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BP EXPLORATION OPERATING COMPANY LIMITED

Company number: 00305943

Reporting period:
1 July 2019 to 31 December 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 January 2020

and approved by Ariel David Flores

Payment statistics

Average time taken to pay invoices: 31 days

Invoices paid:

• within 30 days: 79%
• in 31 to 60 days: 20%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 6 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

60 days

Standard payment terms

Standard contractual terms for the payment to suppliers are 30 - 60 days.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

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.

Dispute resolution process

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).

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

Yes – The Prompt Payment Code

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.

Yes

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.

No

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?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No