The data shows a general trend of increasing average time to pay invoices for BP ENERGY EUROPE LIMITED from 2018 to 2021. The average time to pay increased from 15 days in the first period to 133 days in the fourth period, before decreasing significantly to just 1 day in the fifth period. This trend continued in the sixth period with 0 days and then increased again to 43 days in the seventh period.
The data also shows a high level of volatility in the percentage of invoices paid within 30 days. This percentage fluctuates between 67% and 100% in different periods. However, there is a more consistent trend in the percentage of invoices paid between 31 and 60 days, which consistently ranges between 0% and 14%. The highest volatility can be seen in the percentage of invoices paid later than 60 days, with a range of 0% to 19% in different periods.
The data for BP ENERGY EUROPE LIMITED shows that in the most recent period (2021-01-01 to 2021-06-30), the average time to pay invoices was 43 days, with only 17% of invoices paid within 30 days and 67% paid between 31 and 60 days. This is a significant decrease in performance compared to the previous period (2020-07-01 to 2020-12-31) where the average time to pay was 0 days and 100% of invoices were paid within 30 days. The worst period for BP ENERGY EUROPE LIMITED was in 2019-07-01 to 2019-12-31, where the average time to pay was 133 days and 19% of invoices were paid later than 60 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 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 27 Jul 2021 | 43 | 17% | 67% | 16% | 0% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 0 | 100% | 0% | 0% | 0% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 1 | 100% | 0% | 0% | 0% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 133 | 67% | 14% | 19% | 14% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 44 | 79% | 3% | 18% | 0% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 27 | 80% | 9% | 11% | 11% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 15 | 85% | 0% | 15% | 15% |
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 the later of 20 days after the end of the month in which the delivery occurs or 10 days after receipt of invoice. Payment not relating to commodity (gas&power) are usually due 30 days after the receipt of the invoice.
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 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 twice weekly 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
51
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 Energy Europe Limited is a leading energy company that operates in the European market. The company is committed to providing sustainable solutions and products to its customers. They have a strong focus on reducing carbon emissions and promoting renewable energy sources.
The company's sustainability program includes initiatives such as investing in clean energy technologies, reducing waste and promoting energy efficiency. They also have a commitment to support local communities and protect the environment.
BP Energy Europe Limited offers a wide range of energy products and services, including oil and gas, renewable energy, and low-carbon solutions. They also provide energy management services to help their customers optimize their energy usage and reduce their carbon footprint.
The company's key people include the CEO, Bernard Looney, who has been with the company since 1991 and has a strong background in technology and sustainability. The chairman of the company is Helge Lund, who has extensive experience in the energy industry.
To contact BP Energy Europe Limited, individuals can visit their website at www.bp.com or reach out to their registered office at 1 St James's Square, London SW1Y 4PD, United Kingdom. Overall, BP Energy Europe Limited is a pioneering energy company that is dedicated to providing sustainable solutions and promoting a greener future for Europe.
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