was determined by applying the weighted average rate of \ufb01nance costs applicable to the borrowings of the Group of 4.5 per cent to the
expenditures on the qualifying assets (2023: 6.0 per cent).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00100": { "value": "7. Finance income and \ufb01nance expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
\u00a0
Note
$ million
$ million
Finance income
\u00a0\u00a0\u00a0
Bank interest
\u00a0
37
19
Other interest and \ufb01nance gains
\u00a0
16
6
Lease \ufb01nance income
\u00a0
1
2
Realised gains on foreign exchange forward contracts
\u00a0
\u2013
9
Unrealised gains on derivatives
1
\u00a0
\u2013
68
Income from investments
\u00a0
1
\u2013
Foreign exchange gains
\u00a0
118
\u2013
Total \ufb01nance income
\u00a0
173
104
Finance expenses
\u00a0\u00a0\u00a0
Interest payable on reserve based lending facility
\u00a0
1
15
Interest payable on revolving credit facility
\u00a0
10
\u2013
Interest payable on bridge loan facility
\u00a0
8
\u2013
Interest payable on bonds
\u00a0
59
27
Other interest and \ufb01nance expenses
\u00a0
10
17
Lease interest
13
53
51
Unrealised losses on derivatives
1
\u00a0
43
\u2013
Realised losses on foreign exchange forward contracts
\u00a0
71
\u2013
Finance expense on deferred revenue
20
5
4
Foreign exchange losses
\u00a0
\u2013
57
Bank and \ufb01nancing fees
2
\u00a0
139
100
Unwinding of discount on decommissioning and other provisions
21
221
156
\u00a0\u00a0
620
427
Finance costs capitalised during the year
3
\u00a0
(18)
(7)
Total \ufb01nance expense
\u00a0
602
420
\n
1
Losses on derivatives include mark to market losses on foreign currency derivatives of $30 million (2023: $nil), derivative ineffectiveness losses of $8 million (2023: $nil) and $5 million
related to changes in the fair value of an embedded derivative within one of the Group\u2019s gas contracts (2023: $68 million gain).
2
Bank and \ufb01nancing fees include an amount of $102 million (2023: $48 million) relating to the amortisation of arrangement fees and related costs capitalised against the Group\u2019s
long-term borrowings (note 22). This primarily relates to the expensing of previously capitalised fees in respect of the Group\u2019s reserve based lending (RBL) facility of $61 million at
the end of 2023 which was replaced by the new revolving credit facility (RCF) facility as part of the acquisition of the Wintershall\u00a0Dea portfolio.
3
The amount of \ufb01nance costs capitalised was determined by applying the weighted average rate of \ufb01nance costs applicable to the borrowings of the Group of 4.5 per cent to the
expenditures on the qualifying assets (2023: 6.0 per cent).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0093": { "value": "7. Finance income and \ufb01nance expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
\u00a0
Note
$ million
$ million
Finance income
\u00a0\u00a0\u00a0
Bank interest
\u00a0
37
19
Other interest and \ufb01nance gains
\u00a0
16
6
Lease \ufb01nance income
\u00a0
1
2
Realised gains on foreign exchange forward contracts
\u00a0
\u2013
9
Unrealised gains on derivatives
1
\u00a0
\u2013
68
Income from investments
\u00a0
1
\u2013
Foreign exchange gains
\u00a0
118
\u2013
Total \ufb01nance income
\u00a0
173
104
Finance expenses
\u00a0\u00a0\u00a0
Interest payable on reserve based lending facility
\u00a0
1
15
Interest payable on revolving credit facility
\u00a0
10
\u2013
Interest payable on bridge loan facility
\u00a0
8
\u2013
Interest payable on bonds
\u00a0
59
27
Other interest and \ufb01nance expenses
\u00a0
10
17
Lease interest
13
53
51
Unrealised losses on derivatives
1
\u00a0
43
\u2013
Realised losses on foreign exchange forward contracts
\u00a0
71
\u2013
Finance expense on deferred revenue
20
5
4
Foreign exchange losses
\u00a0
\u2013
57
Bank and \ufb01nancing fees
2
\u00a0
139
100
Unwinding of discount on decommissioning and other provisions
21
221
156
\u00a0\u00a0
620
427
Finance costs capitalised during the year
3
\u00a0
(18)
(7)
Total \ufb01nance expense
\u00a0
602
420
\n
1
Losses on derivatives include mark to market losses on foreign currency derivatives of $30 million (2023: $nil), derivative ineffectiveness losses of $8 million (2023: $nil) and $5 million
related to changes in the fair value of an embedded derivative within one of the Group\u2019s gas contracts (2023: $68 million gain).
2
Bank and \ufb01nancing fees include an amount of $102 million (2023: $48 million) relating to the amortisation of arrangement fees and related costs capitalised against the Group\u2019s
long-term borrowings (note 22). This primarily relates to the expensing of previously capitalised fees in respect of the Group\u2019s reserve based lending (RBL) facility of $61 million at
the end of 2023 which was replaced by the new revolving credit facility (RCF) facility as part of the acquisition of the Wintershall\u00a0Dea portfolio.
3
The amount of \ufb01nance costs capitalised was determined by applying the weighted average rate of \ufb01nance costs applicable to the borrowings of the Group of 4.5 per cent to the
expenditures on the qualifying assets (2023: 6.0 per cent).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0099": { "value": "7. Finance income and \ufb01nance expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
\u00a0
Note
$ million
$ million
Finance income
\u00a0\u00a0\u00a0
Bank interest
\u00a0
37
19
Other interest and \ufb01nance gains
\u00a0
16
6
Lease \ufb01nance income
\u00a0
1
2
Realised gains on foreign exchange forward contracts
\u00a0
\u2013
9
Unrealised gains on derivatives
1
\u00a0
\u2013
68
Income from investments
\u00a0
1
\u2013
Foreign exchange gains
\u00a0
118
\u2013
Total \ufb01nance income
\u00a0
173
104
Finance expenses
\u00a0\u00a0\u00a0
Interest payable on reserve based lending facility
\u00a0
1
15
Interest payable on revolving credit facility
\u00a0
10
\u2013
Interest payable on bridge loan facility
\u00a0
8
\u2013
Interest payable on bonds
\u00a0
59
27
Other interest and \ufb01nance expenses
\u00a0
10
17
Lease interest
13
53
51
Unrealised losses on derivatives
1
\u00a0
43
\u2013
Realised losses on foreign exchange forward contracts
\u00a0
71
\u2013
Finance expense on deferred revenue
20
5
4
Foreign exchange losses
\u00a0
\u2013
57
Bank and \ufb01nancing fees
2
\u00a0
139
100
Unwinding of discount on decommissioning and other provisions
21
221
156
\u00a0\u00a0
620
427
Finance costs capitalised during the year
3
\u00a0
(18)
(7)
Total \ufb01nance expense
\u00a0
602
420
\n
1
Losses on derivatives include mark to market losses on foreign currency derivatives of $30 million (2023: $nil), derivative ineffectiveness losses of $8 million (2023: $nil) and $5 million
related to changes in the fair value of an embedded derivative within one of the Group\u2019s gas contracts (2023: $68 million gain).
2
Bank and \ufb01nancing fees include an amount of $102 million (2023: $48 million) relating to the amortisation of arrangement fees and related costs capitalised against the Group\u2019s
long-term borrowings (note 22). This primarily relates to the expensing of previously capitalised fees in respect of the Group\u2019s reserve based lending (RBL) facility of $61 million at
the end of 2023 which was replaced by the new revolving credit facility (RCF) facility as part of the acquisition of the Wintershall\u00a0Dea portfolio.
3
The amount of \ufb01nance costs capitalised was determined by applying the weighted average rate of \ufb01nance costs applicable to the borrowings of the Group of 4.5 per cent to the
expenditures on the qualifying assets (2023: 6.0 per cent).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0096": { "value": "7. Finance income and \ufb01nance expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
\u00a0
Note
$ million
$ million
Finance income
\u00a0\u00a0\u00a0
Bank interest
\u00a0
37
19
Other interest and \ufb01nance gains
\u00a0
16
6
Lease \ufb01nance income
\u00a0
1
2
Realised gains on foreign exchange forward contracts
\u00a0
\u2013
9
Unrealised gains on derivatives
1
\u00a0
\u2013
68
Income from investments
\u00a0
1
\u2013
Foreign exchange gains
\u00a0
118
\u2013
Total \ufb01nance income
\u00a0
173
104
Finance expenses
\u00a0\u00a0\u00a0
Interest payable on reserve based lending facility
\u00a0
1
15
Interest payable on revolving credit facility
\u00a0
10
\u2013
Interest payable on bridge loan facility
\u00a0
8
\u2013
Interest payable on bonds
\u00a0
59
27
Other interest and \ufb01nance expenses
\u00a0
10
17
Lease interest
13
53
51
Unrealised losses on derivatives
1
\u00a0
43
\u2013
Realised losses on foreign exchange forward contracts
\u00a0
71
\u2013
Finance expense on deferred revenue
20
5
4
Foreign exchange losses
\u00a0
\u2013
57
Bank and \ufb01nancing fees
2
\u00a0
139
100
Unwinding of discount on decommissioning and other provisions
21
221
156
\u00a0\u00a0
620
427
Finance costs capitalised during the year
3
\u00a0
(18)
(7)
Total \ufb01nance expense
\u00a0
602
420
\n
1
Losses on derivatives include mark to market losses on foreign currency derivatives of $30 million (2023: $nil), derivative ineffectiveness losses of $8 million (2023: $nil) and $5 million
related to changes in the fair value of an embedded derivative within one of the Group\u2019s gas contracts (2023: $68 million gain).
2
Bank and \ufb01nancing fees include an amount of $102 million (2023: $48 million) relating to the amortisation of arrangement fees and related costs capitalised against the Group\u2019s
long-term borrowings (note 22). This primarily relates to the expensing of previously capitalised fees in respect of the Group\u2019s reserve based lending (RBL) facility of $61 million at
the end of 2023 which was replaced by the new revolving credit facility (RCF) facility as part of the acquisition of the Wintershall\u00a0Dea portfolio.
3
The amount of \ufb01nance costs capitalised was determined by applying the weighted average rate of \ufb01nance costs applicable to the borrowings of the Group of 4.5 per cent to the
expenditures on the qualifying assets (2023: 6.0 per cent).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00121": { "value": "8. Income tax
The major components of income tax expense are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Current income tax expense
\u00a0 \u00a0
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
\u00a0 \u00a0
Origination and reversal of temporary differences in current year
(168)
(86)
Impact of changes in tax rates
1
77
\u2013
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:
\u00a0 \u00a0
Tax (credit)/expense on cash \ufb02ow hedges
(379)
2,376
Tax credit on cash actuarial gains and losses
(4)
\u2013
Total tax (credit)/expense reported in the statement of comprehensive income
(383)
2,376
\n
1
The amounts for 2024 comprise the impact of the increase in Energy Pro\ufb01ts Levy in the UK business unit from 35 per cent to 38 per cent from 1\u00a0November 2024.
Reconciliation of tax expense and the accounting pro\ufb01t before taxation at the Group\u2019s statutory tax rate is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Pro\ufb01t before income tax
1,219
616
At the Group\u2019s statutory tax rate of 78 per cent (2023: 75 per cent)
951
462
E\ufb00ects of:
\u00a0 \u00a0
Expenses not deductible for tax purposes
59
103
Adjustments in respect of prior years
(10)
2
Remeasurement of deferred tax
53
13
Deferred Energy Pro\ufb01ts Levy change in rate
77
\u2013
Impact of different tax rates
282
73
Allowances and other tax uplifts
(113)
(82)
Future dividends from investments in subsidiaries, branches and associates
(11)
\u2013
Other
24
\u2013
Total tax expense reported in the consolidated income statement at the e\ufb00ective tax rate of 108 per cent
\u00a0 \u00a0
(2023: 93 per cent, restated)
1,312
571
\n
The tax expense reconciliation has been prepared based on the statutory tax rate of 78 per cent applicable to oil and gas production in the
UK and Norway, the two most signi\ufb01cant jurisdictions of operation for the Group. Management believes that using this rate provides the most
meaningful comparison between the expected tax expense, based on accounting pro\ufb01t, and the actual tax expense recognised. In 2023, the
tax expense was prepared based on the statutory rate of taxation of 75 per cent applying to UK oil and gas production because the majority
of the Group\u2019s pro\ufb01t was generated in the UK Continental Shelf.
The effective tax rate for the year is 108 per cent, compared to 93 per cent for 2023 (restated).
The effective tax rate of 108 per cent is signi\ufb01cantly higher than the statutory rate of 78 per cent for the Group, mainly due to several
UK-speci\ufb01c exceptional items impacting the UK tax expense. These items, resulting from the application of Energy Pro\ufb01ts Levy (EPL), create
tax rate differences re\ufb02ected in the income statement. Notably, the increase in the UK asset retirement obligation raised the effective tax
rate by 15 per cent as there is no tax relief available against EPL for expenditure on abandonment. Additionally, exploration write-offs and
impairments of tangible assets in the UK, which carried blended deferred tax liabilities up to the enacted EPL sunset clause date of
31\u00a0March 2028, increased the effective tax rate by another 4 per cent. Finally, the EPL rate change from 35 per cent to 38 per cent added
6 per cent to the effective tax rate. Overall, these EPL-related adjustments resulted in an additional 25 per cent increase in the Group\u2019s
effective tax rate.
The UK and Norway are expected to remain the principal jurisdictions where pro\ufb01ts will be earned, so their statutory tax rates for oil
and gas production operations are anticipated to continue as the primary factors in\ufb02uencing the Group\u2019s future tax expense.
Deferred tax
The principal components of deferred tax are set out in the following tables:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
\u00a0
Note
$ million
$ million
Deferred tax assets
\u00a0
130
7
Deferred tax liabilities
\u00a0
(6,240)
(1,297)
\u00a0 \u00a0
(6,110)
(1,290)
Reclassi\ufb01cation of deferred tax liabilities directly associated with assets held for sale
18
19
\u2013
Total deferred tax
\u00a0
(6,091)
(1,290)
\n
The presentation above takes into account the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction
(where this is permitted). The overall deferred tax balance in a jurisdiction determines if the deferred tax related to that jurisdiction is
disclosed within deferred tax assets or deferred tax liabilities.
The origination of and reversal of temporary differences are, as shown in the next table, related primarily to movements in the carrying amounts
and tax base values of expenditure and the timing of when these items are charged and/or credited against accounting and taxable pro\ufb01t.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Accelerated
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
capital
\u00a0\u00a0
Fair value of
\u00a0\u00a0\u00a0
\u00a0
allowances
Decommissioning
Losses
derivatives
Other
1
Overseas
Total
\u00a0
$ 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
\u2013
\u2013
\u2013
(2,376)
1
\u2013
(2,375)
Foreign exchange
(51)
34
\u2013
(9)
1
(5)
(30)
As at 31 December 2023
(2,901)
1,574
181
6
21
(165)
(1,284)
Restated
\u2013
\u2013
\u2013
\u2013
\u2013
(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
\u2013
103
Comprehensive income
\u2013
\u2013
\u2013
380
4
\u2013
384
Other reserves
2
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Additions from business combinations
(6,509)
971
201
(14)
(2)
\u2013
(5,353)
Reclassi\ufb01cations
3,4
(221)
7
28
\u00a0
15
171
\u2013
Foreign exchange
75
(18)
(8)
2
(4)
\u2013
47
As at 31 December 2024
(9,600)
2,791
288
336
75
\u2013
(6,110)
\n
1
Includes deferred tax movements related to investment allowances, share-based payments and pensions.
2
Movement in other reserves relates to the element of deferred tax on UK share-based payments taken to pro\ufb01t and loss reserves.
3
Items classi\ufb01ed as overseas balances in 2023 have been reclassi\ufb01ed into speci\ufb01c deferred tax categories.
4
Balances related to UK investment allowances ($12 million) have been reclassi\ufb01ed from accelerated capital allowances to other.
The Group\u2019s deferred tax assets are recognised to the extent that taxable pro\ufb01ts are expected to arise against which the tax assets can
be utilised. The Group assessed the recoverability of tax losses and allowances using corporate assumptions which are consistent with the
Group\u2019s impairment assessment. Based on those assumptions, the Group expects to fully utilise its recognised tax losses and allowances.
The recovery of the Group\u2019s UK decommissioning deferred tax asset is additionally supported by the ability to carry back decommissioning
tax losses and set these against ring fence taxable pro\ufb01ts of prior periods.
In October 2024, the UK Government announced changes to the EPL, including an increase in the rate from 35 per cent to 38 per cent, the
removal of the main EPL investment allowance and an extension of the EPL to 31 March 2030. The three per cent increase in the rate and
the removal of the main EPL investment allowance were substantively enacted at the balance sheet date and have effect from 1 November
2024. As a result, the current accounting period re\ufb02ects an additional deferred tax expense of $77 million, based on the currently enacted
expiration date of the EPL of 31 March 2028 and the remeasurement of temporary differences expected to reverse within this period.
The extension of the EPL to 31 March 2030 was substantively enacted on 3 March 2025 and is therefore not re\ufb02ected in the \ufb01nancial
statements as at 31 December 2024. This impact will be included in the \ufb01nancial statements for the following period. If the extension had
been in place at the balance sheet date, an additional deferred tax expense of $306 million would have been recognised in the current
\ufb01nancial statements.
In the UK, ring fence tax losses cannot be offset against pro\ufb01ts subject to EPL nor are deductions allowed for decommissioning related expenditure.
Consequently, any deferred tax assets representing future decommissioning deductions or ring fence tax losses are unaffected by the EPL. The primary
impact of the EPL is on the deferred tax liability associated with accelerated capital allowances. The closing deferred tax liability for the period is $6,110
million (2023: $1,290 million), of which $877 million (2023: $1,014 million) relates to deferred tax liabilities arising from the impact of the EPL.
Consistent with other sensitivity analyses undertaken, we have assessed the impact on the recoverability of deferred tax assets based on a
decrease of 10 per cent to the Harbour scenario average crude price curves. While there would generally be no material impacts, tax losses
in Mexico are particularly sensitive to the timing of pro\ufb01ts as they expire within a 10-year period once generated. Under this scenario, the
deferred tax assets currently recognised for Mexican tax losses would decrease by around $50 million.
Unrecognised tax losses and allowances
Deferred tax assets are recognised for tax loss carry forwards, tax allowances and other deductible temporary differences to the extent
that it is probable the associated tax bene\ufb01ts will be realised through offsetting future taxable pro\ufb01ts or by carrying losses back to prior
periods\u2019 pro\ufb01ts. At the end of the accounting period, the Group had not recognised deferred tax assets for tax losses, allowances and other
deductible temporary differences amounting to approximately $2,743 million (2023: $1,290 million). These other deductible temporary
differences include unclaimed tax depreciation, unrealised losses on non-commodity derivatives and decommissioning related provisions.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Tax losses by expiry date
\u00a0 \u00a0
Expiring within 5 years
477
24
Expiring within 6-10 years
240
13
No expiration
1,621
1,115
\u00a0
2,338
1,152
Other deductible temporary differences and allowances
405
138
Total unrecognised tax losses and allowances
2,743
1,290
\n
No deferred tax liabilities were recognised for temporary differences associated with investments in subsidiaries, branches and associates
of approximately $293 million (2023: $nil) because the Group is in a position to control the timing of the reversal of the temporary
differences and it is probable that such differences will not reverse in the foreseeable future.
Global minimum corporation tax rate \u2013 Pillar Two requirements
The legislation implementing the Organisation for Economic Co-operation and Development\u2019s (OECD) proposals for a global minimum
corporation tax rate (Pillar Two) was substantively enacted into UK law on 20 June 2023. The rules became effective from 1 January 2024.
The Group has applied the mandatory exception in IAS 12 to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.
The Group has performed an assessment of its potential exposure to Pillar Two income taxes for periods from 1 January 2024. The assessment
of the potential exposure is based on the most recent tax \ufb01lings, country-by-country reporting and \ufb01nancial statements for the constituent
entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are
above 15 per cent and the transitional safe harbour relief is expected to apply. On this basis, the Group does not expect a material exposure
to Pillar Two income taxes in any jurisdictions.
Uncertain tax positions
The Group considers an uncertain tax position to exist when it believes that the amount of pro\ufb01t subject to tax in the future may exceed
the amount initially re\ufb02ected in the Group\u2019s tax returns. The Group applies IFRIC 23 Uncertainty over Income Tax Treatments in relation to
uncertain tax positions. When management judges that an out\ufb02ow of funds is probable and a reliable estimate of the dispute can be made,
a provision is recognised for the best estimate of the most likely liability.
In estimating any such liability, the Group adopts a risk-based approach, considering the speci\ufb01c circumstances of each dispute. This is
based on management\u2019s interpretation of tax law and, where appropriate, is supported by independent specialist advice. These estimates
are inherently judgemental and can change signi\ufb01cantly over time as disputes progress and new facts emerge.
Provisions are reviewed continuously. However, the resolution of tax issues may take a long time to conclude, and there is a possibility
that the amounts ultimately paid could differ from the amounts initially provided.
In 2023, an uncertain tax position was identi\ufb01ed in certain UK subsidiaries relating to the timing of the taxation of fair value movements
and realised gains and losses on hedges entered into to manage commodity price risk. On the strength of independent advice, management
considers that there is no expectation of a net additional out\ufb02ow of funds. As such no additional liability has been recognised in the
consolidated \ufb01nancial statements as at 31 December 2024. However, a contingent liability exists as the UK tax authorities could take an
alternative view on whether the fair value movements on the hedged instruments are disregarded for tax purposes. While not considered
a likely outcome, if the UK tax authorities were to disagree and successfully challenge the position, a possible liability currently estimated
not to exceed $130 million could arise because of the differences in tax rates across the periods in question.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00122": { "value": "Deferred tax
The principal components of deferred tax are set out in the following tables:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
\u00a0
Note
$ million
$ million
Deferred tax assets
\u00a0
130
7
Deferred tax liabilities
\u00a0
(6,240)
(1,297)
\u00a0 \u00a0
(6,110)
(1,290)
Reclassi\ufb01cation of deferred tax liabilities directly associated with assets held for sale
18
19
\u2013
Total deferred tax
\u00a0
(6,091)
(1,290)
\n
The presentation above takes into account the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction
(where this is permitted). The overall deferred tax balance in a jurisdiction determines if the deferred tax related to that jurisdiction is
disclosed within deferred tax assets or deferred tax liabilities.
The origination of and reversal of temporary differences are, as shown in the next table, related primarily to movements in the carrying amounts
and tax base values of expenditure and the timing of when these items are charged and/or credited against accounting and taxable pro\ufb01t.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Accelerated
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
capital
\u00a0\u00a0
Fair value of
\u00a0\u00a0\u00a0
\u00a0
allowances
Decommissioning
Losses
derivatives
Other
1
Overseas
Total
\u00a0
$ 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
\u2013
\u2013
\u2013
(2,376)
1
\u2013
(2,375)
Foreign exchange
(51)
34
\u2013
(9)
1
(5)
(30)
As at 31 December 2023
(2,901)
1,574
181
6
21
(165)
(1,284)
Restated
\u2013
\u2013
\u2013
\u2013
\u2013
(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
\u2013
103
Comprehensive income
\u2013
\u2013
\u2013
380
4
\u2013
384
Other reserves
2
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Additions from business combinations
(6,509)
971
201
(14)
(2)
\u2013
(5,353)
Reclassi\ufb01cations
3,4
(221)
7
28
\u00a0
15
171
\u2013
Foreign exchange
75
(18)
(8)
2
(4)
\u2013
47
As at 31 December 2024
(9,600)
2,791
288
336
75
\u2013
(6,110)
\n
1
Includes deferred tax movements related to investment allowances, share-based payments and pensions.
2
Movement in other reserves relates to the element of deferred tax on UK share-based payments taken to pro\ufb01t and loss reserves.
3
Items classi\ufb01ed as overseas balances in 2023 have been reclassi\ufb01ed into speci\ufb01c deferred tax categories.
4
Balances related to UK investment allowances ($12 million) have been reclassi\ufb01ed from accelerated capital allowances to other.
The Group\u2019s deferred tax assets are recognised to the extent that taxable pro\ufb01ts are expected to arise against which the tax assets can
be utilised. The Group assessed the recoverability of tax losses and allowances using corporate assumptions which are consistent with the
Group\u2019s impairment assessment. Based on those assumptions, the Group expects to fully utilise its recognised tax losses and allowances.
The recovery of the Group\u2019s UK decommissioning deferred tax asset is additionally supported by the ability to carry back decommissioning
tax losses and set these against ring fence taxable pro\ufb01ts of prior periods.
In October 2024, the UK Government announced changes to the EPL, including an increase in the rate from 35 per cent to 38 per cent, the
removal of the main EPL investment allowance and an extension of the EPL to 31 March 2030. The three per cent increase in the rate and
the removal of the main EPL investment allowance were substantively enacted at the balance sheet date and have effect from 1 November
2024. As a result, the current accounting period re\ufb02ects an additional deferred tax expense of $77 million, based on the currently enacted
expiration date of the EPL of 31 March 2028 and the remeasurement of temporary differences expected to reverse within this period.
The extension of the EPL to 31 March 2030 was substantively enacted on 3 March 2025 and is therefore not re\ufb02ected in the \ufb01nancial
statements as at 31 December 2024. This impact will be included in the \ufb01nancial statements for the following period. If the extension had
been in place at the balance sheet date, an additional deferred tax expense of $306 million would have been recognised in the current
\ufb01nancial statements.
In the UK, ring fence tax losses cannot be offset against pro\ufb01ts subject to EPL nor are deductions allowed for decommissioning related expenditure.
Consequently, any deferred tax assets representing future decommissioning deductions or ring fence tax losses are unaffected by the EPL. The primary
impact of the EPL is on the deferred tax liability associated with accelerated capital allowances. The closing deferred tax liability for the period is $6,110
million (2023: $1,290 million), of which $877 million (2023: $1,014 million) relates to deferred tax liabilities arising from the impact of the EPL.
Consistent with other sensitivity analyses undertaken, we have assessed the impact on the recoverability of deferred tax assets based on a
decrease of 10 per cent to the Harbour scenario average crude price curves. While there would generally be no material impacts, tax losses
in Mexico are particularly sensitive to the timing of pro\ufb01ts as they expire within a 10-year period once generated. Under this scenario, the
deferred tax assets currently recognised for Mexican tax losses would decrease by around $50 million.
Unrecognised tax losses and allowances
Deferred tax assets are recognised for tax loss carry forwards, tax allowances and other deductible temporary differences to the extent
that it is probable the associated tax bene\ufb01ts will be realised through offsetting future taxable pro\ufb01ts or by carrying losses back to prior
periods\u2019 pro\ufb01ts. At the end of the accounting period, the Group had not recognised deferred tax assets for tax losses, allowances and other
deductible temporary differences amounting to approximately $2,743 million (2023: $1,290 million). These other deductible temporary
differences include unclaimed tax depreciation, unrealised losses on non-commodity derivatives and decommissioning related provisions.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Tax losses by expiry date
\u00a0 \u00a0
Expiring within 5 years
477
24
Expiring within 6-10 years
240
13
No expiration
1,621
1,115
\u00a0
2,338
1,152
Other deductible temporary differences and allowances
405
138
Total unrecognised tax losses and allowances
2,743
1,290
\n
No deferred tax liabilities were recognised for temporary differences associated with investments in subsidiaries, branches and associates
of approximately $293 million (2023: $nil) because the Group is in a position to control the timing of the reversal of the temporary
differences and it is probable that such differences will not reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00123": { "value": "9. (Loss)/earnings per share (EPS)
Basic EPS is calculated by dividing the pro\ufb01t after tax attributable to ordinary shareholders of the Group by the weighted average number
of\u00a0ordinary shares in issue during the year.
Diluted EPS is calculated by dividing the pro\ufb01t after tax attributable to ordinary shareholders by the weighted average number of ordinary
share in issue during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive
potential ordinary shares into ordinary shares.
The following table re\ufb02ects the income and share data used in the basic and diluted EPS calculations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
(Loss)/earnings for the year ($ millions)
\u00a0 \u00a0
Earnings for the purpose of basic earnings per share
(108)
45
Effect of dilutive potential ordinary shares
\u2013
\u2013
(Loss)/earnings for the purpose of diluted earnings per share
(108)
45
Number of ordinary shares (millions)
\u00a0 \u00a0
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
\u2013
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
\u2013
(Loss)/earnings per share ($ cents)
\u00a0 \u00a0
Basic:
\u00a0 \u00a0
Ordinary shares voting
(10)
6
Ordinary shares non-voting
(11)
\u2013
Diluted:
\u00a0 \u00a0
Ordinary shares voting
(10)
6
Ordinary shares non-voting
(11)
\u2013
\n
1
2023 excludes certain share options outstanding at 31 December 2023 as their option price was greater than market price.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00127": { "value": "10. Goodwill
Goodwill represents the difference between the aggregate of the fair value of purchase consideration transferred at the acquisition date
and the fair value of the identi\ufb01able assets.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
2023
Cost and net book value
Note
$ million
$ million
At 1 January
\u00a0
1,302
1,327
Additions from business combinations
14
3,845
\u2013
Impairment charge
\u00a0
\u2013
(25)
At 31 December
\u00a0
5,147
1,302
\n
Goodwill is allocated as follows to the operating segments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Cost and net book value
$ million
$ million
Norway
2,651
\u2013
UK
1,278
1,278
Germany
401
\u2013
Mexico
199
\u2013
Argentina
594
\u2013
Southeast Asia
24
24
At 31 December
5,147
1,302
\n
The goodwill balance consists of balances arising from the acquisition of Wintershall\u00a0Dea\u2019s upstream oil and gas assets on 3 September
2024, the completion of the all-share merger between Premier Oil plc and Chrysaor Holdings Limited in March 2021, Chrysaor Holdings
Limited\u2019s acquisition of the ConocoPhillips UK business, and the UK North Sea assets from Shell, which completed on 30 September 2019
and 1 November 2017, respectively.
Impairment testing of goodwill
In accordance with IAS 36 Impairment of Assets, goodwill is reviewed for impairment at the year-end, or more frequently, if there are
indications that goodwill might be impaired.
The goodwill recognised in business combinations is allocated to operating segments for the purpose of impairment testing. The carrying value
of goodwill is tested at the operating segment level against the aggregated headroom arising from the impairment testing of corresponding
segment assets. The carrying value of the assets is the sum of tangible assets, intangible assets and goodwill as of the assessment date.
In the asset impairment test performed, and where applicable, the carrying value is adjusted by deferred tax which protects goodwill from
an immediate impairment. When the deferred tax liabilities from the acquisitions naturally unwind and decrease, as a result of depreciation
through production, more goodwill is exposed to impairment. This may lead to future impairment charges even though other assumptions
remain stable.
At the year-end, the Group tested for impairment in accordance with the accounting policy and no goodwill impairment was recognised
(2023: $25 million). Goodwill will ultimately be impaired to the income statement as the relevant operating segment businesses mature.
Determining recoverable amount
The recoverable amounts of the CGU and \ufb01elds have been determined on a fair value less costs to sell basis. The key assumptions used
in determining the fair value are often subjective, such as the future long-term oil and gas price assumption, or the operational performance
of the assets. Discounted cash \ufb02ow models comprising asset-by-asset life of \ufb01eld projections using Level 3 inputs (based on the IFRS 13 fair
value hierarchy) have been used to determine the recoverable amounts.
The cash \ufb02ows have been modelled on a post-tax and post-decommissioning basis, in\ufb02ated at 2.5 per cent per annum from 1 January 2028,
and discounted at the Group\u2019s post-tax discount rate of between 8.75 per cent and 14.5 per cent (2023: 9.0 \u2013 12.4 per cent post-tax).
Risks speci\ufb01c to assets within the CGU are re\ufb02ected within the cash \ufb02ow forecasts.
Key assumptions used in calculations
Assumptions involved in impairment measurement include estimates of commercial reserves and production volumes, future oil and gas
prices, discount rates and the level and timing of expenditures, all of which are inherently uncertain.
Commodity and carbon prices
Management\u2019s commodity price curve assumptions are benchmarked against a range of external forward price curves on a regular basis.
The \ufb01rst three years re\ufb02ect the market forward prices curves transitioning to a long-term price thereafter. The long-term commodity prices
and carbon prices are shown in note 2 of the \ufb01nancial statements on page 138.
Production volumes and oil and gas reserves
Based on life of \ufb01eld production pro\ufb01les for each asset within the CGUs. Proven and probable reserves are estimates of the amount
of oil and gas that can be economically extracted from the Group\u2019s oil and gas assets. The Group estimates its reserves using standard
recognised evaluation techniques and they are assessed at least annually by management and by an independent consultant. Proven
and probable reserves are determined using estimates of oil and gas in place, recovery factors and future commodity prices.
Costs
Operating expenditure, capital expenditure and decommissioning costs, which have been in\ufb02ated at 2.5 per cent per annum from
1 January 2028, are derived from the Group\u2019s business plan.
Discount rates
Represent management\u2019s estimate of the Group\u2019s country-based weighted average cost of capital (WACC), considering both debt and
equity. The cost of equity is derived from an expected return on investment by the Group\u2019s investors, and the cost of debt is based on
its interest-bearing borrowings. Segment-speci\ufb01c risk is incorporated by applying a beta factor based on publicly available market data.
The discount rate is based on an assessment of a relevant peer group\u2019s post-tax WACC.
Foreign exchange rates
Based on management\u2019s long-term rate assumptions, with reference to a range of underlying economic indicators.
Sensitivity to changes in assumptions used in calculations
The Group has run sensitivities on its long-term commodity price assumptions, which have been based on long-range forecasts from external
\ufb01nancial analysts, using alternate long-term price assumptions, and discount rates. These are considered to be reasonably possible changes
for the purposes of sensitivity analysis. As shown in note 2 of the \ufb01nancial statements, the sensitivity analysis on commodity prices re\ufb02ecting
a 10 per cent reduction in the long-term oil and gas price deck applied in the impairment test would result in $81 million goodwill
impairment. A 1 per cent increase in the discount rate would result in an impairment to goodwill of $10 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00126": { "value": "10. Goodwill
Goodwill represents the difference between the aggregate of the fair value of purchase consideration transferred at the acquisition date
and the fair value of the identi\ufb01able assets.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
2023
Cost and net book value
Note
$ million
$ million
At 1 January
\u00a0
1,302
1,327
Additions from business combinations
14
3,845
\u2013
Impairment charge
\u00a0
\u2013
(25)
At 31 December
\u00a0
5,147
1,302
\n
Goodwill is allocated as follows to the operating segments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Cost and net book value
$ million
$ million
Norway
2,651
\u2013
UK
1,278
1,278
Germany
401
\u2013
Mexico
199
\u2013
Argentina
594
\u2013
Southeast Asia
24
24
At 31 December
5,147
1,302
\n
The goodwill balance consists of balances arising from the acquisition of Wintershall\u00a0Dea\u2019s upstream oil and gas assets on 3 September
2024, the completion of the all-share merger between Premier Oil plc and Chrysaor Holdings Limited in March 2021, Chrysaor Holdings
Limited\u2019s acquisition of the ConocoPhillips UK business, and the UK North Sea assets from Shell, which completed on 30 September 2019
and 1 November 2017, respectively.
