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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of quantitative information about leases for lessee [abstract]  
Summary of detailed information about lease assets and lease liabilities
 
Land and buildings
Oil and gas properties
1
Other plant and
equipment
1
Total 
US$m
US$m
US$m
US$m 
Lease assets
Year ended 31 December 2024
Carrying amount at 1 January 2024
430
107
693
1,230
Acquisitions through assets acquisitions
2
172
-
-
172
Additions
37
-
111
148
Disposals at written down value
-
(1)
(1)
(2)
 
Lease remeasurements
16
17
10
43
Depreciation
(52)
(106)
(142)
(300)
Carrying amount at 31 December 2024
603
17
671
1,291
At 31 December 2024
Historical cost and remeasurements
825
518
1,235
2,578
Accumulated depreciation, impairment and disposals
(222)
(501)
(564)
(1,287)
Net carrying amount
603
17
671
1,291
Lease liabilities
Year ended 31 December 2024
At 1 January 2024
607
130
878
1,615
Acquisitions through assets acquisitions
2
178
-
-
178
Additions
37
-
111
148
Disposals
-
(7)
(1)
(8)
Repayments (principal and interest)
(83)
  
(118)
(210)
  
(411)
Accretion of interest
26
4
72
102
Lease remeasurements
(31)
  
24
6
(1)
Carrying amount at 31 December 2024
734
33
856
1,623
Current
55
32
102
189
Non-current
679
1
754
1,434
Carrying amount at 31 December 2024
734
33
856
1,623
Lease assets
Year ended 31 December 2023
Carrying amount at 1 January 2023
464
225
575
1,264
Additions
8
-
120
128
Transfer to assets held for sale
-
(3)
-
(3)
Lease remeasurements
7
59
125
191
Depreciation
(49)
(174)
(127)
(350)
Carrying amount at 31 December 2023
430
107
693
1,230
At 31 December 2023
Historical cost and remeasurements
600
502
1,115
2,217
Accumulated depreciation, impairment and disposals
(170)
(395)
(422)
(987)
Net carrying amount
430
107
693
1,230
Lease liabilities
Year ended 31 December 2023
At 1 January 2023
623
238
773
1,634
Additions
24
-
121
145
Transfer to liabilities directly associated with assets held for sale
-
(6)
(1)
(7)
Repayments (principal and interest)
(78)
(188)
(203)
(469)
Accretion of interest
27
12
63
102
Lease remeasurements
11
74
125
210
Carrying amount at 31 December 2023
607
130
878
1,615
Current
54
114
130
298
Non-current
553
16
748
1,317
Carrying amount at 31 December 2023
607
130
878
1,615
 
1.
Plant and equipment, which was a category in 2023, has been reviewed and presented as ‘oil and gas properties’ and ‘other plant and equipment’ in 2024. The 2023 amounts have been reclassified to be presented on the same basis.
2.
Refer to Note B.7 for details of asset acquisitions.
Summary of detailed information about maturity analysis of lease payments
The table below presents the contractual undiscounted cash flows associated with the Group’s lease liabilities, representing principal and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position.
 
  
 
 
2024  
     US$m
 
 
   
 
2023 
     US$m
 
 
Due for payment in:
                  
1 year or less
   
286
  
415
1-2
years
   
218
  
240
2-3
years
   
198
  
194
3-4
years
   
195
  
180
4-5
years
   
195
  
181
More than 5 years
   
899
  
1,032
    
1,991
  
2,242
Summary of detailed information about contractual undiscounted cash flows associated with future lease commitments
The table below presents the contractual undiscounted cash flows associated with the Group’s future lease commitments for
non-cancellable
leases not yet commenced, representing principal and interest.
 
  
 
 
2024
      US$m
 
 
   
 
2023
     US$m
 
 
Due for payment:
                  
Within one year
   
32
  
33
After one year but not more than five years
   
775
  
889
Later than five years
   
2,360
  
1,242
    
3,167
  
2,164