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Bp's Impact on the UK Economy in 2019 Report

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Bp's Impact on the UK Economy in 2019 Report bp’s impact on the UK economy in 2019 2020 update based on research and analysis by Oxford Economics Contents 1 Foreword from Peter Mather 2 2019 economic impact highlights 4 Channels through which bp contributes to the UK economy 4 bp’s impact on the UK economy by sector 5 bp’s impact on the UK’s regional economy 11 bp’s suppliers 12 Case studies 18 bp’s ongoing social contribution to the UK 20 Methodology 20 Contacts, links and further information bp’s impact on the UK economy in 2019 bp’s impact on the UK economy in 2019 Foreword from Peter Mather, UK head of country for bp This is the sixth update of We are changing profoundly The productivity of employees the original report by Oxford as a company to meet societal through bp’s direct and indirect Economics, bp’s impact on the expectations. You can find more activity in the UK economy UK economy, September 2015. information on bp’s new purpose increased by 57% over that period. – reimagining energy for people This summary reflects the In that time, bp has purchased from and our planet – and how we will economic contribution for the an average of 3,000 suppliers of deliver on our ambition to be a net calendar year 2019 and can be operational goods and services. zero company by 2050 or sooner, read alongside the previous reports This has increased by over 70% for a year-on-year comparison. It at bp.com/reimagine. in areas such as the North East. highlights the consistency of bp’s An average of 800 suppliers of contribution to the UK economy bp’s impact has remained capital goods and services has since 2014. consistently strong over time been supported by bp in the same Much has changed in the world period, with the largest increase bp’s overall UK economic impact in since the start of 2020, including being nearly 240% in the West 2019 was in line with its average for the impact of the COVID-19 Midlands. the period 2014-19 and 7% higher pandemic on UK society, and what overall since 2014. The contribution to UK taxes has we see as a structural change in remained consistent too, with the demand for energy and how it Between 2014 and 2019, bp has bp directly bearing or collecting is produced. As a result, I expect supported a wide and diverse range an average of £2.7 billion in tax to see bp’s UK economic impact of UK suppliers, generating an receipts to the Exchequer each change in the future, with this 2019 average annual contribution of: year – around £1 in every £200 report likely to mark the end of the • £9.9 billion to UK GDP overall. previous era. • 122,000 jobs. Peter Mather Back to contents 1 bp’s impact on the UK economy in 2019 2019 economic impact highlights • bp supported an estimated • bp’s direct and supply chain £9.7 billion gross value added expenditures with UK suppliers contribution to the UK’s gross are estimated to have supported £9.7bn domestic product (GDP) and 1 in every 364 jobs in the contribution made to UK GDP 90,100 UK jobs in 2019. UK in 2019, or 0.27% of all • Of this total, bp’s direct UK employment in the country. operations – such as oil and gas • bp ventures increased its fields, petrochemical plants, investment to a total of over fuels retailing facilities and major £70 million in 13 businesses offices – created a £4.2 billion across the UK. gross value added contribution • Around half of bp’s global R&D to UK GDP and employed bp paid over 15,780 people. expenditure in 2019 was on work conducted in the UK. • Equivalent to £1 for every £1.8 bn • In 2019, bp paid or collected £474 of UK GDP in 2019. in dividends to UK-based nearly £2.5 billion in UK taxes. shareholders • bp spent a total of £7.1 billion That is equivalent to 0.4% of all with UK suppliers, up from taxes and revenues collected £6.4 billion in 2019: by HMRC in 2019. • £5.2 billion on operational goods and services from 2,520 suppliers, supporting an estimated £3.9 billion indirect contribution to GDP and 56,000 £1.2 bn jobs. spent with UK-registered businesses operating • £1.9 billion spent on capital overseas goods from 580 suppliers, supporting an estimated £1.6 billion gross value added contribution to GDP and 18,000 jobs. 2 Back to contents bp’s impact on the UK economy in 2019 90,100 0.5% £7.1bn jobs supported by bp, one in of UK GDP supported by spent with UK suppliers every 364 in the UK bp’s activity 1968 2,520 £5.2bn bp has been working with UK suppliers of good spent on operational UK schools since 1968 and services goods and services from UK suppliers 1966 580 £1.9 bn bp has supported world- UK suppliers for capital spent on capital goods class arts and culture in expenditure from UK suppliers the UK since 1966 Back to contents 3 bp’s impact on the UK economy in 2019 Channels through which bp contributes to the UK economy Direct impact Indirect impact Indirect impact Total impact OPERATIONAL SPEND CAPITAL SPEND bp employs staff. Its bp spends money bp also undertakes Together all these operations generate with suppliers across capital investment, effects comprise GDP and tax for HM the