Impairment testing of goodwill
In accordance with IAS 36 Impairment of Assets, goodwill is reviewed for impairment at the year-end, or more frequently, if there are
indications that goodwill might be impaired.
The goodwill recognised in business combinations is allocated to operating segments for the purpose of impairment testing. The carrying value
of goodwill is tested at the operating segment level against the aggregated headroom arising from the impairment testing of corresponding
segment assets. The carrying value of the assets is the sum of tangible assets, intangible assets and goodwill as of the assessment date.
In the asset impairment test performed, and where applicable, the carrying value is adjusted by deferred tax which protects goodwill from
an immediate impairment. When the deferred tax liabilities from the acquisitions naturally unwind and decrease, as a result of depreciation
through production, more goodwill is exposed to impairment. This may lead to future impairment charges even though other assumptions
remain stable.
At the year-end, the Group tested for impairment in accordance with the accounting policy and no goodwill impairment was recognised
(2023: $25 million). Goodwill will ultimately be impaired to the income statement as the relevant operating segment businesses mature.
Determining recoverable amount
The recoverable amounts of the CGU and \ufb01elds have been determined on a fair value less costs to sell basis. The key assumptions used
in determining the fair value are often subjective, such as the future long-term oil and gas price assumption, or the operational performance
of the assets. Discounted cash \ufb02ow models comprising asset-by-asset life of \ufb01eld projections using Level 3 inputs (based on the IFRS 13 fair
value hierarchy) have been used to determine the recoverable amounts.
The cash \ufb02ows have been modelled on a post-tax and post-decommissioning basis, in\ufb02ated at 2.5 per cent per annum from 1 January 2028,
and discounted at the Group\u2019s post-tax discount rate of between 8.75 per cent and 14.5 per cent (2023: 9.0 \u2013 12.4 per cent post-tax).
Risks speci\ufb01c to assets within the CGU are re\ufb02ected within the cash \ufb02ow forecasts.
Key assumptions used in calculations
Assumptions involved in impairment measurement include estimates of commercial reserves and production volumes, future oil and gas
prices, discount rates and the level and timing of expenditures, all of which are inherently uncertain.
Commodity and carbon prices
Management\u2019s commodity price curve assumptions are benchmarked against a range of external forward price curves on a regular basis.
The \ufb01rst three years re\ufb02ect the market forward prices curves transitioning to a long-term price thereafter. The long-term commodity prices
and carbon prices are shown in note 2 of the \ufb01nancial statements on page 138.
Production volumes and oil and gas reserves
Based on life of \ufb01eld production pro\ufb01les for each asset within the CGUs. Proven and probable reserves are estimates of the amount
of oil and gas that can be economically extracted from the Group\u2019s oil and gas assets. The Group estimates its reserves using standard
recognised evaluation techniques and they are assessed at least annually by management and by an independent consultant. Proven
and probable reserves are determined using estimates of oil and gas in place, recovery factors and future commodity prices.
Costs
Operating expenditure, capital expenditure and decommissioning costs, which have been in\ufb02ated at 2.5 per cent per annum from
1 January 2028, are derived from the Group\u2019s business plan.
Discount rates
Represent management\u2019s estimate of the Group\u2019s country-based weighted average cost of capital (WACC), considering both debt and
equity. The cost of equity is derived from an expected return on investment by the Group\u2019s investors, and the cost of debt is based on
its interest-bearing borrowings. Segment-speci\ufb01c risk is incorporated by applying a beta factor based on publicly available market data.
The discount rate is based on an assessment of a relevant peer group\u2019s post-tax WACC.
Foreign exchange rates
Based on management\u2019s long-term rate assumptions, with reference to a range of underlying economic indicators.
Sensitivity to changes in assumptions used in calculations
The Group has run sensitivities on its long-term commodity price assumptions, which have been based on long-range forecasts from external
\ufb01nancial analysts, using alternate long-term price assumptions, and discount rates. These are considered to be reasonably possible changes
for the purposes of sensitivity analysis. As shown in note 2 of the \ufb01nancial statements, the sensitivity analysis on commodity prices re\ufb02ecting
a 10 per cent reduction in the long-term oil and gas price deck applied in the impairment test would result in $81 million goodwill
impairment. A 1 per cent increase in the discount rate would result in an impairment to goodwill of $10 million.
11. Other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Oil and gas
Non-oil and
Carbon
\u00a0
\u00a0 \u00a0
assets
gas assets
1
allowances
Total
\u00a0
Note
$ million
$ million
$ million
$ million
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
\u00a0
817
137
\u2013
954
Additions during the year
\u00a0
210
20
\u2013
230
Transfers from property, plant and equipment
12
\u2013
7
\u2013
7
Reclassi\ufb01cation from trade and other receivables
\u00a0
\u2013
\u2013
86
86
Increase in decommissioning asset
21
4
\u2013
\u2013
4
Exploration write-off
\u00a0
(57)
\u2013
\u2013
(57)
Currency translation adjustment
\u00a0
42
8
\u2013
50
At 31 December 2023
\u00a0
1,016
172
86
1,274
Additions during the year
\u00a0
398
51
36
485
Additions from business combinations and joint arrangements
\u00a0
4,407
2
\u2013
4,409
Transfers from property, plant and equipment
12
(39)
1
\u2013
(38)
Increase in decommissioning asset
21
12
\u2013
\u2013
12
Exploration write-off
2
\u00a0
(173)
\u2013
\u2013
(173)
Utilised
\u00a0
\u2013
\u2013
(54)
(54)
Disposals
\u00a0
\u2013
(42)
\u2013
(42)
Currency translation adjustment
\u00a0
(76)
(3)
(3)
(82)
At 31 December 2024
\u00a0
5,545
181
65
5,791
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
\u00a0
\u2013
74
\u2013
74
Charge for the year
\u00a0
\u2013
23
\u2013
23
Currency translation adjustment
\u00a0
\u2013
5
\u2013
5
At 31 December 2023
\u00a0
\u2013
102
\u2013
102
Charge for the year
\u00a0
\u2013
19
\u2013
19
Disposals
\u00a0
\u2013
(42)
\u2013
(42)
Currency translation adjustment
\u00a0
\u2013
(2)
\u2013
(2)
At 31 December 2024
\u00a0
\u2013
77
\u2013
77
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
\u00a0
1,016
70
86
1,172
At 31 December 2024
\u00a0
5,545
104
65
5,714
\n
1
Non-oil and gas assets relate to Group IT software of $71 million and carbon capture and storage activities, mainly related to the Viking CCS project of $33 million.
2
The exploration write-off of $173 million (2023: $57 million) includes the write off of costs associated with projects in the UK ($79 million) and licence relinquishments in Norway ($64 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00133": { "value": "11. Other intangible assets \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Oil and gas
Non-oil and
Carbon
\u00a0
\u00a0 \u00a0
assets
gas assets
1
allowances
Total
\u00a0
Note
$ million
$ million
$ million
$ million
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
\u00a0
817
137
\u2013
954
Additions during the year
\u00a0
210
20
\u2013
230
Transfers from property, plant and equipment
12
\u2013
7
\u2013
7
Reclassi\ufb01cation from trade and other receivables
\u00a0
\u2013
\u2013
86
86
Increase in decommissioning asset
21
4
\u2013
\u2013
4
Exploration write-off
\u00a0
(57)
\u2013
\u2013
(57)
Currency translation adjustment
\u00a0
42
8
\u2013
50
At 31 December 2023
\u00a0
1,016
172
86
1,274
Additions during the year
\u00a0
398
51
36
485
Additions from business combinations and joint arrangements
\u00a0
4,407
2
\u2013
4,409
Transfers from property, plant and equipment
12
(39)
1
\u2013
(38)
Increase in decommissioning asset
21
12
\u2013
\u2013
12
Exploration write-off
2
\u00a0
(173)
\u2013
\u2013
(173)
Utilised
\u00a0
\u2013
\u2013
(54)
(54)
Disposals
\u00a0
\u2013
(42)
\u2013
(42)
Currency translation adjustment
\u00a0
(76)
(3)
(3)
(82)
At 31 December 2024
\u00a0
5,545
181
65
5,791
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
\u00a0
\u2013
74
\u2013
74
Charge for the year
\u00a0
\u2013
23
\u2013
23
Currency translation adjustment
\u00a0
\u2013
5
\u2013
5
At 31 December 2023
\u00a0
\u2013
102
\u2013
102
Charge for the year
\u00a0
\u2013
19
\u2013
19
Disposals
\u00a0
\u2013
(42)
\u2013
(42)
Currency translation adjustment
\u00a0
\u2013
(2)
\u2013
(2)
At 31 December 2024
\u00a0
\u2013
77
\u2013
77
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
\u00a0
1,016
70
86
1,172
At 31 December 2024
\u00a0
5,545
104
65
5,714
\n
1
Non-oil and gas assets relate to Group IT software of $71 million and carbon capture and storage activities, mainly related to the Viking CCS project of $33 million.
2
The exploration write-off of $173 million (2023: $57 million) includes the write off of costs associated with projects in the UK ($79 million) and licence relinquishments in Norway ($64 million).
12. Property, plant and equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Fixtures and
\u00a0\u00a0
\u00a0\u00a0
Oil and gas
\ufb01ttings & of\ufb01ce
Land and
\u00a0
\u00a0\u00a0
assets
equipment
buildings
1
Total
\u00a0
Note
$ million
$ million
$ million
$ million
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
11,436
38
\u2013
11,474
Additions
\u00a0
482
9
\u2013
491
Transfers to intangible assets
11
\u2013
(7)
\u2013
(7)
Reclassi\ufb01cation of asset held for sale
\u00a0
(198)
\u2013
\u2013
(198)
Decrease in decommissioning asset
21
(22)
\u2013
\u2013
(22)
Currency translation adjustment
\u00a0
159
2
\u2013
161
At 31 December 2023
\u00a0
11,857
42
\u2013
11,899
Restated
\u00a0
198
\u2013
\u2013
198
At 31 December 20223 as restated
\u00a0
12,055
42
\u2013
12,097
Additions
2
\u00a0
1,037
21
1
1,059
Additions from business combinations and joint
\u00a0\u00a0\u00a0\u00a0\u00a0
arrangements
14
9,951
20
40
10,011
Transfers from intangible assets
11
39
\u2013
(1)
38
Reclassi\ufb01cation of asset held for sale
18
(198)
\u2013
\u2013
(198)
Increase in decommissioning asset
3
21
760
\u2013
\u2013
760
Disposals
\u00a0
(1)
(24)
\u2013
(25)
Currency translation adjustment
\u00a0
(258)
(2)
(2)
(262)
At 31 December 2024
\u00a0
23,385
57
38
23,480
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
5,760
24
\u2013
5,784
Charge for the year
\u00a0
1,192
3
\u2013
1,195
Impairment charge
\u00a0
214
\u2013
\u2013
214
Reclassi\ufb01cation of asset held for sale
\u00a0
(103)
\u2013
\u2013
(103)
Currency translation adjustment
\u00a0
91
1
\u2013
92
At 31 December 2023
\u00a0
7,154
28
\u2013
7,182
Restated
\u00a0
79
\u2013
\u2013
79
At 31 December 2023 as restated
\u00a0
7,233
28
\u2013
7,261
Charge for the year
\u00a0
1,516
5
1
1,522
Impairment charge
\u00a0
352
\u2013
\u2013
352
Reclassi\ufb01cation of asset held for sale
18
(124)
\u2013
\u2013
(124)
Disposals
\u00a0
(1)
(24)
\u2013
(25)
Currency translation adjustment
\u00a0
(49)
\u2013
\u2013
(49)
At 31 December 2024
\u00a0
8,927
9
1
8,937
Net book value:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2023 as restated
\u00a0
4,822
14
\u2013
4,836
At 31 December 2024
\u00a0
14,458
48
37
14,543
\n
1
Land and buildings include investment property of $2.6 million (2023: $nil).
2
Included within property, plant and equipment additions of $1,059 million (2023: $491 million) are associated cash \ufb02ows of $884 million (2023: $496 million) and non-cash \ufb02ow
movements of $175 million (2023: $5 million) represented by a $93 million increase in capital accruals (2023: $30 million decrease), $64 million of capitalised lease depreciation
(2023: $18 million) and $18 million of capitalised interest (2023: $7 million).
3
An increase in the decommissioning assets of $760 million (2023: $22 million) was made during the year as a result of both an update to the decommissioning estimates and new
obligations (note 21).
During the year, the Group recognised a pre-tax impairment charge of $352 million (post-tax $185 million) (2023: $176 million; post-tax
$83 million, as restated). This comprised a pre-tax impairment charge representing a write-down of property, plant and equipment assets
of $163 million (2023: $70 million) across three \ufb01elds in the UK, mainly driven by further changes to the UK Energy Pro\ufb01ts Levy and
changes in life of \ufb01eld outlook, in addition to a fair value impairment on the Vietnam held for sale asset of $15 million. A pre-tax impairment
charge of $174 million (2023: $106 million) was also recorded in respect of revisions to decommissioning estimates on late-life assets,
and non-producing assets with no remaining net book value (see note 21).
In 2023, a net pre-tax impairment charge of $176 million was recognised as a result of impairments on two UK CGUs of $70 million, one
driven by a reduction in the gas price forward curve and the other by a revised decommissioning cost pro\ufb01le, and a pre-tax impairment
charge of $106 million in respect of revisions to decommissioning estimates on the Group\u2019s non-producing assets with no remaining net
book value.
Key assumptions used in calculations
Assumptions used in impairment measurement include estimates of commercial reserves and production volumes, future oil and gas prices,
discount rates and the level and timing of expenditures, all of which are inherently uncertain.
Commodity and carbon prices
The Group uses the fair value less cost of disposal method (FVLCD) to calculate the recoverable amount of the cash-generating units (CGU)
consistent with a level 3 fair value measurement (see note 23). In determining the recoverable value, appropriate discounted-cash-\ufb02ow
valuation models were used, incorporating market-based assumptions. Management\u2019s commodity price curve assumptions are benchmarked
against a range of external forward price curves on a regular basis. Individual \ufb01eld price differentials are then applied. The \ufb01rst three years
re\ufb02ect benchmarked consensus and market forward price curves transitioning to a long-term price from 2028, thereafter in\ufb02ated at 2.5 per
cent per annum. The long-term commodity prices used were $78 per barrel for Brent crude, 80 pence per therm for UK NBP gas and the
European gas price at 2 per cent higher than UK NBP.
Production volumes and oil and gas reserves
Production volumes are based on life of \ufb01eld production pro\ufb01les for each asset within the CGU. Proven and probable reserves are estimates
of the amount of oil and gas that can be economically extracted from the Group\u2019s oil and gas assets. The Group estimates its reserves using
standard recognised evaluation techniques, assessed at least annually by management. Proven and probable reserves are determined
using estimates of oil and gas in place, recovery factors and future commodity prices.
Costs
Operating expenditure, capital investment and decommissioning costs are derived from the Group\u2019s business plan.
Discount rates
The discount rate re\ufb02ects management\u2019s estimate of the Group\u2019s country-based weighted average cost of capital (WACC).
Foreign exchange rates
Based on management\u2019s long-term rate assumptions, with reference to a range of underlying economic indicators.
Sensitivity to changes in assumptions used in calculations
Reductions or increases in the long-term oil and gas prices of 10 per cent are considered to be reasonably possible changes for the purpose
of sensitivity analysis. As shown in note 2 of the \ufb01nancial statements, the decreases to the long-term oil and gas prices from 2028 speci\ufb01ed
above would result in a further pre-tax impairment of $330 million (post-tax $99 million) and increases to the long-term oil and gas prices
would result in a no material change to the impairment charge.
Considering the discount rates, the Group believes a one per cent increase in the post-tax discount rate is considered to be a reasonable
possibility for the purpose of sensitivity analysis. A one per cent increase in the post-tax discount rate would lead to a further pre-tax
impairment of $113 million (post-tax $33 million) on oil and gas assets and $10 million on goodwill, and a one per cent decrease in the
post-tax discount rate would lead to a lower pre-tax impairment charge of $129 million (post-tax $41 million).
13. Leases
This note provides information for leases where the Group is a lessee.
Balance sheet
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Land and
\u00a0\u00a0
Offshore
\u00a0\u00a0
\u00a0\u00a0
buildings
Drilling rigs
FPSO
facilities
Equipment
Total
Right-of-use assets
Note
$ million
$ million
$ million
$ million
$ million
$ million
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
88
169
562
334
20
1,173
Additions during the year
\u00a0
25
\u2013
\u2013
\u2013
1
26
Cost revisions/remeasurements
\u00a0
1
48
63
(6)
4
110
Reclassi\ufb01cation as asset held for sale
2
(5)
\u2013
(71)
\u2013
\u2013
(76)
Disposals
\u00a0
(4)
(19)
\u2013
\u2013
\u2013
(23)
Currency translation adjustment
\u00a0
4
10
\u2013
\u2013
1
15
At 31 December 2023
\u00a0
109
208
554
328
26
1,225
Restated
\u00a0
5
\u2013
71
\u2013
\u2013
76
At 31 December 2023 as restated
\u00a0
114
208
625
328
26
1,301
Additions during the year
1
\u00a0
27
166
\u2013
\u2013
\u2013
193
Additions from business combinations and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
joint arrangements
1
\u00a0
55
4
\u2013
\u2013
47
106
Cost revisions/remeasurements
\u00a0
6
38
3
32
(11)
68
Reclassi\ufb01cation of asset held for sale
18
\u2013
\u2013
(71)
\u2013
(2)
(73)
Disposals
\u00a0
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Currency translation adjustment
\u00a0
(3)
(5)
\u2013
\u2013
(1)
(9)
At 31 December 2024
\u00a0
194
411
557
360
59
1,581
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
26
129
209
61
13
438
Charge for the year
\u00a0
9
42
94
89
5
239
Reclassi\ufb01cation of asset held for sale
2
(2)
\u2013
(23)
\u2013
\u2013
(25)
Disposals
\u00a0
(4)
(19)
\u2013
\u2013
\u2013
(23)
Currency translation adjustment
\u00a0
1
7
\u2013
\u2013
1
9
At 31 December 2023
\u00a0
30
159
280
150
19
638
Restated
\u00a0
2
\u2013
29
\u2013
\u2013
31
As 31 December 2023 as restated
\u00a0
32
159
309
150
19
669
Charge for the year
\u00a0
16
99
83
76
11
285
Impairment charge
2
\u00a0
20
\u2013
\u2013
\u2013
\u2013
20
Reclassi\ufb01cation of asset held for sale
18
\u2013
\u2013
(40)
\u2013
\u2013
(40)
Disposals
\u00a0
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Currency translation adjustment
\u00a0
(1)
(3)
\u2013
\u2013
\u2013
(4)
At 31 December 2024
\u00a0
62
255
352
226
30
925
Net book value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2023 as restated
\u00a0
82
49
316
178
7
632
At 31 December 2024
\u00a0
132
156
205
134
29
656
\n
1
Additions of $299 million including $106 million related to business combinations (note 14) were made to the right-of-use assets during the year (2023: total additions of $26 million
related to new land and buildings).
2
The impairment charge of $20 million relates to one of the Group\u2019s of\ufb01ce buildings in the UK.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
Lease liabilities
Note
$ million
$ million
At 1 January as restated
\u00a0
768
825
Additions
\u00a0
193
28
Additions from business combinations and joint arrangements
14
118
\u2013
Remeasurement
\u00a0
67
110
Finance costs charged to income statement
7
53
51
Finance costs charged to decommissioning provision
21
1
1
Reclassi\ufb01cation of liabilities as held for sale
18
(78)
\u2013
Lease payments
\u00a0
(319)
(262)
Currency translation adjustment
\u00a0
(11)
15
At 31 December
\u00a0
792
768
Classi\ufb01ed as:
\u00a0 \u00a0 \u00a0
Current
\u00a0
241
216
Non-current
\u00a0
551
552
Total lease liabilities
\u00a0
792
768
\n
The signi\ufb01cant portion of the Group\u2019s lease liabilities represent lease arrangements for an FPSO vessel on the Catcher asset, and offshore
facilities on the Tolmount asset oil and gas infrastructure assets in the UK business unit.
The lease liabilities and associated right-of-use-assets have been calculated by reference to in-substance \ufb01xed lease payments in the
underlying agreements incurred throughout the non-cancellable period of the lease along with periods covered by options to extend and
terminate the lease where the Group is reasonably certain that such options will be exercised. When assessing whether extension options
were likely to be exercised, assumptions are consistent with those applied when testing for impairment.
Income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
Depreciation charge of right-of-use assets
Note
$ million
$ million
Land and buildings \u2013 non-oil and gas assets
1
\u00a0
35
8
Land and buildings \u2013 oil and gas assets
\u00a0
1
1
Drilling rigs
\u00a0
99
42
FPSO
\u00a0
83
99
Offshore facilities
\u00a0
77
89
Equipment \u2013 non-oil and gas assets
\u00a0
1
1
Equipment \u2013 oil and gas assets
\u00a0
9
4
\u00a0\u00a0
305
244
Capitalisation of IFRS 16 lease depreciation
2
\u00a0\u00a0\u00a0
Drilling rigs
\u00a0
(77)
(25)
Equipment
\u00a0
(4)
(2)
Depreciation charge included within consolidated income statement
\u00a0
224
217
Lease interest
7
53
51
\n
1
Includes impairment charge of $20 million related to one of the Group\u2019s of\ufb01ce buildings in the UK.
2
Of the $81 million (2023: $27 million) capitalised IFRS 16 lease depreciation, $64 million (2023: $18 million) has been capitalised within property, plant and equipment and $17 million
(2023: $9 million) within provisions (note 21).
The total cash out\ufb02ow for leases in 2024 was $319 million (2023: $259 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00130": { "value": "11. Other intangible assets \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Oil and gas
Non-oil and
Carbon
\u00a0
\u00a0 \u00a0
assets
gas assets
1
allowances
Total
\u00a0
Note
$ million
$ million
$ million
$ million
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
\u00a0
817
137
\u2013
954
Additions during the year
\u00a0
210
20
\u2013
230
Transfers from property, plant and equipment
12
\u2013
7
\u2013
7
Reclassi\ufb01cation from trade and other receivables
\u00a0
\u2013
\u2013
86
86
Increase in decommissioning asset
21
4
\u2013
\u2013
4
Exploration write-off
\u00a0
(57)
\u2013
\u2013
(57)
Currency translation adjustment
\u00a0
42
8
\u2013
50
At 31 December 2023
\u00a0
1,016
172
86
1,274
Additions during the year
\u00a0
398
51
36
485
Additions from business combinations and joint arrangements
\u00a0
4,407
2
\u2013
4,409
Transfers from property, plant and equipment
12
(39)
1
\u2013
(38)
Increase in decommissioning asset
21
12
\u2013
\u2013
12
Exploration write-off
2
\u00a0
(173)
\u2013
\u2013
(173)
Utilised
\u00a0
\u2013
\u2013
(54)
(54)
Disposals
\u00a0
\u2013
(42)
\u2013
(42)
Currency translation adjustment
\u00a0
(76)
(3)
(3)
(82)
At 31 December 2024
\u00a0
5,545
181
65
5,791
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
\u00a0
\u2013
74
\u2013
74
Charge for the year
\u00a0
\u2013
23
\u2013
23
Currency translation adjustment
\u00a0
\u2013
5
\u2013
5
At 31 December 2023
\u00a0
\u2013
102
\u2013
102
Charge for the year
\u00a0
\u2013
19
\u2013
19
Disposals
\u00a0
\u2013
(42)
\u2013
(42)
Currency translation adjustment
\u00a0
\u2013
(2)
\u2013
(2)
At 31 December 2024
\u00a0
\u2013
77
\u2013
77
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
\u00a0
1,016
70
86
1,172
At 31 December 2024
\u00a0
5,545
104
65
5,714
\n
1
Non-oil and gas assets relate to Group IT software of $71 million and carbon capture and storage activities, mainly related to the Viking CCS project of $33 million.
2
The exploration write-off of $173 million (2023: $57 million) includes the write off of costs associated with projects in the UK ($79 million) and licence relinquishments in Norway ($64 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Oil and gas
Non-oil and
Carbon
\u00a0
\u00a0 \u00a0
assets
gas assets
1
allowances
Total
\u00a0
Note
$ million
$ million
$ million
$ million
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
\u00a0
817
137
\u2013
954
Additions during the year
\u00a0
210
20
\u2013
230
Transfers from property, plant and equipment
12
\u2013
7
\u2013
7
Reclassi\ufb01cation from trade and other receivables
\u00a0
\u2013
\u2013
86
86
Increase in decommissioning asset
21
4
\u2013
\u2013
4
Exploration write-off
\u00a0
(57)
\u2013
\u2013
(57)
Currency translation adjustment
\u00a0
42
8
\u2013
50
At 31 December 2023
\u00a0
1,016
172
86
1,274
Additions during the year
\u00a0
398
51
36
485
Additions from business combinations and joint arrangements
\u00a0
4,407
2
\u2013
4,409
Transfers from property, plant and equipment
12
(39)
1
\u2013
(38)
Increase in decommissioning asset
21
12
\u2013
\u2013
12
Exploration write-off
2
\u00a0
(173)
\u2013
\u2013
(173)
Utilised
\u00a0
\u2013
\u2013
(54)
(54)
Disposals
\u00a0
\u2013
(42)
\u2013
(42)
Currency translation adjustment
\u00a0
(76)
(3)
(3)
(82)
At 31 December 2024
\u00a0
5,545
181
65
5,791
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
\u00a0
\u2013
74
\u2013
74
Charge for the year
\u00a0
\u2013
23
\u2013
23
Currency translation adjustment
\u00a0
\u2013
5
\u2013
5
At 31 December 2023
\u00a0
\u2013
102
\u2013
102
Charge for the year
\u00a0
\u2013
19
\u2013
19
Disposals
\u00a0
\u2013
(42)
\u2013
(42)
Currency translation adjustment
\u00a0
\u2013
(2)
\u2013
(2)
At 31 December 2024
\u00a0
\u2013
77
\u2013
77
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
\u00a0
1,016
70
86
1,172
At 31 December 2024
\u00a0
5,545
104
65
5,714
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Fixtures and
\u00a0\u00a0
\u00a0\u00a0
Oil and gas
\ufb01ttings & of\ufb01ce
Land and
\u00a0
\u00a0\u00a0
assets
equipment
buildings
1
Total
\u00a0
Note
$ million
$ million
$ million
$ million
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
11,436
38
\u2013
11,474
Additions
\u00a0
482
9
\u2013
491
Transfers to intangible assets
11
\u2013
(7)
\u2013
(7)
Reclassi\ufb01cation of asset held for sale
\u00a0
(198)
\u2013
\u2013
(198)
Decrease in decommissioning asset
21
(22)
\u2013
\u2013
(22)
Currency translation adjustment
\u00a0
159
2
\u2013
161
At 31 December 2023
\u00a0
11,857
42
\u2013
11,899
Restated
\u00a0
198
\u2013
\u2013
198
At 31 December 20223 as restated
\u00a0
12,055
42
\u2013
12,097
Additions
2
\u00a0
1,037
21
1
1,059
Additions from business combinations and joint
\u00a0\u00a0\u00a0\u00a0\u00a0
arrangements
14
9,951
20
40
10,011
Transfers from intangible assets
11
39
\u2013
(1)
38
Reclassi\ufb01cation of asset held for sale
18
(198)
\u2013
\u2013
(198)
Increase in decommissioning asset
3
21
760
\u2013
\u2013
760
Disposals
\u00a0
(1)
(24)
\u2013
(25)
Currency translation adjustment
\u00a0
(258)
(2)
(2)
(262)
At 31 December 2024
\u00a0
23,385
57
38
23,480
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
5,760
24
\u2013
5,784
Charge for the year
\u00a0
1,192
3
\u2013
1,195
Impairment charge
\u00a0
214
\u2013
\u2013
214
Reclassi\ufb01cation of asset held for sale
\u00a0
(103)
\u2013
\u2013
(103)
Currency translation adjustment
\u00a0
91
1
\u2013
92
At 31 December 2023
\u00a0
7,154
28
\u2013
7,182
Restated
\u00a0
79
\u2013
\u2013
79
At 31 December 2023 as restated
\u00a0
7,233
28
\u2013
7,261
Charge for the year
\u00a0
1,516
5
1
1,522
Impairment charge
\u00a0
352
\u2013
\u2013
352
Reclassi\ufb01cation of asset held for sale
18
(124)
\u2013
\u2013
(124)
Disposals
\u00a0
(1)
(24)
\u2013
(25)
Currency translation adjustment
\u00a0
(49)
\u2013
\u2013
(49)
At 31 December 2024
\u00a0
8,927
9
1
8,937
Net book value:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2023 as restated
\u00a0
4,822
14
\u2013
4,836
At 31 December 2024
\u00a0
14,458
48
37
14,543
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Land and
\u00a0\u00a0
Offshore
\u00a0\u00a0
\u00a0\u00a0
buildings
Drilling rigs
FPSO
facilities
Equipment
Total
Right-of-use assets
Note
$ million
$ million
$ million
$ million
$ million
$ million
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
88
169
562
334
20
1,173
Additions during the year
\u00a0
25
\u2013
\u2013
\u2013
1
26
Cost revisions/remeasurements
\u00a0
1
48
63
(6)
4
110
Reclassi\ufb01cation as asset held for sale
2
(5)
\u2013
(71)
\u2013
\u2013
(76)
Disposals
\u00a0
(4)
(19)
\u2013
\u2013
\u2013
(23)
Currency translation adjustment
\u00a0
4
10
\u2013
\u2013
1
15
At 31 December 2023
\u00a0
109
208
554
328
26
1,225
Restated
\u00a0
5
\u2013
71
\u2013
\u2013
76
At 31 December 2023 as restated
\u00a0
114
208
625
328
26
1,301
Additions during the year
1
\u00a0
27
166
\u2013
\u2013
\u2013
193
Additions from business combinations and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
joint arrangements
1
\u00a0
55
4
\u2013
\u2013
47
106
Cost revisions/remeasurements
\u00a0
6
38
3
32
(11)
68
Reclassi\ufb01cation of asset held for sale
18
\u2013
\u2013
(71)
\u2013
(2)
(73)
Disposals
\u00a0
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Currency translation adjustment
\u00a0
(3)
(5)
\u2013
\u2013
(1)
(9)
At 31 December 2024
\u00a0
194
411
557
360
59
1,581
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
26
129
209
61
13
438
Charge for the year
\u00a0
9
42
94
89
5
239
Reclassi\ufb01cation of asset held for sale
2
(2)
\u2013
(23)
\u2013
\u2013
(25)
Disposals
\u00a0
(4)
(19)
\u2013
\u2013
\u2013
(23)
Currency translation adjustment
\u00a0
1
7
\u2013
\u2013
1
9
At 31 December 2023
\u00a0
30
159
280
150
19
638
Restated
\u00a0
2
\u2013
29
\u2013
\u2013
31
As 31 December 2023 as restated
\u00a0
32
159
309
150
19
669
Charge for the year
\u00a0
16
99
83
76
11
285
Impairment charge
2
\u00a0
20
\u2013
\u2013
\u2013
\u2013
20
Reclassi\ufb01cation of asset held for sale
18
\u2013
\u2013
(40)
\u2013
\u2013
(40)
Disposals
\u00a0
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Currency translation adjustment
\u00a0
(1)
(3)
\u2013
\u2013
\u2013
(4)
At 31 December 2024
\u00a0
62
255
352
226
30
925
Net book value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2023 as restated
\u00a0
82
49
316
178
7
632
At 31 December 2024
\u00a0
132
156
205
134
29
656
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
Depreciation charge of right-of-use assets
Note
$ million
$ million
Land and buildings \u2013 non-oil and gas assets
1
\u00a0
35
8
Land and buildings \u2013 oil and gas assets
\u00a0
1
1
Drilling rigs
\u00a0
99
42
FPSO
\u00a0
83
99
Offshore facilities
\u00a0
77
89
Equipment \u2013 non-oil and gas assets
\u00a0
1
1
Equipment \u2013 oil and gas assets
\u00a0
9
4
\u00a0\u00a0
305
244
Capitalisation of IFRS 16 lease depreciation
2
\u00a0\u00a0\u00a0
Drilling rigs
\u00a0
(77)
(25)
Equipment
\u00a0
(4)
(2)
Depreciation charge included within consolidated income statement
\u00a0
224
217
Lease interest
7
53
51
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00134": { "value": "12. Property, plant and equipment \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Fixtures and
\u00a0\u00a0
\u00a0\u00a0
Oil and gas
\ufb01ttings & of\ufb01ce
Land and
\u00a0
\u00a0\u00a0
assets
equipment
buildings
1
Total
\u00a0
Note
$ million
$ million
$ million
$ million
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
11,436
38
\u2013
11,474
Additions
\u00a0
482
9
\u2013
491
Transfers to intangible assets
11
\u2013
(7)
\u2013
(7)
Reclassi\ufb01cation of asset held for sale
\u00a0
(198)
\u2013
\u2013
(198)
Decrease in decommissioning asset
21
(22)
\u2013
\u2013
(22)
Currency translation adjustment
\u00a0
159
2
\u2013
161
At 31 December 2023
\u00a0
11,857
42
\u2013
11,899
Restated
\u00a0
198
\u2013
\u2013
198
At 31 December 20223 as restated
\u00a0
12,055
42
\u2013
12,097
Additions
2
\u00a0
1,037
21
1
1,059
Additions from business combinations and joint
\u00a0\u00a0\u00a0\u00a0\u00a0
arrangements
14
9,951
20
40
10,011
Transfers from intangible assets
11
39
\u2013
(1)
38
Reclassi\ufb01cation of asset held for sale
18
(198)
\u2013
\u2013
(198)
Increase in decommissioning asset
3
21
760
\u2013
\u2013
760
Disposals
\u00a0
(1)
(24)
\u2013
(25)
Currency translation adjustment
\u00a0
(258)
(2)
(2)
(262)
At 31 December 2024
\u00a0
23,385
57
38
23,480
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
5,760
24
\u2013
5,784
Charge for the year
\u00a0
1,192
3
\u2013
1,195
Impairment charge
\u00a0
214
\u2013
\u2013
214
Reclassi\ufb01cation of asset held for sale
\u00a0
(103)
\u2013
\u2013
(103)
Currency translation adjustment
\u00a0
91
1
\u2013
92
At 31 December 2023
\u00a0
7,154
28
\u2013
7,182
Restated
\u00a0
79
\u2013
\u2013
79
At 31 December 2023 as restated
\u00a0
7,233
28
\u2013
7,261
Charge for the year
\u00a0
1,516
5
1
1,522
Impairment charge
\u00a0
352
\u2013
\u2013
352
Reclassi\ufb01cation of asset held for sale
18
(124)
\u2013
\u2013
(124)
Disposals
\u00a0
(1)
(24)
\u2013
(25)
Currency translation adjustment
\u00a0
(49)
\u2013
\u2013
(49)
At 31 December 2024
\u00a0
8,927
9
1
8,937
Net book value:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2023 as restated
\u00a0
4,822
14
\u2013
4,836
At 31 December 2024
\u00a0
14,458
48
37
14,543
\n
1
Land and buildings include investment property of $2.6 million (2023: $nil).
