Industry ranking
Score of 87.5/100 qualifies for PaymentCheck Certification
The trend for BP EXPLORATION (ALPHA) LIMITED's average time to pay invoices has been fluctuating over the past three periods, with a decrease in 2019 and an increase in 2020. However, the overall trend appears to be improving as the company has been paying invoices faster in recent periods compared to earlier periods.
The volatility in BP EXPLORATION (ALPHA) LIMITED's average time to pay invoices has decreased over the past three periods, with a decrease in the percentage of invoices paid later than 60 days and an increase in the percentage of invoices paid within 30 days.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 28 | 84% | 13% | 3% | 3% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 25 | 93% | 7% | 0% | 2% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 25 | 58% | 41% | 1% | 34% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 31 | 31% | 66% | 3% | 62% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 29 | 36% | 62% | 2% | 58% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard contractual terms for the payment to suppliers are 30 days.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Payment statistics disclosed in this report can be affected by a number of different factors including payments made to other BP group companies which are included within the data disclosed. Invoices are often reported as due but not paid within agreed terms because BACS transfers to suppliers arrive in the supplier’s bank account two business days after leaving the company’s bank account, contract payments due on weekends or bank holidays are typically paid on the following business day and the company typically initiates payments in batches, on a daily basis; where this is the case payments will normally be received by the supplier within a few days of the due date.
Maximum contractual payment period agreed
60
The Company will notify suppliers of any invoice disputes. The Company and the supplier will endeavour to resolve all disputes by agreement of the parties. Once resolved, payment will be made in accordance with agreed terms. If these discussions are unsuccessful, then the dispute will be resolved by reference to arbitration or courts (as specified in the contract).
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
BP Exploration (Alpha) Limited is a UK-registered company whose registered nature of business is classified as extraction of crude petroleum. It has previously traded under the names Canada Northwest Oil (U.K.) Limited, BNOC (Beta) Limited and Britoil (Beta) Limited before adopting its current name. The company is part of the wider BP group, being a direct subsidiary of BP Exploration Operating Company Limited and ultimately of BP p.l.c. It is registered at Companies House with an active status, based at Sunbury on Thames. No further detail on specific operational sites or projects is available from the evidence provided.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk · lei-lookup.com