The gross mark-to-market value of derivatives contracts held by BP rose over 26% in 2021 to the highest level in at least eight years.
Total gross derivatives assets and liabilities stood at $26.7 billion at end-December 2021, compared with $21.2 billion the previous year. It was the largest quarterly increase since 2014.
Net derivatives assets stood at -$1.2 billion in 2021, compared with a positive net derivatives asset position in 2020 of $4.4 billion.
BP posted gross derivatives
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