2
Included within property, plant and equipment additions of $1,059 million (2023: $491 million) are associated cash \ufb02ows of $884 million (2023: $496 million) and non-cash \ufb02ow
movements of $175 million (2023: $5 million) represented by a $93 million increase in capital accruals (2023: $30 million decrease), $64 million of capitalised lease depreciation
(2023: $18 million) and $18 million of capitalised interest (2023: $7 million).
3
An increase in the decommissioning assets of $760 million (2023: $22 million) was made during the year as a result of both an update to the decommissioning estimates and new
obligations (note 21).
During the year, the Group recognised a pre-tax impairment charge of $352 million (post-tax $185 million) (2023: $176 million; post-tax
$83 million, as restated). This comprised a pre-tax impairment charge representing a write-down of property, plant and equipment assets
of $163 million (2023: $70 million) across three \ufb01elds in the UK, mainly driven by further changes to the UK Energy Pro\ufb01ts Levy and
changes in life of \ufb01eld outlook, in addition to a fair value impairment on the Vietnam held for sale asset of $15 million. A pre-tax impairment
charge of $174 million (2023: $106 million) was also recorded in respect of revisions to decommissioning estimates on late-life assets,
and non-producing assets with no remaining net book value (see note 21).
In 2023, a net pre-tax impairment charge of $176 million was recognised as a result of impairments on two UK CGUs of $70 million, one
driven by a reduction in the gas price forward curve and the other by a revised decommissioning cost pro\ufb01le, and a pre-tax impairment
charge of $106 million in respect of revisions to decommissioning estimates on the Group\u2019s non-producing assets with no remaining net
book value.
Key assumptions used in calculations
Assumptions used in impairment measurement include estimates of commercial reserves and production volumes, future oil and gas prices,
discount rates and the level and timing of expenditures, all of which are inherently uncertain.
Commodity and carbon prices
The Group uses the fair value less cost of disposal method (FVLCD) to calculate the recoverable amount of the cash-generating units (CGU)
consistent with a level 3 fair value measurement (see note 23). In determining the recoverable value, appropriate discounted-cash-\ufb02ow
valuation models were used, incorporating market-based assumptions. Management\u2019s commodity price curve assumptions are benchmarked
against a range of external forward price curves on a regular basis. Individual \ufb01eld price differentials are then applied. The \ufb01rst three years
re\ufb02ect benchmarked consensus and market forward price curves transitioning to a long-term price from 2028, thereafter in\ufb02ated at 2.5 per
cent per annum. The long-term commodity prices used were $78 per barrel for Brent crude, 80 pence per therm for UK NBP gas and the
European gas price at 2 per cent higher than UK NBP.
Production volumes and oil and gas reserves
Production volumes are based on life of \ufb01eld production pro\ufb01les for each asset within the CGU. Proven and probable reserves are estimates
of the amount of oil and gas that can be economically extracted from the Group\u2019s oil and gas assets. The Group estimates its reserves using
standard recognised evaluation techniques, assessed at least annually by management. Proven and probable reserves are determined
using estimates of oil and gas in place, recovery factors and future commodity prices.
Costs
Operating expenditure, capital investment and decommissioning costs are derived from the Group\u2019s business plan.
Discount rates
The discount rate re\ufb02ects management\u2019s estimate of the Group\u2019s country-based weighted average cost of capital (WACC).
Foreign exchange rates
Based on management\u2019s long-term rate assumptions, with reference to a range of underlying economic indicators.
Sensitivity to changes in assumptions used in calculations
Reductions or increases in the long-term oil and gas prices of 10 per cent are considered to be reasonably possible changes for the purpose
of sensitivity analysis. As shown in note 2 of the \ufb01nancial statements, the decreases to the long-term oil and gas prices from 2028 speci\ufb01ed
above would result in a further pre-tax impairment of $330 million (post-tax $99 million) and increases to the long-term oil and gas prices
would result in a no material change to the impairment charge.
Considering the discount rates, the Group believes a one per cent increase in the post-tax discount rate is considered to be a reasonable
possibility for the purpose of sensitivity analysis. A one per cent increase in the post-tax discount rate would lead to a further pre-tax
impairment of $113 million (post-tax $33 million) on oil and gas assets and $10 million on goodwill, and a one per cent decrease in the
post-tax discount rate would lead to a lower pre-tax impairment charge of $129 million (post-tax $41 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "13. Leases
This note provides information for leases where the Group is a lessee.
Balance sheet
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Land and
\u00a0\u00a0
Offshore
\u00a0\u00a0
\u00a0\u00a0
buildings
Drilling rigs
FPSO
facilities
Equipment
Total
Right-of-use assets
Note
$ million
$ million
$ million
$ million
$ million
$ million
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
88
169
562
334
20
1,173
Additions during the year
\u00a0
25
\u2013
\u2013
\u2013
1
26
Cost revisions/remeasurements
\u00a0
1
48
63
(6)
4
110
Reclassi\ufb01cation as asset held for sale
2
(5)
\u2013
(71)
\u2013
\u2013
(76)
Disposals
\u00a0
(4)
(19)
\u2013
\u2013
\u2013
(23)
Currency translation adjustment
\u00a0
4
10
\u2013
\u2013
1
15
At 31 December 2023
\u00a0
109
208
554
328
26
1,225
Restated
\u00a0
5
\u2013
71
\u2013
\u2013
76
At 31 December 2023 as restated
\u00a0
114
208
625
328
26
1,301
Additions during the year
1
\u00a0
27
166
\u2013
\u2013
\u2013
193
Additions from business combinations and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
joint arrangements
1
\u00a0
55
4
\u2013
\u2013
47
106
Cost revisions/remeasurements
\u00a0
6
38
3
32
(11)
68
Reclassi\ufb01cation of asset held for sale
18
\u2013
\u2013
(71)
\u2013
(2)
(73)
Disposals
\u00a0
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Currency translation adjustment
\u00a0
(3)
(5)
\u2013
\u2013
(1)
(9)
At 31 December 2024
\u00a0
194
411
557
360
59
1,581
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 January 2023
\u00a0
26
129
209
61
13
438
Charge for the year
\u00a0
9
42
94
89
5
239
Reclassi\ufb01cation of asset held for sale
2
(2)
\u2013
(23)
\u2013
\u2013
(25)
Disposals
\u00a0
(4)
(19)
\u2013
\u2013
\u2013
(23)
Currency translation adjustment
\u00a0
1
7
\u2013
\u2013
1
9
At 31 December 2023
\u00a0
30
159
280
150
19
638
Restated
\u00a0
2
\u2013
29
\u2013
\u2013
31
As 31 December 2023 as restated
\u00a0
32
159
309
150
19
669
Charge for the year
\u00a0
16
99
83
76
11
285
Impairment charge
2
\u00a0
20
\u2013
\u2013
\u2013
\u2013
20
Reclassi\ufb01cation of asset held for sale
18
\u2013
\u2013
(40)
\u2013
\u2013
(40)
Disposals
\u00a0
(5)
\u2013
\u2013
\u2013
\u2013
(5)
Currency translation adjustment
\u00a0
(1)
(3)
\u2013
\u2013
\u2013
(4)
At 31 December 2024
\u00a0
62
255
352
226
30
925
Net book value
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2023 as restated
\u00a0
82
49
316
178
7
632
At 31 December 2024
\u00a0
132
156
205
134
29
656
\n
1
Additions of $299 million including $106 million related to business combinations (note 14) were made to the right-of-use assets during the year (2023: total additions of $26 million
related to new land and buildings).
2
The impairment charge of $20 million relates to one of the Group\u2019s of\ufb01ce buildings in the UK.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2023
\u00a0 \u00a0
2024
As restated
Lease liabilities
Note
$ million
$ million
At 1 January as restated
\u00a0
768
825
Additions
\u00a0
193
28
Additions from business combinations and joint arrangements
14
118
\u2013
Remeasurement
\u00a0
67
110
Finance costs charged to income statement
7
53
51
Finance costs charged to decommissioning provision
21
1
1
Reclassi\ufb01cation of liabilities as held for sale
18
(78)
\u2013
Lease payments
\u00a0
(319)
(262)
Currency translation adjustment
\u00a0
(11)
15
At 31 December
\u00a0
792
768
Classi\ufb01ed as:
\u00a0 \u00a0 \u00a0
Current
\u00a0
241
216
Non-current
\u00a0
551
552
Total lease liabilities
\u00a0
792
768
\n
The signi\ufb01cant portion of the Group\u2019s lease liabilities represent lease arrangements for an FPSO vessel on the Catcher asset, and offshore
facilities on the Tolmount asset oil and gas infrastructure assets in the UK business unit.
The lease liabilities and associated right-of-use-assets have been calculated by reference to in-substance \ufb01xed lease payments in the
underlying agreements incurred throughout the non-cancellable period of the lease along with periods covered by options to extend and
terminate the lease where the Group is reasonably certain that such options will be exercised. When assessing whether extension options
were likely to be exercised, assumptions are consistent with those applied when testing for impairment.
Income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
2023
Depreciation charge of right-of-use assets
Note
$ million
$ million
Land and buildings \u2013 non-oil and gas assets
1
\u00a0
35
8
Land and buildings \u2013 oil and gas assets
\u00a0
1
1
Drilling rigs
\u00a0
99
42
FPSO
\u00a0
83
99
Offshore facilities
\u00a0
77
89
Equipment \u2013 non-oil and gas assets
\u00a0
1
1
Equipment \u2013 oil and gas assets
\u00a0
9
4
\u00a0\u00a0
305
244
Capitalisation of IFRS 16 lease depreciation
2
\u00a0\u00a0\u00a0
Drilling rigs
\u00a0
(77)
(25)
Equipment
\u00a0
(4)
(2)
Depreciation charge included within consolidated income statement
\u00a0
224
217
Lease interest
7
53
51
\n
1
Includes impairment charge of $20 million related to one of the Group\u2019s of\ufb01ce buildings in the UK.
2
Of the $81 million (2023: $27 million) capitalised IFRS 16 lease depreciation, $64 million (2023: $18 million) has been capitalised within property, plant and equipment and $17 million
(2023: $9 million) within provisions (note 21).
The total cash out\ufb02ow for leases in 2024 was $319 million (2023: $259 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "14. Business combinations
Business combinations during the year ended 31 December 2024
On 3 September 2024, the Group closed the transaction to acquire substantially all of Wintershall\u00a0Dea\u2019s upstream assets from BASF and
LetterOne, including those in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria as well as Wintershall\u00a0Dea\u2019s carbon
capture and storage (CCS) licences in Europe. The Group acquired the portfolio as it signi\ufb01cantly increases production capacity and provides
geographic diversi\ufb01cation, adding high quality assets with material positions in Norway, Germany, Argentina, North Africa and Mexico. It also
strengthens the Group\u2019s \ufb01nancial position, delivering investment grade credit ratings post-transaction. The Group acquired control through
the payment of cash and issuance of shares to BASF and LetterOne.
A purchase price allocation (PPA) exercise has been performed under which the identi\ufb01able assets and liabilities of Wintershall\u00a0Dea were
recognised at fair value. The fair values, and resulting goodwill, are provisional and will be \ufb01nalised in Harbour\u2019s full year 2025 \ufb01nancial
statements. The provisional fair values of the net identi\ufb01able assets as at the date of acquisition are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Fair value
\u00a0 \u00a0
recognised on
\u00a0 \u00a0
acquisition
\u00a0
Note
$ million
Non-current assets
\u00a0 \u00a0
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 \ufb01nancial assets
23
52
Current assets
\u00a0 \u00a0
Inventories
15
213
Trade and other receivables
16
1,305
Other \ufb01nancial assets
23
188
Cash and cash equivalents
17
748
Total assets
\u00a0
17,235
Non-current liabilities
\u00a0 \u00a0
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 \ufb01nancial liabilities
23
99
Current liabilities
\u00a0 \u00a0
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 \ufb01nancial liabilities
23
218
Total liabilities
\u00a0
14,241
Fair value of identi\ufb01able net assets acquired
\u00a0
2,994
Subordinated notes measured at fair value
1
26
(1,548)
Goodwill arising on acquisition
10
3,845
Purchase consideration transferred
\u00a0
5,291
\n
1
Subordinated notes accounted for within equity, see note 26.
The fair values of the oil and gas assets and intangible assets acquired have been determined using valuation techniques based on discounted
cash \ufb02ows using forward curve commodity prices and estimates of long-term prices consistent with those applied by management when testing
assets for impairment, a discount rate based on market observable data and cost and production pro\ufb01les generally consistent with the 2P and
a component of 2C reserves, if applicable, acquired with each asset. Where applicable, other observable market information has also been used.
The decommissioning provisions recognised have been estimated based on Harbour\u2019s internal estimates with reference to observable
market data, including rig rates.
The equity consideration settled in ordinary shares of $2,513 million has been calculated based on 669,714,027 BASF consideration
shares being issued by the company at a price of \u00a32.86 per share, being the closing price of ordinary shares on the acquisition date
and translated at the spot pound sterling to US dollar rate on that date of \u00a31:$1.3122.
The equity consideration settled in non-voting shares of $944 million has been calculated based on 251,488,211 non-voting shares being
issued at their fair value, measured in accordance with IFRS 13 Fair Value Measurement. A binomial lattice valuation methodology has been
utilised to determine the fair value of the non-voting shares based on the value of ordinary shares with inputs that re\ufb02ect the different features
of these shares. Key assumptions input into the fair value model include: timing and quantum of future dividend payments; estimates of the
timing of lifting of relevant sanctions on the minority ultimate bene\ufb01cial owners of LetterOne; estimated date of conversion to ordinary shares
under certain conditions; expected volatility of ordinary shares; appropriate discount rate; and discount for lack of marketability. The resultant
fair value of a non-voting share has been determined to closely approximate that of an ordinary share, \u00a32.86 per share, being the closing
price of ordinary shares on the acquisition date and translated at the spot pound sterling to US dollar rate on that date of \u00a31:$1.3122.
The acquisition date fair value of the trade receivables amounts to $936 million. The gross amount of trade receivables is $1,015 million,
which is expected to be collected within contractual terms.
The fair value of the subordinated notes has been determined by reference to quoted market prices in Euros translated to US dollars at the
exchange rate prevailing on the date of acquisition.
The goodwill of $3,845 million arises principally from the requirement to recognise deferred tax assets and liabilities for the difference between
the assigned fair values and the tax bases of the acquired assets and liabilities assumed in a business combination. The assessment of fair
values of oil and gas assets acquired is based on cash \ufb02ows after tax. Nevertheless, in accordance with IAS 12 Income Taxes, paragraphs 15
and 19, a provision is made for deferred tax corresponding to the tax rate multiplied by the difference between the acquisition cost and the
tax base. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax (technical goodwill).
There are no speci\ufb01c IFRS guidelines pertaining to the allocation of technical goodwill and management has therefore applied the general guidelines for
allocating goodwill. Technical goodwill is allocated by segment, in line with where it arises, and none is expected to be deductible for income tax purposes.
From the date of acquisition, the Wintershall\u00a0Dea assets contributed $2,021 million of revenue and $867 million to pro\ufb01t before tax from
continuing operations of the Group. If the combination had taken place at the beginning of the year, revenue from continuing operations
would have been $10,516 million and pro\ufb01t before tax from continuing operations for the Group would have been $3,017 million.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
$ million
Purchase consideration
\u00a0
Shares issued, at fair value
3,457
Cash paid
1,782
Contingent consideration
52
Total consideration
5,291
Analysis of cash \ufb02ows on acquisition:
\u00a0
Transaction costs of the acquisition (included in cash \ufb02ows from operating activities)
(118)
Net cash acquired with the subsidiaries (included in cash \ufb02ows from investing activities)
748
Transaction costs attributable to issuance of shares (included in cash \ufb02ows from \ufb01nancing activities, net of tax)
(1)
Net cash \ufb02ow on acquisition
629
\n
It should be noted that, at the date of completion, a cash payment of $1,792 million was made to the former owners of Wintershall\u00a0Dea.
This\u00a0payment is re\ufb02ected in the consolidated statement of cash \ufb02ows. Subsequently, and as contemplated by the business combination
agreement, a reduction in cash consideration payable of $10 million was identi\ufb01ed, reducing the cash consideration to $1,782 million.
This is re\ufb02ected in the fair value of consideration above. As the review period is ongoing, and further adjustments may be identi\ufb01ed, this
$10 million has not yet been repaid to the company.
Transaction costs of $119 million (2023: $33 million) were expensed and are included in administrative expenses.
Contingent consideration
As part of the purchase agreement with the previous owners of the Wintershall\u00a0Dea assets, contingent consideration has been agreed,
dependent on the average Brent price during six six-month periods ending 18, 24, 30, 36, 42 and 48 months after completion. If during
any of these six-month periods, the average Brent price is:
\u2022
greater than or equal to $86 per barrel but less than or equal to $100 per barrel, a cash payment of $30 million will be made;
\u2022
greater than $100 per barrel, a cash payment of $50 million will be made; or
\u2022
less than $86 per barrel, no cash payment will be made.
As at the acquisition date, the fair value of the contingent consideration was estimated to be $52 million, determined using an option pricing
model. The contingent consideration is classi\ufb01ed as a long-term other \ufb01nancial liability (see note 23).", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "15. Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Hydrocarbons
56
49
Consumables and subsea supplies
312
168
Total inventories
368
217
\n
Inventories of consumables and subsea supplies include a provision of $39 million (2023: $28 million) where it is considered that the net
realisable value is lower than the original cost.
Inventories recognised as an expense during the year ended 31 December 2024 amounted to $7 million (2023: $1 million). These
expenses are included within production costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "16. Trade and other receivables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ 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
\n
Trade receivables are non-interest bearing and are generally on 20-to-30-day terms. As at 31 December 2024, there were $433 million
of trade receivables that were past due (2023: $nil), primarily relating to operations in the Mexico and North Africa segments.
Prepayments and accrued income mainly comprise amounts due, but not yet invoiced, for the sale of oil and gas.
The carrying value of the trade and other receivables are equal to their fair value as at the balance sheet date.
During the fourth quarter of 2024, the Group issued a credit default swap (CDS) for a notional amount of $60 million to a third-party
\ufb01nancial institution. The CDS relates to secured borrowing provided by the \ufb01nancial institution to one of the Group\u2019s customers in Mexico.
The secured borrowing was utilised by the customer to pay certain of our outstanding receivables. The notional amount of the CDS
outstanding as of 31 December 2024 was $32 million and will reduce on a monthly basis over its 22-month term. The fair value of this
derivative liability was not material as at 31 December 2024.
Other long-term receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Net investment in sublease
\u2013
37
Decommissioning funding asset
1
59
56
Other receivables
2
107
216
Prepayments and accrued income
10
\u2013
Total other long-term receivables
176
309
\n
1
The decommissioning funding asset relates to the decommissioning liability agreement entered into with E.ON who will reimburse 70 per cent on the net share of the total
decommissioning cost of the two assets in the UK to a maximum possible funding of \u00a363 million. At 31 December 2024, a long-term decommissioning funding asset of $59 million
(2023: $56 million) has been recognised.
2
Other receivables includes $44 million in cash held in escrow accounts for expected future decommissioning expenditure in Indonesia (2023: $39 million). Other receivables at
December 2023 also included $21 million held as security for the Mexican letters of credit, and $42 million related to the non-current element of the unamortised portion of issue costs
and bank fees related to the RBL (see note 22).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "16. Trade and other receivables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ 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
\n
Trade receivables are non-interest bearing and are generally on 20-to-30-day terms. As at 31 December 2024, there were $433 million
of trade receivables that were past due (2023: $nil), primarily relating to operations in the Mexico and North Africa segments.
Prepayments and accrued income mainly comprise amounts due, but not yet invoiced, for the sale of oil and gas.
The carrying value of the trade and other receivables are equal to their fair value as at the balance sheet date.
During the fourth quarter of 2024, the Group issued a credit default swap (CDS) for a notional amount of $60 million to a third-party
\ufb01nancial institution. The CDS relates to secured borrowing provided by the \ufb01nancial institution to one of the Group\u2019s customers in Mexico.
The secured borrowing was utilised by the customer to pay certain of our outstanding receivables. The notional amount of the CDS
outstanding as of 31 December 2024 was $32 million and will reduce on a monthly basis over its 22-month term. The fair value of this
derivative liability was not material as at 31 December 2024.
Other long-term receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Net investment in sublease
\u2013
37
Decommissioning funding asset
1
59
56
Other receivables
2
107
216
Prepayments and accrued income
10
\u2013
Total other long-term receivables
176
309
\n
1
The decommissioning funding asset relates to the decommissioning liability agreement entered into with E.ON who will reimburse 70 per cent on the net share of the total
decommissioning cost of the two assets in the UK to a maximum possible funding of \u00a363 million. At 31 December 2024, a long-term decommissioning funding asset of $59 million
(2023: $56 million) has been recognised.
2
Other receivables includes $44 million in cash held in escrow accounts for expected future decommissioning expenditure in Indonesia (2023: $39 million). Other receivables at
December 2023 also included $21 million held as security for the Mexican letters of credit, and $42 million related to the non-current element of the unamortised portion of issue costs
and bank fees related to the RBL (see note 22).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "16. Trade and other receivables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ 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
\n
Trade receivables are non-interest bearing and are generally on 20-to-30-day terms. As at 31 December 2024, there were $433 million
of trade receivables that were past due (2023: $nil), primarily relating to operations in the Mexico and North Africa segments.
Prepayments and accrued income mainly comprise amounts due, but not yet invoiced, for the sale of oil and gas.
The carrying value of the trade and other receivables are equal to their fair value as at the balance sheet date.
During the fourth quarter of 2024, the Group issued a credit default swap (CDS) for a notional amount of $60 million to a third-party
\ufb01nancial institution. The CDS relates to secured borrowing provided by the \ufb01nancial institution to one of the Group\u2019s customers in Mexico.
The secured borrowing was utilised by the customer to pay certain of our outstanding receivables. The notional amount of the CDS
outstanding as of 31 December 2024 was $32 million and will reduce on a monthly basis over its 22-month term. The fair value of this
derivative liability was not material as at 31 December 2024.
Other long-term receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Net investment in sublease
\u2013
37
Decommissioning funding asset
1
59
56
Other receivables
2
107
216
Prepayments and accrued income
10
\u2013
Total other long-term receivables
176
309
\n
1
The decommissioning funding asset relates to the decommissioning liability agreement entered into with E.ON who will reimburse 70 per cent on the net share of the total
decommissioning cost of the two assets in the UK to a maximum possible funding of \u00a363 million. At 31 December 2024, a long-term decommissioning funding asset of $59 million
(2023: $56 million) has been recognised.
2
Other receivables includes $44 million in cash held in escrow accounts for expected future decommissioning expenditure in Indonesia (2023: $39 million). Other receivables at
December 2023 also included $21 million held as security for the Mexican letters of credit, and $42 million related to the non-current element of the unamortised portion of issue costs
and bank fees related to the RBL (see note 22).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "16. Trade and other receivables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ 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
\n
Trade receivables are non-interest bearing and are generally on 20-to-30-day terms. As at 31 December 2024, there were $433 million
of trade receivables that were past due (2023: $nil), primarily relating to operations in the Mexico and North Africa segments.
Prepayments and accrued income mainly comprise amounts due, but not yet invoiced, for the sale of oil and gas.
The carrying value of the trade and other receivables are equal to their fair value as at the balance sheet date.
During the fourth quarter of 2024, the Group issued a credit default swap (CDS) for a notional amount of $60 million to a third-party
\ufb01nancial institution. The CDS relates to secured borrowing provided by the \ufb01nancial institution to one of the Group\u2019s customers in Mexico.
The secured borrowing was utilised by the customer to pay certain of our outstanding receivables. The notional amount of the CDS
outstanding as of 31 December 2024 was $32 million and will reduce on a monthly basis over its 22-month term. The fair value of this
derivative liability was not material as at 31 December 2024.
Other long-term receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Net investment in sublease
\u2013
37
Decommissioning funding asset
1
59
56
Other receivables
2
107
216
Prepayments and accrued income
10
\u2013
Total other long-term receivables
176
309
\n
1
The decommissioning funding asset relates to the decommissioning liability agreement entered into with E.ON who will reimburse 70 per cent on the net share of the total
decommissioning cost of the two assets in the UK to a maximum possible funding of \u00a363 million. At 31 December 2024, a long-term decommissioning funding asset of $59 million
(2023: $56 million) has been recognised.
2
Other receivables includes $44 million in cash held in escrow accounts for expected future decommissioning expenditure in Indonesia (2023: $39 million). Other receivables at
December 2023 also included $21 million held as security for the Mexican letters of credit, and $42 million related to the non-current element of the unamortised portion of issue costs
and bank fees related to the RBL (see note 22).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "16. Trade and other receivables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ 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
\n
Trade receivables are non-interest bearing and are generally on 20-to-30-day terms. As at 31 December 2024, there were $433 million
of trade receivables that were past due (2023: $nil), primarily relating to operations in the Mexico and North Africa segments.
Prepayments and accrued income mainly comprise amounts due, but not yet invoiced, for the sale of oil and gas.
The carrying value of the trade and other receivables are equal to their fair value as at the balance sheet date.
During the fourth quarter of 2024, the Group issued a credit default swap (CDS) for a notional amount of $60 million to a third-party
\ufb01nancial institution. The CDS relates to secured borrowing provided by the \ufb01nancial institution to one of the Group\u2019s customers in Mexico.
The secured borrowing was utilised by the customer to pay certain of our outstanding receivables. The notional amount of the CDS
outstanding as of 31 December 2024 was $32 million and will reduce on a monthly basis over its 22-month term. The fair value of this
derivative liability was not material as at 31 December 2024.
Other long-term receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Net investment in sublease
\u2013
37
Decommissioning funding asset
1
59
56
Other receivables
2
107
216
Prepayments and accrued income
10
\u2013
Total other long-term receivables
176
309
\n
1
The decommissioning funding asset relates to the decommissioning liability agreement entered into with E.ON who will reimburse 70 per cent on the net share of the total
decommissioning cost of the two assets in the UK to a maximum possible funding of \u00a363 million. At 31 December 2024, a long-term decommissioning funding asset of $59 million
(2023: $56 million) has been recognised.
2
Other receivables includes $44 million in cash held in escrow accounts for expected future decommissioning expenditure in Indonesia (2023: $39 million). Other receivables at
December 2023 also included $21 million held as security for the Mexican letters of credit, and $42 million related to the non-current element of the unamortised portion of issue costs
and bank fees related to the RBL (see note 22).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ 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
\n
Trade receivables are non-interest bearing and are generally on 20-to-30-day terms. As at 31 December 2024, there were $433 million
of trade receivables that were past due (2023: $nil), primarily relating to operations in the Mexico and North Africa segments.
Prepayments and accrued income mainly comprise amounts due, but not yet invoiced, for the sale of oil and gas.
The carrying value of the trade and other receivables are equal to their fair value as at the balance sheet date.
During the fourth quarter of 2024, the Group issued a credit default swap (CDS) for a notional amount of $60 million to a third-party
\ufb01nancial institution. The CDS relates to secured borrowing provided by the \ufb01nancial institution to one of the Group\u2019s customers in Mexico.
The secured borrowing was utilised by the customer to pay certain of our outstanding receivables. The notional amount of the CDS
outstanding as of 31 December 2024 was $32 million and will reduce on a monthly basis over its 22-month term. The fair value of this
derivative liability was not material as at 31 December 2024.
Other long-term receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Net investment in sublease
\u2013
37
Decommissioning funding asset
1
59
56
Other receivables
2
107
216
Prepayments and accrued income
10
\u2013
Total other long-term receivables
176
309
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "17. Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Cash at banks and in hand
805
286
\n
Cash at bank earns interest at \ufb02oating rates based on daily bank deposit rates. The Group only deposits cash with major banks of high
quality credit standing.
Included in cash and cash equivalents at 31 December 2024 were amounts in Argentina totalling $173 million (2023: $nil) subject
to currency controls or other legal restrictions. In addition, the cash and cash equivalents balance includes an amount of $43 million
(2023: $nil) required to cover initial margin on trading exchanges, counterparty margining on outstanding commodity trades and all
other balances subject to restriction.
18. Assets held for sale
In December 2024, the Group entered into an exclusivity agreement to sell its business in Vietnam, which holds 53.125 per cent interest
in the Chim S\u00e1o and Dua producing \ufb01elds, to EnQuest for a consideration of $84 million. The transaction has an effective date of 1 January
2024. The assets and liabilities of Vietnam have been classi\ufb01ed as assets held for sale in the balance sheet as at 31 December 2024,
as completion is expected to be achieved by the second quarter of 2025.
The Group\u2019s Vietnam operations are included in the Southeast Asia segment, previously International, however are not considered a major
geographical area or line of business and therefore the disposal has not been classi\ufb01ed as discontinued operations.
In the prior period, the Vietnam business had also been classi\ufb01ed as held for sale based on a prior agreement. In August 2023, the Group
had entered into a Sale and Purchase Agreement to sell its business in Vietnam to Big Energy Joint Stock Company, however this was
terminated in May 2024. As a result the Vietnam business was declassi\ufb01ed as assets held for sale. Therefore, the relevant amounts
presented as assets held for sale in 31 December 2023 have been reclassi\ufb01ed to re\ufb02ect this.
The major classes of assets and liabilities of the Group as held for sale as at 31 December 2024 are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0
Note
$ million
Current
\u00a0 \u00a0
Assets
\u00a0 \u00a0
Property, plant and equipment
12
74
Right-of-use-assets
13
33
Other receivables and working capital
\u00a0
170
Assets held for sale
\u00a0
277
Liabilities
\u00a0 \u00a0
Provisions
21
90
Lease creditor
13
78
Trade and other payables
\u00a0
46
Deferred tax
8
19
Liabilities directly associated with assets held for sale
\u00a0
233
Net assets directly associated with disposal group
\u00a0
44
Impairment loss recorded
\u00a0
10
\n
Immediately before the classi\ufb01cation of the disposal group as assets held for sale, the recoverable amount was estimated for the disposal
group and no impairment loss was identi\ufb01ed. The assets in the disposal group are held at the lower of their carrying amount and fair value
less costs to sell. As at 31 December 2024, a post-tax impairment of $10 million was recognised as the fair value less cost to sell, being
the expected consideration adjusted for items agreed under the SPA, was below the carrying amount of the disposal group. Following the
impairment charge the net assets directly associated with the disposal group held on the consolidated balance sheet was $44 million. 20. Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Current
\u00a0 \u00a0
Trade payables
1,365
680
Overlift position
207
33
Other payables
132
144
Matured \ufb01nancial instruments
27
48
Deferred income
1
24
10
\u00a0
1,755
915
Non-current
\u00a0 \u00a0
Other payables
19
13
Deferred income
1
11
\u2013
\u00a0
30
13
\n
1
Deferred income includes $19 million (2023: $nil) relating to payments for oil not yet delivered and $5 million (2023: $10 million) in relation to the closing year-end fair value payable
to FlowStream who historically provided funding for the Solan asset in the UK in return for a share in production. 22. Borrowings and facilities
The Group\u2019s borrowings are carried at amortised cost:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Bonds
5,011
493
Revolving credit facility
218
\u2013
Other loans
\u2013
16
Total borrowings
5,229
509
Classi\ufb01ed within
\u00a0 \u00a0
Non-current liabilities
4,215
493
Current liabilities
1,014
16
Total borrowings
5,229
509
\n
Bonds
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Nominal value
Fair value
Carrying value
\u00a0
%
Maturity
Currency
\u20ac/$ 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
In October 2021, Harbour\u00a0Energy plc issued a $500 million bond under Rule 144A and with a tenor of \ufb01ve years to maturity. The coupon was
set at 5.50 per cent and interest is payable semi-annually.
Under the terms of the business combination entered into between the company, BASF and LetterOne, three existing Wintershall\u00a0Dea bonds
were ported to Harbour\u00a0Energy on completion of the acquisition.
As at 31 December 2024, the fair value of these bonds, which is determined using quoted market prices in an active market, amounts
to $2,886 million. The repayment obligation remains at \u20ac3,000 million ($3,106 million).
On 26 September 2024, Harbour announced that Wintershall\u00a0Dea Finance BV as issuer, a subsidiary of Harbour, priced an offering on
25\u00a0September 2024 of \u20ac700 million in aggregate principal amount of 3.830 per cent senior notes due 2029 and \u20ac900 million in aggregate
principal amount of 4.357 per cent senior notes due 2032. Harbour primarily used the proceeds from this offering to repay and cancel
the $1.5 billion bridge facility utilised for the Wintershall\u00a0Dea acquisition which completed on 3 September 2024.
The previous reserve based lending (RBL) facility was replaced upon completion of the acquisition by the new bridge and revolving credit facility (RCF).
At the balance sheet date, the outstanding RCF balance, excluding incremental arrangement fees, related costs and letters of credit, was $250 million
(2023: RBL $nil). As at 31 December 2024, $1,854 million remained available for drawdown under the RCF (2023: $1,972 million under the RBL).