UK who employ spending money the total economic Treasury. staff, generate GDP with additional UK impact of bp on the and pay taxes. suppliers, which UK economy. generates more jobs, GDP and tax. bp’s impact on the UK economy by sector Ten UK industrial sectors receiving the largest amount of bp’s UK operational procurement spend in 2019 £ billion 0.60 Wholesale trade services, except of motor vehicles and motorcycles 0.58 Coke and refined petroleum products 0.44 Computer programming, consultancy and related services; information services 0.36 Architectural and engineering services; technical testing and analysis services 0.31 Mining and quarrying 0.29 Warehousing and support services for transportation 0.29 Machinery and equipment 0.27 Employment services 0.27 Water transport services 0.22 Repair and installation services of machinery and equipment Source: Oxford Economics 4 Back to contents bp’s impact on the UK economy in 2019 bp’s impact on the UK’s regional economy Procurement impact and supplier diversification bp’s 2,520 UK suppliers of goods and services in 2019 are distributed throughout the UK, receiving a total of over £5.2 billion. Some 27% of them were located in London, 21% in the South East, 11% in Scotland and 10% in the East of England. In 2019, bp spent £1.9 billion on capital goods from around 580 UK suppliers. Of these, 23% were in Scotland, 20% were in London and another 18% were in the South East. In addition, around £1.2 billion was spent by bp with UK-registered businesses operating abroad. bp spending (£ million) 0 600 Source: bp, based on invoice location Back to contents 5 bp’s impact on the UK economy in 2019 bp’s impact on the UK’s regional economy Employment impact 90,100 British jobs were supported equivalent to £1 for every £474 of Overall, London, the South East by bp in 2019, with direct UK UK GDP in 2019. and Scotland were the biggest operations – such as oil and gas jobs beneficiaries from bp’s direct The indirect impact of bp fields, petrochemical plants, fuels and indirect impacts. bp supported procurement of goods and services retailing facilities and major offices employment equivalent to 0.6% and capital expenditure supported – creating £4.2 billion gross value of all employment in Scotland and an estimated additional 74,315 added contribution to UK GDP and around 0.5% in London and the people in the wider UK economy. employing 15,780 people. This is South East. 0 5 10 15 20 25 30 Employment (000s) London bp total employment South East (top axis) Share of Scotland UK regional employment North West (bottom axis) East of England Yorkshire and the Humber West Midlands East Midlands South West North East Wales Northern Ireland Share of employment (%) Source: Oxford 0.0 0.2 0.4 0.6 0.8 Economics 6 Back to contents bp’s impact on the UK economy in 2019 bp’s impact on the UK’s regional economy Scotland Total UK direct gross value added £571m 2,157 people directly employed £4,176m 13,200 indirect jobs supported 15,780 people directly employed Yorkshire 74,315 indirect jobs supported and the Humber £135m 510 people directly employed 4,755 indirect jobs supported East of England £366m 1,383 people directly employed 4,284 indirect jobs supported Rest of UK £417m 1,574 people directly employed London 15,518 indirect jobs supported £820m 3,100 people directly employed 22,539 indirect jobs supported South East £1,867m 7,056 people directly employed 14,017 indirect jobs supported Back to contents 7 bp’s impact on the UK economy in 2019 bp’s operating locations Assets key Shetland and Central North Sea hubs Field tieback Operated by others Pipeline key Oil Natural gas Operated by others Map key Density of retail sites Supply terminals Office & manufacturing locations Kinneil terminal operated by others 8 Back to contents bp’s impact on the UK economy in 2019 Foinaven Petrojarl Foinaven FPSO Clair Ridge Schiehallion Area Glen Lyon FPSO Alligin Loyal Clair Sullom Voe Terminal Magnus St Fergus Forties Pipeline System Arundel Andrew Area Farragon Cruden Bay Kinnoull planned for sale to others Aberdeen Unity Cyrus Marnock Murlach Monan Madoes Mungo Seagull Mirren ETAP Machar Vorlich Shearwater CATS terminal planned for sale to others Culzean Back to contents 9 bp’s impact on the UK economy in 2019 bp’s impact on the UK’s regional economy Estimated geographic distribution of bp’s 2,520 UK suppliers of operational goods and services in 2019 Other 13% London 27% West Midlands 5% Yorkshire and the Humber 6% North West 7% South East 21% East of England 10% Scotland 11% Estimated geographic distribution of bp’s 580 UK suppliers of capital goods and services in 2019 Other 13% Scotland 23% North West 5% West Midlands 6% Yorkshire and the Humber 7% London 19% East of England 9% South East 18% Source: Oxford Economics 10 Back to contents bp’s impact on the UK economy in 2019 bp’s suppliers From a drilling service provider in Scotland, to financial services in Northern Ireland, an estate agency in the North East, air logistics from the East Midlands, food services from Wales, and software developers in the South 1 East, bp supported a wide and diverse range 2 of business types.
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