What was the total value of Petro Stopping Center's total liabilities in 2024?
Petro_Stopping_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
- Enhanced guidance on the aggregation of information across all the primary financial statements and the notes.
The Company's evaluation of the effect of adopting IFRS 18 is ongoing but it is currently anticipated that IFRS 18 will have a significant impact on the presentation of the Company's financial statements and related disclosures.
2. Non-current assets held for sale
The carrying amount of assets classified as held for sale at December 31, 2024 is $865 million (2023 $0), with associated liabilities of $49 million (2023 $0).
gas & low carbon energy
On September 16, 2024, bp announced that it plans to sell its US onshore wind energy business, bp Wind Energy. bp Wind Energy has interests in ten operating onshore wind energy assets across seven US states. As a result of progression of the disposal process during the fourth quarter of 2024, completion of a disposal in 2025 is now considered to be highly probable. The carrying amount of assets classified as held for sale at December 31, 2024 is $569 million, with associated liabilities of $41 million.
On December 9, 2024, bp and JERA Co., Inc. agreed to combine their offshore wind businesses to form a new standalone, equally-owned joint venture – JERA Nex bp. The parties have agreed to work to complete formation of JERA Nex bp, subject to regulatory and other approvals, by end of the third quarter of 2025. bp will contribute its development projects in the UK, Japan, Germany and US into the new joint venture. The related assets and liabilities of those projects have, therefore, been classified as held for sale. The carrying amount of US assets classified as held for sale on the Company's balance sheet at December 31, 2024 is $296 million, with associated liabilities of $8 million.
The total assets and liabilities held for sale at December 31, 2024 and 2023, which are all in the gas & low carbon energy businesses, are set out in the table below.
Source: Item 23 — RECEIPTS **RECEIPTS (FDD pages 87–131)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, the financial statements for Petro Stopping Center do not explicitly state the total value of the company's total liabilities in 2024. However, the document does provide some information regarding liabilities within specific contexts.
For instance, the document mentions "associated liabilities of $8 million" related to US assets classified as held for sale as of December 31, 2024, in the gas & low carbon energy businesses. Additionally, it refers to "Interest expense on lease liabilities" amounting to $247 million in 2024. These figures offer insight into specific liability categories but do not represent the company's overall liability position.
To determine the total liabilities for Petro Stopping Center in 2024, a prospective franchisee should consult the full financial statements included in the FDD or request this information directly from the franchisor. Understanding the complete scope of liabilities is crucial for assessing the financial health and stability of the franchise opportunity.