The Group has facilities to issue up to $1,750 million of letters of credit (2023: $1,750 million), of which $871 million (2023: $1,186 million)
was in issue as at 31 December 2024, mainly in respect of future decommissioning liabilities.
Arrangement fees and related costs of $276 million were capitalised when the three existing Wintershall\u00a0Dea bonds were ported to
Harbour\u00a0Energy on completion of the acquisition. In addition, $34 million of arrangement fees and related costs in relation to the RCF,
$13 million in relation to the bridge facility and $11 million related to the \u20ac700 million and \u20ac900 million senior notes, were capitalised
during the year. $102 million of arrangement fees and related costs were amortised during the year and are included within \ufb01nancing
costs, including $66 million related to the RBL facility and $13 million related to the bridge facility, upon termination of those facilities.
At 31 December 2024, $284 million of arrangement fees and related costs remain capitalised (2023: $68 million). $32 million of these
arrangement fees relate to the RCF, and a further $252 million (2023: $7 million) relate to the bond facilities.
Interest of $34 million on the bonds and RCF facilities (Dec 2023: $6 million related to the $500 million bond interest) had accrued
by the balance sheet date and has been classi\ufb01ed within accruals.
Other loans at 31 December 2023 represent a commercial \ufb01nancing arrangement with Baker Hughes (formerly BHGE) which was repaid
in full in December 2024.
The table below details the change in the carrying amount of the Group\u2019s borrowings arising from \ufb01nancing cash \ufb02ows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
$ million
Total borrowings as at 1 January 2023
1,238
Proceeds from drawdown of borrowing facilities
660
Repayment of RBL
(1,435)
Repayment of \ufb01nancing arrangement
(21)
Repayment of exploration \ufb01nance facility loan
(11)
Arrangement fees and related costs capitalised
(34)
Financing arrangement interest payable
3
Amortisation of arrangement fees and related costs
48
Reclassi\ufb01cation of RBL arrangement fees and related costs to current and non-current assets
61
Total borrowings as at 31 December 2023
509
Reclassi\ufb01cation 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 \ufb01nancing arrangement
(17)
Financing arrangement interest payable
1
Currency translation adjustment on Euro bonds
(263)
Total borrowings as at 31 December 2024
5,229
\n
23. Other \ufb01nancial assets and liabilities
The Group held the following \ufb01nancial instruments at fair value at 31 December 2024. The fair values of all derivative \ufb01nancial instruments
are classi\ufb01ed in accordance with the hierarchy described in IFRS 13.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
31 December 2023
\u00a0
Assets
Liabilities
Assets
Liabilities
Current
$ million
$ million
$ million
$ million
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange derivatives
\u2013
(25)
6
\u2013
Commodity derivatives
26
(14)
\u2013
\u2013
Short-term investments
25
\u2013
\u2013
\u2013
Fair value of embedded derivative within gas contract
5
\u2013
10
\u2013
\u00a0
56
(39)
16
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
89
(396)
154
(197)
Foreign exchange derivatives
\u2013
(27)
\u2013
\u2013
\u00a0
89
(423)
154
(197)
Total current
145
(462)
170
(197)
Non-current
\u00a0 \u00a0 \u00a0 \u00a0
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
1
(2)
\u2013
\u2013
Contingent consideration
1
\u2013
(52)
\u2013
\u2013
Other \ufb01nancial assets-investments
7
\u2013
\u2013
\u2013
\u00a0
8
(54)
\u2013
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
36
(215)
112
(87)
Foreign exchange derivatives
\u2013
(146)
\u2013
\u2013
\u00a0
36
(361)
112
(87)
Total non-current
44
(415)
112
(87)
Total current and non-current
189
(877)
282
(284)
\n
1
Contingent consideration relates to the Wintershall\u00a0Dea transaction and will be paid between 18-48 months after completion, depending on the average Brent crude price during
six-month periods. This is valued using an option pricing model.
Fair value measurements
All \ufb01nancial instruments that are initially recognised and subsequently remeasured at fair value have been classi\ufb01ed in accordance with
the hierarchy described in IFRS 13 Fair Value Measurement. The hierarchy groups fair value measurements into the following levels based
on the degree to which the fair value is observable.
\u2022
Level 1:
fair value measurements are derived from unadjusted quoted prices for identical assets or liabilities
\u2022
Level 2:
fair value measurements include inputs, other than quoted prices included within level 1, which are observable directly or indirectly
\u2022
Level 3:
fair value measurements are derived from valuation techniques that include signi\ufb01cant inputs not based on observable data
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
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
\u2013
5
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
152
\u2013
(627)
\u2013
Argentinian bonds
25
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
\u2013
\u2013
\u2013
(198)
\u2013
Investments
\u2013
\u2013
7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
\u2013
\u2013
(52)
Total fair value
25
157
7
(825)
(52)
As at 31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
Level 1
Level 2
Level 3
Level 2
Level 3
\u00a0
$ million
$ million
$ million
$ million
$ million
Fair value of embedded derivative within gas contract
\u2013
10
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
266
\u2013
(284)
\u2013
Foreign exchange derivatives
\u2013
6
\u2013
\u2013
\u2013
Total fair value
\u2013
282
\u2013
(284)
\u2013
\n
There were no transfers between fair value levels in 2023 or 2024.
Fair value movements recognised in the income statement on \ufb01nancial instruments are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance income
$ million
$ million
Change in fair value of embedded derivative within gas contract
\u2013
68
Commodity derivatives
5
\u2013
Argentinian bonds
7
\u2013
Interest rate derivatives
\u2013
(43)
\u00a0
12
25
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance expenses
$ million
$ million
Change in fair value of embedded derivative within gas contract
5
\u2013
Foreign exchange derivatives
30
\u2013
\u00a0
35
\u2013
\n
Fair values of other \ufb01nancial instruments
The following \ufb01nancial instruments are measured at amortised cost and are considered to have fair values different to their book values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0
2023
\u00a0
Book value
Fair value
Book value
Fair value
\u00a0
$ million
$ million
$ million
$ million
USD bond
(496)
(499)
(493)
(487)
EUR bonds
(4,515)
(4,555)
\u2013
\u2013
Total
(5,011)
(5,054)
(493)
(487)
\n
The fair value of the bonds is within level 2 of the fair value hierarchy and has been estimated by discounting future cash \ufb02ows by the relevant
market yield curve at the balance sheet date. The fair values of other \ufb01nancial instruments not measured at fair value including cash and
short-term deposits, trade receivables, trade payables and \ufb02oating rate borrowings equate approximately to their carrying amounts.
Cash \ufb02ow hedge accounting
The Group uses a combination of \ufb01xed price physical sales contracts and cash-settled \ufb01xed price commodity swaps and options to manage
the price risk associated with its underlying oil and gas revenues. As at 31 December 2024, all of the Group\u2019s cash-settled \ufb01xed price
commodity swap derivatives have been designated as cash \ufb02ow hedges of highly probable forecast sales of oil and gas.
The following table indicates the volumes, average hedged price and timings associated with the Group\u2019s commodity hedges:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Position as at 31 December 2024
2025
2026
2027
Oil
\u00a0\u00a0\u00a0
Total oil volume hedged (thousand bbls)
16,162
12,881
\u2013
\u2013 of which swaps
15,598
12,881
\u2013
\u2013 of which zero cost collars
564
\u2013
\u2013
Weighted average \ufb01xed price ($/bbl)
76.47
72.88
\u2013
Weighted average collar \ufb02oor and cap ($/bbl)
60.00-86.78
\u2013
\u2013
Natural gas
\u00a0\u00a0\u00a0
Gas volume hedged (thousand boe)
33,509
19,924
2,056
\u2013 of which swaps/\ufb01xed price forward sales
26,912
16,817
2,056
\u2013 of which zero cost collars
6,597
3,106
\u2013
Weighted average \ufb01xed price ($/mscf)
12.91
10.79
11.29
Weighted average collar \ufb02oor and cap ($/mscf)
11.46-22.50
9.04-16.71
\u2013
As at 31 December 2024, the fair value of net commodity derivatives designated as cash \ufb02ow hedges, all executed under ISDA agreements
with no margining requirements, was a net payable of $513 million (2023: $66 million payable) and net unrealised pre-tax losses of
$487 million (2023: $16 million) were deferred in other comprehensive income in respect of the effective portion of the hedge relationships.
Amounts deferred in other comprehensive income will be released to the income statement as the underlying hedged transactions occur.
As at 31 December 2024, net deferred pre-tax losses of $307 million (2023: $51 million) are expected to be released to the income
statement within one year.
Hedge ineffectiveness
The following table summarises the hedge ineffectiveness as at 31 December:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Commodity derivatives
\u2013
\u2013
Foreign exchange derivatives
8
\u2013
\u00a0
8
\u2013
\n
24. Financial risk factors and risk management
The Group\u2019s principal \ufb01nancial assets and liabilities comprise trade and other receivables, cash and short-term deposits accounts,
trade payables, interest bearing loans and derivative \ufb01nancial instruments. The main purpose of these \ufb01nancial instruments is to manage
short-term cash \ufb02ow, price exposures and raise \ufb01nance for the Group\u2019s expenditure programme. Further information on the Group\u2019s \ufb01nancial
instrument risk management objectives, policies and strategies is set out in the discussion of our \ufb01nancial discipline principal risk in the
Strategic report (see page 67).
Risk exposures and responses
The Group manages its exposure to key \ufb01nancial risks in accordance with its \ufb01nancial risk management policy. The objective of the policy is
to support the delivery of the Group\u2019s \ufb01nancial targets while protecting future \ufb01nancial security. The main risks that could adversely affect the
Group\u2019s \ufb01nancial assets, liabilities or future cash \ufb02ows are market risks comprising commodity price risk, interest rate risk and foreign currency
risk, liquidity risk, and credit risk. Management reviews and agrees policies for managing each of these risks which are summarised in this note.
The Group\u2019s management oversees the management of \ufb01nancial risks. The Group\u2019s senior management ensures that \ufb01nancial risk-taking
activities are governed by appropriate policies and procedures and that \ufb01nancial risks are identi\ufb01ed, measured and managed in accordance
with Group policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the
appropriate skills, experience and supervision. It is the Group\u2019s policy that no trading in derivatives for speculative purposes shall be undertaken.
Market risk
Market risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market prices.
Market risk comprises three types of risk: commodity price risk, interest rate risk and foreign currency risk. Financial instruments mainly
affected by market risk include loans and borrowings, deposits and derivative \ufb01nancial instruments.
The sensitivity analyses in the following sections relate to the position as at 31 December 2024 and 31 December 2023.
The sensitivity analyses have been prepared on the basis that the number of \ufb01nancial instruments are all constant. The sensitivity analyses
are intended to illustrate the sensitivity to changes in market variables on the composition of the Group\u2019s \ufb01nancial instruments at the
balance sheet date and show the impact on pro\ufb01t or loss and shareholders\u2019 equity, where applicable.
The following assumptions have been made in calculating the sensitivity analyses:
\u2022
The sensitivity of the relevant pro\ufb01t before tax item and/or equity is the effect of the assumed changes in respective market risks
for the full year based on the \ufb01nancial assets and \ufb01nancial liabilities held at the balance sheet date
\u2022
The sensitivities indicate the effect of a reasonable increase in each market variable. Unless otherwise stated, the effect
of a corresponding decrease in these variables is considered approximately equal and opposite
\u2022
Fair value changes from derivative instruments designated as cash \ufb02ow hedges are considered fully effective and recorded
in shareholders\u2019 equity, net of tax
\u2022
Fair value changes from derivatives and other \ufb01nancial instruments not designated as cash \ufb02ow hedges are presented as a sensitivity
to pro\ufb01t before tax only and not included in shareholders\u2019 equity
Commodity price risk
The Group is exposed to the risk of \ufb02uctuations in prevailing market commodity prices on the mix of oil and gas products. On a rolling basis,
the policy allows the Group to hedge the commodity price exposure associated with 40 to 70 per cent of the next 12 months\u2019 production
(year 1), between 30 and 60 per cent of year 2 production, from year 3 up to 50 per cent of production and from year 4 up to 40 per cent
of production. Current target is to hedge circa 50 per cent of year 1 and up to 30 per cent of year 2 commodity price exposure. The Group
manages these risks through the use of \ufb01xed price contracts with customers for physical delivery and derivative \ufb01nancial instruments
including \ufb01xed price swaps and options.
Commodity price sensitivity
\n
The following table summarises the impact on the Group\u2019s pre-tax pro\ufb01t and equity from a reasonably foreseeable movement in commodity
\n
prices on the fair value of commodity based derivative instruments held by the Group at the balance sheet date.
\n\n \n
E\ufb00ect on pro\ufb01t
E\ufb00ect on
before tax
equity
As at 31 December 2024
Market movement
$ million
$ million
Brent oil price
$10/bbl increase
\u2013
(91)
Brent oil price
$10/bbl decrease
\u2013
91
NBP gas price
\u00a30.1/therm increase
\u2013
(36)
NBP gas price
\u00a30.1/therm decrease
\u2013
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
\n\n \n
Effect on pro\ufb01t
Effect on
before tax
equity
As at 31 December 2023
Market movement
$ million
$ million
Brent oil price
$10/bbl increase
\u2013
(28)
Brent oil price
$10/bbl decrease
\u2013
28
NBP gas price
\u00a30.1/therm increase
\u2013
(28)
NBP gas price
\u00a30.1/therm decrease
\u2013
28
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market
\n
interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligation
\n
with \ufb02oating interest rates.
\n
At 31 December 2024, \ufb02oating rate borrowings comprise loans under the RCF which incur interest between 5.9 and 6.6 per cent (based
\n
on the Secured Overnight Financing Rate (SOFR) plus a 1.45 per cent margin) and \ufb01xed rate borrowings comprise a $500 million high yield
\n
bond which incurs interest at 5.5 per cent per annum and bonds of \u20ac4.6 billion which incur interest at between 0.84 per cent and 4.357 per
\n
cent per annum (see note 22). As at 31 December 2023, \ufb01xed rate borrowings comprised a bond incurring interest at 5.5 per cent per
\n
annum, and no \ufb02oating rate borrowings. Floating rate \ufb01nancial assets comprise cash and cash equivalents which earn interest at the relevant
\n
market rate. Prior to settlement of the RBL, the Group monitored its exposure to \ufb02uctuations in interest rates and uses interest rate
\n
derivatives to manage the \ufb01xed and \ufb02oating composition of its borrowings.
\n
The interest rate \ufb01nancial instruments in place at the balance sheet date are shown below:
\n\n \n
Derivative
Currency pair
Notional amount
Period of hedge
Terms
31 December 2024
Cross-currency
USD:EUR
\u20ac363 million
<1 year
$1.1015:\u20ac1
interest rate swaps
\u20ac1,403 million
2\u20135 years
$1.1017\u2013$1.1209:\u20ac1
\u20ac650 million
>5 years
$1.1209:\u20ac1
31 December 2023
Cross-currency
interest rate swaps
N/A
$nil
N/A
N/A
\n
The cross-currency interest rate swaps relating to the Euro bonds have been designated as cash \ufb02ow hedges where \u20ac2.4 billion was hedged
\n
at a forward rate of between 1.1015 and 1.1209.
The interest rate and currency pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial assets and liabilities are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Fixed rate
Floating rate
\u00a0
\u00a0
Cash at bank
borrowings
borrowings
Total
As at 31 December 2024
$ million
$ million
$ million
$ million
US dollar
416
(496)
(218)
(298)
Pound sterling
75
\u2013
\u2013
75
Euro
75
(4,515)
\u2013
(4,440)
Norwegian krone
36
\u2013
\u2013
36
Argentinian pesos
173
\u2013
\u2013
173
Mexican pesos
10
\u2013
\u2013
10
Egyptian pound
8
\u2013
\u2013
8
Other
12
\u2013
\u2013
12
\u00a0
805
(5,011)
(218)
(4,424)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Fixed rate
Floating rate
\u00a0
As at 31 December 2023
Cash at bank
borrowings
borrowings
Total
As restated
$ million
$ million
$ million
$ million
US dollar
244
(493)
\u2013
(249)
Pound sterling
28
\u2013
\u2013
28
Norwegian krone
13
\u2013
\u2013
13
Other
1
\u2013
\u2013
1
\u00a0
286
(493)
\u2013
(207)
\n
Interest rate sensitivity
The following table demonstrates the indicative pre-tax effect on pro\ufb01t and equity of applying a reasonably foreseeable increase in interest
rates to the Group\u2019s \ufb01nancial assets and liabilities at the balance sheet date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Effect on pro\ufb01t before tax
Effect on equity
\u00a0
Market movement
$ million
$ million
31 December 2024
\u00a0 \u00a0 \u00a0
US dollar interest rates
+100 basis points
1
\u2013
31 December 2023
\u00a0 \u00a0 \u00a0
US dollar interest rates
+100 basis points
2
\u2013
\n
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in foreign
exchange rates.
The Group is exposed to foreign currency risk primarily arising from exchange rate movements in US dollar against a range of foreign
currencies. To mitigate exposure to movements in exchange rates, wherever possible \ufb01nancial assets and liabilities are held in currencies
that match the functional currency of the relevant entity. The Group has material subsidiaries with functional currencies of pound sterling,
US dollar, Norwegian krone, Euro and Mexican pesos. Exposures can also arise from sales or purchases denominated in currencies
other than the functional currency of the relevant entity; such exposures are monitored and hedged with agreement from the Board.
The Group enters into forward contracts as a means of hedging its exposure to foreign exchange rate risks. As at 31 December 2024,
the Group had:
\u2022
\u00a3212.5 million hedged at a forward rate of between $1.2482 and $1.2774:\u00a31 for January 2025
\u2022
NOK 9.6 billion hedged at forward rates of between NOK 10.9805 and NOK 11.3963:\u00a31 for the period January 2025 to May 2025
As at 31 December 2023, the Group had \u00a3212 million hedged at a forward rate of between $1.2182 and $1.2742:\u00a31 for the period
from January 2024 to October 2024.
Foreign currency sensitivity
Changes in exchange rates could lead to losses in the value of \ufb01nancial instruments and adverse changes in future cash \ufb02ows. Foreign
currency risks from \ufb01nancial instruments arise from the translation of \ufb01nancial receivables, cash and cash equivalents and \ufb01nancial liabilities
into the functional currency of the Group company at the closing rates. The following table demonstrates the sensitivity to a reasonably
foreseeable change in US dollars against other currencies with all other variables held constant, on the Group\u2019s pro\ufb01t before tax (due to
foreign exchange translation of monetary assets and liabilities). The impact of translating the net assets of foreign operations into US dollars
is excluded from the sensitivity analysis.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sensitivity (+10%)
Sensitivity (-10%)
\u00a0
$ million
$ million
31 December 2024
\u00a0\u00a0
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
\u00a0\u00a0
Pound sterling
78
(78)
\n
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer commercial contract, leading
to \ufb01nancial loss. Credit risks are managed on a Group basis. Group-wide procedures cover applications for credit approval for both \ufb01nancial
and non-\ufb01nancial counterparties where appropriate. These procedures cover the granting and renewal of counterparty credit limits, the
monitoring of exposures with respect to these limits and the requirements triggering secured payment terms.
The solvency of and credit exposures with all counterparties are monitored and assessed on a timely basis. If customers are independently
rated, these ratings are primarily used for assessment. If there is no independent rating, the credit risk management function assesses
customers\u2019 credit quality based on their \ufb01nancial position or bases the assessment on experience and other factors. In these cases,
individual risk limits are set based on internal equivalent or by external ratings.
Credit risk in \ufb01nancial instruments arise from cash or cash equivalents and \ufb01nancial derivatives. The placing of liquid funds is subject
to credit approval. Banks with a credit rating of \u2018A\u2019 are normally used. In some cases, funds may be held in an overseas business unit
with lower credit quality which may also be impacted by the country sovereign rating. In these situations, credit approval is given within
the country risk environment. Derivative \ufb01nancial instruments are conducted with credit approved banks and \ufb01nancial institutions normally
rated A- or better and selected credit approved commercial counterparties. Selectively derivatives may be conducted with local banks
in asset territories below this rating subject to credit approval.
The Group is exposed to credit risk from its operating activities, primarily for trade receivables, and from its \ufb01nancing activities. The Group
seeks to trade only with recognised, creditworthy third parties. Trade receivables are monitored on an ongoing basis and credit exposures
related to receivables mark to market positions are monitored closely for credit decline which may allow the provision of contractual credit
support by a third party.
An indication of the concentration of credit risk on trade receivables is shown in note 4, whereby the revenue from one customer exceeds
54\u00a0per cent (2023: 88 per cent) of the Group\u2019s consolidated revenue.
With regard to Harbour\u2019s own credit risk management, it has corporate credit ratings from the following agencies:
\u2022
S&P Global at BBB-
\u2022
Fitch at BBB-
\u2022
Moody\u2019s at Baa2
In addition, each of the traded bonds have ratings from the credit ratings agencies.
Impairment on \ufb01nancial assets
In order to determine the impairment of \ufb01nancial assets, Harbour\u00a0Energy uses either a general three-stage approach or the simpli\ufb01ed
approach, according to IFRS 9, as applicable. In the case of \ufb01nancial assets for which the simpli\ufb01ed approach does not apply, their
assessment takes place as at each reporting date to determine whether the credit risk on a \ufb01nancial instrument has increased signi\ufb01cantly
since its initial recognition.
Trade accounts receivable, other receivables including cash at bank and deposits are subject to the expected credit loss model. This is
generally based on either externally provided or internal ratings for each debtor which, in certain cases, are updated based on recently
available information.
To measure the expected credit losses on trade accounts receivable, Harbour\u00a0Energy applies the simpli\ufb01ed approach according to IFRS 9.
Accordingly, the loss allowance is measured at an amount equal to the lifetime expected credit losses. For trade accounts receivable, the
contractual payment term is usually 30 days. In deviation to this general rule, terms of up to one year are considered for the calculation
of expected credit losses due to different regional payment practices.
The loss allowance for other receivables, including cash at bank and deposits, is measured at an amount equal to the 12-month expected
credit loss. If the term of the \ufb01nancial instrument is shorter than 12 months, the lifetime expected credit loss is applied.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Additions from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
\u00a0 \u00a0
Reclass
\u00a0 \u00a0 \u00a0
\u00a0
As at 1 January
combinations &
\u00a0 \u00a0
between
\u00a0 \u00a0
At 31 December
\u00a0
2024
joint arrangements
Additions
Reversals
categories
Disposals
FX
2024
\u00a0
$ million
$ million
$ million
$ million
$ million
$ million
$million
$ million
Trade receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which stage 2
1
\u2013
\u2013
22
(1)
\u2013
\u2013
(1)
20
Of which stage 3
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0
\u2013
\u2013
22
(1)
\u2013
\u2013
(1)
20
Other receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which stage 2
1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Of which stage 3
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
\u00a0
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
Financial receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and bank balances
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which stage 1
3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Of which stage 2
1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Of which stage 3
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
24
(1)
\u2013
\u2013
(1)
22
\n
1
The credit risk has increased signi\ufb01cantly since initial recognition, the loss allowance for the \ufb01nancial assets is measured at an amount equal to the lifetime expected credit losses.
2
The \ufb01nancial asset is credit impaired.
3
The loss allowance for \ufb01nancial assets is measured at an amount equal to a 12-month expected credit loss.
Liquidity risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting obligations associated with \ufb01nancial liabilities that are settled by
delivering cash or another \ufb01nancial asset. The Group monitors the amount of borrowings maturing within any speci\ufb01c period and expects
to meet its \ufb01nancing commitments from the operating cash \ufb02ows of the business and existing committed lines of credit. The table below
summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on contractual undiscounted payments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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 \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bonds
1,173
629
2,049
2,127
5,978
Other loans
251
\u2013
\u2013
\u2013
251
Trading contracts within the scope of IFRS 9 (settled physically)
54
8
\u2013
\u2013
62
Trade and other payables
1,548
30
\u2013
\u2013
1,578
Lease obligations
295
206
394
92
987
Total non-derivative \ufb01nancial liabilities
3,321
873
2,443
2,219
8,856
Derivative \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net-settled commodity derivatives
191
92
23
\u2013
306
Net-settled foreign exchange derivatives
48
39
97
29
213
\u00a0
3,560
1,004
2,563
2,248
9,375
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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 \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bond
28
28
528
\u2013
584
Other loans
16
\u2013
\u2013
\u2013
16
Trade and other payables
854
13
\u2013
\u2013
867
Lease obligations
250
186
340
121
897
Total non-derivative \ufb01nancial liabilities
1,148
227
868
121
2,364
Derivative \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net-settled commodity derivatives
197
87
\u2013
\u2013
284
Net-settled foreign exchange derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0
1,345
314
868
121
2,648
\n
The maturity pro\ufb01les in the above tables re\ufb02ect only one side of the Group\u2019s liquidity position and will be recorded in the income statement
against future production and revenue which are not recognised on the balance sheet as assets. Interest bearing loans and borrowings and
trade payables mainly originate from the \ufb01nancing of assets used in the Group\u2019s ongoing operations such as property, plant and equipment
and working capital such as inventories. These assets are considered part of the Group\u2019s overall liquidity risk.
Financial instruments subject to o\ufb00setting, enforceable master netting arrangements
The following table shows the amounts recognised for \ufb01nancial assets and liabilities which are subject to offsetting arrangements on a gross
basis, and the amounts offset in the balance sheet.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Gross amounts of
\u00a0 \u00a0
\u00a0
recognised \ufb01nancial
\u00a0
Net amounts presented on
\u00a0
assets/(liabilities)
Amounts set o\ufb00
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
\u00a0 \u00a0 \u00a0
Commodity derivative assets
303
(37)
266
Commodity derivative liabilities
(321)
37
(284)
\nDerivatives are offset in the \ufb01nancial statements where the Group has a legally enforceable right and intention to offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "17. Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Cash at banks and in hand
805
286
\n
Cash at bank earns interest at \ufb02oating rates based on daily bank deposit rates. The Group only deposits cash with major banks of high
quality credit standing.
Included in cash and cash equivalents at 31 December 2024 were amounts in Argentina totalling $173 million (2023: $nil) subject
to currency controls or other legal restrictions. In addition, the cash and cash equivalents balance includes an amount of $43 million
(2023: $nil) required to cover initial margin on trading exchanges, counterparty margining on outstanding commodity trades and all
other balances subject to restriction.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "19. Commitments
Capital commitments
As at 31 December 2024, the Group had commitments for future capital expenditure amounting to $1,690 million (2023: $389 million).
Where the commitment relates to a joint arrangement, the amount represents the Group\u2019s net share of the commitment. Where the Group
is not the operator of the joint arrangement then the amounts are based on the Group\u2019s net share of committed future work programmes.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "19. Commitments
Capital commitments
As at 31 December 2024, the Group had commitments for future capital expenditure amounting to $1,690 million (2023: $389 million).
Where the commitment relates to a joint arrangement, the amount represents the Group\u2019s net share of the commitment. Where the Group
is not the operator of the joint arrangement then the amounts are based on the Group\u2019s net share of committed future work programmes.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "20. Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Current
\u00a0 \u00a0
Trade payables
1,365
680
Overlift position
207
33
Other payables
132
144
Matured \ufb01nancial instruments
27
48
Deferred income
1
24
10
\u00a0
1,755
915
Non-current
\u00a0 \u00a0
Other payables
19
13
Deferred income
1
11
\u2013
\u00a0
30
13
\n
1
Deferred income includes $19 million (2023: $nil) relating to payments for oil not yet delivered and $5 million (2023: $10 million) in relation to the closing year-end fair value payable
to FlowStream who historically provided funding for the Solan asset in the UK in return for a share in production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "20. Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Current
\u00a0 \u00a0
Trade payables
1,365
680
Overlift position
207
33
Other payables
132
144
Matured \ufb01nancial instruments
27
48
Deferred income
1
24
10
\u00a0
1,755
915
Non-current
\u00a0 \u00a0
Other payables
19
13
Deferred income
1
11
\u2013
\u00a0
30
13
\n
1
Deferred income includes $19 million (2023: $nil) relating to payments for oil not yet delivered and $5 million (2023: $10 million) in relation to the closing year-end fair value payable
to FlowStream who historically provided funding for the Solan asset in the UK in return for a share in production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "20. Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Current
\u00a0 \u00a0
Trade payables
1,365
680
Overlift position
207
33
Other payables
132
144
Matured \ufb01nancial instruments
27
48
Deferred income
1
24
10
\u00a0
1,755
915
Non-current
\u00a0 \u00a0
Other payables
19
13
Deferred income
1
11
\u2013
\u00a0
30
13
\n
1
Deferred income includes $19 million (2023: $nil) relating to payments for oil not yet delivered and $5 million (2023: $10 million) in relation to the closing year-end fair value payable
to FlowStream who historically provided funding for the Solan asset in the UK in return for a share in production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "20. Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Current
\u00a0 \u00a0
Trade payables
1,365
680
Overlift position
207
33
Other payables
132
144
Matured \ufb01nancial instruments
27
48
Deferred income
1
24
10
\u00a0
1,755
915
Non-current
\u00a0 \u00a0
Other payables
19
13
Deferred income
1
11
\u2013
\u00a0
30
13
\n
1
Deferred income includes $19 million (2023: $nil) relating to payments for oil not yet delivered and $5 million (2023: $10 million) in relation to the closing year-end fair value payable
to FlowStream who historically provided funding for the Solan asset in the UK in return for a share in production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Current
\u00a0 \u00a0
Trade payables
1,365
680
Overlift position
207
33
Other payables
132
144
Matured \ufb01nancial instruments
27
48
Deferred income
1
24
10
\u00a0
1,755
915
Non-current
\u00a0 \u00a0
Other payables
19
13
Deferred income
1
11
\u2013
\u00a0
30
13
\n
1
Deferred income includes $19 million (2023: $nil) relating to payments for oil not yet delivered and $5 million (2023: $10 million) in relation to the closing year-end fair value payable
to FlowStream who historically provided funding for the Solan asset in the UK in return for a share in production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Current
\u00a0 \u00a0
Trade payables
1,365
680
Overlift position
207
33
Other payables
132
144
Matured \ufb01nancial instruments
27
48
Deferred income
1
24
10
\u00a0
1,755
915
Non-current
\u00a0 \u00a0
Other payables
19
13
Deferred income
1
11
\u2013
\u00a0
30
13
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "21. Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Employee
Onerous
\u00a0\u00a0
\u00a0
Decommissioning
Pension
obligation
contract
Other
\u00a0
\u00a0
provision
provision
provision
provision
provisions
Total
\u00a0
$ million
$ million
$ million
$ million
$ million
$ million
At 1 January 2023
4,141
\u2013
24
\u2013
\u2013
4,165
Additions
40
\u2013
\u2013
\u2013
\u2013
40
Changes in estimates \u2013 decrease to oil and gas tangible
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
decommissioning assets
(203)
\u2013
\u2013
\u2013
\u2013
(203)
Changes in estimates on oil and gas tangible assets \u2013 debit to income
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
statement
141
\u2013
\u2013
\u2013
\u2013
141
Changes in estimate on oil and gas intangible assets \u2013 debit to income
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
statement
4
\u2013
\u2013
\u2013
\u2013
4
Changes in estimate \u2013 debit to income statement
\u2013
\u2013
3
\u2013
\u2013
3
Amounts used
(248)
\u2013
\u2013
\u2013
\u2013
(248)
Reclassi\ufb01cation of liabilities directly associated with assets held for sale
(87)
\u2013
\u2013
\u2013
\u2013
(87)
Interest on decommissioning lease
(1)
\u2013
\u2013
\u2013
\u2013
(1)
Depreciation, depletion and amortisation on decommissioning
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
right-of-use leased asset
(9)
\u2013
\u2013
\u2013
\u2013
(9)
Unwinding of discount
156
\u2013
\u2013
\u2013
\u2013
156
Currency translation adjustment
87
\u2013
\u2013
\u2013
\u2013
87
At 31 December 2023
4,021
\u2013
27
\u2013
\u2013
4,048
Restated
87
\u2013
\u2013
\u2013
\u2013
87
At 31 December 2023 as restated
4,108
\u2013
27
\u2013
\u2013
4,135
Additions
36
\u2013
\u2013
\u2013
\u2013
36
Additions from business combinations and joint arrangements
2,511
40
40
65
284
2,940
Changes in estimates \u2013 increase to oil and gas tangible
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
decommissioning assets
550
\u2013
\u2013
\u2013
\u2013
550
Changes in estimates \u2013 increase to oil and gas intangible assets
6
\u2013
\u2013
\u2013
\u2013
6
Changes in estimate on oil and gas tangible assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 debit to income statement
174
\u2013
\u2013
\u2013
\u2013
174
Changes in estimate on oil and gas intangible assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 debit to income statement
6
\u2013
\u2013
\u2013
\u2013
6
Changes in estimate \u2013 debit to income statement
3
3
29
\u2013
28
63
Actuarial gains and losses
\u2013
7
\u2013
\u2013
\u2013
7
Amounts used
(284)
(1)
(25)
(30)
(36)
(376)
Reclassi\ufb01cation of liabilities directly associated with assets held for sale
(90)
\u2013
\u2013
\u2013
\u2013
(90)
Interest on decommissioning lease
(1)
\u2013
\u2013
\u2013
\u2013
(1)
Depreciation, depletion and amortisation on decommissioning
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
right-of-use leased asset
(17)
\u2013
\u2013
\u2013
\u2013
(17)
Unwinding of discount
221
\u2013
\u2013
\u2013
\u2013
221
Currency translation adjustment
(109)
(3)
(3)
\u2013
(18)
(133)
At 31 December 2024
7,114
46
68
35
258
7,521
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non-current
Current
\u00a0
\u00a0
liabilities
liabilities
Total
Classi\ufb01ed within
$ million
$ million
$ million
At 31 December 2023
3,905
230
4,135
At 31 December 2024
7,024
497
7,521
\n
All of the $36 million decommissioning provision additions relate to oil and gas tangible assets (2023: $40 million).
Decommissioning provision
The Group provides for the estimated future decommissioning costs on its oil and gas assets at the balance sheet date. The payment dates
of expected decommissioning costs are uncertain and are based on economic assumptions of the \ufb01elds concerned. The Group currently
expects to incur decommissioning costs within the next 40 years, around half of which are anticipated to be incurred between the next 10
to 20 years. These estimated future decommissioning costs are in\ufb02ated at the Group\u2019s long-term view of in\ufb02ation of 2.5 per cent per annum
(2023: 2.5 per cent per annum) and discounted at a risk-free rate of between 2.2 per cent and 6.6 per cent (2023: 4.3 per cent and 5.2
per cent) re\ufb02ecting a six-month (2023: six-month) rolling average of market rates over the varying lives of the assets to calculate the present
value of the decommissioning liabilities. The unwinding of the discount is presented within \ufb01nance costs.
These provisions have been created based on internal and third-party estimates. Assumptions based on the current economic environment
have been made, which management believe are a reasonable basis upon which to estimate the future liability. These estimates are
reviewed regularly to consider any material changes to the assumptions. However, actual decommissioning costs will ultimately depend upon
market prices for the necessary decommissioning work required, which will re\ufb02ect market conditions at the relevant time. In addition, the
timing of decommissioning liabilities will depend upon the dates when the \ufb01elds become economically unviable, which in itself will depend
on future commodity prices and climate change, which are inherently uncertain.
Pension provision
Please refer to note 28 for pension provisions.
Employee obligation provisions
Employee obligation provisions of $68 million relate to obligations to pay long-service bonuses, anniversary bonuses, and variable
remuneration, including the associated social security contributions and provisions due to early retirement as well as phased-in early
retirement models. This includes a termination bene\ufb01t provision in Indonesia of $26 million (2023: $27 million), where the Group operates
a service, severance and compensation pay scheme under a collective labour agreement with the local workforce.
Onerous contract provision
The onerous contract provision of $35 million (2023: $nil) relates to working programmes in Libya due to force majeure conditions in-country.
Other provisions
Other provisions mainly includes a $132 million provision related to gas migration in Rehden, Germany arising from a commercial settlement
entered into by Wintershall\u00a0Dea and a third party at the time of the Wintershall and Dea merger in 2019 and a $61 million provision related
to restructuring programmes within Norway, Germany and Mexico.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Other provisions
Other provisions mainly includes a $132 million provision related to gas migration in Rehden, Germany arising from a commercial settlement
entered into by Wintershall\u00a0Dea and a third party at the time of the Wintershall and Dea merger in 2019 and a $61 million provision related
to restructuring programmes within Norway, Germany and Mexico.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "22. Borrowings and facilities
The Group\u2019s borrowings are carried at amortised cost:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Bonds
5,011
493
Revolving credit facility
218
\u2013
Other loans
\u2013
16
Total borrowings
5,229
509
Classi\ufb01ed within
\u00a0 \u00a0
Non-current liabilities
4,215
493
Current liabilities
1,014
16
Total borrowings
5,229
509
\n
Bonds
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Nominal value
Fair value
Carrying value
\u00a0
%
Maturity
Currency
\u20ac/$ 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
In October 2021, Harbour\u00a0Energy plc issued a $500 million bond under Rule 144A and with a tenor of \ufb01ve years to maturity. The coupon was
set at 5.50 per cent and interest is payable semi-annually.
Under the terms of the business combination entered into between the company, BASF and LetterOne, three existing Wintershall\u00a0Dea bonds
were ported to Harbour\u00a0Energy on completion of the acquisition.
As at 31 December 2024, the fair value of these bonds, which is determined using quoted market prices in an active market, amounts
to $2,886 million. The repayment obligation remains at \u20ac3,000 million ($3,106 million).
On 26 September 2024, Harbour announced that Wintershall\u00a0Dea Finance BV as issuer, a subsidiary of Harbour, priced an offering on
25\u00a0September 2024 of \u20ac700 million in aggregate principal amount of 3.830 per cent senior notes due 2029 and \u20ac900 million in aggregate
principal amount of 4.357 per cent senior notes due 2032. Harbour primarily used the proceeds from this offering to repay and cancel
the $1.5 billion bridge facility utilised for the Wintershall\u00a0Dea acquisition which completed on 3 September 2024.
The previous reserve based lending (RBL) facility was replaced upon completion of the acquisition by the new bridge and revolving credit facility (RCF).
At the balance sheet date, the outstanding RCF balance, excluding incremental arrangement fees, related costs and letters of credit, was $250 million
(2023: RBL $nil). As at 31 December 2024, $1,854 million remained available for drawdown under the RCF (2023: $1,972 million under the RBL).
The Group has facilities to issue up to $1,750 million of letters of credit (2023: $1,750 million), of which $871 million (2023: $1,186 million)
was in issue as at 31 December 2024, mainly in respect of future decommissioning liabilities.
Arrangement fees and related costs of $276 million were capitalised when the three existing Wintershall\u00a0Dea bonds were ported to
Harbour\u00a0Energy on completion of the acquisition. In addition, $34 million of arrangement fees and related costs in relation to the RCF,
$13 million in relation to the bridge facility and $11 million related to the \u20ac700 million and \u20ac900 million senior notes, were capitalised
during the year. $102 million of arrangement fees and related costs were amortised during the year and are included within \ufb01nancing
costs, including $66 million related to the RBL facility and $13 million related to the bridge facility, upon termination of those facilities.
At 31 December 2024, $284 million of arrangement fees and related costs remain capitalised (2023: $68 million). $32 million of these
arrangement fees relate to the RCF, and a further $252 million (2023: $7 million) relate to the bond facilities.
Interest of $34 million on the bonds and RCF facilities (Dec 2023: $6 million related to the $500 million bond interest) had accrued
by the balance sheet date and has been classi\ufb01ed within accruals.
Other loans at 31 December 2023 represent a commercial \ufb01nancing arrangement with Baker Hughes (formerly BHGE) which was repaid
in full in December 2024.
The table below details the change in the carrying amount of the Group\u2019s borrowings arising from \ufb01nancing cash \ufb02ows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
$ million
Total borrowings as at 1 January 2023
1,238
Proceeds from drawdown of borrowing facilities
660
Repayment of RBL
(1,435)
Repayment of \ufb01nancing arrangement
(21)
Repayment of exploration \ufb01nance facility loan
(11)
Arrangement fees and related costs capitalised
(34)
Financing arrangement interest payable
3
Amortisation of arrangement fees and related costs
48
Reclassi\ufb01cation of RBL arrangement fees and related costs to current and non-current assets
61
Total borrowings as at 31 December 2023
509
Reclassi\ufb01cation 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 \ufb01nancing arrangement
(17)
Financing arrangement interest payable
1
Currency translation adjustment on Euro bonds
(263)
Total borrowings as at 31 December 2024
5,229
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "23. Other \ufb01nancial assets and liabilities
The Group held the following \ufb01nancial instruments at fair value at 31 December 2024. The fair values of all derivative \ufb01nancial instruments
are classi\ufb01ed in accordance with the hierarchy described in IFRS 13.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
31 December 2023
\u00a0
Assets
Liabilities
Assets
Liabilities
Current
$ million
$ million
$ million
$ million
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange derivatives
\u2013
(25)
6
\u2013
Commodity derivatives
26
(14)
\u2013
\u2013
Short-term investments
25
\u2013
\u2013
\u2013
Fair value of embedded derivative within gas contract
5
\u2013
10
\u2013
\u00a0
56
(39)
16
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
89
(396)
154
(197)
Foreign exchange derivatives
\u2013
(27)
\u2013
\u2013
\u00a0
89
(423)
154
(197)
Total current
145
(462)
170
(197)
Non-current
\u00a0 \u00a0 \u00a0 \u00a0
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
1
(2)
\u2013
\u2013
Contingent consideration
1
\u2013
(52)
\u2013
\u2013
Other \ufb01nancial assets-investments
7
\u2013
\u2013
\u2013
\u00a0
8
(54)
\u2013
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
36
(215)
112
(87)
Foreign exchange derivatives
\u2013
(146)
\u2013
\u2013
\u00a0
36
(361)
112
(87)
Total non-current
44
(415)
112
(87)
Total current and non-current
189
(877)
282
(284)
\n
1
Contingent consideration relates to the Wintershall\u00a0Dea transaction and will be paid between 18-48 months after completion, depending on the average Brent crude price during
six-month periods. This is valued using an option pricing model.
Fair value measurements
All \ufb01nancial instruments that are initially recognised and subsequently remeasured at fair value have been classi\ufb01ed in accordance with
the hierarchy described in IFRS 13 Fair Value Measurement. The hierarchy groups fair value measurements into the following levels based
on the degree to which the fair value is observable.
\u2022
Level 1:
fair value measurements are derived from unadjusted quoted prices for identical assets or liabilities
\u2022
Level 2:
fair value measurements include inputs, other than quoted prices included within level 1, which are observable directly or indirectly
\u2022
Level 3:
fair value measurements are derived from valuation techniques that include signi\ufb01cant inputs not based on observable data
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
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
\u2013
5
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
152
\u2013
(627)
\u2013
Argentinian bonds
25
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
\u2013
\u2013
\u2013
(198)
\u2013
Investments
\u2013
\u2013
7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
\u2013
\u2013
(52)
Total fair value
25
157
7
(825)
(52)
As at 31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
Level 1
Level 2
Level 3
Level 2
Level 3
\u00a0
$ million
$ million
$ million
$ million
$ million
Fair value of embedded derivative within gas contract
\u2013
10
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
266
\u2013
(284)
\u2013
Foreign exchange derivatives
\u2013
6
\u2013
\u2013
\u2013
Total fair value
\u2013
282
\u2013
(284)
\u2013
\n
There were no transfers between fair value levels in 2023 or 2024.
Fair value movements recognised in the income statement on \ufb01nancial instruments are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance income
$ million
$ million
Change in fair value of embedded derivative within gas contract
\u2013
68
Commodity derivatives
5
\u2013
Argentinian bonds
7
\u2013
Interest rate derivatives
\u2013
(43)
\u00a0
12
25
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance expenses
$ million
$ million
Change in fair value of embedded derivative within gas contract
5
\u2013
Foreign exchange derivatives
30
\u2013
\u00a0
35
\u2013
\n
Fair values of other \ufb01nancial instruments
The following \ufb01nancial instruments are measured at amortised cost and are considered to have fair values different to their book values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0
2023
\u00a0
Book value
Fair value
Book value
Fair value
\u00a0
$ million
$ million
$ million
$ million
USD bond
(496)
(499)
(493)
(487)
EUR bonds
(4,515)
(4,555)
\u2013
\u2013
Total
(5,011)
(5,054)
(493)
(487)
\n
The fair value of the bonds is within level 2 of the fair value hierarchy and has been estimated by discounting future cash \ufb02ows by the relevant
market yield curve at the balance sheet date. The fair values of other \ufb01nancial instruments not measured at fair value including cash and
short-term deposits, trade receivables, trade payables and \ufb02oating rate borrowings equate approximately to their carrying amounts.
Cash \ufb02ow hedge accounting
The Group uses a combination of \ufb01xed price physical sales contracts and cash-settled \ufb01xed price commodity swaps and options to manage
the price risk associated with its underlying oil and gas revenues. As at 31 December 2024, all of the Group\u2019s cash-settled \ufb01xed price
commodity swap derivatives have been designated as cash \ufb02ow hedges of highly probable forecast sales of oil and gas.
The following table indicates the volumes, average hedged price and timings associated with the Group\u2019s commodity hedges:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Position as at 31 December 2024
2025
2026
2027
Oil
\u00a0\u00a0\u00a0
Total oil volume hedged (thousand bbls)
16,162
12,881
\u2013
\u2013 of which swaps
15,598
12,881
\u2013
\u2013 of which zero cost collars
564
\u2013
\u2013
Weighted average \ufb01xed price ($/bbl)
76.47
72.88
\u2013
Weighted average collar \ufb02oor and cap ($/bbl)
60.00-86.78
\u2013
\u2013
Natural gas
\u00a0\u00a0\u00a0
Gas volume hedged (thousand boe)
33,509
19,924
2,056
\u2013 of which swaps/\ufb01xed price forward sales
26,912
16,817
2,056
\u2013 of which zero cost collars
6,597
3,106
\u2013
Weighted average \ufb01xed price ($/mscf)
12.91
10.79
11.29
Weighted average collar \ufb02oor and cap ($/mscf)
11.46-22.50
9.04-16.71
\u2013
As at 31 December 2024, the fair value of net commodity derivatives designated as cash \ufb02ow hedges, all executed under ISDA agreements
with no margining requirements, was a net payable of $513 million (2023: $66 million payable) and net unrealised pre-tax losses of
$487 million (2023: $16 million) were deferred in other comprehensive income in respect of the effective portion of the hedge relationships.
Amounts deferred in other comprehensive income will be released to the income statement as the underlying hedged transactions occur.
As at 31 December 2024, net deferred pre-tax losses of $307 million (2023: $51 million) are expected to be released to the income
statement within one year.
Hedge ineffectiveness
The following table summarises the hedge ineffectiveness as at 31 December:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Commodity derivatives
\u2013
\u2013
Foreign exchange derivatives
8
\u2013
\u00a0
8
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "23. Other \ufb01nancial assets and liabilities
The Group held the following \ufb01nancial instruments at fair value at 31 December 2024. The fair values of all derivative \ufb01nancial instruments
are classi\ufb01ed in accordance with the hierarchy described in IFRS 13.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
31 December 2023
\u00a0
Assets
Liabilities
Assets
Liabilities
Current
$ million
$ million
$ million
$ million
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange derivatives
\u2013
(25)
6
\u2013
Commodity derivatives
26
(14)
\u2013
\u2013
Short-term investments
25
\u2013
\u2013
\u2013
Fair value of embedded derivative within gas contract
5
\u2013
10
\u2013
\u00a0
56
(39)
16
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
89
(396)
154
(197)
Foreign exchange derivatives
\u2013
(27)
\u2013
\u2013
\u00a0
89
(423)
154
(197)
Total current
145
(462)
170
(197)
Non-current
\u00a0 \u00a0 \u00a0 \u00a0
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
1
(2)
\u2013
\u2013
Contingent consideration
1
\u2013
(52)
\u2013
\u2013
Other \ufb01nancial assets-investments
7
\u2013
\u2013
\u2013
\u00a0
8
(54)
\u2013
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
36
(215)
112
(87)
Foreign exchange derivatives
\u2013
(146)
\u2013
\u2013
\u00a0
36
(361)
112
(87)
Total non-current
44
(415)
112
(87)
Total current and non-current
189
(877)
282
(284)
\n
1
Contingent consideration relates to the Wintershall\u00a0Dea transaction and will be paid between 18-48 months after completion, depending on the average Brent crude price during
six-month periods. This is valued using an option pricing model.
Fair value measurements
All \ufb01nancial instruments that are initially recognised and subsequently remeasured at fair value have been classi\ufb01ed in accordance with
the hierarchy described in IFRS 13 Fair Value Measurement. The hierarchy groups fair value measurements into the following levels based
on the degree to which the fair value is observable.
\u2022
Level 1:
fair value measurements are derived from unadjusted quoted prices for identical assets or liabilities
\u2022
Level 2:
fair value measurements include inputs, other than quoted prices included within level 1, which are observable directly or indirectly
\u2022
Level 3:
fair value measurements are derived from valuation techniques that include signi\ufb01cant inputs not based on observable data
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
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
\u2013
5
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
152
\u2013
(627)
\u2013
Argentinian bonds
25
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
\u2013
\u2013
\u2013
(198)
\u2013
Investments
\u2013
\u2013
7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
\u2013
\u2013
(52)
Total fair value
25
157
7
(825)
(52)
As at 31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
Level 1
Level 2
Level 3
Level 2
Level 3
\u00a0
$ million
$ million
$ million
$ million
$ million
Fair value of embedded derivative within gas contract
\u2013
10
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
266
\u2013
(284)
\u2013
Foreign exchange derivatives
\u2013
6
\u2013
\u2013
\u2013
Total fair value
\u2013
282
\u2013
(284)
\u2013
\n
There were no transfers between fair value levels in 2023 or 2024.
Fair value movements recognised in the income statement on \ufb01nancial instruments are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance income
$ million
$ million
Change in fair value of embedded derivative within gas contract
\u2013
68
Commodity derivatives
5
\u2013
Argentinian bonds
7
\u2013
Interest rate derivatives
\u2013
(43)
\u00a0
12
25
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance expenses
$ million
$ million
Change in fair value of embedded derivative within gas contract
5
\u2013
Foreign exchange derivatives
30
\u2013
\u00a0
35
\u2013
\n
Fair values of other \ufb01nancial instruments
The following \ufb01nancial instruments are measured at amortised cost and are considered to have fair values different to their book values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0
2023
\u00a0
Book value
Fair value
Book value
Fair value
\u00a0
$ million
$ million
$ million
$ million
USD bond
(496)
(499)
(493)
(487)
EUR bonds
(4,515)
(4,555)
\u2013
\u2013
Total
(5,011)
(5,054)
(493)
(487)
\n
The fair value of the bonds is within level 2 of the fair value hierarchy and has been estimated by discounting future cash \ufb02ows by the relevant
market yield curve at the balance sheet date. The fair values of other \ufb01nancial instruments not measured at fair value including cash and
short-term deposits, trade receivables, trade payables and \ufb02oating rate borrowings equate approximately to their carrying amounts.
Cash \ufb02ow hedge accounting
The Group uses a combination of \ufb01xed price physical sales contracts and cash-settled \ufb01xed price commodity swaps and options to manage
the price risk associated with its underlying oil and gas revenues. As at 31 December 2024, all of the Group\u2019s cash-settled \ufb01xed price
commodity swap derivatives have been designated as cash \ufb02ow hedges of highly probable forecast sales of oil and gas.
The following table indicates the volumes, average hedged price and timings associated with the Group\u2019s commodity hedges:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Position as at 31 December 2024
2025
2026
2027
Oil
\u00a0\u00a0\u00a0
Total oil volume hedged (thousand bbls)
16,162
12,881
\u2013
\u2013 of which swaps
15,598
12,881
\u2013
\u2013 of which zero cost collars
564
\u2013
\u2013
Weighted average \ufb01xed price ($/bbl)
76.47
72.88
\u2013
Weighted average collar \ufb02oor and cap ($/bbl)
60.00-86.78
\u2013
\u2013
Natural gas
\u00a0\u00a0\u00a0
Gas volume hedged (thousand boe)
33,509
19,924
2,056
\u2013 of which swaps/\ufb01xed price forward sales
26,912
16,817
2,056
\u2013 of which zero cost collars
6,597
3,106
\u2013
Weighted average \ufb01xed price ($/mscf)
12.91
10.79
11.29
Weighted average collar \ufb02oor and cap ($/mscf)
11.46-22.50
9.04-16.71
\u2013
As at 31 December 2024, the fair value of net commodity derivatives designated as cash \ufb02ow hedges, all executed under ISDA agreements
with no margining requirements, was a net payable of $513 million (2023: $66 million payable) and net unrealised pre-tax losses of
$487 million (2023: $16 million) were deferred in other comprehensive income in respect of the effective portion of the hedge relationships.
Amounts deferred in other comprehensive income will be released to the income statement as the underlying hedged transactions occur.
As at 31 December 2024, net deferred pre-tax losses of $307 million (2023: $51 million) are expected to be released to the income
statement within one year.
Hedge ineffectiveness
The following table summarises the hedge ineffectiveness as at 31 December:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Commodity derivatives
\u2013
\u2013
Foreign exchange derivatives
8
\u2013
\u00a0
8
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "23. Other \ufb01nancial assets and liabilities
The Group held the following \ufb01nancial instruments at fair value at 31 December 2024. The fair values of all derivative \ufb01nancial instruments
are classi\ufb01ed in accordance with the hierarchy described in IFRS 13.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
31 December 2023
\u00a0
Assets
Liabilities
Assets
Liabilities
Current
$ million
$ million
$ million
$ million
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange derivatives
\u2013
(25)
6
\u2013
Commodity derivatives
26
(14)
\u2013
\u2013
Short-term investments
25
\u2013
\u2013
\u2013
Fair value of embedded derivative within gas contract
5
\u2013
10
\u2013
\u00a0
56
(39)
16
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
89
(396)
154
(197)
Foreign exchange derivatives
\u2013
(27)
\u2013
\u2013
\u00a0
89
(423)
154
(197)
Total current
145
(462)
170
(197)
Non-current
\u00a0 \u00a0 \u00a0 \u00a0
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
1
(2)
\u2013
\u2013
Contingent consideration
1
\u2013
(52)
\u2013
\u2013
Other \ufb01nancial assets-investments
7
\u2013
\u2013
\u2013
\u00a0
8
(54)
\u2013
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
36
(215)
112
(87)
Foreign exchange derivatives
\u2013
(146)
\u2013
\u2013
\u00a0
36
(361)
112
(87)
Total non-current
44
(415)
112
(87)
Total current and non-current
189
(877)
282
(284)
\n
1
Contingent consideration relates to the Wintershall\u00a0Dea transaction and will be paid between 18-48 months after completion, depending on the average Brent crude price during
six-month periods. This is valued using an option pricing model.
Fair value measurements
All \ufb01nancial instruments that are initially recognised and subsequently remeasured at fair value have been classi\ufb01ed in accordance with
the hierarchy described in IFRS 13 Fair Value Measurement. The hierarchy groups fair value measurements into the following levels based
on the degree to which the fair value is observable.
\u2022
Level 1:
fair value measurements are derived from unadjusted quoted prices for identical assets or liabilities
\u2022
Level 2:
fair value measurements include inputs, other than quoted prices included within level 1, which are observable directly or indirectly
\u2022
Level 3:
fair value measurements are derived from valuation techniques that include signi\ufb01cant inputs not based on observable data
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
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
\u2013
5
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
152
\u2013
(627)
\u2013
Argentinian bonds
25
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
\u2013
\u2013
\u2013
(198)
\u2013
Investments
\u2013
\u2013
7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
\u2013
\u2013
(52)
Total fair value
25
157
7
(825)
(52)
As at 31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
Level 1
Level 2
Level 3
Level 2
Level 3
\u00a0
$ million
$ million
$ million
$ million
$ million
Fair value of embedded derivative within gas contract
\u2013
10
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
266
\u2013
(284)
\u2013
Foreign exchange derivatives
\u2013
6
\u2013
\u2013
\u2013
Total fair value
\u2013
282
\u2013
(284)
\u2013
\n
There were no transfers between fair value levels in 2023 or 2024.
Fair value movements recognised in the income statement on \ufb01nancial instruments are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance income
$ million
$ million
Change in fair value of embedded derivative within gas contract
\u2013
68
Commodity derivatives
5
\u2013
Argentinian bonds
7
\u2013
Interest rate derivatives
\u2013
(43)
\u00a0
12
25
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance expenses
$ million
$ million
Change in fair value of embedded derivative within gas contract
5
\u2013
Foreign exchange derivatives
30
\u2013
\u00a0
35
\u2013
\n
Fair values of other \ufb01nancial instruments
The following \ufb01nancial instruments are measured at amortised cost and are considered to have fair values different to their book values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0
2023
\u00a0
Book value
Fair value
Book value
Fair value
\u00a0
$ million
$ million
$ million
$ million
USD bond
(496)
(499)
(493)
(487)
EUR bonds
(4,515)
(4,555)
\u2013
\u2013
Total
(5,011)
(5,054)
(493)
(487)
\n
The fair value of the bonds is within level 2 of the fair value hierarchy and has been estimated by discounting future cash \ufb02ows by the relevant
market yield curve at the balance sheet date. The fair values of other \ufb01nancial instruments not measured at fair value including cash and
short-term deposits, trade receivables, trade payables and \ufb02oating rate borrowings equate approximately to their carrying amounts.
Cash \ufb02ow hedge accounting
The Group uses a combination of \ufb01xed price physical sales contracts and cash-settled \ufb01xed price commodity swaps and options to manage
the price risk associated with its underlying oil and gas revenues. As at 31 December 2024, all of the Group\u2019s cash-settled \ufb01xed price
commodity swap derivatives have been designated as cash \ufb02ow hedges of highly probable forecast sales of oil and gas.
The following table indicates the volumes, average hedged price and timings associated with the Group\u2019s commodity hedges:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Position as at 31 December 2024
2025
2026
2027
Oil
\u00a0\u00a0\u00a0
Total oil volume hedged (thousand bbls)
16,162
12,881
\u2013
\u2013 of which swaps
15,598
12,881
\u2013
\u2013 of which zero cost collars
564
\u2013
\u2013
Weighted average \ufb01xed price ($/bbl)
76.47
72.88
\u2013
Weighted average collar \ufb02oor and cap ($/bbl)
60.00-86.78
\u2013
\u2013
Natural gas
\u00a0\u00a0\u00a0
Gas volume hedged (thousand boe)
33,509
19,924
2,056
\u2013 of which swaps/\ufb01xed price forward sales
26,912
16,817
2,056
\u2013 of which zero cost collars
6,597
3,106
\u2013
Weighted average \ufb01xed price ($/mscf)
12.91
10.79
11.29
Weighted average collar \ufb02oor and cap ($/mscf)
11.46-22.50
9.04-16.71
\u2013
As at 31 December 2024, the fair value of net commodity derivatives designated as cash \ufb02ow hedges, all executed under ISDA agreements
with no margining requirements, was a net payable of $513 million (2023: $66 million payable) and net unrealised pre-tax losses of
$487 million (2023: $16 million) were deferred in other comprehensive income in respect of the effective portion of the hedge relationships.
Amounts deferred in other comprehensive income will be released to the income statement as the underlying hedged transactions occur.
As at 31 December 2024, net deferred pre-tax losses of $307 million (2023: $51 million) are expected to be released to the income
statement within one year.
Hedge ineffectiveness
The following table summarises the hedge ineffectiveness as at 31 December:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Commodity derivatives
\u2013
\u2013
Foreign exchange derivatives
8
\u2013
\u00a0
8
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "23. Other \ufb01nancial assets and liabilities
The Group held the following \ufb01nancial instruments at fair value at 31 December 2024. The fair values of all derivative \ufb01nancial instruments
are classi\ufb01ed in accordance with the hierarchy described in IFRS 13.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
31 December 2023
\u00a0
Assets
Liabilities
Assets
Liabilities
Current
$ million
$ million
$ million
$ million
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange derivatives
\u2013
(25)
6
\u2013
Commodity derivatives
26
(14)
\u2013
\u2013
Short-term investments
25
\u2013
\u2013
\u2013
Fair value of embedded derivative within gas contract
5
\u2013
10
\u2013
\u00a0
56
(39)
16
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
89
(396)
154
(197)
Foreign exchange derivatives
\u2013
(27)
\u2013
\u2013
\u00a0
89
(423)
154
(197)
Total current
145
(462)
170
(197)
Non-current
\u00a0 \u00a0 \u00a0 \u00a0
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
1
(2)
\u2013
\u2013
Contingent consideration
1
\u2013
(52)
\u2013
\u2013
Other \ufb01nancial assets-investments
7
\u2013
\u2013
\u2013
\u00a0
8
(54)
\u2013
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
36
(215)
112
(87)
Foreign exchange derivatives
\u2013
(146)
\u2013
\u2013
\u00a0
36
(361)
112
(87)
Total non-current
44
(415)
112
(87)
Total current and non-current
189
(877)
282
(284)
\n
1
Contingent consideration relates to the Wintershall\u00a0Dea transaction and will be paid between 18-48 months after completion, depending on the average Brent crude price during
six-month periods. This is valued using an option pricing model.
Fair value measurements
All \ufb01nancial instruments that are initially recognised and subsequently remeasured at fair value have been classi\ufb01ed in accordance with
the hierarchy described in IFRS 13 Fair Value Measurement. The hierarchy groups fair value measurements into the following levels based
on the degree to which the fair value is observable.
\u2022
Level 1:
fair value measurements are derived from unadjusted quoted prices for identical assets or liabilities
\u2022
Level 2:
fair value measurements include inputs, other than quoted prices included within level 1, which are observable directly or indirectly
\u2022
Level 3:
fair value measurements are derived from valuation techniques that include signi\ufb01cant inputs not based on observable data
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
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
\u2013
5
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
152
\u2013
(627)
\u2013
Argentinian bonds
25
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
\u2013
\u2013
\u2013
(198)
\u2013
Investments
\u2013
\u2013
7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
\u2013
\u2013
(52)
Total fair value
25
157
7
(825)
(52)
As at 31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
Level 1
Level 2
Level 3
Level 2
Level 3
\u00a0
$ million
$ million
$ million
$ million
$ million
Fair value of embedded derivative within gas contract
\u2013
10
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
266
\u2013
(284)
\u2013
Foreign exchange derivatives
\u2013
6
\u2013
\u2013
\u2013
Total fair value
\u2013
282
\u2013
(284)
\u2013
\n
There were no transfers between fair value levels in 2023 or 2024.
Fair value movements recognised in the income statement on \ufb01nancial instruments are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance income
$ million
$ million
Change in fair value of embedded derivative within gas contract
\u2013
68
Commodity derivatives
5
\u2013
Argentinian bonds
7
\u2013
Interest rate derivatives
\u2013
(43)
\u00a0
12
25
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance expenses
$ million
$ million
Change in fair value of embedded derivative within gas contract
5
\u2013
Foreign exchange derivatives
30
\u2013
\u00a0
35
\u2013
\n
Fair values of other \ufb01nancial instruments
The following \ufb01nancial instruments are measured at amortised cost and are considered to have fair values different to their book values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0
2023
\u00a0
Book value
Fair value
Book value
Fair value
\u00a0
$ million
$ million
$ million
$ million
USD bond
(496)
(499)
(493)
(487)
EUR bonds
(4,515)
(4,555)
\u2013
\u2013
Total
(5,011)
(5,054)
(493)
(487)
\n
The fair value of the bonds is within level 2 of the fair value hierarchy and has been estimated by discounting future cash \ufb02ows by the relevant
market yield curve at the balance sheet date. The fair values of other \ufb01nancial instruments not measured at fair value including cash and
short-term deposits, trade receivables, trade payables and \ufb02oating rate borrowings equate approximately to their carrying amounts.
Cash \ufb02ow hedge accounting
The Group uses a combination of \ufb01xed price physical sales contracts and cash-settled \ufb01xed price commodity swaps and options to manage
the price risk associated with its underlying oil and gas revenues. As at 31 December 2024, all of the Group\u2019s cash-settled \ufb01xed price
commodity swap derivatives have been designated as cash \ufb02ow hedges of highly probable forecast sales of oil and gas.
The following table indicates the volumes, average hedged price and timings associated with the Group\u2019s commodity hedges:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Position as at 31 December 2024
2025
2026
2027
Oil
\u00a0\u00a0\u00a0
Total oil volume hedged (thousand bbls)
16,162
12,881
\u2013
\u2013 of which swaps
15,598
12,881
\u2013
\u2013 of which zero cost collars
564
\u2013
\u2013
Weighted average \ufb01xed price ($/bbl)
76.47
72.88
\u2013
Weighted average collar \ufb02oor and cap ($/bbl)
60.00-86.78
\u2013
\u2013
Natural gas
\u00a0\u00a0\u00a0
Gas volume hedged (thousand boe)
33,509
19,924
2,056
\u2013 of which swaps/\ufb01xed price forward sales
26,912
16,817
2,056
\u2013 of which zero cost collars
6,597
3,106
\u2013
Weighted average \ufb01xed price ($/mscf)
12.91
10.79
11.29
Weighted average collar \ufb02oor and cap ($/mscf)
11.46-22.50
9.04-16.71
\u2013
As at 31 December 2024, the fair value of net commodity derivatives designated as cash \ufb02ow hedges, all executed under ISDA agreements
with no margining requirements, was a net payable of $513 million (2023: $66 million payable) and net unrealised pre-tax losses of
$487 million (2023: $16 million) were deferred in other comprehensive income in respect of the effective portion of the hedge relationships.
Amounts deferred in other comprehensive income will be released to the income statement as the underlying hedged transactions occur.
As at 31 December 2024, net deferred pre-tax losses of $307 million (2023: $51 million) are expected to be released to the income
statement within one year.
Hedge ineffectiveness
The following table summarises the hedge ineffectiveness as at 31 December:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
Commodity derivatives
\u2013
\u2013
Foreign exchange derivatives
8
\u2013
\u00a0
8
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
31 December 2023
\u00a0
Assets
Liabilities
Assets
Liabilities
Current
$ million
$ million
$ million
$ million
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange derivatives
\u2013
(25)
6
\u2013
Commodity derivatives
26
(14)
\u2013
\u2013
Short-term investments
25
\u2013
\u2013
\u2013
Fair value of embedded derivative within gas contract
5
\u2013
10
\u2013
\u00a0
56
(39)
16
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
89
(396)
154
(197)
Foreign exchange derivatives
\u2013
(27)
\u2013
\u2013
\u00a0
89
(423)
154
(197)
Total current
145
(462)
170
(197)
Non-current
\u00a0 \u00a0 \u00a0 \u00a0
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
1
(2)
\u2013
\u2013
Contingent consideration
1
\u2013
(52)
\u2013
\u2013
Other \ufb01nancial assets-investments
7
\u2013
\u2013
\u2013
\u00a0
8
(54)
\u2013
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
36
(215)
112
(87)
Foreign exchange derivatives
\u2013
(146)
\u2013
\u2013
\u00a0
36
(361)
112
(87)
Total non-current
44
(415)
112
(87)
Total current and non-current
189
(877)
282
(284)
\n
1
Contingent consideration relates to the Wintershall\u00a0Dea transaction and will be paid between 18-48 months after completion, depending on the average Brent crude price during
six-month periods. This is valued using an option pricing model. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
31 December 2024
31 December 2023
\u00a0
Assets
Liabilities
Assets
Liabilities
Current
$ million
$ million
$ million
$ million
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange derivatives
\u2013
(25)
6
\u2013
Commodity derivatives
26
(14)
\u2013
\u2013
Short-term investments
25
\u2013
\u2013
\u2013
Fair value of embedded derivative within gas contract
5
\u2013
10
\u2013
\u00a0
56
(39)
16
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
89
(396)
154
(197)
Foreign exchange derivatives
\u2013
(27)
\u2013
\u2013
\u00a0
89
(423)
154
(197)
Total current
145
(462)
170
(197)
Non-current
\u00a0 \u00a0 \u00a0 \u00a0
Measured at fair value through pro\ufb01t and loss
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
1
(2)
\u2013
\u2013
Contingent consideration
1
\u2013
(52)
\u2013
\u2013
Other \ufb01nancial assets-investments
7
\u2013
\u2013
\u2013
\u00a0
8
(54)
\u2013
\u2013
Measured at fair value through other comprehensive income
\u00a0 \u00a0 \u00a0 \u00a0
Commodity derivatives
36
(215)
112
(87)
Foreign exchange derivatives
\u2013
(146)
\u2013
\u2013
\u00a0
36
(361)
112
(87)
Total non-current
44
(415)
112
(87)
Total current and non-current
189
(877)
282
(284)
\n
1
Contingent consideration relates to the Wintershall\u00a0Dea transaction and will be paid between 18-48 months after completion, depending on the average Brent crude price during
six-month periods. This is valued using an option pricing model. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "Fair value measurements
All \ufb01nancial instruments that are initially recognised and subsequently remeasured at fair value have been classi\ufb01ed in accordance with
the hierarchy described in IFRS 13 Fair Value Measurement. The hierarchy groups fair value measurements into the following levels based
on the degree to which the fair value is observable.
\u2022
Level 1:
fair value measurements are derived from unadjusted quoted prices for identical assets or liabilities
\u2022
Level 2:
fair value measurements include inputs, other than quoted prices included within level 1, which are observable directly or indirectly
\u2022
Level 3:
fair value measurements are derived from valuation techniques that include signi\ufb01cant inputs not based on observable data
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
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
\u2013
5
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
152
\u2013
(627)
\u2013
Argentinian bonds
25
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
\u2013
\u2013
\u2013
(198)
\u2013
Investments
\u2013
\u2013
7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
\u2013
\u2013
(52)
Total fair value
25
157
7
(825)
(52)
As at 31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
Level 1
Level 2
Level 3
Level 2
Level 3
\u00a0
$ million
$ million
$ million
$ million
$ million
Fair value of embedded derivative within gas contract
\u2013
10
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
266
\u2013
(284)
\u2013
Foreign exchange derivatives
\u2013
6
\u2013
\u2013
\u2013
Total fair value
\u2013
282
\u2013
(284)
\u2013
\n
There were no transfers between fair value levels in 2023 or 2024.
Fair value movements recognised in the income statement on \ufb01nancial instruments are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance income
$ million
$ million
Change in fair value of embedded derivative within gas contract
\u2013
68
Commodity derivatives
5
\u2013
Argentinian bonds
7
\u2013
Interest rate derivatives
\u2013
(43)
\u00a0
12
25
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance expenses
$ million
$ million
Change in fair value of embedded derivative within gas contract
5
\u2013
Foreign exchange derivatives
30
\u2013
\u00a0
35
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "Fair value measurements
All \ufb01nancial instruments that are initially recognised and subsequently remeasured at fair value have been classi\ufb01ed in accordance with
the hierarchy described in IFRS 13 Fair Value Measurement. The hierarchy groups fair value measurements into the following levels based
on the degree to which the fair value is observable.
\u2022
Level 1:
fair value measurements are derived from unadjusted quoted prices for identical assets or liabilities
\u2022
Level 2:
fair value measurements include inputs, other than quoted prices included within level 1, which are observable directly or indirectly
\u2022
Level 3:
fair value measurements are derived from valuation techniques that include signi\ufb01cant inputs not based on observable data
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
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
\u2013
5
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
152
\u2013
(627)
\u2013
Argentinian bonds
25
\u2013
\u2013
\u2013
\u2013
Foreign exchange derivatives
\u2013
\u2013
\u2013
(198)
\u2013
Investments
\u2013
\u2013
7
\u2013
\u2013
Contingent consideration
\u2013
\u2013
\u2013
\u2013
(52)
Total fair value
25
157
7
(825)
(52)
As at 31 December 2023
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Financial assets
Financial liabilities
\u00a0
Level 1
Level 2
Level 3
Level 2
Level 3
\u00a0
$ million
$ million
$ million
$ million
$ million
Fair value of embedded derivative within gas contract
\u2013
10
\u2013
\u2013
\u2013
Commodity derivatives
\u2013
266
\u2013
(284)
\u2013
Foreign exchange derivatives
\u2013
6
\u2013
\u2013
\u2013
Total fair value
\u2013
282
\u2013
(284)
\u2013
\n
There were no transfers between fair value levels in 2023 or 2024.
Fair value movements recognised in the income statement on \ufb01nancial instruments are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance income
$ million
$ million
Change in fair value of embedded derivative within gas contract
\u2013
68
Commodity derivatives
5
\u2013
Argentinian bonds
7
\u2013
Interest rate derivatives
\u2013
(43)
\u00a0
12
25
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Finance expenses
$ million
$ million
Change in fair value of embedded derivative within gas contract
5
\u2013
Foreign exchange derivatives
30
\u2013
\u00a0
35
\u2013
\n
Fair values of other \ufb01nancial instruments
The following \ufb01nancial instruments are measured at amortised cost and are considered to have fair values different to their book values.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0
2023
\u00a0
Book value
Fair value
Book value
Fair value
\u00a0
$ million
$ million
$ million
$ million
USD bond
(496)
(499)
(493)
(487)
EUR bonds
(4,515)
(4,555)
\u2013
\u2013
Total
(5,011)
(5,054)
(493)
(487)
\n
The fair value of the bonds is within level 2 of the fair value hierarchy and has been estimated by discounting future cash \ufb02ows by the relevant
market yield curve at the balance sheet date. The fair values of other \ufb01nancial instruments not measured at fair value including cash and
short-term deposits, trade receivables, trade payables and \ufb02oating rate borrowings equate approximately to their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "24. Financial risk factors and risk management
The Group\u2019s principal \ufb01nancial assets and liabilities comprise trade and other receivables, cash and short-term deposits accounts,
trade payables, interest bearing loans and derivative \ufb01nancial instruments. The main purpose of these \ufb01nancial instruments is to manage
short-term cash \ufb02ow, price exposures and raise \ufb01nance for the Group\u2019s expenditure programme. Further information on the Group\u2019s \ufb01nancial
instrument risk management objectives, policies and strategies is set out in the discussion of our \ufb01nancial discipline principal risk in the
Strategic report (see page 67).
Risk exposures and responses
The Group manages its exposure to key \ufb01nancial risks in accordance with its \ufb01nancial risk management policy. The objective of the policy is
to support the delivery of the Group\u2019s \ufb01nancial targets while protecting future \ufb01nancial security. The main risks that could adversely affect the
Group\u2019s \ufb01nancial assets, liabilities or future cash \ufb02ows are market risks comprising commodity price risk, interest rate risk and foreign currency
risk, liquidity risk, and credit risk. Management reviews and agrees policies for managing each of these risks which are summarised in this note.
The Group\u2019s management oversees the management of \ufb01nancial risks. The Group\u2019s senior management ensures that \ufb01nancial risk-taking
activities are governed by appropriate policies and procedures and that \ufb01nancial risks are identi\ufb01ed, measured and managed in accordance
with Group policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the
appropriate skills, experience and supervision. It is the Group\u2019s policy that no trading in derivatives for speculative purposes shall be undertaken.
Market risk
Market risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market prices.
Market risk comprises three types of risk: commodity price risk, interest rate risk and foreign currency risk. Financial instruments mainly
affected by market risk include loans and borrowings, deposits and derivative \ufb01nancial instruments.
The sensitivity analyses in the following sections relate to the position as at 31 December 2024 and 31 December 2023.
The sensitivity analyses have been prepared on the basis that the number of \ufb01nancial instruments are all constant. The sensitivity analyses
are intended to illustrate the sensitivity to changes in market variables on the composition of the Group\u2019s \ufb01nancial instruments at the
balance sheet date and show the impact on pro\ufb01t or loss and shareholders\u2019 equity, where applicable.
The following assumptions have been made in calculating the sensitivity analyses:
\u2022
The sensitivity of the relevant pro\ufb01t before tax item and/or equity is the effect of the assumed changes in respective market risks
for the full year based on the \ufb01nancial assets and \ufb01nancial liabilities held at the balance sheet date
\u2022
The sensitivities indicate the effect of a reasonable increase in each market variable. Unless otherwise stated, the effect
of a corresponding decrease in these variables is considered approximately equal and opposite
\u2022
Fair value changes from derivative instruments designated as cash \ufb02ow hedges are considered fully effective and recorded
in shareholders\u2019 equity, net of tax
\u2022
Fair value changes from derivatives and other \ufb01nancial instruments not designated as cash \ufb02ow hedges are presented as a sensitivity
to pro\ufb01t before tax only and not included in shareholders\u2019 equity
Commodity price risk
The Group is exposed to the risk of \ufb02uctuations in prevailing market commodity prices on the mix of oil and gas products. On a rolling basis,
the policy allows the Group to hedge the commodity price exposure associated with 40 to 70 per cent of the next 12 months\u2019 production
(year 1), between 30 and 60 per cent of year 2 production, from year 3 up to 50 per cent of production and from year 4 up to 40 per cent
of production. Current target is to hedge circa 50 per cent of year 1 and up to 30 per cent of year 2 commodity price exposure. The Group
manages these risks through the use of \ufb01xed price contracts with customers for physical delivery and derivative \ufb01nancial instruments
including \ufb01xed price swaps and options.
Commodity price sensitivity
\n
The following table summarises the impact on the Group\u2019s pre-tax pro\ufb01t and equity from a reasonably foreseeable movement in commodity
\n
prices on the fair value of commodity based derivative instruments held by the Group at the balance sheet date.
\n\n \n
E\ufb00ect on pro\ufb01t
E\ufb00ect on
before tax
equity
As at 31 December 2024
Market movement
$ million
$ million
Brent oil price
$10/bbl increase
\u2013
(91)
Brent oil price
$10/bbl decrease
\u2013
91
NBP gas price
\u00a30.1/therm increase
\u2013
(36)
NBP gas price
\u00a30.1/therm decrease
\u2013
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
\n\n \n
Effect on pro\ufb01t
Effect on
before tax
equity
As at 31 December 2023
Market movement
$ million
$ million
Brent oil price
$10/bbl increase
\u2013
(28)
Brent oil price
$10/bbl decrease
\u2013
28
NBP gas price
\u00a30.1/therm increase
\u2013
(28)
NBP gas price
\u00a30.1/therm decrease
\u2013
28
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market
\n
interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligation
\n
with \ufb02oating interest rates.
\n
At 31 December 2024, \ufb02oating rate borrowings comprise loans under the RCF which incur interest between 5.9 and 6.6 per cent (based
\n
on the Secured Overnight Financing Rate (SOFR) plus a 1.45 per cent margin) and \ufb01xed rate borrowings comprise a $500 million high yield
\n
bond which incurs interest at 5.5 per cent per annum and bonds of \u20ac4.6 billion which incur interest at between 0.84 per cent and 4.357 per
\n
cent per annum (see note 22). As at 31 December 2023, \ufb01xed rate borrowings comprised a bond incurring interest at 5.5 per cent per
\n
annum, and no \ufb02oating rate borrowings. Floating rate \ufb01nancial assets comprise cash and cash equivalents which earn interest at the relevant
\n
market rate. Prior to settlement of the RBL, the Group monitored its exposure to \ufb02uctuations in interest rates and uses interest rate
\n
derivatives to manage the \ufb01xed and \ufb02oating composition of its borrowings.
\n
The interest rate \ufb01nancial instruments in place at the balance sheet date are shown below:
\n\n \n
Derivative
Currency pair
Notional amount
Period of hedge
Terms
31 December 2024
Cross-currency
USD:EUR
\u20ac363 million
<1 year
$1.1015:\u20ac1
interest rate swaps
\u20ac1,403 million
2\u20135 years
$1.1017\u2013$1.1209:\u20ac1
\u20ac650 million
>5 years
$1.1209:\u20ac1
31 December 2023
Cross-currency
interest rate swaps
N/A
$nil
N/A
N/A
\n
The cross-currency interest rate swaps relating to the Euro bonds have been designated as cash \ufb02ow hedges where \u20ac2.4 billion was hedged
\n
at a forward rate of between 1.1015 and 1.1209.
The interest rate and currency pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial assets and liabilities are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Fixed rate
Floating rate
\u00a0
\u00a0
Cash at bank
borrowings
borrowings
Total
As at 31 December 2024
$ million
$ million
$ million
$ million
US dollar
416
(496)
(218)
(298)
Pound sterling
75
\u2013
\u2013
75
Euro
75
(4,515)
\u2013
(4,440)
Norwegian krone
36
\u2013
\u2013
36
Argentinian pesos
173
\u2013
\u2013
173
Mexican pesos
10
\u2013
\u2013
10
Egyptian pound
8
\u2013
\u2013
8
Other
12
\u2013
\u2013
12
\u00a0
805
(5,011)
(218)
(4,424)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Fixed rate
Floating rate
\u00a0
As at 31 December 2023
Cash at bank
borrowings
borrowings
Total
As restated
$ million
$ million
$ million
$ million
US dollar
244
(493)
\u2013
(249)
Pound sterling
28
\u2013
\u2013
28
Norwegian krone
13
\u2013
\u2013
13
Other
1
\u2013
\u2013
1
\u00a0
286
(493)
\u2013
(207)
\n
Interest rate sensitivity
The following table demonstrates the indicative pre-tax effect on pro\ufb01t and equity of applying a reasonably foreseeable increase in interest
rates to the Group\u2019s \ufb01nancial assets and liabilities at the balance sheet date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Effect on pro\ufb01t before tax
Effect on equity
\u00a0
Market movement
$ million
$ million
31 December 2024
\u00a0 \u00a0 \u00a0
US dollar interest rates
+100 basis points
1
\u2013
31 December 2023
\u00a0 \u00a0 \u00a0
US dollar interest rates
+100 basis points
2
\u2013
\n
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in foreign
exchange rates.
The Group is exposed to foreign currency risk primarily arising from exchange rate movements in US dollar against a range of foreign
currencies. To mitigate exposure to movements in exchange rates, wherever possible \ufb01nancial assets and liabilities are held in currencies
that match the functional currency of the relevant entity. The Group has material subsidiaries with functional currencies of pound sterling,
US dollar, Norwegian krone, Euro and Mexican pesos. Exposures can also arise from sales or purchases denominated in currencies
other than the functional currency of the relevant entity; such exposures are monitored and hedged with agreement from the Board.
The Group enters into forward contracts as a means of hedging its exposure to foreign exchange rate risks. As at 31 December 2024,
the Group had:
\u2022
\u00a3212.5 million hedged at a forward rate of between $1.2482 and $1.2774:\u00a31 for January 2025
\u2022
NOK 9.6 billion hedged at forward rates of between NOK 10.9805 and NOK 11.3963:\u00a31 for the period January 2025 to May 2025
As at 31 December 2023, the Group had \u00a3212 million hedged at a forward rate of between $1.2182 and $1.2742:\u00a31 for the period
from January 2024 to October 2024.
Foreign currency sensitivity
Changes in exchange rates could lead to losses in the value of \ufb01nancial instruments and adverse changes in future cash \ufb02ows. Foreign
currency risks from \ufb01nancial instruments arise from the translation of \ufb01nancial receivables, cash and cash equivalents and \ufb01nancial liabilities
into the functional currency of the Group company at the closing rates. The following table demonstrates the sensitivity to a reasonably
foreseeable change in US dollars against other currencies with all other variables held constant, on the Group\u2019s pro\ufb01t before tax (due to
foreign exchange translation of monetary assets and liabilities). The impact of translating the net assets of foreign operations into US dollars
is excluded from the sensitivity analysis.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sensitivity (+10%)
Sensitivity (-10%)
\u00a0
$ million
$ million
31 December 2024
\u00a0\u00a0
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
\u00a0\u00a0
Pound sterling
78
(78)
\n
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer commercial contract, leading
to \ufb01nancial loss. Credit risks are managed on a Group basis. Group-wide procedures cover applications for credit approval for both \ufb01nancial
and non-\ufb01nancial counterparties where appropriate. These procedures cover the granting and renewal of counterparty credit limits, the
monitoring of exposures with respect to these limits and the requirements triggering secured payment terms.
The solvency of and credit exposures with all counterparties are monitored and assessed on a timely basis. If customers are independently
rated, these ratings are primarily used for assessment. If there is no independent rating, the credit risk management function assesses
customers\u2019 credit quality based on their \ufb01nancial position or bases the assessment on experience and other factors. In these cases,
individual risk limits are set based on internal equivalent or by external ratings.
Credit risk in \ufb01nancial instruments arise from cash or cash equivalents and \ufb01nancial derivatives. The placing of liquid funds is subject
to credit approval. Banks with a credit rating of \u2018A\u2019 are normally used. In some cases, funds may be held in an overseas business unit
with lower credit quality which may also be impacted by the country sovereign rating. In these situations, credit approval is given within
the country risk environment. Derivative \ufb01nancial instruments are conducted with credit approved banks and \ufb01nancial institutions normally
rated A- or better and selected credit approved commercial counterparties. Selectively derivatives may be conducted with local banks
in asset territories below this rating subject to credit approval.
The Group is exposed to credit risk from its operating activities, primarily for trade receivables, and from its \ufb01nancing activities. The Group
seeks to trade only with recognised, creditworthy third parties. Trade receivables are monitored on an ongoing basis and credit exposures
related to receivables mark to market positions are monitored closely for credit decline which may allow the provision of contractual credit
support by a third party.
An indication of the concentration of credit risk on trade receivables is shown in note 4, whereby the revenue from one customer exceeds
54\u00a0per cent (2023: 88 per cent) of the Group\u2019s consolidated revenue.
With regard to Harbour\u2019s own credit risk management, it has corporate credit ratings from the following agencies:
\u2022
S&P Global at BBB-
\u2022
Fitch at BBB-
\u2022
Moody\u2019s at Baa2
In addition, each of the traded bonds have ratings from the credit ratings agencies.
Impairment on \ufb01nancial assets
In order to determine the impairment of \ufb01nancial assets, Harbour\u00a0Energy uses either a general three-stage approach or the simpli\ufb01ed
approach, according to IFRS 9, as applicable. In the case of \ufb01nancial assets for which the simpli\ufb01ed approach does not apply, their
assessment takes place as at each reporting date to determine whether the credit risk on a \ufb01nancial instrument has increased signi\ufb01cantly
since its initial recognition.
Trade accounts receivable, other receivables including cash at bank and deposits are subject to the expected credit loss model. This is
generally based on either externally provided or internal ratings for each debtor which, in certain cases, are updated based on recently
available information.
To measure the expected credit losses on trade accounts receivable, Harbour\u00a0Energy applies the simpli\ufb01ed approach according to IFRS 9.
Accordingly, the loss allowance is measured at an amount equal to the lifetime expected credit losses. For trade accounts receivable, the
contractual payment term is usually 30 days. In deviation to this general rule, terms of up to one year are considered for the calculation
of expected credit losses due to different regional payment practices.
The loss allowance for other receivables, including cash at bank and deposits, is measured at an amount equal to the 12-month expected
credit loss. If the term of the \ufb01nancial instrument is shorter than 12 months, the lifetime expected credit loss is applied.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Additions from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
\u00a0 \u00a0
Reclass
\u00a0 \u00a0 \u00a0
\u00a0
As at 1 January
combinations &
\u00a0 \u00a0
between
\u00a0 \u00a0
At 31 December
\u00a0
2024
joint arrangements
Additions
Reversals
categories
Disposals
FX
2024
\u00a0
$ million
$ million
$ million
$ million
$ million
$ million
$million
$ million
Trade receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which stage 2
1
\u2013
\u2013
22
(1)
\u2013
\u2013
(1)
20
Of which stage 3
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0
\u2013
\u2013
22
(1)
\u2013
\u2013
(1)
20
Other receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which stage 2
1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Of which stage 3
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
\u00a0
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
Financial receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and bank balances
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which stage 1
3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Of which stage 2
1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Of which stage 3
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
24
(1)
\u2013
\u2013
(1)
22
\n
1
The credit risk has increased signi\ufb01cantly since initial recognition, the loss allowance for the \ufb01nancial assets is measured at an amount equal to the lifetime expected credit losses.
2
The \ufb01nancial asset is credit impaired.
3
The loss allowance for \ufb01nancial assets is measured at an amount equal to a 12-month expected credit loss.
Liquidity risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting obligations associated with \ufb01nancial liabilities that are settled by
delivering cash or another \ufb01nancial asset. The Group monitors the amount of borrowings maturing within any speci\ufb01c period and expects
to meet its \ufb01nancing commitments from the operating cash \ufb02ows of the business and existing committed lines of credit. The table below
summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on contractual undiscounted payments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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 \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bonds
1,173
629
2,049
2,127
5,978
Other loans
251
\u2013
\u2013
\u2013
251
Trading contracts within the scope of IFRS 9 (settled physically)
54
8
\u2013
\u2013
62
Trade and other payables
1,548
30
\u2013
\u2013
1,578
Lease obligations
295
206
394
92
987
Total non-derivative \ufb01nancial liabilities
3,321
873
2,443
2,219
8,856
Derivative \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net-settled commodity derivatives
191
92
23
\u2013
306
Net-settled foreign exchange derivatives
48
39
97
29
213
\u00a0
3,560
1,004
2,563
2,248
9,375
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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 \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bond
28
28
528
\u2013
584
Other loans
16
\u2013
\u2013
\u2013
16
Trade and other payables
854
13
\u2013
\u2013
867
Lease obligations
250
186
340
121
897
Total non-derivative \ufb01nancial liabilities
1,148
227
868
121
2,364
Derivative \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net-settled commodity derivatives
197
87
\u2013
\u2013
284
Net-settled foreign exchange derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0
1,345
314
868
121
2,648
\n
The maturity pro\ufb01les in the above tables re\ufb02ect only one side of the Group\u2019s liquidity position and will be recorded in the income statement
against future production and revenue which are not recognised on the balance sheet as assets. Interest bearing loans and borrowings and
trade payables mainly originate from the \ufb01nancing of assets used in the Group\u2019s ongoing operations such as property, plant and equipment
and working capital such as inventories. These assets are considered part of the Group\u2019s overall liquidity risk.
Financial instruments subject to o\ufb00setting, enforceable master netting arrangements
The following table shows the amounts recognised for \ufb01nancial assets and liabilities which are subject to offsetting arrangements on a gross
basis, and the amounts offset in the balance sheet.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Gross amounts of
\u00a0 \u00a0
\u00a0
recognised \ufb01nancial
\u00a0
Net amounts presented on
\u00a0
assets/(liabilities)
Amounts set o\ufb00
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
\u00a0 \u00a0 \u00a0
Commodity derivative assets
303
(37)
266
Commodity derivative liabilities
(321)
37
(284)
\nDerivatives are offset in the \ufb01nancial statements where the Group has a legally enforceable right and intention to offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "Market risk
Market risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market prices.
Market risk comprises three types of risk: commodity price risk, interest rate risk and foreign currency risk. Financial instruments mainly
affected by market risk include loans and borrowings, deposits and derivative \ufb01nancial instruments.
The sensitivity analyses in the following sections relate to the position as at 31 December 2024 and 31 December 2023.
The sensitivity analyses have been prepared on the basis that the number of \ufb01nancial instruments are all constant. The sensitivity analyses
are intended to illustrate the sensitivity to changes in market variables on the composition of the Group\u2019s \ufb01nancial instruments at the
balance sheet date and show the impact on pro\ufb01t or loss and shareholders\u2019 equity, where applicable.
The following assumptions have been made in calculating the sensitivity analyses:
\u2022
The sensitivity of the relevant pro\ufb01t before tax item and/or equity is the effect of the assumed changes in respective market risks
for the full year based on the \ufb01nancial assets and \ufb01nancial liabilities held at the balance sheet date
\u2022
The sensitivities indicate the effect of a reasonable increase in each market variable. Unless otherwise stated, the effect
of a corresponding decrease in these variables is considered approximately equal and opposite
\u2022
Fair value changes from derivative instruments designated as cash \ufb02ow hedges are considered fully effective and recorded
in shareholders\u2019 equity, net of tax
\u2022
Fair value changes from derivatives and other \ufb01nancial instruments not designated as cash \ufb02ow hedges are presented as a sensitivity
to pro\ufb01t before tax only and not included in shareholders\u2019 equity
Commodity price risk
The Group is exposed to the risk of \ufb02uctuations in prevailing market commodity prices on the mix of oil and gas products. On a rolling basis,
the policy allows the Group to hedge the commodity price exposure associated with 40 to 70 per cent of the next 12 months\u2019 production
(year 1), between 30 and 60 per cent of year 2 production, from year 3 up to 50 per cent of production and from year 4 up to 40 per cent
of production. Current target is to hedge circa 50 per cent of year 1 and up to 30 per cent of year 2 commodity price exposure. The Group
manages these risks through the use of \ufb01xed price contracts with customers for physical delivery and derivative \ufb01nancial instruments
including \ufb01xed price swaps and options.
Commodity price sensitivity
\n
The following table summarises the impact on the Group\u2019s pre-tax pro\ufb01t and equity from a reasonably foreseeable movement in commodity
\n
prices on the fair value of commodity based derivative instruments held by the Group at the balance sheet date.
\n\n \n
E\ufb00ect on pro\ufb01t
E\ufb00ect on
before tax
equity
As at 31 December 2024
Market movement
$ million
$ million
Brent oil price
$10/bbl increase
\u2013
(91)
Brent oil price
$10/bbl decrease
\u2013
91
NBP gas price
\u00a30.1/therm increase
\u2013
(36)
NBP gas price
\u00a30.1/therm decrease
\u2013
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
\n\n \n
Effect on pro\ufb01t
Effect on
before tax
equity
As at 31 December 2023
Market movement
$ million
$ million
Brent oil price
$10/bbl increase
\u2013
(28)
Brent oil price
$10/bbl decrease
\u2013
28
NBP gas price
\u00a30.1/therm increase
\u2013
(28)
NBP gas price
\u00a30.1/therm decrease
\u2013
28
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value of future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in market
\n
interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligation
\n
with \ufb02oating interest rates.
\n
At 31 December 2024, \ufb02oating rate borrowings comprise loans under the RCF which incur interest between 5.9 and 6.6 per cent (based
\n
on the Secured Overnight Financing Rate (SOFR) plus a 1.45 per cent margin) and \ufb01xed rate borrowings comprise a $500 million high yield
\n
bond which incurs interest at 5.5 per cent per annum and bonds of \u20ac4.6 billion which incur interest at between 0.84 per cent and 4.357 per
\n
cent per annum (see note 22). As at 31 December 2023, \ufb01xed rate borrowings comprised a bond incurring interest at 5.5 per cent per
\n
annum, and no \ufb02oating rate borrowings. Floating rate \ufb01nancial assets comprise cash and cash equivalents which earn interest at the relevant
\n
market rate. Prior to settlement of the RBL, the Group monitored its exposure to \ufb02uctuations in interest rates and uses interest rate
\n
derivatives to manage the \ufb01xed and \ufb02oating composition of its borrowings.
\n
The interest rate \ufb01nancial instruments in place at the balance sheet date are shown below:
\n\n \n
Derivative
Currency pair
Notional amount
Period of hedge
Terms
31 December 2024
Cross-currency
USD:EUR
\u20ac363 million
<1 year
$1.1015:\u20ac1
interest rate swaps
\u20ac1,403 million
2\u20135 years
$1.1017\u2013$1.1209:\u20ac1
\u20ac650 million
>5 years
$1.1209:\u20ac1
31 December 2023
Cross-currency
interest rate swaps
N/A
$nil
N/A
N/A
\n
The cross-currency interest rate swaps relating to the Euro bonds have been designated as cash \ufb02ow hedges where \u20ac2.4 billion was hedged
\n
at a forward rate of between 1.1015 and 1.1209.
The interest rate and currency pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial assets and liabilities are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Fixed rate
Floating rate
\u00a0
\u00a0
Cash at bank
borrowings
borrowings
Total
As at 31 December 2024
$ million
$ million
$ million
$ million
US dollar
416
(496)
(218)
(298)
Pound sterling
75
\u2013
\u2013
75
Euro
75
(4,515)
\u2013
(4,440)
Norwegian krone
36
\u2013
\u2013
36
Argentinian pesos
173
\u2013
\u2013
173
Mexican pesos
10
\u2013
\u2013
10
Egyptian pound
8
\u2013
\u2013
8
Other
12
\u2013
\u2013
12
\u00a0
805
(5,011)
(218)
(4,424)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Fixed rate
Floating rate
\u00a0
As at 31 December 2023
Cash at bank
borrowings
borrowings
Total
As restated
$ million
$ million
$ million
$ million
US dollar
244
(493)
\u2013
(249)
Pound sterling
28
\u2013
\u2013
28
Norwegian krone
13
\u2013
\u2013
13
Other
1
\u2013
\u2013
1
\u00a0
286
(493)
\u2013
(207)
\n
Interest rate sensitivity
The following table demonstrates the indicative pre-tax effect on pro\ufb01t and equity of applying a reasonably foreseeable increase in interest
rates to the Group\u2019s \ufb01nancial assets and liabilities at the balance sheet date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Effect on pro\ufb01t before tax
Effect on equity
\u00a0
Market movement
$ million
$ million
31 December 2024
\u00a0 \u00a0 \u00a0
US dollar interest rates
+100 basis points
1
\u2013
31 December 2023
\u00a0 \u00a0 \u00a0
US dollar interest rates
+100 basis points
2
\u2013
\n
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in foreign
exchange rates.
The Group is exposed to foreign currency risk primarily arising from exchange rate movements in US dollar against a range of foreign
currencies. To mitigate exposure to movements in exchange rates, wherever possible \ufb01nancial assets and liabilities are held in currencies
that match the functional currency of the relevant entity. The Group has material subsidiaries with functional currencies of pound sterling,
US dollar, Norwegian krone, Euro and Mexican pesos. Exposures can also arise from sales or purchases denominated in currencies
other than the functional currency of the relevant entity; such exposures are monitored and hedged with agreement from the Board.
The Group enters into forward contracts as a means of hedging its exposure to foreign exchange rate risks. As at 31 December 2024,
the Group had:
\u2022
\u00a3212.5 million hedged at a forward rate of between $1.2482 and $1.2774:\u00a31 for January 2025
\u2022
NOK 9.6 billion hedged at forward rates of between NOK 10.9805 and NOK 11.3963:\u00a31 for the period January 2025 to May 2025
As at 31 December 2023, the Group had \u00a3212 million hedged at a forward rate of between $1.2182 and $1.2742:\u00a31 for the period
from January 2024 to October 2024.
Foreign currency sensitivity
Changes in exchange rates could lead to losses in the value of \ufb01nancial instruments and adverse changes in future cash \ufb02ows. Foreign
currency risks from \ufb01nancial instruments arise from the translation of \ufb01nancial receivables, cash and cash equivalents and \ufb01nancial liabilities
into the functional currency of the Group company at the closing rates. The following table demonstrates the sensitivity to a reasonably
foreseeable change in US dollars against other currencies with all other variables held constant, on the Group\u2019s pro\ufb01t before tax (due to
foreign exchange translation of monetary assets and liabilities). The impact of translating the net assets of foreign operations into US dollars
is excluded from the sensitivity analysis.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sensitivity (+10%)
Sensitivity (-10%)
\u00a0
$ million
$ million
31 December 2024
\u00a0\u00a0
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
\u00a0\u00a0
Pound sterling
78
(78)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a \ufb01nancial instrument will \ufb02uctuate because of changes in foreign
exchange rates.
The Group is exposed to foreign currency risk primarily arising from exchange rate movements in US dollar against a range of foreign
currencies. To mitigate exposure to movements in exchange rates, wherever possible \ufb01nancial assets and liabilities are held in currencies
that match the functional currency of the relevant entity. The Group has material subsidiaries with functional currencies of pound sterling,
US dollar, Norwegian krone, Euro and Mexican pesos. Exposures can also arise from sales or purchases denominated in currencies
other than the functional currency of the relevant entity; such exposures are monitored and hedged with agreement from the Board.
The Group enters into forward contracts as a means of hedging its exposure to foreign exchange rate risks. As at 31 December 2024,
the Group had:
\u2022
\u00a3212.5 million hedged at a forward rate of between $1.2482 and $1.2774:\u00a31 for January 2025
\u2022
NOK 9.6 billion hedged at forward rates of between NOK 10.9805 and NOK 11.3963:\u00a31 for the period January 2025 to May 2025
As at 31 December 2023, the Group had \u00a3212 million hedged at a forward rate of between $1.2182 and $1.2742:\u00a31 for the period
from January 2024 to October 2024.
Foreign currency sensitivity
Changes in exchange rates could lead to losses in the value of \ufb01nancial instruments and adverse changes in future cash \ufb02ows. Foreign
currency risks from \ufb01nancial instruments arise from the translation of \ufb01nancial receivables, cash and cash equivalents and \ufb01nancial liabilities
into the functional currency of the Group company at the closing rates. The following table demonstrates the sensitivity to a reasonably
foreseeable change in US dollars against other currencies with all other variables held constant, on the Group\u2019s pro\ufb01t before tax (due to
foreign exchange translation of monetary assets and liabilities). The impact of translating the net assets of foreign operations into US dollars
is excluded from the sensitivity analysis.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Sensitivity (+10%)
Sensitivity (-10%)
\u00a0
$ million
$ million
31 December 2024
\u00a0\u00a0
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
\u00a0\u00a0
Pound sterling
78
(78)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a \ufb01nancial instrument or customer commercial contract, leading
to \ufb01nancial loss. Credit risks are managed on a Group basis. Group-wide procedures cover applications for credit approval for both \ufb01nancial
and non-\ufb01nancial counterparties where appropriate. These procedures cover the granting and renewal of counterparty credit limits, the
monitoring of exposures with respect to these limits and the requirements triggering secured payment terms.
The solvency of and credit exposures with all counterparties are monitored and assessed on a timely basis. If customers are independently
rated, these ratings are primarily used for assessment. If there is no independent rating, the credit risk management function assesses
customers\u2019 credit quality based on their \ufb01nancial position or bases the assessment on experience and other factors. In these cases,
individual risk limits are set based on internal equivalent or by external ratings.
Credit risk in \ufb01nancial instruments arise from cash or cash equivalents and \ufb01nancial derivatives. The placing of liquid funds is subject
to credit approval. Banks with a credit rating of \u2018A\u2019 are normally used. In some cases, funds may be held in an overseas business unit
with lower credit quality which may also be impacted by the country sovereign rating. In these situations, credit approval is given within
the country risk environment. Derivative \ufb01nancial instruments are conducted with credit approved banks and \ufb01nancial institutions normally
rated A- or better and selected credit approved commercial counterparties. Selectively derivatives may be conducted with local banks
in asset territories below this rating subject to credit approval.
The Group is exposed to credit risk from its operating activities, primarily for trade receivables, and from its \ufb01nancing activities. The Group
seeks to trade only with recognised, creditworthy third parties. Trade receivables are monitored on an ongoing basis and credit exposures
related to receivables mark to market positions are monitored closely for credit decline which may allow the provision of contractual credit
support by a third party.
An indication of the concentration of credit risk on trade receivables is shown in note 4, whereby the revenue from one customer exceeds
54\u00a0per cent (2023: 88 per cent) of the Group\u2019s consolidated revenue.
With regard to Harbour\u2019s own credit risk management, it has corporate credit ratings from the following agencies:
\u2022
S&P Global at BBB-
\u2022
Fitch at BBB-
\u2022
Moody\u2019s at Baa2
In addition, each of the traded bonds have ratings from the credit ratings agencies.
Impairment on \ufb01nancial assets
In order to determine the impairment of \ufb01nancial assets, Harbour\u00a0Energy uses either a general three-stage approach or the simpli\ufb01ed
approach, according to IFRS 9, as applicable. In the case of \ufb01nancial assets for which the simpli\ufb01ed approach does not apply, their
assessment takes place as at each reporting date to determine whether the credit risk on a \ufb01nancial instrument has increased signi\ufb01cantly
since its initial recognition.
Trade accounts receivable, other receivables including cash at bank and deposits are subject to the expected credit loss model. This is
generally based on either externally provided or internal ratings for each debtor which, in certain cases, are updated based on recently
available information.
To measure the expected credit losses on trade accounts receivable, Harbour\u00a0Energy applies the simpli\ufb01ed approach according to IFRS 9.
Accordingly, the loss allowance is measured at an amount equal to the lifetime expected credit losses. For trade accounts receivable, the
contractual payment term is usually 30 days. In deviation to this general rule, terms of up to one year are considered for the calculation
of expected credit losses due to different regional payment practices.
The loss allowance for other receivables, including cash at bank and deposits, is measured at an amount equal to the 12-month expected
credit loss. If the term of the \ufb01nancial instrument is shorter than 12 months, the lifetime expected credit loss is applied.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Additions from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
\u00a0 \u00a0
Reclass
\u00a0 \u00a0 \u00a0
\u00a0
As at 1 January
combinations &
\u00a0 \u00a0
between
\u00a0 \u00a0
At 31 December
\u00a0
2024
joint arrangements
Additions
Reversals
categories
Disposals
FX
2024
\u00a0
$ million
$ million
$ million
$ million
$ million
$ million
$million
$ million
Trade receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which stage 2
1
\u2013
\u2013
22
(1)
\u2013
\u2013
(1)
20
Of which stage 3
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0
\u2013
\u2013
22
(1)
\u2013
\u2013
(1)
20
Other receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which stage 2
1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Of which stage 3
2
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
\u00a0
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
Financial receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and bank balances
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which stage 1
3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Of which stage 2
1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Of which stage 3
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
24
(1)
\u2013
\u2013
(1)
22
\n
1
The credit risk has increased signi\ufb01cantly since initial recognition, the loss allowance for the \ufb01nancial assets is measured at an amount equal to the lifetime expected credit losses.
2
The \ufb01nancial asset is credit impaired.
3
The loss allowance for \ufb01nancial assets is measured at an amount equal to a 12-month expected credit loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "The loss allowance for other receivables, including cash at bank and deposits, is measured at an amount equal to the 12-month expected credit loss. If the term of the \ufb01nancial instrument is shorter than 12 months, the lifetime expected credit loss is applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting obligations associated with \ufb01nancial liabilities that are settled by
delivering cash or another \ufb01nancial asset. The Group monitors the amount of borrowings maturing within any speci\ufb01c period and expects
to meet its \ufb01nancing commitments from the operating cash \ufb02ows of the business and existing committed lines of credit. The table below
summarises the maturity pro\ufb01le of the Group\u2019s \ufb01nancial liabilities based on contractual undiscounted payments:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
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 \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bonds
1,173
629
2,049
2,127
5,978
Other loans
251
\u2013
\u2013
\u2013
251
Trading contracts within the scope of IFRS 9 (settled physically)
54
8
\u2013
\u2013
62
Trade and other payables
1,548
30
\u2013
\u2013
1,578
Lease obligations
295
206
394
92
987
Total non-derivative \ufb01nancial liabilities
3,321
873
2,443
2,219
8,856
Derivative \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net-settled commodity derivatives
191
92
23
\u2013
306
Net-settled foreign exchange derivatives
48
39
97
29
213
\u00a0
3,560
1,004
2,563
2,248
9,375
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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 \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bond
28
28
528
\u2013
584
Other loans
16
\u2013
\u2013
\u2013
16
Trade and other payables
854
13
\u2013
\u2013
867
Lease obligations
250
186
340
121
897
Total non-derivative \ufb01nancial liabilities
1,148
227
868
121
2,364
Derivative \ufb01nancial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net-settled commodity derivatives
197
87
\u2013
\u2013
284
Net-settled foreign exchange derivatives
\u2013
\u2013
\u2013
\u2013
\u2013
\u00a0
1,345
314
868
121
2,648
\n
The maturity pro\ufb01les in the above tables re\ufb02ect only one side of the Group\u2019s liquidity position and will be recorded in the income statement
against future production and revenue which are not recognised on the balance sheet as assets. Interest bearing loans and borrowings and
trade payables mainly originate from the \ufb01nancing of assets used in the Group\u2019s ongoing operations such as property, plant and equipment
and working capital such as inventories. These assets are considered part of the Group\u2019s overall liquidity risk.
Financial instruments subject to o\ufb00setting, enforceable master netting arrangements
The following table shows the amounts recognised for \ufb01nancial assets and liabilities which are subject to offsetting arrangements on a gross
basis, and the amounts offset in the balance sheet.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Gross amounts of
\u00a0 \u00a0
\u00a0
recognised \ufb01nancial
\u00a0
Net amounts presented on
\u00a0
assets/(liabilities)
Amounts set o\ufb00
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
\u00a0 \u00a0 \u00a0
Commodity derivative assets
303
(37)
266
Commodity derivative liabilities
(321)
37
(284)
\nDerivatives are offset in the \ufb01nancial statements where the Group has a legally enforceable right and intention to offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "25. Share capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0
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
\u2013
\u2013
Ordinary non-voting deferred shares of 12.4999p each
925,532,809
171
925,532,809
171
\u00a0 \u00a0
171
\u00a0
171
\n
The rights and restrictions attached to the ordinary shares are as follows:
\u2022
Dividend rights:
the rights of the holders of ordinary shares shall rank pari passu in all respects with each other in relation to dividends
\u2022
Winding up or reduction of capital:
on a return of capital on a winding up or otherwise (other than on conversion, redemption or
purchase of shares) the rights of the holders of ordinary shares to participate in the distribution of the assets of the company available
for distribution shall rank pari passu in all respects with each other
\u2022
Voting rights:
the holders of ordinary shares shall be entitled to receive notice of, attend, vote and speak at any general meeting
of the\u00a0company
The rights and restrictions to the ordinary non-voting shares are as follows. Further information on the rights and obligations attached
to the non-voting ordinary shares is set out in the circular and prospectus published by the company on 12 June 2024.
\u2022
Dividend rights:
each non-voting share will be entitled to receive an amount equal to a 13 per cent premium to the amount of any distribution
per ordinary share made by the company, whether by cash dividend, dividend in specie, scrip dividend, capitalisation issue or otherwise
\u2022
Winding up or reduction of capital:
on a winding up or liquidation of the company, holders of non-voting ordinary shares will be paid
in priority to any other payment to holders of shares in the company
\u2022
Voting rights:
a holder of non-voting ordinary shares shall not be entitled, in its capacity as a holder of such non-voting shares, to
receive notice of any general meeting of the company nor to attend, speak or vote at any such general meeting, unless the business of
the meeting includes the consideration of a resolution to: (a) wind up the company; or (b) re-register the company as a private company
\u2022
Transferability:
the non-voting ordinary shares are not admitted to listing or trading. The non-voting ordinary shares may be transferred
to certain permitted transferees, in certain cases only with the consent of the company and in accordance with the terms of the non-
voting ordinary shares
\u2022
Conversion rights:
a holder of non-voting ordinary shares will be entitled to convert at least 25,000,000 non-voting shares either: (i) in
conjunction with the sale of non-voting ordinary shares to market sale placees, which upon completion of such sale will be redesignated as
ordinary shares; or (ii) following the satisfaction of the conversion conditions (as de\ufb01ned in the terms of the non-voting ordinary shares). The
non-voting ordinary shares will be convertible into ordinary shares on a one for one basis except that following any allotment or issue of ordinary
shares by way of capitalisation of pro\ufb01ts or reserves or any sub-division or consolidation of ordinary shares by the company (an adjustment
event), the non-voting ordinary shares will convert into such number of ordinary shares and the non-voting shareholder will receive the same
proportion of voting rights and entitlement to participate in distributions of the company, as nearly as practicable, as would have been the case had
no adjustment event occurred. Additionally, subject to certain exceptions, the company will be required to procure the conversion of the non-voting
ordinary shares into ordinary shares following: (i) the cancellation of the listing of the ordinary shares; and (ii) the acquisition of more than 50 per cent
of the voting rights of the company by any person (other than the holder of the non-voting shares and any of such holder\u2019s concert parties)
The rights and restrictions attached to the non-voting deferred shares are as follows:
\u2022
They will have no voting or dividend rights and, on a return of capital or on a winding up of the company, will have the right to receive
the amount paid up thereon only after holders of all ordinary shares have received, in aggregate, any amounts paid up on each ordinary
share plus \u00a310 million on each ordinary share. The non-voting deferred shares will not give the holder the right to receive notice of, nor
attend, speak or vote at, any general meeting of the company
Issue of ordinary shares
During the year, the company issued 921,226,893 ordinary shares at a nominal value of 0.002 pence per share. This primarily consisted of
669,714,027 voting shares issued to BASF and 251,488,211 non-voting shares issued to LetterOne on completion of the acquisition. The company
also issued 24,655 (2023: 5,092) ordinary shares at a nominal value of 0.002 pence per share in relation to the exercise of SAYE awards.
The issue of the ordinary shares to BASF and LetterOne resulted in an amount of $3,457 million that has been recognised as a merger
reserve. These shares were issued at a share price of \u00a32.86 per share, being the closing price of ordinary shares on the acquisition date
and translated at the spot pound sterling to US dollar rate on that date of \u00a31:$1.3122. For further information see note 14.
Purchase and cancellation of own shares
During 2024, none of the company\u2019s ordinary shares were repurchased or cancelled as the share buyback programme had been completed
by the end of the prior year. During 2023, the company repurchased 76,803,058 ordinary shares for a total consideration, including
transaction costs, of $249 million (recognised in retained earnings), as part of the share purchase programmes announced on 3 November
2022 and 9\u00a0March 2023, which concluded on 28 September 2023. All shares purchased had been cancelled.
Own shares
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
At 1 January
24
21
Purchase of ESOP trust shares
25
16
Release of shares
(13)
(13)
At 31 December
36
24
\n
The own shares represent the net cost of shares in Harbour\u00a0Energy plc purchased in the market or issued by the company into the
Harbour\u00a0Energy plc Employee Bene\ufb01t (ESOP) Trust. This ESOP Trust holds shares to satisfy awards under the Group\u2019s share incentive
plans. At 31\u00a0December 2024, the number of ordinary shares of 0.002 pence each held by the trust was 9,223,652 (2023: 6,079,705). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "25. Share capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2024
\u00a0
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
\u2013
\u2013
Ordinary non-voting deferred shares of 12.4999p each
925,532,809
171
925,532,809
171
\u00a0 \u00a0
171
\u00a0
171
\n
The rights and restrictions attached to the ordinary shares are as follows:
\u2022
Dividend rights:
the rights of the holders of ordinary shares shall rank pari passu in all respects with each other in relation to dividends
\u2022
Winding up or reduction of capital:
on a return of capital on a winding up or otherwise (other than on conversion, redemption or
purchase of shares) the rights of the holders of ordinary shares to participate in the distribution of the assets of the company available
for distribution shall rank pari passu in all respects with each other
\u2022
Voting rights:
the holders of ordinary shares shall be entitled to receive notice of, attend, vote and speak at any general meeting
of the\u00a0company
The rights and restrictions to the ordinary non-voting shares are as follows. Further information on the rights and obligations attached
to the non-voting ordinary shares is set out in the circular and prospectus published by the company on 12 June 2024.
\u2022
Dividend rights:
each non-voting share will be entitled to receive an amount equal to a 13 per cent premium to the amount of any distribution
per ordinary share made by the company, whether by cash dividend, dividend in specie, scrip dividend, capitalisation issue or otherwise
\u2022
Winding up or reduction of capital:
on a winding up or liquidation of the company, holders of non-voting ordinary shares will be paid
in priority to any other payment to holders of shares in the company
\u2022
Voting rights:
a holder of non-voting ordinary shares shall not be entitled, in its capacity as a holder of such non-voting shares, to
receive notice of any general meeting of the company nor to attend, speak or vote at any such general meeting, unless the business of
the meeting includes the consideration of a resolution to: (a) wind up the company; or (b) re-register the company as a private company
\u2022
Transferability:
the non-voting ordinary shares are not admitted to listing or trading. The non-voting ordinary shares may be transferred
to certain permitted transferees, in certain cases only with the consent of the company and in accordance with the terms of the non-
voting ordinary shares
\u2022
Conversion rights:
a holder of non-voting ordinary shares will be entitled to convert at least 25,000,000 non-voting shares either: (i) in
conjunction with the sale of non-voting ordinary shares to market sale placees, which upon completion of such sale will be redesignated as
ordinary shares; or (ii) following the satisfaction of the conversion conditions (as de\ufb01ned in the terms of the non-voting ordinary shares). The
non-voting ordinary shares will be convertible into ordinary shares on a one for one basis except that following any allotment or issue of ordinary
shares by way of capitalisation of pro\ufb01ts or reserves or any sub-division or consolidation of ordinary shares by the company (an adjustment
event), the non-voting ordinary shares will convert into such number of ordinary shares and the non-voting shareholder will receive the same
proportion of voting rights and entitlement to participate in distributions of the company, as nearly as practicable, as would have been the case had
no adjustment event occurred. Additionally, subject to certain exceptions, the company will be required to procure the conversion of the non-voting
ordinary shares into ordinary shares following: (i) the cancellation of the listing of the ordinary shares; and (ii) the acquisition of more than 50 per cent
of the voting rights of the company by any person (other than the holder of the non-voting shares and any of such holder\u2019s concert parties)
The rights and restrictions attached to the non-voting deferred shares are as follows:
\u2022
They will have no voting or dividend rights and, on a return of capital or on a winding up of the company, will have the right to receive
the amount paid up thereon only after holders of all ordinary shares have received, in aggregate, any amounts paid up on each ordinary
share plus \u00a310 million on each ordinary share. The non-voting deferred shares will not give the holder the right to receive notice of, nor
attend, speak or vote at, any general meeting of the company
Issue of ordinary shares
During the year, the company issued 921,226,893 ordinary shares at a nominal value of 0.002 pence per share. This primarily consisted of
669,714,027 voting shares issued to BASF and 251,488,211 non-voting shares issued to LetterOne on completion of the acquisition. The company
also issued 24,655 (2023: 5,092) ordinary shares at a nominal value of 0.002 pence per share in relation to the exercise of SAYE awards.
The issue of the ordinary shares to BASF and LetterOne resulted in an amount of $3,457 million that has been recognised as a merger
reserve. These shares were issued at a share price of \u00a32.86 per share, being the closing price of ordinary shares on the acquisition date
and translated at the spot pound sterling to US dollar rate on that date of \u00a31:$1.3122. For further information see note 14.
Purchase and cancellation of own shares
During 2024, none of the company\u2019s ordinary shares were repurchased or cancelled as the share buyback programme had been completed
by the end of the prior year. During 2023, the company repurchased 76,803,058 ordinary shares for a total consideration, including
transaction costs, of $249 million (recognised in retained earnings), as part of the share purchase programmes announced on 3 November
2022 and 9\u00a0March 2023, which concluded on 28 September 2023. All shares purchased had been cancelled.
Own shares
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
At 1 January
24
21
Purchase of ESOP trust shares
25
16
Release of shares
(13)
(13)
At 31 December
36
24
\n
The own shares represent the net cost of shares in Harbour\u00a0Energy plc purchased in the market or issued by the company into the
Harbour\u00a0Energy plc Employee Bene\ufb01t (ESOP) Trust. This ESOP Trust holds shares to satisfy awards under the Group\u2019s share incentive
plans. At 31\u00a0December 2024, the number of ordinary shares of 0.002 pence each held by the trust was 9,223,652 (2023: 6,079,705). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "Purchase and cancellation of own shares
During 2024, none of the company\u2019s ordinary shares were repurchased or cancelled as the share buyback programme had been completed
by the end of the prior year. During 2023, the company repurchased 76,803,058 ordinary shares for a total consideration, including
transaction costs, of $249 million (recognised in retained earnings), as part of the share purchase programmes announced on 3 November
2022 and 9\u00a0March 2023, which concluded on 28 September 2023. All shares purchased had been cancelled.
Own shares
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
$ million
$ million
At 1 January
24
21
Purchase of ESOP trust shares
25
16
Release of shares
(13)
(13)
At 31 December
36
24
\n
The own shares represent the net cost of shares in Harbour\u00a0Energy plc purchased in the market or issued by the company into the
Harbour\u00a0Energy plc Employee Bene\ufb01t (ESOP) Trust. This ESOP Trust holds shares to satisfy awards under the Group\u2019s share incentive
plans. At 31\u00a0December 2024, the number of ordinary shares of 0.002 pence each held by the trust was 9,223,652 (2023: 6,079,705). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "26. Subordinated notes
On 22 February 2024, the bondholders of two series of subordinated resettable \ufb01xed rate notes (subordinated notes) in the aggregate principal
amount of \u20ac1,500 million approved a change in guarantor from Wintershall\u00a0Dea AG to Harbour\u00a0Energy plc which became effective upon completing
the Wintershall\u00a0Dea acquisition transaction, at which point these bonds were ported to Harbour\u2019s acquired subsidiary Wintershall\u00a0Dea Finance 2 BV.
The subordinated notes are callable three months prior to the \ufb01rst reset date for the NC2026 series and six months prior to the \ufb01rst reset
date for the NC2029 series:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Nominal value
Nominal value
Carrying value
\u00a0
%
Reset date
Currency
\u20ac million
$ million
$ million
Bond ISIN: XS2286041517
2.5%
2026
EUR
650
718
690
Bond ISIN: XS2286041947
3.0%
2029
EUR
850
939
873
Total
\u00a0 \u00a0 \u00a0
1,500
1,657
1,563
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
\u00a0
$ million
Fair value on acquisition
1,548
Accrued interest in the period to 31 December
15
\u00a0
1,563
\n
Under IAS 32, subordinated notes are wholly classi\ufb01ed as equity. The issued subordinated notes are recognised in equity at fair value, based
on the market prices of these instruments as of the acquisition date. Accrued interest payable to the subordinated notes investors increases
equity, whereas the distribution of interest payments reduces equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "27. Share-based payments
The company currently operates a Long Term Incentive Plan (LTIP) for certain employees, a Share Incentive Plan (SIP), a Save As You Earn
(SAYE) scheme for UK-based employees, and an Expatriate SIP for expatriate employees only.
For the year ended 31 December 2024, the total cost recognised by the company for share-based payment transactions was $51 million
(2023: $46 million). A credit of $51 million (2023: $46 million) has been recorded in retained earnings for all equity-settled payments
of the company.
Like other elements of remuneration, this charge is processed through the time-writing system which allocates cost, based on time
spent by individuals, to various entities within the Group. Part of this cost is therefore recharged to the relevant subsidiary undertakings,
part is capitalised as directly attributable to capital projects and part is charged to the income statement as operating costs, pre-licence
exploration costs or general and administration costs.
Details of the various share incentive plans currently in operation are set out below:
2017 Long Term Incentive Plan (2017 LTIP)
Discretionary share awards are granted to employees under the company\u2019s Long Term Incentive Plan (LTIP).
The following types of award have been granted under the 2017 LTIP:
\u2022
Performance share awards (PSAs):
vesting is subject to a performance target, normally measured over a three-year period from
1\u00a0January based on total shareholder return (TSR) relative to (i) FTSE 100 index, and (ii) a bespoke peer group of oil and gas companies
and aligns to longer-term strategic objectives
\u2022
Conditional share awards (CSAs):
vesting is only subject to continued employment
\u2022
Deferred bonus share (DBS) awards:
certain employees are required to defer a portion of their annual bonus into shares which vest
over a three-year period subject to continued employment
All LTIP awards are granted in the form of nil-cost options or conditional share awards and therefore there is no exercise price payable
on the exercise of these awards.
For further details of the LTIP awards, including the performance conditions of the PSAs granted in 2024, please refer to the Directors\u2019
remuneration report (pages 88 to 113).
The following table shows the movement in the number of LTIP awards:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
\u00a0
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
\n
1
This includes 0.7 million cash settled awards at 31 December 2024 (2023: 0.6 million), which are revalued using the year-end share price.
LTIP awards totalling 2.6 million shares were vested during the period (2023: 8.7 million). The weighted average remaining contractual life
of the LTIP awards at 31 December 2024 was 1.33 years (2023: 2.2 years).
Key assumptions used to calculate the fair value of awards
The fair value of PSAs which are subject to TSR conditions is determined using a Monte Carlo simulation. The fair value of all other awards
is calculated using the share price at the date of grant, adjusted for dividends not received during the vesting period.
The following table lists the inputs to the model used in respect of the PSAs granted during the \ufb01nancial year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2024
2023
Share price at date of grant
\u00a32.39\u2013\u00a33.22
\u00a32.44 \u2013 \u00a32.90
Dividend yield
0%
0%
Expected term
3 years
2.9 \u2013 3.0 years
Risk free rate
4.1%-4.3%
3.3%\u20134.2%
Share price volatility of the company
47.0%-47.5%
49.2%\u201350.2%
\n
The weighted average fair value of the PSA awards granted in 2024 was $1.64 (2023: $2.86).
Expected volatility was determined by reference to both the historical volatility of the company and the historical volatility of a group
of comparable quoted companies over a period in line with the expected term assumption.
Share Incentive Plan (SIP)
Under the Share Incentive Plan employees are invited to make contributions to buy partnership shares. If an employee agrees to buy
partnership shares the company currently matches the number of partnership shares bought with an award of shares (matching shares),
on a one-for-one basis. In 2024, 0.6 million matching shares were awarded to employees (2023: 0.3 million). The SIP matching shares
are valued based on the quoted share price on the grant date.
Save As You Earn (SAYE) scheme
Under the SAYE scheme, UK qualifying employees with one month or more continuous service can join the scheme. Employees can save
up to a maximum of \u00a3500 per month through payroll deductions for a period of three years, after which time they can acquire shares at
the option price, which is set at a discount of up to 20 per cent to the prevailing market price at the grant date, determined in accordance
with SAYE scheme rules. In 2024, 1 million SAYE options were granted (2023: 3.1 million).
The SAYE options outstanding at 31 December 2024 had exercise prices ranging from \u00a32.32 to \u00a32.72 (2023: \u00a32.21 to \u00a34.12) and
a weighted average remaining contractual life of 2.25 years (2023: 2.8 years).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "29. Notes to the statement of cash \ufb02ows
Net cash \ufb02ows from operating activities consist of:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Pro\ufb01t before taxation
1,219
616
Adjustments to reconcile pro\ufb01t before tax to net cash \ufb02ows
\u00a0 \u00a0
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
\u2013
25
Impairment of right-of-use asset
20
\u2013
Share-based payments
51
20
Decommissioning payments
(284)
(268)
Fair value movements on derivatives
(68)
\u2013
Changes in provisions
(31)
\u2013
Exploration costs written-off
173
57
Movement in realised cash \ufb02ow hedges not yet settled
(31)
(207)
Unrealised foreign exchange (gain)/loss
(116)
49
Working capital adjustments
\u00a0 \u00a0
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 in\ufb02ow from operating activities
1,615
2,150
\n
Reconciliation of net cash \ufb02ow to movement in net borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Proceeds from drawdown of RBL facility
(178)
(660)
Proceeds from Euro bonds
(1,728)
\u2013
Proceeds from RCF
(2,225)
\u2013
Proceeds from bridge facility
(1,500)
\u2013
Repayment of RBL facility
178
1,435
Repayment of bridge facility
1,500
\u2013
Repayment of RCF
1,975
\u2013
Repayment of EFF loan
\u2013
11
Repayment of \ufb01nancing arrangement
17
21
Bond debt arising on business combination
1
(3,038)
\u2013
Financing arrangement interest payable
(1)
(3)
Arrangement fees and related costs on RBL capitalised
\u2013
34
Arrangement fees and related costs on bonds capitalised
11
\u2013
Arrangement fees and related costs on RCF capitalised
34
\u2013
Arrangement fees and related costs on bridge facility capitalised
13
\u2013
Amortisation of arrangement fees and related costs capitalised
(102)
(48)
Currency translation adjustment on Euro bonds
263
\u2013
Movement in total borrowings
(4,781)
790
Cash acquired on business combination
748
\u2013
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)
\n
1
Net of capitalised arrangement fees and related costs of $276 million.
Analysis of net borrowings
\u00a0 \u00a0
2023
\u00a0
2024
As restated
\u00a0
$ million
$ million
Cash and cash equivalents
805
286
RCF
(218)
\u2013
Bonds
(5,011)
(493)
Net debt
(4,424)
(207)
Financing arrangement
\u2013
(16)
Closing net borrowings
(4,424)
(223)
Non-current assets
1
\u2013
42
Current assets
1
\u2013
19
Closing net borrowings after unamortised fees
1
(4,424)
(162)
\n
1
At 31 December 2023, $61 million of fees associated with the RBL facility were recognised in debtors.
The carrying values on the balance sheet are stated net of the unamortised portion of issue costs and bank fees of $284 million of which
$32 million relates to the RCF and $252 million is netted against the bonds (Dec 2023: $68 million of which $61 million related to the RBL,
which was recognised in assets and $7 million related to the bond, which was netted off against the borrowings).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "30. Related party disclosures
Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note.
BASF and LetterOne have been classi\ufb01ed as related parties because they are substantial shareholders holding 669.7 million of voting ordinary
shares and 251.5 million of non-voting ordinary shares, respectively. The BASF shareholding represents 46.5 per cent of voting ordinary shares.
BASF is entitled to dividends as per note 31 which, whilst denominated in pound sterling will, speci\ufb01cally for BASF, will be paid in US dollars.
Compensation of key management personnel of the Group
Remuneration of key management personnel, including directors of the Group, is shown below:
\u00a0
2024
2023
\u00a0
$ million
$ million
Salaries and short-term employee bene\ufb01ts
16
13
Payments made in lieu of pension contributions
1
1
Termination bene\ufb01ts
1
\u2013
Pension bene\ufb01ts
\u2013
\u2013
\u00a0
18
14
\n33. Group information
Subsidiary undertakings of the company which were all wholly owned at 31 December 2024 were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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\u00a0Energy 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 M\u00e9xico 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\u00a0Energy Bloque 7, S.A. de C.V. (formerly Premier Oil
\u00a0 \u00a0 \u00a0
Exploration and Production Mexico S.A.de C.V.)
15
Mexico
Mexico
Exploration, production, and development
Harbour\u00a0Energy DH GmbH
21
Germany
Germany
Intermediate holding company
Harbour\u00a0Energy Finance Limited
17
UK
UK
Financing company
Harbour\u00a0Energy Netherlands Holdings BV
11
Netherlands
Netherlands
Intermediate holding company
Harbour\u00a0Energy Norge AS (formerly Wintershall\u00a0Dea Norge AS)
12,22
Norway
Norway
Exploration, production, and development
Harbour\u00a0Energy Services Limited
17
UK
UK
Service company
Harbour\u00a0Energy Unidad Zama, S. de R.L. de C.V. (formerly
\u00a0 \u00a0 \u00a0
Sierra O&G Exploration y Producci\u00f3n, 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
\n \n
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\u00a0Dea Algeria GmbH
8
Algeria
Germany
Exploration, production, and development
Wintershall\u00a0Dea Argentina S.A.
2
Argentina
Argentina
Exploration, production, and development
Wintershall\u00a0Dea Deutschland GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Finance 2 BV (1)
11
Netherlands
Netherlands
Financing company
Wintershall\u00a0Dea Finance BV (1)
11
Netherlands
Netherlands
Financing company
Wintershall\u00a0Dea Global Holding GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Global Support
11
Netherlands
Netherlands
Service company
Wintershall\u00a0Dea Holding GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Insurance Limited
10
Guernsey
Guernsey
Risk mitigation services
Wintershall\u00a0Dea International GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Marketing Services GmbH
20
Germany
Germany
Distribution, transportation and trade
Wintershall\u00a0Dea Mexico Holding BV
11
Mexico
Netherlands
Intermediate holding company
Wintershall\u00a0Dea Mexico Holdings GP Ltd
5
Mexico
Canada
Intermediate holding company
Wintershall\u00a0Dea M\u00e9xico, S. de R.L. de C.V.
14
Mexico
Mexico
Exploration, production, and development
Wintershall\u00a0Dea Middle East GmbH
20
United Arab Emirates
Germany
Exploration, production, and development
Wintershall\u00a0Dea Nederland BV
11
Netherlands
Netherlands
Servicing and \ufb01nancing company
Wintershall\u00a0Dea Nile GmbH
8
Egypt
Germany
Exploration, production, and development
Wintershall\u00a0Dea South East Asia GmbH
20
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Suez GmbH
8
Egypt
Germany
Exploration, production, and development
Wintershall\u00a0Dea Technology Ventures GmbH
20
Germany
Germany
Investment company
Wintershall\u00a0Dea TSC GmbH & Co.KG
8
Germany
Germany
Research and development
\n \n
Name of company
Area of operation
Country of incorporation
Main activity
Wintershall\u00a0Dea TSC Management GmbH
20
Germany
Germany
Research and development
Wintershall\u00a0Dea Verm\u00f6gensverwaltungs gesellschaft mbH
20
Germany
Germany
Intermediate holding company
Wintershall\u00a0Dea 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
\u2013
UK
Dormant company
Chrysaor (U.K.) Lambda Limited
16
\u2013
Ireland
Dormant company
DEA Trinidad & Tobago GmbH
8
\u2013
Germany
Non-trading
EnCore (NNS) Limited
17
\u2013
UK
Non-trading
Harbour\u00a0Energy Argentina Limited
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Central Andaman Limited
(formerly Premier Oil B Limited)
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Developments Limited
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Production Limited
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Secretaries Limited
17
\u2013
UK
Dormant company
Premier Oil (EnCore Petroleum) Limited
17
\u2013
UK
Non-trading
Premier Oil ANS Limited
17
\u2013
UK
Non-trading
Premier Oil do Brasil Petroleo e Gas Ltda
3
\u2013
Brazil
Dormant company
Premier Oil Exploration Limited
19
\u2013
UK
Non-trading
Premier Oil Far East Limited
17
\u2013
UK
Non-trading
Premier Oil ONS Limited
17
\u2013
UK
Dormant company
Premier Oil Pakistan Offshore BV
11
\u2013
Netherlands
Dormant company
Premier Oil Vietnam 121 Limited
17
\u2013
UK
Non-trading
Viking CCS Limited
17
\u2013
UK
Dormant company
Chrysaor (U.K.) Delta Limited
17
\u2013
UK
Liquidation
Chrysaor (U.K.) Eta Limited
17
\u2013
UK
Liquidation
Chrysaor (U.K.) Zeta Limited
17
\u2013
UK
Liquidation
Chrysaor Production Limited
18
\u2013
UK
Liquidation
Chrysaor Resources (UK) Holdings Limited
17
\u2013
UK
Liquidation
Premier Oil ANS Holdings Limited
18
\u2013
UK
Liquidation
Premier Oil Congo (Marine IX) Limited
13
\u2013
Jersey
Liquidation
Premier Oil Exploration ONS Limited
18
\u2013
UK
Liquidation
Premier Oil Finance (Jersey) Limited
1,13
\u2013
Jersey
Liquidation
\n
Note:
\n
1
Held directly by the company. All other companies are held through a subsidiary undertaking.
\n
2
Registered of\ufb01ce \u2013 Ingeniero Della Paolera 265 Piso 14 Ciudad de Buenos Aires, C1001ADA Argentina.
\n
3
Registered of\ufb01ce \u2013 Rua Lauro M\u00fcller, 116 \u2013 Sala 2006, Torre Rio Sul, Shopping, 20\u00ba andar, Botafogo, Rio de Janeiro \u2013 RJ \u2013 CEP: 22.290-906, Brazil.
\n
4
Registered of\ufb01ce \u2013 Commerce House, Wickhams Cay 1, Road Town, Tortola, VG1110, British Virgin Islands.
\n
5
Registered of\ufb01ce \u2013 181 Bay Street, Suite 2100, Toronto, ON M5J 2T3, Canada.
\n
6
Registered of\ufb01ce \u2013 44 Chipman Hill, Suite 1000, Saint John, NB E2L 2A9, Canada.
\n
7
Registered of\ufb01ce \u2013 Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands.
\n
8
Registered of\ufb01ce \u2013 Hamburg, Germany. Business address \u2013 Am Lohsepark 8, 20457 Hamburg, Germany.
\n
9
Registered of\ufb01ce \u2013 Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ.
\n
10
Registered of\ufb01ce \u2013 Level 3,Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 4ET.
\n
11
Registered of\ufb01ce \u2013 Lange Kleiweg 56H, 2288 GK, Rijswijk, Netherlands.
\n
12 Registered of\ufb01ce \u2013 J\u00e5tt\u00e5\ufb02aten 27, 4020 Stavanger, Norway.
\n
13 Registered of\ufb01ce \u2013 2
\n
nd
\n
Floor, Lime Grove House, Green Street, St. Helier, JE2 4UB, Jersey.
\n
14
Registered of\ufb01ce \u2013 Campos Eliseos 345, \ufb02oor 12, Polanco V Seccion, Mexico City, CP 11560, Mexico.
\n
15
Registered of\ufb01ce \u2013 Presidente Masaryk 111, Piso 1, Polanco V Seccion, Mexico City, CP 11560, Mexico.
\n
16
Registered of\ufb01ce \u2013 Riverside One, Sir John Rogerson\u2019s Quay, Dublin 2, Ireland.
\n
17
Registered of\ufb01ce \u2013 151 Buckingham Palace Road, London, SW1W 9SZ, United Kingdom.
\n
18
Registered of\ufb01ce \u2013 C/O Teneo Financial Advisory Limited The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT, United Kingdom.
\n
19 Registered of\ufb01ce \u2013 4
\n
th
\n
Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, United Kingdom.
\n
20
Registered of\ufb01ce \u2013 Kassel, Germany. Business address \u2013 Am Lohsepark 8, 20457 Hamburg, Germany.
\n
21
Registered of\ufb01ce \u2013 Frankfurt am Main, Germany. Business address \u2013 Am Lohsepark 8, 20457 Hamburg, Germany.
\n
22
The companies Harbour\u00a0Energy Norge AS and Wintershall\u00a0Dea Norge AS merged in December 2024.
Joint operations and investments
Companies that are not wholly owned or controlled by the Group were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
E\ufb00ective % ownership
Registered o\ufb03ce address
Luna Carbon Storage ANS
60
J\u00e5tt\u00e5\ufb02aten 27, 4020, Stavanger, Norway
Havstjerne ANS
60
J\u00e5tt\u00e5\ufb02aten 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 M\u00fcnster GmbH
33.7
Johann-Krane-Weg 46, 48149, M\u00fcnster, 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 of\ufb01ce 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
\ufb02oor, C1206ABF, City of Buenos Aires, Argentina
\nJoint operations that are not managed through separate companies are mainly located in Norway, the UK, Germany, Mexico and Argentina.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "Compensation of key management personnel of the Group
Remuneration of key management personnel, including directors of the Group, is shown below:
\u00a0
2024
2023
\u00a0
$ million
$ million
Salaries and short-term employee bene\ufb01ts
16
13
Payments made in lieu of pension contributions
1
1
Termination bene\ufb01ts
1
\u2013
Pension bene\ufb01ts
\u2013
\u2013
\u00a0
18
14
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "31. Distributions made and proposed
A \ufb01nal dividend of 13 cents per ordinary share in relation to the year ended 31 December 2023 was paid on 22 May 2024 pursuant
to shareholder approval received on 9 May 2024.
An interim dividend of 13 cents per ordinary share in relation to the half year ended 30 June 2024 was paid on 25 September 2024.
\u00a0
2024
2023
\u00a0
$ million
$ million
Cash dividends on ordinary shares declared and paid
\u00a0 \u00a0
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
\u00a0
199
190
Proposed dividends on ordinary shares
\u00a0 \u00a0
Final dividend for 2024: 13.19 cents per share (2023: 13 cents per share)
227.5
100
\n
Proposed dividends on ordinary shares are subject to approval at the Annual General Meeting and are not recognised as a liability as at
31\u00a0December.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "0.1319", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "0.13", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "227500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "100000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "32. Events after the reporting period
On 23 January 2025 Harbour announced it had signed a Sale and Purchase Agreement to sell its Vietnam business, which includes the
53.125 per cent equity interest in the Chim S\u00e1o and Dua production \ufb01elds, to EnQuest for $84 million. The effective date is 1 January 2024
with completion targeted during 2025. This agreement resulted in the Vietnam business unit being classed as asset held for sale as at
31 December 2024.
On 3 March 2025, the Finance Act 2025 was substantively enacted following its third reading in the UK Parliament. While the substantive
enactment has no implications for the current accounting period, it con\ufb01rms that the extension of the Energy Pro\ufb01ts Levy to 31 March 2030
will be re\ufb02ected in the Group\u2019s results for the interim period to 30 June 2025. If the Finance Act 2025 had been substantively enacted at
the balance sheet date, the deferred tax liability at the end of the period would have increased by $306 million (further details are provided
in note 8).", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "33. Group information
Subsidiary undertakings of the company which were all wholly owned at 31 December 2024 were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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\u00a0Energy 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 M\u00e9xico 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\u00a0Energy Bloque 7, S.A. de C.V. (formerly Premier Oil
\u00a0 \u00a0 \u00a0
Exploration and Production Mexico S.A.de C.V.)
15
Mexico
Mexico
Exploration, production, and development
Harbour\u00a0Energy DH GmbH
21
Germany
Germany
Intermediate holding company
Harbour\u00a0Energy Finance Limited
17
UK
UK
Financing company
Harbour\u00a0Energy Netherlands Holdings BV
11
Netherlands
Netherlands
Intermediate holding company
Harbour\u00a0Energy Norge AS (formerly Wintershall\u00a0Dea Norge AS)
12,22
Norway
Norway
Exploration, production, and development
Harbour\u00a0Energy Services Limited
17
UK
UK
Service company
Harbour\u00a0Energy Unidad Zama, S. de R.L. de C.V. (formerly
\u00a0 \u00a0 \u00a0
Sierra O&G Exploration y Producci\u00f3n, 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
\n \n
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\u00a0Dea Algeria GmbH
8
Algeria
Germany
Exploration, production, and development
Wintershall\u00a0Dea Argentina S.A.
2
Argentina
Argentina
Exploration, production, and development
Wintershall\u00a0Dea Deutschland GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Finance 2 BV (1)
11
Netherlands
Netherlands
Financing company
Wintershall\u00a0Dea Finance BV (1)
11
Netherlands
Netherlands
Financing company
Wintershall\u00a0Dea Global Holding GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Global Support
11
Netherlands
Netherlands
Service company
Wintershall\u00a0Dea Holding GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Insurance Limited
10
Guernsey
Guernsey
Risk mitigation services
Wintershall\u00a0Dea International GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Marketing Services GmbH
20
Germany
Germany
Distribution, transportation and trade
Wintershall\u00a0Dea Mexico Holding BV
11
Mexico
Netherlands
Intermediate holding company
Wintershall\u00a0Dea Mexico Holdings GP Ltd
5
Mexico
Canada
Intermediate holding company
Wintershall\u00a0Dea M\u00e9xico, S. de R.L. de C.V.
14
Mexico
Mexico
Exploration, production, and development
Wintershall\u00a0Dea Middle East GmbH
20
United Arab Emirates
Germany
Exploration, production, and development
Wintershall\u00a0Dea Nederland BV
11
Netherlands
Netherlands
Servicing and \ufb01nancing company
Wintershall\u00a0Dea Nile GmbH
8
Egypt
Germany
Exploration, production, and development
Wintershall\u00a0Dea South East Asia GmbH
20
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Suez GmbH
8
Egypt
Germany
Exploration, production, and development
Wintershall\u00a0Dea Technology Ventures GmbH
20
Germany
Germany
Investment company
Wintershall\u00a0Dea TSC GmbH & Co.KG
8
Germany
Germany
Research and development
\n \n
Name of company
Area of operation
Country of incorporation
Main activity
Wintershall\u00a0Dea TSC Management GmbH
20
Germany
Germany
Research and development
Wintershall\u00a0Dea Verm\u00f6gensverwaltungs gesellschaft mbH
20
Germany
Germany
Intermediate holding company
Wintershall\u00a0Dea 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
\u2013
UK
Dormant company
Chrysaor (U.K.) Lambda Limited
16
\u2013
Ireland
Dormant company
DEA Trinidad & Tobago GmbH
8
\u2013
Germany
Non-trading
EnCore (NNS) Limited
17
\u2013
UK
Non-trading
Harbour\u00a0Energy Argentina Limited
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Central Andaman Limited
(formerly Premier Oil B Limited)
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Developments Limited
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Production Limited
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Secretaries Limited
17
\u2013
UK
Dormant company
Premier Oil (EnCore Petroleum) Limited
17
\u2013
UK
Non-trading
Premier Oil ANS Limited
17
\u2013
UK
Non-trading
Premier Oil do Brasil Petroleo e Gas Ltda
3
\u2013
Brazil
Dormant company
Premier Oil Exploration Limited
19
\u2013
UK
Non-trading
Premier Oil Far East Limited
17
\u2013
UK
Non-trading
Premier Oil ONS Limited
17
\u2013
UK
Dormant company
Premier Oil Pakistan Offshore BV
11
\u2013
Netherlands
Dormant company
Premier Oil Vietnam 121 Limited
17
\u2013
UK
Non-trading
Viking CCS Limited
17
\u2013
UK
Dormant company
Chrysaor (U.K.) Delta Limited
17
\u2013
UK
Liquidation
Chrysaor (U.K.) Eta Limited
17
\u2013
UK
Liquidation
Chrysaor (U.K.) Zeta Limited
17
\u2013
UK
Liquidation
Chrysaor Production Limited
18
\u2013
UK
Liquidation
Chrysaor Resources (UK) Holdings Limited
17
\u2013
UK
Liquidation
Premier Oil ANS Holdings Limited
18
\u2013
UK
Liquidation
Premier Oil Congo (Marine IX) Limited
13
\u2013
Jersey
Liquidation
Premier Oil Exploration ONS Limited
18
\u2013
UK
Liquidation
Premier Oil Finance (Jersey) Limited
1,13
\u2013
Jersey
Liquidation
\n
Note:
\n
1
Held directly by the company. All other companies are held through a subsidiary undertaking.
\n
2
Registered of\ufb01ce \u2013 Ingeniero Della Paolera 265 Piso 14 Ciudad de Buenos Aires, C1001ADA Argentina.
\n
3
Registered of\ufb01ce \u2013 Rua Lauro M\u00fcller, 116 \u2013 Sala 2006, Torre Rio Sul, Shopping, 20\u00ba andar, Botafogo, Rio de Janeiro \u2013 RJ \u2013 CEP: 22.290-906, Brazil.
\n
4
Registered of\ufb01ce \u2013 Commerce House, Wickhams Cay 1, Road Town, Tortola, VG1110, British Virgin Islands.
\n
5
Registered of\ufb01ce \u2013 181 Bay Street, Suite 2100, Toronto, ON M5J 2T3, Canada.
\n
6
Registered of\ufb01ce \u2013 44 Chipman Hill, Suite 1000, Saint John, NB E2L 2A9, Canada.
\n
7
Registered of\ufb01ce \u2013 Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands.
\n
8
Registered of\ufb01ce \u2013 Hamburg, Germany. Business address \u2013 Am Lohsepark 8, 20457 Hamburg, Germany.
\n
9
Registered of\ufb01ce \u2013 Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ.
\n
10
Registered of\ufb01ce \u2013 Level 3,Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 4ET.
\n
11
Registered of\ufb01ce \u2013 Lange Kleiweg 56H, 2288 GK, Rijswijk, Netherlands.
\n
12 Registered of\ufb01ce \u2013 J\u00e5tt\u00e5\ufb02aten 27, 4020 Stavanger, Norway.
\n
13 Registered of\ufb01ce \u2013 2
\n
nd
\n
Floor, Lime Grove House, Green Street, St. Helier, JE2 4UB, Jersey.
\n
14
Registered of\ufb01ce \u2013 Campos Eliseos 345, \ufb02oor 12, Polanco V Seccion, Mexico City, CP 11560, Mexico.
\n
15
Registered of\ufb01ce \u2013 Presidente Masaryk 111, Piso 1, Polanco V Seccion, Mexico City, CP 11560, Mexico.
\n
16
Registered of\ufb01ce \u2013 Riverside One, Sir John Rogerson\u2019s Quay, Dublin 2, Ireland.
\n
17
Registered of\ufb01ce \u2013 151 Buckingham Palace Road, London, SW1W 9SZ, United Kingdom.
\n
18
Registered of\ufb01ce \u2013 C/O Teneo Financial Advisory Limited The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT, United Kingdom.
\n
19 Registered of\ufb01ce \u2013 4
\n
th
\n
Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, United Kingdom.
\n
20
Registered of\ufb01ce \u2013 Kassel, Germany. Business address \u2013 Am Lohsepark 8, 20457 Hamburg, Germany.
\n
21
Registered of\ufb01ce \u2013 Frankfurt am Main, Germany. Business address \u2013 Am Lohsepark 8, 20457 Hamburg, Germany.
\n
22
The companies Harbour\u00a0Energy Norge AS and Wintershall\u00a0Dea Norge AS merged in December 2024.
Joint operations and investments
Companies that are not wholly owned or controlled by the Group were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
E\ufb00ective % ownership
Registered o\ufb03ce address
Luna Carbon Storage ANS
60
J\u00e5tt\u00e5\ufb02aten 27, 4020, Stavanger, Norway
Havstjerne ANS
60
J\u00e5tt\u00e5\ufb02aten 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 M\u00fcnster GmbH
33.7
Johann-Krane-Weg 46, 48149, M\u00fcnster, 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 of\ufb01ce 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
\ufb02oor, C1206ABF, City of Buenos Aires, Argentina
\nJoint operations that are not managed through separate companies are mainly located in Norway, the UK, Germany, Mexico and Argentina.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "33. Group information
Subsidiary undertakings of the company which were all wholly owned at 31 December 2024 were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
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\u00a0Energy 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 M\u00e9xico 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\u00a0Energy Bloque 7, S.A. de C.V. (formerly Premier Oil
\u00a0 \u00a0 \u00a0
Exploration and Production Mexico S.A.de C.V.)
15
Mexico
Mexico
Exploration, production, and development
Harbour\u00a0Energy DH GmbH
21
Germany
Germany
Intermediate holding company
Harbour\u00a0Energy Finance Limited
17
UK
UK
Financing company
Harbour\u00a0Energy Netherlands Holdings BV
11
Netherlands
Netherlands
Intermediate holding company
Harbour\u00a0Energy Norge AS (formerly Wintershall\u00a0Dea Norge AS)
12,22
Norway
Norway
Exploration, production, and development
Harbour\u00a0Energy Services Limited
17
UK
UK
Service company
Harbour\u00a0Energy Unidad Zama, S. de R.L. de C.V. (formerly
\u00a0 \u00a0 \u00a0
Sierra O&G Exploration y Producci\u00f3n, 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
\n \n
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\u00a0Dea Algeria GmbH
8
Algeria
Germany
Exploration, production, and development
Wintershall\u00a0Dea Argentina S.A.
2
Argentina
Argentina
Exploration, production, and development
Wintershall\u00a0Dea Deutschland GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Finance 2 BV (1)
11
Netherlands
Netherlands
Financing company
Wintershall\u00a0Dea Finance BV (1)
11
Netherlands
Netherlands
Financing company
Wintershall\u00a0Dea Global Holding GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Global Support
11
Netherlands
Netherlands
Service company
Wintershall\u00a0Dea Holding GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Insurance Limited
10
Guernsey
Guernsey
Risk mitigation services
Wintershall\u00a0Dea International GmbH
8
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Marketing Services GmbH
20
Germany
Germany
Distribution, transportation and trade
Wintershall\u00a0Dea Mexico Holding BV
11
Mexico
Netherlands
Intermediate holding company
Wintershall\u00a0Dea Mexico Holdings GP Ltd
5
Mexico
Canada
Intermediate holding company
Wintershall\u00a0Dea M\u00e9xico, S. de R.L. de C.V.
14
Mexico
Mexico
Exploration, production, and development
Wintershall\u00a0Dea Middle East GmbH
20
United Arab Emirates
Germany
Exploration, production, and development
Wintershall\u00a0Dea Nederland BV
11
Netherlands
Netherlands
Servicing and \ufb01nancing company
Wintershall\u00a0Dea Nile GmbH
8
Egypt
Germany
Exploration, production, and development
Wintershall\u00a0Dea South East Asia GmbH
20
Germany
Germany
Exploration, production, and development
Wintershall\u00a0Dea Suez GmbH
8
Egypt
Germany
Exploration, production, and development
Wintershall\u00a0Dea Technology Ventures GmbH
20
Germany
Germany
Investment company
Wintershall\u00a0Dea TSC GmbH & Co.KG
8
Germany
Germany
Research and development
\n \n
Name of company
Area of operation
Country of incorporation
Main activity
Wintershall\u00a0Dea TSC Management GmbH
20
Germany
Germany
Research and development
Wintershall\u00a0Dea Verm\u00f6gensverwaltungs gesellschaft mbH
20
Germany
Germany
Intermediate holding company
Wintershall\u00a0Dea 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
\u2013
UK
Dormant company
Chrysaor (U.K.) Lambda Limited
16
\u2013
Ireland
Dormant company
DEA Trinidad & Tobago GmbH
8
\u2013
Germany
Non-trading
EnCore (NNS) Limited
17
\u2013
UK
Non-trading
Harbour\u00a0Energy Argentina Limited
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Central Andaman Limited
(formerly Premier Oil B Limited)
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Developments Limited
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Production Limited
17
\u2013
UK
Dormant company
Harbour\u00a0Energy Secretaries Limited
17
\u2013
UK
Dormant company
Premier Oil (EnCore Petroleum) Limited
17
\u2013
UK
Non-trading
Premier Oil ANS Limited
17
\u2013
UK
Non-trading
Premier Oil do Brasil Petroleo e Gas Ltda
3
\u2013
Brazil
Dormant company
Premier Oil Exploration Limited
19
\u2013
UK
Non-trading
Premier Oil Far East Limited
17
\u2013
UK
Non-trading
Premier Oil ONS Limited
17
\u2013
UK
Dormant company
Premier Oil Pakistan Offshore BV
11
\u2013
Netherlands
Dormant company
Premier Oil Vietnam 121 Limited
17
\u2013
UK
Non-trading
Viking CCS Limited
17
\u2013
UK
Dormant company
Chrysaor (U.K.) Delta Limited
17
\u2013
UK
Liquidation
Chrysaor (U.K.) Eta Limited
17
\u2013
UK
Liquidation
Chrysaor (U.K.) Zeta Limited
17
\u2013
UK
Liquidation
Chrysaor Production Limited
18
\u2013
UK
Liquidation
Chrysaor Resources (UK) Holdings Limited
17
\u2013
UK
Liquidation
Premier Oil ANS Holdings Limited
18
\u2013
UK
Liquidation
Premier Oil Congo (Marine IX) Limited
13
\u2013
Jersey
Liquidation
Premier Oil Exploration ONS Limited
18
\u2013
UK
Liquidation
Premier Oil Finance (Jersey) Limited
1,13
\u2013
Jersey
Liquidation
\n
Note:
\n
1
Held directly by the company. All other companies are held through a subsidiary undertaking.
\n
2
Registered of\ufb01ce \u2013 Ingeniero Della Paolera 265 Piso 14 Ciudad de Buenos Aires, C1001ADA Argentina.
\n
3
Registered of\ufb01ce \u2013 Rua Lauro M\u00fcller, 116 \u2013 Sala 2006, Torre Rio Sul, Shopping, 20\u00ba andar, Botafogo, Rio de Janeiro \u2013 RJ \u2013 CEP: 22.290-906, Brazil.
\n
4
Registered of\ufb01ce \u2013 Commerce House, Wickhams Cay 1, Road Town, Tortola, VG1110, British Virgin Islands.
\n
5
Registered of\ufb01ce \u2013 181 Bay Street, Suite 2100, Toronto, ON M5J 2T3, Canada.
\n
6
Registered of\ufb01ce \u2013 44 Chipman Hill, Suite 1000, Saint John, NB E2L 2A9, Canada.
\n
7
Registered of\ufb01ce \u2013 Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands.
\n
8
Registered of\ufb01ce \u2013 Hamburg, Germany. Business address \u2013 Am Lohsepark 8, 20457 Hamburg, Germany.
\n
9
Registered of\ufb01ce \u2013 Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ.
\n
10
Registered of\ufb01ce \u2013 Level 3,Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 4ET.
\n
11
Registered of\ufb01ce \u2013 Lange Kleiweg 56H, 2288 GK, Rijswijk, Netherlands.
\n
12 Registered of\ufb01ce \u2013 J\u00e5tt\u00e5\ufb02aten 27, 4020 Stavanger, Norway.
\n
13 Registered of\ufb01ce \u2013 2
\n
nd
\n
Floor, Lime Grove House, Green Street, St. Helier, JE2 4UB, Jersey.
\n
14
Registered of\ufb01ce \u2013 Campos Eliseos 345, \ufb02oor 12, Polanco V Seccion, Mexico City, CP 11560, Mexico.
\n
15
Registered of\ufb01ce \u2013 Presidente Masaryk 111, Piso 1, Polanco V Seccion, Mexico City, CP 11560, Mexico.
\n
16
Registered of\ufb01ce \u2013 Riverside One, Sir John Rogerson\u2019s Quay, Dublin 2, Ireland.
\n
17
Registered of\ufb01ce \u2013 151 Buckingham Palace Road, London, SW1W 9SZ, United Kingdom.
\n
18
Registered of\ufb01ce \u2013 C/O Teneo Financial Advisory Limited The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT, United Kingdom.
\n
19 Registered of\ufb01ce \u2013 4
\n
th
\n
Floor, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, United Kingdom.
\n
20
Registered of\ufb01ce \u2013 Kassel, Germany. Business address \u2013 Am Lohsepark 8, 20457 Hamburg, Germany.
\n
21
Registered of\ufb01ce \u2013 Frankfurt am Main, Germany. Business address \u2013 Am Lohsepark 8, 20457 Hamburg, Germany.
\n
22
The companies Harbour\u00a0Energy Norge AS and Wintershall\u00a0Dea Norge AS merged in December 2024.
Joint operations and investments
Companies that are not wholly owned or controlled by the Group were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of company
E\ufb00ective % ownership
Registered o\ufb03ce address
Luna Carbon Storage ANS
60
J\u00e5tt\u00e5\ufb02aten 27, 4020, Stavanger, Norway
Havstjerne ANS
60
J\u00e5tt\u00e5\ufb02aten 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 M\u00fcnster GmbH
33.7
Johann-Krane-Weg 46, 48149, M\u00fcnster, 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 of\ufb01ce 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
\ufb02oor, C1206ABF, City of Buenos Aires, Argentina
\nJoint operations that are not managed through separate companies are mainly located in Norway, the UK, Germany, Mexico and Argentina.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "COMPANY BALANCE SHEET
Harbour Energy plc
AS AT 31 DECEMBER 2024
\u00a0 \u00a0
2024
2023
\u00a0
Note
$ million
$ million
Assets
\u00a0 \u00a0 \u00a0
Non-current assets
\u00a0 \u00a0 \u00a0
Investments in subsidiaries
3
6,065
2,238
Long-term employee bene\ufb01t plan surplus
7
1
\u2013
Long-term receivables
4
2,056
1,924
Total non-current assets
\u00a0
8,122
4,162
Current assets
\u00a0 \u00a0 \u00a0
Trade and other receivables
4
30
22
Total current assets
\u00a0
30
22
Total assets
\u00a0
8,152
4,184
Current liabilities
\u00a0 \u00a0 \u00a0
Trade and other payables
5
842
54
Total current liabilities
\u00a0
842
54
Non-current liabilities
\u00a0 \u00a0 \u00a0
Borrowings
6
496
493
Other \ufb01nancial liabilities
5
52
\u2013
Long-term employee bene\ufb01t plan de\ufb01cit
7
1
1
Total non-current liabilities
\u00a0
549
494
Total liabilities
\u00a0
1,391
548
Net assets
\u00a0
6,761
3,636
Equity and reserves
\u00a0 \u00a0 \u00a0
Share capital
9
171
171
Merger reserve
9
3,457
\u2013
Retained earnings
\u00a0
3,125
3,457
Other reserves
\u00a0
8
8
Total equity and reserves
\u00a0
6,761
3,636
\n
Loss for the year ending 31 December 2024 was $160 million (2023: $36 million pro\ufb01t).
The \ufb01nancial statements, including the notes, of Harbour\u00a0Energy plc (registered number SC234781) on pages 192 to 196 were approved
and authorised for issue by the board of directors on 5 March 2025 and signed on its behalf by:
Alexander Krane
Chief Financial Of\ufb01cer
\n \n
Capital
Share
Merger
redemption
Retained
Total
capital
reserve
1
reserve
earnings
2
equity
$ million
$ million
$ million
$ million
$ million
At 1 January 2023
171
\u2013
8
3,829
4,008
Pro\ufb01t for the year
\u2013
\u2013
\u2013
36
36
Other comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive income
\u2013
\u2013
\u2013
36
36
Purchase and cancellation of own shares
\u2013
\u2013
\u2013
(249)
(249)
Share-based payments
\u2013
\u2013
\u2013
46
46
Purchase of ESOP Trust shares
\u2013
\u2013
\u2013
(15)
(15)
Dividends paid
\u2013
\u2013
\u2013
(190)
(190)
At 31 December 2023
171
\u2013
8
3,457
3,636
Loss for the year
\u2013
\u2013
\u2013
(160)
(160)
Other comprehensive income
1
1
Total comprehensive loss
\u2013
\u2013
\u2013
(159)
(159)
Issue of new shares
\u2013
3,457
\u2013
\u2013
3,457
Share-based payments
\u2013
\u2013
\u2013
51
51
Purchase of ESOP Trust shares
\u2013
\u2013
\u2013
(25)
(25)
Dividends paid
\u2013
\u2013
\u2013
(199)
(199)
At 31 December 2024
171
3,457
8
3,125
6,761
\n
1
The increase in the merger reserve represents the difference between the fair value and nominal value of the shares issued as consideration for the acquisition of the Wintershall\u00a0Dea assets.
\n
2
Includes $1.65 billion non-distributable reserves restricted until 31 March 2028.
\n\n
FOR THE YEAR ENDED 31 DECEMBER 2024
1. Material accounting policies
\n
The separate \ufb01nancial statements of the company are presented as required by the Companies Act 2006. The company meets the de\ufb01nition
\n
of a qualifying entity under Financial Reporting Standard 100 (FRS 100) issued by the Financial Reporting Council (FRC). These \ufb01nancial
\n
statements have been prepared in accordance with FRS 101 \u2018Reduced Disclosure Framework\u2019.
\n
As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation
\n
to accounting standards issued but not yet effective or implemented, share-based payment information, \ufb01nancial instruments, capital
\n
management, presentation of comparative information in respect of certain assets, presentation of a cash \ufb02ow statement and certain
\n
related party transactions. Where required, the equivalent disclosures are given in the consolidated \ufb01nancial statements.
\n
The \ufb01nancial statements have been prepared on a going concern basis. Further information relating to the going concern assumption
\n
is provided in the Financial review on page 32. Key sources of estimation uncertainty disclosure are provided in the accounting policies
\n
and in relevant notes to the consolidated \ufb01nancial statements as applicable. Details of the company\u2019s share-based payment schemes are
\n
provided in note 27 of the consolidated \ufb01nancial statements.
\n
The \ufb01nancial statements have been prepared on the historical cost basis. The principal accounting policies adopted are the same as those
\n
set out on pages 135 to 150 to the consolidated \ufb01nancial statements except that investments in subsidiaries are stated at cost less, where
\n
appropriate, provisions for impairment.
\n
2. (Loss)/pro\ufb01t for the year
\n
As permitted by section 408 of the Companies Act 2006, the company has elected not to present its own pro\ufb01t and loss account
\n
for the year. The company reported a loss for the \ufb01nancial year ended 31 December 2024 of $160 million (2023: $36 million pro\ufb01t).
\n
Other comprehensive income for the year was $1 million (2023: $nil).
\n
The auditors\u2019 remuneration for audit and other services is disclosed in note 5 to the consolidated \ufb01nancial statements.
\n
3. Investments in subsidiaries
\n\n \n
2024
2023
Net book value
$ million
$ million
At 1 January
2,238
2,302
Additions
4,089
\u2013
Transfers
(262)
\u2013
Impairment
\u2013
(64)
At 31 December
6,065
2,238
\n
As part of the Wintershall\u00a0Dea acquisition the company acquired 5 per cent shares in Wintershall\u00a0Dea Holding GmbH and designated
\n
Harbour\u00a0Energy DH GmbH as the purchaser of the remaining 95 per cent. On the same day, these 5 per cent shares were contributed to
\n
Harbour\u00a0Energy Netherlands Holdings BV by way of Harbour\u00a0Energy Netherlands Holdings BV increasing its share premium without issuing
\n
further shares to Harbour\u00a0Energy plc. On the same day, Harbour\u00a0Energy Netherlands Holdings BV contributed the 5 per cent shares to
\n
Harbour\u00a0Energy DH GmbH by way of Harbour\u00a0Energy DH GmbH increasing its capital reserve without issuing further shares to
\n
Harbour\u00a0Energy Netherlands Holdings BV.
\n
On 4 September 2024, Harbour\u00a0Energy plc acquired the shareholdings of Wintershall\u00a0Dea Finance BV and Wintershall\u00a0Dea Finance 2 BV.
\n
In October 2024, a further contribution was made to Wintershall\u00a0Dea Finance BV.
\n
As at 31 December, 2024, the market capitalisation of the company was less than the company\u2019s carrying value of its investment in its
\n
subsidiaries. Therefore, an impairment test was performed to determine whether recoverable amount exceeded the cost of investment.
\n
Recoverable amount was assessed by reference to fair value less costs of disposal. This was calculated by comparing the cost of investment
\n
with the Group\u2019s market capitalisation (Level 1 under IFRS 13 fair value hierarchy), adjusted to re\ufb02ect a control premium. In determining the
\n
premium and costs of disposal, available data from recent market transactions in comparable industries, conducted at arm\u2019s length for
\n
similar assets, have been taken into account. This resulted in a recoverable amount exceeding the cost of investment. As fair value less
\n
costs of disposal exceeded cost, no separate value in use calculation was undertaken. Given the impairment recognised in 2022, this
\n
surplus was further assessed for reversal however was not found to be robust when evaluated with reference to reasonable downside
\n
sensitivities. As part of this assessment, it was noted that a 10 per cent decrease in the share price would result in a $500 million impairment.
\n
The impairment of $64 million in the prior year re\ufb02ected an investment in a subsidiary that planned to enter liquidation during 2024.
\n
A list of all investments in subsidiaries held at 31 December 2024, including the name and type of business, the country of operation
\n
and the country of incorporation or registration, is given in note 33 to the consolidated \ufb01nancial statements.
4. Receivables
\n\n \n
2024
2023
Current
$ million
$ million
Amounts owed by subsidiary undertakings in respect of taxation
14
\u2013
Trade debtors
\u2013
1
Other debtors
11
\u2013
Prepayments
5
21
30
22
Non-current
Amounts owed by subsidiary undertakings
1,2
2,052
1,924
Other long-term receivables
4
\u2013
2,056
1,924
\n
1
Amounts owed by subsidiary undertakings include non-interest bearing loans that are repayable on demand, although the company has con\ufb01rmed that it has no current intention
\n
to call on the loans until at least 12 months from the date of the approval of these \ufb01nancial statements.
\n
2
The above carrying values re\ufb02ect an impairment provision required under IFRS 9, which was calculated using the Group\u2019s 12-month probability of default. The amounts owed by
\n
subsidiary undertakings of $2,061 million (2023: $1,933 million) incurred an impairment provision of $9 million (2023: $9 million) resulting in the carrying amounts being $2,052 million
\n
(2023: $1,924 million) at year end.
\n
The carrying values of the company\u2019s receivables approximate their fair value.
\n
5. Trade and other payables
\n\n \n
2024
2023
Current
$ million
$ million
Amounts owed to subsidiary undertakings
822
\u2013
Amounts owed to subsidiary undertakings in respect of taxation
\u2013
8
Other creditors
1
\u2013
Accruals
19
46
842
54
Non-current
Other \ufb01nancial liabilities
52
\u2013
52
\u2013
\n
Other \ufb01nancial liabilities refer to the contingent consideration agreed upon with the previous owners of the Wintershall\u00a0Dea assets.
\n
Further details of these items are disclosed in note 14 of the consolidated \ufb01nancial statements.
\n
The carrying values of the company\u2019s payables approximate their fair value.
\n
6. Borrowings
\n\n \n
2024
2023
Book value
Fair value
Book value
Fair value
$ million
$ million
$ million
$ million
Bond
(496)
(499)
(493)
(487)
\n
In October 2021, the company issued a $500 million bond under Rule 144A which has a tenor of \ufb01ve years to maturity. The coupon was set
\n
at 5.50 per cent and interest is payable semi-annually. Further details can be found in note 22 of the consolidated \ufb01nancial statements.
\n
The fair value of the bond is within level 2 of the fair value hierarchy and has been estimated by discounting future cash \ufb02ows by the relevant
\n
market yield curve at the balance sheet date.
7. Long-term employee bene\ufb01t plans
De\ufb01ned bene\ufb01t schemes
The company operates a \ufb01nal salary de\ufb01ned bene\ufb01t pension plan in the UK, primarily in\ufb02ation-linked annuities based on an employee\u2019s
length of service and \ufb01nal salary. The scheme is closed to new members. The plan is a UK Tax Authority registered pension plan and is
subject to standard UK pension and tax laws. Details on the bene\ufb01ts provided by the plan are set out in the Trust Deed and Rules dated
16\u00a0October 2008 (as amended).
The plan\u2019s assets are held in a separate trustee-administered fund to meet long-term pension liabilities to bene\ufb01ciaries. The trustee of the plan
is required to act in the best interest of the bene\ufb01ciaries. The appointment of trustee directors is determined by the trust documentation.
The trustee of the plan invests assets in line with the Statement of Investment Principles. The Statement of Investment Principles has been
established taking into consideration the liabilities of the plan and the investment risk the trustee is willing to accept.
Under the Scheme Funding regime introduced by the Pensions Act 2004, the trustee is required to carry out regular actuarial valuations of the
plan, establish a schedule of contributions and, when there is a shortfall, a recovery plan. Scheme funding valuations are carried out at least
every three years. Approximate funding updates are produced annually in years where a full scheme funding valuation is not completed.
The de\ufb01ned bene\ufb01t pension plan exposes the company to actuarial risk, such as longevity risk, interest rate risk, salary risk, investment
market risk and currency risk.
Further details of this plan have not been provided as the plan is not material to the \ufb01nancial position or results of the company.
The company is also paying an unfunded pension to a former director in regard to which annual increase and a revisionary spouse\u2019s
pension apply as to pensions paid under the plan.
8. Commitments and guarantees
At the year-end date, the company (together with certain subsidiary undertakings) guaranteed the Group\u2019s principal borrowing facilities,
which comprise:
\u2022
$3 billion revolving credit facility agreement, of which $1.75 billion is available for drawing letters of credit;
\u2022
\u20ac3 billion senior bonds acquired as a result of the business combination;
\u2022
senior unsecured bonds of $500 million, \u20ac700 million and \u20ac900 million;
\u2022
subordinated notes of \u20ac650 million and \u20ac850 million; and
\u2022
$675 million (\u00a3540 million) of surety bond capacity for the purposes of posting decommissioning security.
9. Share capital and merger reserve
Further details of these items are disclosed in note 25 of the consolidated \ufb01nancial statements.
10. Dividends
Further details of these items are disclosed in note 31 of the consolidated \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800YPC42DYBKVPF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }