REG - BP PLC - 1Q25 SEA Part 1 of 1
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RNS Number : 5095G BP PLC 29 April 2025
Top of page 1
FOR IMMEDIATE RELEASE
London 29 April 2025
BP p.l.c. Group results
First quarter 2025
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Strong operational performance, delivering major projects
Financial summary First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Profit (loss) for the period attributable to bp shareholders 687 (1,959) 2,263
Inventory holding (gains) losses*, net of tax (118) 7 (657)
Replacement cost (RC) profit (loss)* 569 (1,952) 1,606
Net (favourable) adverse impact of adjusting items*, net of tax 812 3,121 1,117
Underlying RC profit* 1,381 1,169 2,723
Operating cash flow* 2,834 7,427 5,009
Capital expenditure* (3,623) (3,726) (4,278)
Divestment and other proceeds((a)) 328 2,761 413
Net issue (repurchase) of shares (1,847) (1,625) (1,750)
Net debt*((b)) 26,968 22,997 24,015
Adjusted EBITDA* 8,701 8,413 10,306
Announced dividend per ordinary share (cents per share) 8.000 8.000 7.270
Underlying RC profit per ordinary share* (cents) 8.75 7.36 16.24
Underlying RC profit per ADS* (dollars) 0.53 0.44 0.97
Highlights
• Resilient financial performance: 1Q25 underlying RC profit $1.4bn;
dividend per ordinary share of 8 cents; $0.75 bn share buyback.
• Delivering strong operations: 1Q25 upstream plant reliability*
95.4%; 1Q25 refining availability* 96.2%.
• Growing upstream: Safely started up three major projects*; six
exploration discoveries.
• Executing our strategy at pace: Good progress on our divestment
programme, including the strategic review of Castrol, and the intentions to
sell mobility & convenience businesses in Austria and the Netherlands and
the Gelsenkirchen refinery.
In February, we announced a fundamental reset of our strategy - to grow the
upstream, focus the downstream and invest with discipline in the transition -
and we have already made significant progress. So far this year we have
started up three major projects, made six exploration discoveries and have
progressed our divestment programme - all while delivering strong operational
performance, with over 95% upstream plant reliability supporting the best
operating efficiency* on record, and over 96% refining availability. We
continue to monitor market volatility and changes and remain focused on moving
at pace. I'm confident that our plans to strengthen the balance sheet, reduce
costs, and improve cash flow and returns will grow long-term shareholder value
and strengthen the resilience of bp.
Murray Auchincloss
Chief executive officer
(a) Divestment proceeds are disposal proceeds as per the condensed
group cash flow statement.
(b) See Note 9 for more information.
RC profit (loss), underlying RC profit, net debt, adjusted EBITDA, underlying
RC profit per ordinary share and underlying RC profit per ADS are non-IFRS
measures. Inventory holding (gains) losses and adjusting items are non-IFRS
adjustments.
* For items marked with an asterisk throughout this document, definitions are
provided in the Glossary on page 30.
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In the first quarter, we delivered resilient financial results and are in
action to improve the performance of bp. Underlying RC profit* grew
quarter-on-quarter to $1.4 billion and we have made good progress on our plans
to deliver on our structural cost reduction* target. Our financial frame
provides us with flexibility through cycle. We continue to optimize investment
plans and now expect 2025 capital expenditure of around $14.5 billion. We are
also making good progress on divestments and now expect proceeds of $3-4
billion this year. This underpins our confidence in meeting our net debt*
target of $14-18 billion by the end of 2027((a)). For the first quarter, we
have announced a dividend per ordinary share of 8 cents and a share buyback of
$750 million.
Kate Thomson Chief financial officer
Highlights
1Q25 underlying replacement cost (RC) profit* $1.4 billion
• Underlying RC profit for the quarter was $1.4 billion, compared with $1.2
billion for the previous quarter. Compared with the fourth quarter 2024, the
underlying result reflects lower impact from turnaround activity, stronger
realized refining margins, lower other businesses & corporate underlying
charge, partly offset by a weak gas marketing and trading result. The
underlying effective tax rate (ETR)* in the quarter was 50%.
• Reported profit for the quarter was $0.7 billion, compared with a loss of
$2.0 billion for the fourth quarter 2024. The reported result for the first
quarter is adjusted for inventory holding gains* of $0.2 billion (pre-tax) and
a net adverse impact of adjusting items* of $0.4 billion (pre-tax) to derive
the underlying RC profit. Adjusting items include pre-tax net impairments of
$0.4 billion and favourable fair value accounting effects* of $1.0 billion.
See page 24 for more information on adjusting items.
Segment results((b))
• Gas & low carbon energy: The RC profit before interest and tax for the
first quarter 2025 was $1.4 billion, compared with $1.3 billion for the
previous quarter. After adjusting RC profit before interest and tax for a net
favourable impact of adjusting items of $0.4 billion, the underlying RC
profit before interest and tax* for the first quarter was $1.0 billion,
compared with $2.0 billion in the fourth quarter 2024. The first quarter
underlying result before interest and tax is largely driven by a weak gas
marketing and trading result, lower production, including the impact of
divestments, and higher costs, mainly non-cash costs and start up costs
related to major projects*.
• Oil production & operations: The RC profit before interest and tax for the
first quarter 2025 was $2.8 billion, compared with $2.6 billion for the
previous quarter. After adjusting RC profit before interest and tax for a net
adverse impact of adjusting items of $0.1 billion, the underlying RC profit
before interest and tax for the first quarter was $2.9 billion, compared with
$2.9 billion in the fourth quarter 2024. The first quarter underlying result
before interest and tax reflects higher volume and realizations offset by
lower income from equity-accounted entities and the absence of the benefit of
several non-recurring items in the fourth quarter 2024.
• Customers & products: The RC profit before interest and tax for the first
quarter 2025 was $0.1 billion, compared with a loss of $1.9 billion for the
previous quarter. After adjusting RC profit before interest and tax for a net
adverse impact of adjusting items of $0.6 billion, the underlying RC profit or
loss before interest and tax (underlying result) for the first quarter was a
profit of $0.7 billion, compared with a loss of $0.3 billion in the fourth
quarter 2024. The customers first quarter underlying result was higher by $0.1
billion, reflecting lower costs and stronger midstream performance, partly
offset by seasonally lower volumes. The products first quarter underlying
result was higher by $0.8 billion, mainly reflecting a lower impact from
turnaround activity and stronger realized refining margins. The oil trading
contribution was average.
Operating cash flow* $2.8 billion and net debt* $27.0 billion
• Operating cash flow of $2.8 billion, which includes a working capital* build
of $3.4 billion (after adjusting for inventory holding gains, fair value
accounting effects and other adjusting items), was around $4.6 billion lower
than the previous quarter, reflecting seasonal inventory effects and timing of
various payments including annual bonus payments and payments related to low
carbon assets held for sale. Net debt was $27.0 billion at the end of the
first quarter, primarily driven by lower operating cash flow.
Financial frame
• bp is committed to maintaining a strong balance sheet and maintaining 'A'
grade credit range through the cycle. We have a target of $14-18 billion of
net debt by the end of 2027((a)).
• Our policy is to maintain a resilient dividend. Subject to board approval, we
expect an increase in the dividend per ordinary share of at least 4% per
year((c)). For the first quarter, bp has announced a dividend per ordinary
share of 8 cents.
• Share buybacks are a mechanism to return excess cash. When added to the
resilient dividend, we expect total shareholder distributions of 30-40% of
operating cash flow*, over time. Related to the first quarter results, bp
intends to execute a $0.75 billion share buyback prior to reporting the second
quarter results. The $1.75 billion share buyback programme announced with the
fourth quarter results was completed on 25 April 2025.
• bp will continue to invest with discipline, driven by value and focused on
delivering returns. We expect capital expenditure of around $14.5 billion in
2025 and have a capital frame of around $13-15 billion for 2026 and 2027.
(a) Potential proceeds from any transactions related to the Castrol
strategic review and announcement to bring a strategic partner into
Lightsource bp will be allocated to reduce net debt.
(b) RC profit or loss before interest and tax for the fourth quarter
2024 for gas & low carbon energy and customers and products has been
restated for material items to reflect the move of our Archaea business from
the customers & products segment to the gas & low carbon energy
segment.
(c) Subject to board discretion each quarter taking into account
factors including current forecasts, the cumulative level of and outlook for
cash flow, share count reduction from buybacks and maintaining 'A' range
credit metrics.
The commentary above contains forward-looking statements and should be read in
conjunction with the cautionary statement on page 36.
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Financial results
In addition to the highlights on page 2:
• Profit attributable to bp shareholders in the first quarter was
$0.7 billion, compared with $2.3 billion in the same period of 2024.
- After adjusting profit attributable to bp shareholders for inventory holding
gains* and net impact of adjusting items*, underlying replacement cost (RC)
profit* for the first quarter was $1.4 billion, compared with $2.7 billion
for the same period of 2024. The underlying RC profit for the first quarter
compared with the same period in 2024 mainly reflects lower refining margins,
a weak gas marketing and trading result and an average oil trading
contribution, partly offset by a higher customers result.
- Adjusting items in the first quarter had a net adverse pre-tax impact of
$0.4 billion, compared with a net adverse pre-tax impact of $1.2 billion in
the same period of 2024.
- Adjusting items for the first quarter include a favourable pre-tax impact of
fair value accounting effects*, relative to management's internal measure of
performance, of $1.0 billion, compared with an adverse pre-tax impact of
$0.2 billion in the same period of 2024. This is primarily due to a larger
decline in the forward price of LNG over the 2025 period compared to the
comparative periods of 2024 and the favourable impact of the fair value
accounting effects relating to the hybrid bonds in the first quarter 2025
compared to the adverse impact in the first quarter 2024.
- Adjusting items for the first quarter of 2025 include an adverse pre-tax
impact of asset impairments of $0.4 billion, compared with an adverse pre-tax
impact of $0.6 billion in the same period of 2024.
• The effective tax rate (ETR) on RC profit or loss* for the first quarter
was 71%, compared with 54% for the same period in 2024. Excluding adjusting
items, the underlying ETR* for the first quarter was 50%, compared with 43%
for the same period in 2024. The higher underlying ETR for the first quarter
reflects changes in the geographical mix of profits. ETR on RC profit or loss
and underlying ETR are non-IFRS measures.
• Operating cash flow* for the first quarter was $2.8 billion, compared
with $5.0 billion for the same period in 2024. The reduction in operating
cash flow reflects lower underlying replacement cost profit coupled with a
higher working capital* build partly offset by a reduction in tax paid.
• Capital expenditure* in the first quarter was $3.6 billion, compared with
$4.3 billion in the same period of 2024 largely reflecting reduced capital
expenditure on low carbon energy.
• Total divestment and other proceeds for the first quarter were
$0.3 billion, compared with $0.4 billion for the same period in 2024.
• At the end of the first quarter, net debt* was $27.0 billion, compared
with $23.0 billion at the end of the fourth quarter 2024 and $24.0 billion
at the end of the first quarter 2024 primarily due to the lower operating cash
flow and timing of divestment proceeds in the first quarter 2025. The movement
over the last year was also impacted by divestment proceeds and the issuance
of additional perpetual hybrid bonds, offset partly by acquired net debt from
the completion of the bp Bunge Bioenergia and Lightsource bp transactions.
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Analysis of RC profit (loss) before interest and tax and reconciliation to
profit (loss) for the period
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
RC profit (loss) before interest and tax
gas & low carbon energy((a)) 1,358 1,324 1,036
oil production & operations 2,788 2,571 3,060
customers & products((a)) 103 (1,921) 988
other businesses & corporate (22) (1,161) (300)
Consolidation adjustment - UPII* 13 (49) 32
RC profit before interest and tax 4,240 764 4,816
Finance costs and net finance expense relating to pensions and other (1,269) (1,246) (1,034)
post-employment benefits
Taxation on a RC basis (2,107) (1,131) (2,030)
Non-controlling interests (295) (339) (146)
RC profit (loss) attributable to bp shareholders* 569 (1,952) 1,606
Inventory holding gains (losses)* 159 (21) 851
Taxation (charge) credit on inventory holding gains and losses (41) 14 (194)
Profit (loss) for the period attributable to bp shareholders 687 (1,959) 2,263
(a) Fourth quarter 2024 has been restated for material items to
reflect the move of our Archaea business from the customers & products
segment to the gas & low carbon energy segment.
Analysis of underlying RC profit (loss) before interest and tax
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Underlying RC profit (loss) before interest and tax
gas & low carbon energy 997 1,987 1,658
oil production & operations 2,895 2,924 3,125
customers & products 677 (302) 1,289
other businesses & corporate (117) (527) (154)
Consolidation adjustment - UPII 13 (49) 32
Underlying RC profit before interest and tax 4,465 4,033 5,950
Finance costs on an underlying RC basis((a)) and net finance expense relating (1,082) (1,096) (942)
to pensions and other post-employment benefits
Taxation on an underlying RC basis (1,707) (1,429) (2,139)
Non-controlling interests (295) (339) (146)
Underlying RC profit attributable to bp shareholders* 1,381 1,169 2,723
(a) A non-IFRS measure. Finance costs on an underlying RC basis is
defined as finance costs as stated in the group income statement excluding
finance costs classified as adjusting items* (see footnote (g) on page 24).
Reconciliations of underlying RC profit attributable to bp shareholders to the
nearest equivalent IFRS measure are provided on page 1 for the group and on
pages 6-12 for the segments.
Operating Metrics
First Fourth First 1Q25
quarter quarter quarter vs
2025 2024 2024 1Q24
Tier 1 and tier 2 process safety events* 10 6 14 -4
upstream* production((a)) (mboe/d) 2,239 2,299 2,378 -5.8%
upstream unit production costs*((b)) ($/boe) 6.34 5.93 6.00 +5.6%
bp-operated upstream plant reliability* 95.4% 94.7% 94.9% +0.5
bp-operated refining availability*((a)) 96.2% 94.8% 90.4% +5.8
(a) See Operational updates on pages 6, 8 and 10. Because of
rounding, upstream production may not agree exactly with the sum of gas &
low carbon energy and oil production & operations.
(b) First quarter 2025, compared with the first quarter 2024, the
increase mainly reflects portfolio mix.
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Outlook & Guidance
2Q 2025 guidance
• Looking ahead, bp expects second quarter 2025 reported upstream*
production to be broadly flat compared with the first-quarter 2025.
• In its customers business, bp expects seasonally higher volumes compared
to the first quarter and fuels margins to remain sensitive to movements in the
cost of supply.
• In products, bp expects a significantly higher level of planned refinery
turnaround activity compared to the first quarter and refining margin
environment to remain sensitive to the economic outlook.
2025 guidance
In addition to the guidance on page 2:
• bp continues to expect reported upstream* production to be lower and
underlying upstream production* to be slightly lower compared with 2024.
Within this, bp expects underlying production from oil production &
operations to be broadly flat and production from gas & low carbon energy
to be lower.
• In its customers business, bp continues to expect growth in its customers
businesses including a full year contribution from bp bioenergy and a higher
contribution from TravelCenters of America in part supported by a partial
recovery from the US freight recession. Earnings growth is expected to be
supported by structural cost reduction. bp continues to expect fuels margins
to remain sensitive to the cost of supply and earnings delivery to remain
sensitive to the relative strength of the US dollar.
• In products, bp continues to expect broadly flat refining margins relative
to 2024 and stronger underlying performance underpinned by the absence of the
plant-wide power outage at Whiting refinery, and improvement plans across the
portfolio. bp continues to expect similar levels of refinery turnaround
activity, with phasing of turnaround activity in 2025 heavily weighted towards
the first half, with the highest impact in the second quarter.
• bp continues to expect other businesses & corporate underlying annual
charge to be around $1.0 billion for 2025. The charge may vary from quarter to
quarter.
• bp continues to expect the depreciation, depletion and amortization to be
broadly flat compared with 2024.
• bp continues to expect the underlying ETR* for 2025 to be around 40% but
it is sensitive to a range of factors, including the volatility of the price
environment and its impact on the geographical mix of the group's profits and
losses.
• bp now expects divestment and other proceeds to be around $3-4 billion in
2025, weighted towards the second half.
• bp continues to expect Gulf of America settlement payments for the year to
be around $1.2 billion pre-tax including $1.1 billion pre-tax paid during the
second quarter.
The commentary above contains forward-looking statements and should be read in
conjunction with the cautionary statement on page 36.
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gas & low carbon energy*
Financial results
• The replacement cost (RC) profit before interest and tax for the
first quarter was $1,358 million, compared with $1,036 million for the same
period in 2024. The first quarter is adjusted by a favourable impact of net
adjusting items* of $361 million, compared with an adverse impact of net
adjusting items of $622 million for the same period in 2024. Adjusting items
include impacts of fair value accounting effects*, relative to management's
internal measure of performance, which are a favourable impact of $668 million
for the first quarter in 2025 and a favourable impact of $113 million for the
same period in 2024. See page 24 for more information on adjusting items.
• After adjusting RC profit before interest and tax for adjusting
items, the underlying RC profit before interest and tax* for the first quarter
was $997 million, compared with $1,658 million for the same period in 2024.
• The underlying RC profit before interest and tax for the first
quarter compared with the same period in 2024, reflects a weak trading result
and the impact of divestments in Egypt and Trinidad in the fourth quarter
2024, partially offset by higher realizations, lower exploration write-offs
and the absence of the foreign exchange loss on Egyptian pound balances.
Operational update
• Reported production for the quarter was 764mboe/d, 16.5% lower
than the same period in 2024, mainly due to the divestments in Egypt and
Trinidad in the fourth quarter 2024. Underlying production* was 6.1% lower due
to base decline partially offset by the ramp-up of major projects*.
Strategic progress
gas
• In February, bp announced the Raven Infills project in the
West Nile Delta (WND) had started production ahead of schedule. The two-well
tie-back to the bp-operated Raven facility is expected to produce around 220
billion cubic feet of gas and 7 million barrels of condensate. bp, the
operator, holds an 82.75% stake in the project, while Harbour Energy owns the
remaining 17.25%.
• In March, bp announced successful completion of the "El
Fayoum-5" gas discovery well in the North Alexandria Offshore Concession,
marking the final well in its four-slot drilling campaign in WND. It is
planned to be tied-back to bp's operated WND Gas Development. This follows the
announcement in February of the successful "El King-2" exploration well in the
North King Mariout Offshore Concession.
• In March, bp announced it has agreed for Apollo-managed
funds to purchase a 25% non-controlling stake in bp Pipelines TANAP Limited,
the bp subsidiary that holds a 12% share in TANAP, owner and operator of the
pipeline that carries natural gas from Azerbaijan across Türkiye, for
consideration of approximately $1.0 billion. Upon completion, expected in the
second quarter, and subject to regulatory and shareholder approvals, bp will
remain the controlling shareholder of bp Pipelines TANAP Limited.
• In March, bp announced it has achieved two major milestones
in Trinidad & Tobago, sanctioning the Ginger gas development and
exploration success at its Frangipani well. Taking the final investment
decision on Ginger and discovering gas at Frangipani are the latest
demonstrations of upstream activity this year for bp in Trinidad & Tobago.
• In April, bp announced its Cypre development (located in
Trinidad & Tobago) has safely delivered its first gas.
• In April, bp announced that it has safely loaded the first
cargo of liquefied natural gas (LNG) for export from its GTA Phase 1 project
offshore Mauritania and Senegal.
low carbon energy
• In March, bp and JERA Co., Inc. announced the leadership
team of their planned 50:50 offshore wind joint venture, JERA Nex bp.
Completion is expected by end of the third quarter of 2025, subject to
regulatory and other approvals.
• In March, bp entered into an agreement to sell 100% of its
interest in a parcel of land located at Astoria, in the City and State of New
York, to the Power Authority of the State of New York. The transaction is
expected to close in mid 2025 and is subject to regulatory and other
approvals.
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gas & low carbon energy (continued)
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Profit before interest and tax((a)) 1,358 1,324 1,036
Inventory holding (gains) losses* - - -
RC profit before interest and tax((a)) 1,358 1,324 1,036
Net (favourable) adverse impact of adjusting items((a)) (361) 663 622
Underlying RC profit before interest and tax 997 1,987 1,658
Taxation on an underlying RC basis (471) (705) (518)
Underlying RC profit before interest 526 1,282 1,140
(a) Fourth quarter 2024 has been restated for material items to
reflect the move of our Archaea business from the customers & products
segment to the gas & low carbon energy segment.
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Depreciation, depletion and amortization
Total depreciation, depletion and amortization 1,166 1,153 1,293
Exploration write-offs
Exploration write-offs - (10) 203
Adjusted EBITDA*
Total adjusted EBITDA 2,163 3,130 3,154
Capital expenditure*
gas((b)) 774 1,228 754
low carbon energy((c)) 129 (107) 659
Total capital expenditure((b)) 903 1,121 1,413
(b) Comparative periods have been restated to reflect the move of our
Archaea business from the customers & products segment to the gas &
low carbon energy segment.
(c) Fourth quarter 2024 includes cash acquired net of acquisition
payments on completion of the Lightsource bp acquisition.
First Fourth First
quarter quarter quarter
2025 2024 2024
Production (net of royalties)((d))
Liquids* (mb/d) 83 91 102
Natural gas (mmcf/d) 3,950 4,402 4,708
Total hydrocarbons* (mboe/d) 764 850 914
Average realizations*((e))
Liquids ($/bbl) 70.74 68.93 76.92
Natural gas ($/mcf) 7.26 6.96 5.45
Total hydrocarbons ($/boe) 45.38 43.21 36.64
(d) Includes bp's share of production of equity-accounted entities in
the gas & low carbon energy segment.
(e) Realizations are based on sales by consolidated subsidiaries
only - this excludes equity-accounted entities.
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oil production & operations
Financial results
• The replacement cost (RC) profit before interest and tax for the
first quarter was $2,788 million, compared with $3,060 million for the same
period in 2024. The first quarter is adjusted by an adverse impact of net
adjusting items* of $107 million, compared with an adverse impact of net
adjusting items of $65 million for the same period in 2024. See page 24 for
more information on adjusting items.
• After adjusting RC profit before interest and tax for adjusting
items, the underlying RC profit before interest and tax* for the first quarter
was $2,895 million, compared with $3,125 million for the same period in 2024.
• The underlying RC profit before interest and tax for the first
quarter, compared with the same period in 2024, primarily reflects lower
realizations, increased depreciation charges and lower income from equity-
accounted entities partly offset by higher volumes.
Operational update
• Reported production for the quarter was 1,475mboe/d, 0.8% higher
than the first quarter of 2024. Underlying production* for the quarter was
1.5% higher compared with the first quarter of 2024 reflecting improved base
performance partly offset by bpx Energy.
Strategic progress
• In March, bp has received final government ratification for its
contract to invest in the redevelopment of several giant oil fields in Kirkuk,
in the north of Iraq. The contract between North Oil Company (NOC), North Gas
Company (NGC) and bp includes the rehabilitation and redevelopment of the
fields, spanning oil, gas, power and water with potential for investment in
exploration.
• In April, bp announced a Miocene oil discovery at the Far South
prospect in the US Gulf of America. bp drilled the exploration well in Green
Canyon Block 584 approximately 120 miles off the coast of Louisiana in 4,092
feet of water. The well was drilled to a total depth of 23,830 feet. The Far
South co-owners are bp (operator, 57.5%) and Chevron U.S.A. Inc. (42.5%).
• Following signing of the addendum to the existing Azeri, Chirag
and Deepwater Guneshli (ACG) production-sharing agreement* in 2024, in January
the initial producer well from West Chirag in the deeper non-associated gas
reservoirs has encountered hydrocarbons. First gas is expected later in the
year.
• In February, Azule Energy (a 50:50 joint venture between bp and
Eni) - in collaboration with its New Gas Consortium (NGC) partners, has
completed installation of the jacket and deck of the Quiluma offshore
platform, a key step in Angola's first non-associated gas development.
Installation of the jacket at the Maboqueiro platform is ongoing, as is
construction at the onshore gas processing plant that will tie in to the
nearby Angola LNG plant and domestic gas infrastructure.
• Azule Energy - in March, the Agogo Floating Production, Storage
& Offloading vessel (FPSO) has completed construction in Shanghai, China
and is now in transit to Angola Block 15/06. It will be the third leased FPSO
in the Azule-operated block, boosting production from the Agogo and Ndungo
fields.
• Namibia - in April, Rhino Resources (42.5%) along with
co-venturers Azule Energy (42.5%), Namcor (10%), and Korres Investments (5%)
announced the successful drilling of the Capricornus 1-X exploration well in
block PEL-85 in the Orange basin. The well successfully penetrated the Lower
Cretaceous target and found 38m of net pay, with the reservoir showing good
petrophysical properties and no observed water contact. Hydrocarbon samples
and sidewell cores were collected through intensive wireline logging
operations. The well successfully completed a production test across the light
oil-bearing reservoir. The well achieved a surface-constrained flow rate in
excess of 11,000b/d on a 40/64" choke. The light 37° API oil exhibited
limited associated gas with less than 2% CO(2) and no hydrogen sulphide.
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Profit before interest and tax 2,795 2,564 3,059
Inventory holding (gains) losses* (7) 7 1
RC profit before interest and tax 2,788 2,571 3,060
Net (favourable) adverse impact of adjusting items 107 353 65
Underlying RC profit before interest and tax 2,895 2,924 3,125
Taxation on an underlying RC basis (1,375) (1,226) (1,509)
Underlying RC profit before interest 1,520 1,698 1,616
Top of page 9
oil production & operations (continued)
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Depreciation, depletion and amortization
Total depreciation, depletion and amortization 1,787 1,734 1,657
Exploration write-offs
Exploration write-offs 53 133 3
Adjusted EBITDA*
Total adjusted EBITDA 4,735 4,791 4,785
Capital expenditure*
Total capital expenditure 1,696 1,478 1,776
First Fourth First
quarter quarter quarter
2025 2024 2024
Production (net of royalties)((a))
Liquids* (mb/d) 1,086 1,057 1,056
Natural gas (mmcf/d) 2,258 2,269 2,364
Total hydrocarbons* (mboe/d) 1,475 1,449 1,463
Average realizations*((b))
Liquids((c)) ($/bbl) 67.50 65.56 70.53
Natural gas ($/mcf) 4.74 3.29 2.66
Total hydrocarbons((c)) ($/boe) 56.45 52.28 54.11
(a) Includes bp's share of production of equity-accounted entities
in the oil production & operations segment.
(b) Realizations are based on sales by consolidated subsidiaries only
- this excludes equity-accounted entities.
(c) Fourth quarter 2024 includes an immaterial impact of a prior
period adjustment in the US region.
Top of page 10
customers & products
Financial results
• The replacement cost (RC) profit before interest and tax for the
first quarter was $103 million, compared with $988 million for the same period
in 2024. The first quarter is adjusted by an adverse impact of net adjusting
items* of $574 million, compared with an adverse impact of net adjusting items
of $301 million for the same period in 2024. See page 24 for more information
on adjusting items.
• After adjusting RC profit before interest and tax for adjusting
items, the underlying RC profit or profit before interest and tax* (underlying
result) for the first quarter was $677 million, compared with $1,289 million
for the same period in 2024.
• The customers & products underlying result for the first
quarter was lower than the same period in 2024, primarily reflecting lower
refining margins and an average oil trading contribution, partly offset by a
higher customers result.
• customers - the customers underlying result for the first
quarter was higher compared with the same period in 2024. The underlying
result reflects stronger retail fuels margins, a stronger midstream
performance, and continued quarterly year-on-year growth from Castrol for
seven consecutive quarters, driven by lower costs and higher volumes.
• products - the products underlying result for the first quarter
was lower compared to the same period in 2024. In refining, the underlying
result for the first quarter was mainly impacted by lower industry refining
margins, with realized margins also reflecting narrower North American heavy
crude oil differentials and relative exposure to weaker diesel cracks, partly
offset by the absence of the first quarter 2024 plant-wide power outage at the
Whiting refinery. The oil trading result for the first quarter was average.
Operational update
• bp-operated refining availability* for the first quarter was
96.2%, higher compared with 90.4% for the same period in 2024, mainly due to
the absence of the Whiting refinery power outage.
Strategic progress
• In February, bp announced a strategic review of its Castrol
business with the intention of accelerating Castrol's next phase of value
delivery. The strategic review will consider all options with a focus on value
creation.
• In March, bp announced plans to sell its mobility and
convenience business in Austria. The potential sale includes all of bp's
Austrian retail sites, EV charging assets, the associated fleet business of bp
in Austria and bp's share in the company operating the Linz terminal joint
venture. bp is targeting to close the divestment by the end of 2025.
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Profit (loss) before interest and tax((a)) 255 (1,935) 1,840
Inventory holding (gains) losses* (152) 14 (852)
RC profit (loss) before interest and tax((a)) 103 (1,921) 988
Net (favourable) adverse impact of adjusting items((a)) 574 1,619 301
Underlying RC profit before interest and tax 677 (302) 1,289
Of which:((b))
customers - convenience & mobility 664 527 370
Castrol - included in customers 238 220 184
products - refining & trading 13 (829) 919
Taxation on an underlying RC basis (76) 73 (333)
Underlying RC profit before interest 601 (229) 956
(a) Fourth quarter 2024 has been restated for material items to
reflect the move of our Archaea business from the customers & products
segment to the gas & low carbon energy segment.
(b) A reconciliation to RC profit before interest and tax by business
is provided on page 28.
Top of page 11
customers & products (continued)
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Adjusted EBITDA*((c))
customers - convenience & mobility 1,231 1,174 854
Castrol - included in customers 284 267 226
products - refining & trading 431 (365) 1,379
1,662 809 2,233
Depreciation, depletion and amortization
Total depreciation, depletion and amortization 985 1,111 944
Capital expenditure*
customers - convenience & mobility 585 541 566
Castrol - included in customers 37 60 43
products - refining & trading((d)) 358 474 439
Total capital expenditure((d)) 943 1,015 1,005
(c) A reconciliation to RC profit before interest and tax by
business is provided on page 28.
(d) Comparative periods have been restated to reflect the move of our
Archaea business from the customers & products segment to the gas &
low carbon energy segment.
Marketing sales of refined products (mb/d) First Fourth First
quarter quarter quarter
2025 2024 2024
US 1,201 1,244 1,080
Europe 946 993 940
Rest of World 466 493 469
2,613 2,730 2,489
Trading/supply sales of refined products 441 397 352
Total sales volume of refined products 3,054 3,127 2,841
Refining marker margin*
bp average refining marker margin (RMM) ($/bbl) 15.2 13.1 20.6
Refinery throughputs (mb/d)
US 674 583 525
Europe 822 807 830
Total refinery throughputs 1,496 1,390 1,355
bp-operated refining availability* (%) 96.2 94.8 90.4
Top of page 12
other businesses & corporate
Other businesses & corporate comprises technology, bp ventures, our
corporate activities & functions and any residual costs of the Gulf of
America oil spill.
Financial results
• The replacement cost (RC) loss before interest and tax for the
first quarter was $22 million, compared with a loss of $300 million for the
same period in 2024. The first quarter is adjusted by a favourable impact of
net adjusting items* of $95 million, compared with an adverse impact of net
adjusting items of $146 million for the same period in 2024. Adjusting items
include favourable impacts of fair value accounting effects* of $369 million
for the first quarter, and an adverse impact of $193 million for the same
period in 2024. See page 24 for more information on adjusting items.
• After adjusting RC loss before interest and tax for adjusting
items, the underlying RC loss before interest and tax* for the first quarter
was $117 million, compared with a loss of $154 million for the same period in
2024.
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Profit (loss) before interest and tax (22) (1,161) (300)
Inventory holding (gains) losses* - - -
RC profit (loss) before interest and tax (22) (1,161) (300)
Net (favourable) adverse impact of adjusting items((a)) (95) 634 146
Underlying RC profit (loss) before interest and tax (117) (527) (154)
Taxation on an underlying RC basis 33 254 99
Underlying RC profit (loss) before interest (84) (273) (55)
(a) Includes fair value accounting effects relating to hybrid bonds.
See page 31 for more information.
Top of page 13
Financial statements
Group income statement
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Sales and other operating revenues (Note 5) 46,905 45,752 48,880
Earnings from joint ventures - after interest and tax 327 75 178
Earnings from associates - after interest and tax 249 240 298
Interest and other income 385 1,540 381
Gains on sale of businesses and fixed assets 14 481 224
Total revenues and other income 47,880 48,088 49,961
Purchases 27,720 27,264 27,647
Production and manufacturing expenses 6,114 8,041 6,847
Production and similar taxes 447 402 444
Depreciation, depletion and amortization (Note 6) 4,183 4,257 4,150
Net impairment and losses on sale of businesses and fixed assets (Note 3) 503 3,107 737
Exploration expense 103 176 247
Distribution and administration expenses 4,411 4,098 4,222
Profit (loss) before interest and taxation 4,399 743 5,667
Finance costs 1,321 1,291 1,075
Net finance (income) expense relating to pensions and other post-employment (52) (45) (41)
benefits
Profit (loss) before taxation 3,130 (503) 4,633
Taxation 2,148 1,117 2,224
Profit (loss) for the period 982 (1,620) 2,409
Attributable to
bp shareholders 687 (1,959) 2,263
Non-controlling interests 295 339 146
982 (1,620) 2,409
Earnings per share (Note 7)
Profit (loss) for the period attributable to bp shareholders
Per ordinary share (cents)
Basic 4.35 (12.33) 13.57
Diluted 4.27 (12.33) 13.25
Per ADS (dollars)
Basic 0.26 (0.74) 0.81
Diluted 0.26 (0.74) 0.80
Top of page 14
Condensed group statement of comprehensive income
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Profit (loss) for the period 982 (1,620) 2,409
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Currency translation differences((a)) 819 (1,540) (448)
Exchange (gains) losses on translation of foreign operations reclassified to - 1,004 -
gain or loss on sale of businesses and fixed assets((b))
Cash flow hedges and costs of hedging (185) (209) (115)
Share of items relating to equity-accounted entities, net of tax 1 27 (8)
Income tax relating to items that may be reclassified 42 (79) (4)
677 (797) (575)
Items that will not be reclassified to profit or loss
Remeasurements of the net pension and other post-employment benefit liability 331 (3) (66)
or asset
Remeasurements of equity investments (1) (9) (13)
Cash flow hedges that will subsequently be transferred to the balance sheet 2 (8) (3)
Income tax relating to items that will not be reclassified(c) (95) (11) 674
237 (31) 592
Other comprehensive income 914 (828) 17
Total comprehensive income 1,896 (2,448) 2,426
Attributable to
bp shareholders 1,556 (2,698) 2,303
Non-controlling interests 340 250 123
1,896 (2,448) 2,426
(a) First quarter 2025 and fourth quarter 2024 are principally
affected by movements in the Pound Sterling against the US dollar.
(b) Fourth quarter 2024 includes $942 million recycling of cumulative
foreign exchange losses from reserves relating to the sale of bp's Türkiye
ground fuels business to Petrol Ofisi.
(c) First quarter 2024 includes a $658-million credit in respect of
the reduction in the deferred tax liability on defined benefit pension plan
surpluses following the reduction in the rate of the authorized surplus
payments tax charge in the UK from 35% to 25%.
Top of page 15
Condensed group statement of changes in equity
bp shareholders' Non-controlling interests Total
$ million equity Hybrid bonds Other interest equity
At 1 January 2025 59,246 16,649 2,423 78,318
Total comprehensive income 1,556 197 143 1,896
Dividends (1,265) - (74) (1,339)
Cash flow hedges transferred to the balance sheet, net of tax (1) - - (1)
Repurchase of ordinary share capital (1,753) - - (1,753)
Share-based payments, net of tax 432 - - 432
Issue of perpetual hybrid bonds((a)) - 500 - 500
Payments on perpetual hybrid bonds - (103) - (103)
Transactions involving non-controlling interests, net of tax - - 2 2
At 31 March 2025 58,215 17,243 2,494 77,952
bp shareholders' Non-controlling interests Total
$ million equity Hybrid bonds Other interest equity
At 1 January 2024 70,283 13,566 1,644 85,493
Total comprehensive income 2,303 154 (31) 2,426
Dividends (1,222) - (126) (1,348)
Cash flow hedges transferred to the balance sheet, net of tax (2) - - (2)
Repurchase of ordinary share capital (1,751) - - (1,751)
Share-based payments, net of tax 154 - - 154
Issue of perpetual hybrid bonds (4) 1,300 - 1,296
Redemption of perpetual bonds 9 (1,300) - (1,291)
Payments on perpetual hybrid bonds - (84) - (84)
Transactions involving non-controlling interests, net of tax - - 47 47
At 31 March 2024 69,770 13,636 1,534 84,940
(a) During the first quarter 2025 a group subsidiary issued
perpetual subordinated hybrid securities of $0.5 billion, the proceeds of
which were specifically earmarked to fund BP Alternative Energy Investments
Ltd including the funding of Lightsource bp. This transaction resulted in a
reduction of net debt and gearing.
Top of page 16
Group balance sheet
31 March 31 December
$ million 2025 2024
Non-current assets
Property, plant and equipment 100,469 100,238
Goodwill 14,909 14,888
Intangible assets 9,124 9,646
Investments in joint ventures 12,350 12,291
Investments in associates 7,706 7,741
Other investments 1,222 1,292
Fixed assets 145,780 146,096
Loans 2,312 1,961
Trade and other receivables 1,760 1,815
Derivative financial instruments 16,437 16,114
Prepayments 572 548
Deferred tax assets 5,568 5,403
Defined benefit pension plan surpluses 7,890 7,457
180,319 179,394
Current assets
Loans 222 223
Inventories 24,708 23,232
Trade and other receivables 28,540 27,127
Derivative financial instruments 4,597 5,112
Prepayments 2,853 2,594
Current tax receivable 1,104 1,096
Other investments 275 165
Cash and cash equivalents 33,774 39,204
96,073 98,753
Assets classified as held for sale (Note 2) 5,004 4,081
101,077 102,834
Total assets 281,396 282,228
Current liabilities
Trade and other payables 58,821 58,411
Derivative financial instruments 3,935 4,347
Accruals 4,948 6,071
Lease liabilities 2,714 2,660
Finance debt 4,856 4,474
Current tax payable 1,923 1,573
Provisions 4,436 3,600
81,633 81,136
Liabilities directly associated with assets classified as held for sale (Note 1,179 1,105
2)
82,812 82,241
Non-current liabilities
Other payables 9,106 9,409
Derivative financial instruments 17,670 18,532
Accruals 1,345 1,326
Lease liabilities 9,770 9,340
Finance debt 53,790 55,073
Deferred tax liabilities 8,975 8,428
Provisions 15,151 14,688
Defined benefit pension plan and other post-employment benefit plan deficits 4,825 4,873
120,632 121,669
Total liabilities 203,444 203,910
Net assets 77,952 78,318
Equity
bp shareholders' equity 58,215 59,246
Non-controlling interests 19,737 19,072
Total equity 77,952 78,318
Top of page 17
Condensed group cash flow statement
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Operating activities
Profit (loss) before taxation 3,130 (503) 4,633
Adjustments to reconcile profit (loss) before taxation to net cash provided by
operating activities
Depreciation, depletion and amortization and exploration expenditure written 4,236 4,381 4,356
off
Net impairment and (gain) loss on sale of businesses and fixed assets 489 2,626 513
Earnings from equity-accounted entities, less dividends received (200) 303 (96)
Remeasurement of joint ventures - (917) -
Net charge for interest and other finance expense, less net interest paid 147 602 192
Share-based payments 401 228 161
Net operating charge for pensions and other post-employment benefits, less (11) (64) (32)
contributions and benefit payments for unfunded plans
Net charge for provisions, less payments 1,104 (185) (683)
Movements in inventories and other current and non-current assets and (5,069) 2,752 (2,131)
liabilities
Income taxes paid (1,393) (1,796) (1,904)
Net cash provided by operating activities 2,834 7,427 5,009
Investing activities
Expenditure on property, plant and equipment, intangible and other assets (3,351) (3,893) (3,718)
Acquisitions, net of cash acquired (202) 493 (106)
Investment in joint ventures (58) (326) (353)
Investment in associates (12) - (101)
Total cash capital expenditure (3,623) (3,726) (4,278)
Proceeds from disposal of fixed assets 292 211 66
Proceeds from disposal of businesses, net of cash disposed 36 1,738 347
Proceeds from loan repayments 31 22 16
Cash provided from investing activities 359 1,971 429
Net cash used in investing activities (3,264) (1,755) (3,849)
Financing activities
Net issue (repurchase) of shares (Note 7) (1,847) (1,625) (1,750)
Lease liability payments (727) (757) (694)
Proceeds from long-term financing 54 3,260 2,259
Repayments of long-term financing (1,366) (717) (674)
Net increase (decrease) in short-term debt (125) (2,958) 16
Issue of perpetual hybrid bonds 500 3,034 1,296
Redemption of perpetual hybrid bonds - - (1,288)
Payments relating to perpetual hybrid bonds (272) (255) (256)
Payments relating to transactions involving non-controlling interests (Other - (21) -
interest)
Receipts relating to transactions involving non-controlling interests (Other - 836 16
interest)
Dividends paid - bp shareholders (1,257) (1,283) (1,219)
- non-controlling interests (74) (93) (126)
Net cash provided by (used in) financing activities (5,114) (579) (2,420)
Currency translation differences relating to cash and cash equivalents 106 (419) (260)
Increase (decrease) in cash and cash equivalents (5,438) 4,674 (1,520)
Cash and cash equivalents at beginning of period 39,269 34,595 33,030
Cash and cash equivalents at end of period(a) 33,831 39,269 31,510
(a) First quarter 2025 includes $57 million and fourth quarter 2024
includes $65 million of cash and cash equivalents classified as assets held
for sale in the group balance sheet.
Top of page 18
Notes
Note 1. Basis of preparation
The interim financial information included in this report has been prepared in
accordance with IAS 34 'Interim Financial Reporting'.
The results for the interim periods are unaudited and, in the opinion of
management, include all adjustments necessary for a fair presentation of the
results for each period. All such adjustments are of a normal recurring
nature. This report should be read in conjunction with the consolidated
financial statements and related notes for the year ended 31 December 2024
included in bp Annual Report and Form 20-F 2024.
bp prepares its consolidated financial statements included within bp Annual
Report and Form 20-F on the basis of IFRS Accounting Standards (IFRSs) as
issued by the International Accounting Standards Board (IASB), IFRSs as
adopted by the UK, and European Union (EU), and in accordance with the
provisions of the UK Companies Act 2006 as applicable to companies reporting
under international accounting standards. IFRSs as adopted by the UK does not
differ from IFRSs as adopted by the EU. IFRSs as adopted by the UK and EU
differ in certain respects from IFRSs as issued by the IASB. The differences
have no impact on the group's consolidated financial statements for the
periods presented. The financial information presented herein has been
prepared in accordance with the accounting policies expected to be used in
preparing bp Annual Report and Form 20-F 2025 which are the same as those used
in preparing bp Annual Report and Form 20-F 2024.
There are no new or amended standards or interpretations adopted from 1
January 2025 onwards that have a significant impact on the financial
information.
UK Energy Profits Levy
In October 2024, the UK government announced changes (effective from 1
November 2024) to the Energy Profits Levy including a 3% increase in the rate
taking the headline rate of tax on North Sea profits to 78%, an extension to
the period of application of the Levy to 31 March 2030 and the removal of the
Levy's main investment allowance. The changes to the rate and to the
investment allowance were substantively enacted in 2024. The extension of the
Levy to 31 March 2030 was substantively enacted in the first quarter 2025,
resulting in a non-cash deferred charge of approximately $0.5 billion.
Change in segmentation
During the first quarter of 2025, our Archaea business has moved from the
customers & products segment to the gas & low carbon energy segment.
The change in segmentation is consistent with a change in the way that
resources are allocated, and performance is assessed by the chief operating
decision maker, who for bp is the group chief executive.
Comparative information for 2024 has been restated where material to reflect
the changes in reportable segments.
Significant accounting judgements and estimates
bp's significant accounting judgements and estimates were disclosed in bp
Annual Report and Form 20-F 2024. These have been subsequently considered at
the end of this quarter to determine if any changes were required to those
judgements and estimates. No significant changes were identified.
Note 2. Non-current assets held for sale
The carrying amount of assets classified as held for sale at 31 March 2025 is
$5,004 million, with associated liabilities of $1,179 million.
On 16 September 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 completion of a disposal in 2025 is considered to be
highly probable. The carrying amount of assets classified as held for sale at
31 March 2025 is $569 million, with associated liabilities of $41 million.
On 24 October, bp completed the acquisition of the remaining 50.03% of
Lightsource bp. The acquisition included certain assets for which sales
processes were in progress at the acquisition date. Completion of the sale of
these assets within one year of the acquisition date is considered to be
highly probable. The carrying amount of assets classified as held for sale at
31 March 2025 is $1,686 million, with associated liabilities of $1,071
million.
On 9 December 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 assets classified as held for sale at 31 March 2025 is $2,140
million, with associated liabilities of $15 million.
On 31 January 2025 bp and Devon Energy agreed to dissolve their Eagle Ford
partnership and divide up the assets. The carrying amount of assets classified
as held for sale at 31 March 2025 is $593 million, with associated liabilities
of $53 million. The dissolution completed on 1 April 2025.
Top of page 19
Note 3. Impairment and losses on sale of businesses and fixed assets
Net impairment charges and losses on sale of businesses and fixed assets for
the first quarter were $503 million, compared with net charges of
$737 million for the same period in 2024 and include net impairment charges
for the first quarter of $431 million, compared with net impairment charges
of $649 million for the same period in 2024.
Note 4. Analysis of replacement cost profit (loss) before interest and tax and
reconciliation to profit (loss) before taxation
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
gas & low carbon energy((a)) 1,358 1,324 1,036
oil production & operations 2,788 2,571 3,060
customers & products((a)) 103 (1,921) 988
other businesses & corporate (22) (1,161) (300)
4,227 813 4,784
Consolidation adjustment - UPII* 13 (49) 32
RC profit (loss) before interest and tax 4,240 764 4,816
Inventory holding gains (losses)*
gas & low carbon energy - - -
oil production & operations 7 (7) (1)
customers & products 152 (14) 852
Profit (loss) before interest and tax 4,399 743 5,667
Finance costs 1,321 1,291 1,075
Net finance expense/(income) relating to pensions and other post-employment (52) (45) (41)
benefits
Profit (loss) before taxation 3,130 (503) 4,633
RC profit (loss) before interest and tax*
US 1,533 (117) 1,610
Non-US 2,707 881 3,206
4,240 764 4,816
(a) Fourth quarter 2024 has been restated for material items to
reflect the move of our Archaea business from the customers & products
segment to the gas & low carbon energy segment.
Top of page 20
Note 5. Sales and other operating revenues
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
By segment
gas & low carbon energy 10,778 9,618 8,675
oil production & operations 6,502 6,078 6,432
customers & products 36,163 35,969 39,895
other businesses & corporate 484 544 606
53,927 52,209 55,608
Less: sales and other operating revenues between segments
gas & low carbon energy 731 559 270
oil production & operations 5,818 5,482 5,913
customers & products 42 137 293
other businesses & corporate 431 279 252
7,022 6,457 6,728
External sales and other operating revenues
gas & low carbon energy 10,047 9,059 8,405
oil production & operations 684 596 519
customers & products 36,121 35,832 39,602
other businesses & corporate 53 265 354
Total sales and other operating revenues 46,905 45,752 48,880
By geographical area
US 19,089 18,212 19,858
Non-US 35,701 35,265 39,208
54,790 53,477 59,066
Less: sales and other operating revenues between areas 7,885 7,725 10,186
46,905 45,752 48,880
Revenues from contracts with customers
Sales and other operating revenues include the following in relation to
revenues from contracts with customers:
Crude oil 415 515 548
Oil products 27,162 27,634 29,840
Natural gas, LNG and NGLs 7,263 7,268 5,751
Non-oil products and other revenues from contracts with customers 3,633 4,113 2,928
Revenue from contracts with customers 38,473 39,530 39,067
Other operating revenues((a)) 8,432 6,222 9,813
Total sales and other operating revenues 46,905 45,752 48,880
(a) Principally relates to commodity derivative transactions
including sales of bp own production in trading books.
Top of page 21
Note 6. Depreciation, depletion and amortization
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Total depreciation, depletion and amortization by segment
gas & low carbon energy 1,166 1,153 1,293
oil production & operations 1,787 1,734 1,657
customers & products 985 1,111 944
other businesses & corporate 245 259 256
4,183 4,257 4,150
Total depreciation, depletion and amortization by geographical area
US 1,736 1,739 1,570
Non-US 2,447 2,518 2,580
4,183 4,257 4,150
Note 7. Earnings per share and shares in issue
Basic earnings per ordinary share (EpS) amounts are calculated by dividing the
profit (loss) for the period attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the period.
Against the authority granted at bp's 2024 annual general meeting,
342 million ordinary shares were settled during the first quarter 2025 for a
total cost of $1,847 million. Of these shares 176 million were cancelled and
165 million were held as treasury shares. A further 170 million ordinary
shares were repurchased between the end of the reporting period and the date
when the financial statements are authorised for issue for a total cost of
$826 million. This amount has been accrued at 31 March 2025. The number of
shares in issue is reduced when shares are repurchased, but is not reduced in
respect of the period-end commitment to repurchase shares subsequent to the
end of the period.
The calculation of EpS is performed separately for each discrete quarterly
period, and for the year-to-date period. As a result, the sum of the discrete
quarterly EpS amounts in any particular year-to-date period may not be equal
to the EpS amount for the year-to-date period.
For the diluted EpS calculation the weighted average number of shares
outstanding during the period is adjusted for the number of shares that are
potentially issuable in connection with employee share-based payment plans
using the treasury stock method.
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Results for the period
Profit (loss) for the period attributable to bp shareholders 687 (1,959) 2,263
Less: (gain) loss on redemption of perpetual hybrid bonds - - (10)
Profit (loss) attributable to bp ordinary shareholders 687 (1,959) 2,273
Number of shares (thousand)((a)(b))
Basic weighted average number of shares outstanding 15,778,296 15,885,184 16,751,887
ADS equivalent((c)) 2,629,716 2,647,530 2,791,981
Weighted average number of shares outstanding used to calculate diluted 16,097,610 15,885,184 17,153,505
earnings per share
ADS equivalent((c)) 2,682,935 2,647,530 2,858,917
Shares in issue at period-end 15,785,972 15,851,028 16,687,850
ADS equivalent((c)) 2,630,995 2,641,838 2,781,308
(a) If the inclusion of potentially issuable shares would decrease
loss per share, the potentially issuable shares are excluded from the weighted
average number of shares outstanding used to calculate diluted earnings per
share. The numbers of potentially issuable shares that have been excluded from
the calculation for the fourth quarter 2024 are 367,276 thousand (ADS
equivalent 61,213 thousand).
(b) Excludes treasury shares and includes certain shares that will be
issued in the future under employee share-based payment plans.
(c) One ADS is equivalent to six ordinary shares.
Top of page 22
Note 8. Dividends
Dividends payable
bp today announced an interim dividend of 8.000 cents per ordinary share which
is expected to be paid on 27 June 2025 to ordinary shareholders and American
Depositary Share (ADS) holders on the register on 16 May 2025. The ex-dividend
date will be 15 May 2025 for ordinary shareholders and 16 May 2025 for ADS
holders. The corresponding amount in sterling is due to be announced on 10
June 2025, calculated based on the average of the market exchange rates over
three dealing days between 4 June 2025 and 6 June 2025. Holders of ADSs are
expected to receive $0.48 per ADS (less applicable fees). The board has
decided not to offer a scrip dividend alternative in respect of the first
quarter 2025 dividend. Ordinary shareholders and ADS holders (subject to
certain exceptions) will be able to participate in a dividend reinvestment
programme. Details of the first quarter dividend and timetable are available
at bp.com/dividends and further details of the dividend reinvestment
programmes are available at bp.com/drip.
First Fourth First
quarter quarter quarter
2025 2024 2024
Dividends paid per ordinary share
cents 8.000 8.000 7.270
pence 6.176 6.296 5.692
Dividends paid per ADS (cents) 48.00 48.00 43.62
Note 9. Net debt
Net debt* 31 March 31 December 31 March
$ million 2025 2024 2024
Finance debt((a)) 58,646 59,547 53,013
Fair value (asset) liability of hedges related to finance debt((b)) 2,096 2,654 2,512
60,742 62,201 55,525
Less: cash and cash equivalents 33,774 39,204 31,510
Net debt((c)) 26,968 22,997 24,015
Total equity 77,952 78,318 84,940
Gearing* 25.7% 22.7% 22.0%
(a) The fair value of finance debt at 31 March 2025 was
$55,064 million (31 December 2024 $54,966 million, 31 March 2024 $49,263
million).
(b) Derivative financial instruments entered into for the purpose of
managing foreign currency exchange risk associated with net debt with a fair
value liability position of $137 million at 31 March 2025 (fourth quarter
2024 liability of $166 million and first quarter 2024 liability of
$96 million) are not included in the calculation of net debt shown above as
hedge accounting is not applied for these instruments.
(c) Net debt does not include accrued interest, which is reported
within other receivables and other payables on the balance sheet and for which
the associated cash flows are presented as operating cash flows in the group
cash flow statement.
Note 10. Statutory accounts
The financial information shown in this publication, which was approved by the
Board of Directors on 28 April 2025, is unaudited and does not constitute
statutory financial statements. Audited financial information will be
published in bp Annual Report and Form 20-F 2025. bp Annual Report and Form
20-F 2024 has been filed with the Registrar of Companies in England and Wales.
The report of the auditor on those accounts was unqualified, did not include a
reference to any matters to which the auditor drew attention by way of
emphasis without qualifying the report and did not contain a statement under
section 498(2) or section 498(3) of the UK Companies Act 2006.
Top of page 23
Additional information
Capital expenditure*
Capital expenditure is a measure that provides useful information to
understand how bp's management allocates resources including the investment of
funds in projects which expand the group's activities through acquisition.
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Capital expenditure
Organic capital expenditure* 3,440 4,229 3,979
Inorganic capital expenditure*((a)) 183 (503) 299
3,623 3,726 4,278
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Capital expenditure by segment
gas & low carbon energy((a)(b)) 903 1,121 1,413
oil production & operations 1,696 1,478 1,776
customers & products((a)(b)) 943 1,015 1,005
other businesses & corporate 81 112 84
3,623 3,726 4,278
Capital expenditure by geographical area
US 1,433 1,765 1,776
Non-US 2,190 1,961 2,502
3,623 3,726 4,278
(a) Fourth quarter 2024 includes the cash acquired net of
acquisition payments on completion of the bp Bunge Bioenergia and Lightsource
bp acquisitions.
(b) Comparative periods have been restated to reflect the move of our
Archaea business from the customers & products segment to the gas &
low carbon energy segment.
Top of page 24
Adjusting items*
Adjusting items are items that management considers to be important to
period-on-period analysis of the group's results and are disclosed in order to
enable investors to better understand and evaluate the group's reported
financial performance. Adjusting items are used as a reconciling adjustment to
derive underlying RC profit or loss and related underlying measures which are
non-IFRS measures.
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
gas & low carbon energy
Gains on sale of businesses and fixed assets (1) 268 2
Net impairment and losses on sale of businesses and fixed assets((a)) (366) (1,623) (536)
Environmental and related provisions - - -
Restructuring, integration and rationalization costs (14) (1) -
Fair value accounting effects((b)(c)) 668 (377) 113
Other((d)) 74 1,070 (201)
361 (663) (622)
oil production & operations
Gains on sale of businesses and fixed assets 9 35 184
Net impairment and losses on sale of businesses and fixed assets (15) 129 (120)
Environmental and related provisions (31) (60) (77)
Restructuring, integration and rationalization costs (41) (14) -
Fair value accounting effects - - -
Other((e)) (29) (443) (52)
(107) (353) (65)
customers & products
Gains on sale of businesses and fixed assets 3 169 5
Net impairment and losses on sale of businesses and fixed assets((a)(f)) (114) (1,531) (96)
Environmental and related provisions - (102) -
Restructuring, integration and rationalization costs (91) (85) 1
Fair value accounting effects((c)) (82) (119) (144)
Other (290) 49 (67)
(574) (1,619) (301)
other businesses & corporate
Gains on sale of businesses and fixed assets - 4 32
Net impairment and losses on sale of businesses and fixed assets (5) (28) 26
Environmental and related provisions (72) (98) (9)
Restructuring, integration and rationalization costs (198) (21) 11
Fair value accounting effects((c)) 369 (493) (193)
Gulf of America oil spill (9) (12) (11)
Other 10 14 (2)
95 (634) (146)
Total before interest and taxation (225) (3,269) (1,134)
Finance costs((g)) (187) (150) (92)
Total before taxation (412) (3,419) (1,226)
Taxation on adjusting items((h)) 139 266 109
Taxation - tax rate change effect((i)) (539) 32 -
Total after taxation for period (812) (3,121) (1,117)
(a) Fourth quarter 2024 has been restated to reflect the move of our
Archaea business from the customers & products segment to the gas &
low carbon energy segment.
(b) Under IFRS bp marks-to-market the value of the hedges used to
risk-manage LNG contracts, but not the contracts themselves, resulting in a
mismatch in accounting treatment. The fair value accounting effect includes
the change in value of LNG contracts that are being risk managed, and the
underlying result reflects how bp risk-manages its LNG contracts.
(c) For further information, including the nature of fair value
accounting effects reported in each segment, see pages 3, 6 and 31.
(d) Fourth quarter 2024 includes a $508 million gain relating to the
remeasurement of bp's pre-existing 49.97% interest in Lightsource bp and $498
million relating to the remeasurement of certain US assets excluded from the
Lightsource bp acquisition.
(e) Fourth quarter 2024 includes $429 million of impairment charges
recognized through equity-accounted earnings relating to our interest in Pan
American Energy Group.
(f) Fourth quarter 2024 includes the loss on disposal of the
Türkiye ground fuels business.
(g) Includes the unwinding of discounting effects relating to Gulf
of America oil spill payables and the income statement impact of temporary
valuation differences related to the group's interest rate and foreign
currency exchange risk management associated with finance debt. First quarter
2025 and fourth quarter 2024 include the unwinding of discounting effects
relating to certain onerous contract provisions.
Top of page 25
(h) Includes certain foreign exchange effects on tax as adjusting
items. These amounts represent the impact of: (i) foreign exchange on deferred
tax balances arising from the conversion of local currency tax base amounts
into functional currency, and (ii) taxable gains and losses from the
retranslation of US dollar-denominated intra-group loans to local currency.
(i) First quarter 2025 and fourth quarter 2024 include revisions
to the deferred tax impact of the introduction of the UK Energy Profits Levy
(EPL) on temporary differences existing at the opening balance sheet date. The
EPL increases the headline rate of tax on taxable profits from bp's North Sea
business to 78%. In the first quarter 2025 a two-year extension of the EPL to
31 March 2030 was substantively enacted. In the fourth quarter 2024 a 3%
increase in the rate of the EPL to 38% was substantively enacted.
Net debt including leases*
Gearing including leases and net debt including leases are non-IFRS measures
that provide the impact of the group's lease portfolio on net debt and
gearing.
Net debt including leases 31 March 31 December 31 March
$ million 2025 2024 2024
Net debt* 26,968 22,997 24,015
Lease liabilities 12,484 12,000 11,057
Net partner (receivable) payable for leases entered into on behalf of joint (91) (88) (130)
operations
Net debt including leases 39,361 34,909 34,942
Total equity 77,952 78,318 84,940
Gearing including leases 33.6% 30.8% 29.1%
Gulf of America oil spill
31 March 31 December
$ million 2025 2024
Gulf of America oil spill payables and provisions (8,152) (7,958)
Of which - current (1,535) (1,127)
Deferred tax asset 1,242 1,205
Payables and provisions presented in the table above reflect the latest
estimate for the remaining costs associated with the Gulf of America oil
spill. Where amounts have been provided on an estimated basis, the amounts
ultimately payable may differ from the amounts provided and the timing of
payments is uncertain. Further information relating to the Gulf of America oil
spill, including information on the nature and expected timing of payments
relating to provisions and other payables, is provided in bp Annual Report and
Form 20-F 2024 - Financial statements - Notes 7, 22, 23, 29, and 33.
Working capital* reconciliation
Change in working capital adjusted for inventory holding gains/losses*, fair
value accounting effects* relating to subsidiaries and other adjusting items
is a non-IFRS measure. It represents what would have been reported as
movements in inventories and other current and non-current assets and
liabilities, if the starting point in determining net cash provided by
operating activities had been underlying replacement cost profit rather than
profit for the period.
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Movements in inventories and other current and non-current assets and (5,069) 2,752 (2,131)
liabilities as per condensed group cash flow statement((a))
Adjusted for inventory holding gains (losses) (Note 4) 159 (21) 851
Adjusted for fair value accounting effects relating to subsidiaries 959 (992) (274)
Other adjusting items((b)) 601 (460) (834)
Working capital release (build) after adjusting for net inventory gains (3,350) 1,279 (2,388)
(losses), fair value accounting effects and other adjusting items
(a) The movement in working capital includes outflows relating to
the Gulf of America oil spill on a pre-tax basis of $2 million in the first
quarter 2025 (fourth quarter 2024 $1 million, first quarter 2024
$7 million).
(b) Other adjusting items relate to the non-cash movement of US
emissions obligations carried as a provision that will be settled by
allowances held as inventory.
Top of page 26
Adjusted earnings before interest, taxation, depreciation and amortization
(adjusted EBITDA)*
Adjusted EBITDA is a non-IFRS measure closely tracked by bp's management to
evaluate the underlying trends in bp's operating performance on a comparable
basis, period on period.
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
Profit for the period 982 (1,620) 2,409
Finance costs 1,321 1,291 1,075
Net finance (income) expense relating to pensions and other post-employment (52) (45) (41)
benefits
Taxation 2,148 1,117 2,224
Profit before interest and tax 4,399 743 5,667
Inventory holding (gains) losses*, before tax (159) 21 (851)
RC profit before interest and tax 4,240 764 4,816
Net (favourable) adverse impact of adjusting items*, before interest and tax 225 3,269 1,134
Underlying RC profit before interest and tax 4,465 4,033 5,950
Add back:
Depreciation, depletion and amortization 4,183 4,257 4,150
Exploration expenditure written off 53 123 206
Adjusted EBITDA 8,701 8,413 10,306
Top of page 27
Underlying operating expenditure* reconciliation
Underlying operating expenditure is a non-IFRS measure and a subset of
production and manufacturing expenses plus distribution and administration
expenses and excludes costs that are classified as adjusting items. It
represents the majority of the remaining expenses in these line items but
excludes certain costs that are variable, primarily with volumes (such as
freight costs).
Management believes that underlying operating expenditure is a performance
measure that provides investors with useful information regarding the
company's financial performance because it considers these expenses to be the
principal operating and overhead expenses that are most directly under their
control although they also include certain foreign exchange and commodity
price effects.
First Fourth First
quarter quarter quarter Year
$ million 2025 2024 2024 2023
From group income statement
Production and manufacturing expenses 6,114 8,041 6,847 25,044
Distribution and administration expenses 4,411 4,098 4,222 16,772
10,525 12,139 11,069 41,816
Less certain variable costs:
Transportation and shipping costs 3,047 3,302 2,858 10,752
Environmental costs 736 607 592 3,169
Marketing and distribution costs 427 350 631 2,430
Commission, storage and handling costs 366 375 360 1,633
Other variable costs and non-cash costs 297 1,056 596 743
Certain variable costs and non-cash costs 4,873 5,690 5,037 18,727
Adjusted operating expenditure* 5,652 6,449 6,032 23,089
Less certain adjusting items*:
Gulf of America oil spill 9 12 11 57
Environmental and related provisions 103 260 86 647
Restructuring, integration and rationalization costs 344 121 (12) (37)
Fair value accounting effects - derivative instruments relating to the hybrid (369) 493 193 (630)
bonds
Other certain adjusting items 261 (221) 243 419
Certain adjusting items 348 665 521 456
Underlying operating expenditure 5,304 5,784 5,511 22,633
Top of page 28
Reconciliation of customers & products RC profit before interest and tax
to underlying RC profit before interest and tax* to adjusted EBITDA* by
business
First Fourth First
quarter quarter quarter
$ million 2025 2024 2024
RC profit (loss) before interest and tax for customers & products((a)) 103 (1,921) 988
Less: Adjusting items* gains (charges)((a)) (574) (1,619) (301)
Underlying RC profit (loss) before interest and tax for customers & 677 (302) 1,289
products
By business:
customers - convenience & mobility 664 527 370
Castrol - included in customers 238 220 184
products - refining & trading 13 (829) 919
Add back: Depreciation, depletion and amortization 985 1,111 944
By business:
customers - convenience & mobility 567 647 484
Castrol - included in customers 46 47 42
products - refining & trading 418 464 460
Adjusted EBITDA for customers & products 1,662 809 2,233
By business:
customers - convenience & mobility 1,231 1,174 854
Castrol - included in customers 284 267 226
products - refining & trading 431 (365) 1,379
(a) Fourth quarter 2024 has been restated for material items to
reflect the move of our Archaea business from the customers & products
segment to the gas & low carbon energy segment.
Top of page 29
Realizations* and marker prices
First Fourth First
quarter quarter quarter
2025 2024 2024
Average realizations((a))
Liquids* ($/bbl)
US((b)) 62.01 59.66 62.20
Europe 75.31 73.64 85.00
Rest of World 74.59 73.72 79.83
bp average((b)) 67.79 65.88 71.24
Natural gas ($/mcf)
US 3.15 1.80 1.69
Europe 16.47 14.12 10.27
Rest of World 7.26 6.96 5.45
bp average 6.40 5.85 4.62
Total hydrocarbons* ($/boe)
US((b)) 46.26 41.74 41.50
Europe 81.48 76.28 76.65
Rest of World 53.39 50.18 46.61
bp average((b)) 52.28 48.44 46.42
Average oil marker prices ($/bbl)
Brent 75.73 74.73 83.16
West Texas Intermediate 71.47 70.42 77.01
Western Canadian Select 58.29 57.50 59.45
Alaska North Slope 75.83 74.28 81.33
Mars 72.55 69.98 76.90
Urals (NWE - cif) 64.21 64.51 68.34
Average natural gas marker prices
Henry Hub gas price((c)) ($/mmBtu) 3.65 2.79 2.25
UK Gas - National Balancing Point (p/therm) 115.91 106.79 68.72
(a) Based on sales of consolidated subsidiaries only - this excludes
equity-accounted entities.
(b) Fourth quarter and full year 2024 include an immaterial impact of
a prior period adjustment in the US region.
(c) Henry Hub First of Month Index.
Exchange rates
First Fourth First
quarter quarter quarter
2025 2024 2024
$/£ average rate for the period 1.26 1.28 1.27
$/£ period-end rate 1.29 1.25 1.26
$/€ average rate for the period 1.05 1.07 1.09
$/€ period-end rate 1.08 1.04 1.08
$/AUD average rate for the period 0.63 0.65 0.66
$/AUD period-end rate 0.63 0.62 0.65
Top of page 30
Legal proceedings
For a full discussion of the group's material legal proceedings, see pages
218-219 of bp Annual Report and Form 20-F 2024.
Glossary
Non-IFRS measures are provided for investors because they are closely tracked
by management to evaluate bp's operating performance and to make financial,
strategic and operating decisions. Non-IFRS measures are sometimes referred to
as alternative performance measures.
Adjusted EBITDA is a non-IFRS measure presented for bp's operating segments
and is defined as replacement cost (RC) profit before interest and tax,
adjusting for net adjusting items* before interest and tax, and adding back
depreciation, depletion and amortization and exploration write-offs (net of
adjusting items). Adjusted EBITDA by business is a further analysis of
adjusted EBITDA for the customers & products businesses. bp believes it is
helpful to disclose adjusted EBITDA by operating segment and by business
because it reflects how the segments measure underlying business delivery. The
nearest equivalent measure on an IFRS basis for the segment is RC profit or
loss before interest and tax, which is bp's measure of profit or loss that is
required to be disclosed for each operating segment under IFRS. A
reconciliation to IFRS information is provided on page 28 for the customers
& products businesses.
Adjusted EBITDA for the group is defined as profit or loss for the period,
adjusting for finance costs and net finance (income) or expense relating to
pensions and other post-employment benefits and taxation, inventory holding
gains or losses before tax, net adjusting items before interest and tax, and
adding back depreciation, depletion and amortization (pre-tax) and exploration
expenditure written-off (net of adjusting items, pre-tax). The nearest
equivalent measure on an IFRS basis for the group is profit or loss for the
period. A reconciliation to IFRS information is provided on page 26 for the
group.
Adjusted operating expenditure is a non-IFRS measure and a subset of
production and manufacturing expenses plus distribution and administration
expenses. It represents the majority of the remaining expenses in these line
items but excludes certain costs that are variable, primarily with volumes
(such as freight costs). Other variable costs are included in purchases in the
income statement. Management believes that operating expenditure is a
performance measure that provides investors with useful information regarding
the company's financial performance because it considers these expenses to be
the principal operating and overhead expenses that are most directly under
their control although they also include certain adjusting items*, foreign
exchange and commodity price effects. The nearest IFRS measures are production
and manufacturing expenses and distributions and administration expenses. A
reconciliation of production and manufacturing expenses plus distribution and
administration expenses to operating expenditure is provided on page 27.
Adjusting items are items that bp discloses separately because it considers
such disclosures to be meaningful and relevant to investors. They are items
that management considers to be important to period-on-period analysis of the
group's results and are disclosed in order to enable investors to better
understand and evaluate the group's reported financial performance. Adjusting
items include gains and losses on the sale of businesses and fixed assets,
impairments, environmental and related provisions and charges, restructuring,
integration and rationalization costs, fair value accounting effects and costs
relating to the Gulf of America oil spill and other items. Adjusting items
within equity-accounted earnings are reported net of incremental income tax
reported by the equity-accounted entity. Adjusting items are used as a
reconciling adjustment to derive underlying RC profit or loss and related
underlying measures which are non-IFRS measures. An analysis of adjusting
items by segment and type is shown on page 24.
Capital expenditure is total cash capital expenditure as stated in the
condensed group cash flow statement. Capital expenditure for the operating
segments, gas & low carbon energy businesses and customers & products
businesses is presented on the same basis.
Consolidation adjustment - UPII is unrealized profit in inventory arising on
inter-segment transactions.
Divestment proceeds are disposal proceeds as per the condensed group cash flow
statement.
Effective tax rate (ETR) on replacement cost (RC) profit or loss is a non-IFRS
measure. The ETR on RC profit or loss is calculated by dividing taxation on a
RC basis by RC profit or loss before tax. Taxation on a RC basis for the group
is calculated as taxation as stated on the group income statement adjusted for
taxation on inventory holding gains and losses. Information on RC profit or
loss is provided below. bp believes it is helpful to disclose the ETR on RC
profit or loss because this measure excludes the impact of price changes on
the replacement of inventories and allows for more meaningful comparisons
between reporting periods. Taxation on a RC basis and ETR on RC profit or loss
are non-IFRS measures. The nearest equivalent measure on an IFRS basis is the
ETR on profit or loss for the period.
Top of page 31
Glossary (continued)
Fair value accounting effects are non-IFRS adjustments to our IFRS profit
(loss). They reflect the difference between the way bp manages the economic
exposure and internally measures performance of certain activities and the way
those activities are measured under IFRS. Fair value accounting effects are
included within adjusting items. They relate to certain of the group's
commodity, interest rate and currency risk exposures as detailed below. Other
than as noted below, the fair value accounting effects described are reported
in both the gas & low carbon energy and customer & products segments.
bp uses derivative instruments to manage the economic exposure relating to
inventories above normal operating requirements of crude oil, natural gas and
petroleum products. Under IFRS, these inventories are recorded at historical
cost. The related derivative instruments, however, are required to be recorded
at fair value with gains and losses recognized in the income statement. This
is because hedge accounting is either not permitted or not followed,
principally due to the impracticality of effectiveness-testing requirements.
Therefore, measurement differences in relation to recognition of gains and
losses occur. Gains and losses on these inventories, other than net realizable
value provisions, are not recognized until the commodity is sold in a
subsequent accounting period. Gains and losses on the related derivative
commodity contracts are recognized in the income statement, from the time the
derivative commodity contract is entered into, on a fair value basis using
forward prices consistent with the contract maturity.
bp enters into physical commodity contracts to meet certain business
requirements, such as the purchase of crude for a refinery or the sale of bp's
gas production. Under IFRS these physical contracts are treated as derivatives
and are required to be fair valued when they are managed as part of a larger
portfolio of similar transactions. Gains and losses arising are recognized in
the income statement from the time the derivative commodity contract is
entered into.
IFRS require that inventory held for trading is recorded at its fair value
using period-end spot prices, whereas any related derivative commodity
instruments are required to be recorded at values based on forward prices
consistent with the contract maturity. Depending on market conditions, these
forward prices can be either higher or lower than spot prices, resulting in
measurement differences.
bp enters into contracts for pipelines and other transportation, storage
capacity, oil and gas processing, liquefied natural gas (LNG) and certain gas
and power contracts that, under IFRS, are recorded on an accruals basis. These
contracts are risk-managed using a variety of derivative instruments that are
fair valued under IFRS. This results in measurement differences in relation to
recognition of gains and losses.
The way that bp manages the economic exposures described above, and measures
performance internally, differs from the way these activities are measured
under IFRS. bp calculates this difference for consolidated entities by
comparing the IFRS result with management's internal measure of performance.
We believe that disclosing management's estimate of this difference provides
useful information for investors because it enables investors to see the
economic effect of these activities as a whole.
These include:
• Under management's internal measure of performance the
inventory, transportation and capacity contracts in question are valued based
on fair value using relevant forward prices prevailing at the end of the
period.
• Fair value accounting effects also include changes in the fair
value of the near-term portions of LNG contracts that fall within bp's risk
management framework. LNG contracts are not considered derivatives, because
there is insufficient market liquidity, and they are therefore accrual
accounted under IFRS. However, oil and natural gas derivative financial
instruments used to risk manage the near-term portions of the LNG contracts
are fair valued under IFRS. The fair value accounting effect, which is
reported in the gas and low carbon energy segment, represents the change in
value of LNG contracts that are being risk managed and which is reflected in
the underlying result, but not in reported earnings. Management believes that
this gives a better representation of performance in each period.
Furthermore, the fair values of derivative instruments used to risk manage
certain other oil, gas, power and other contracts, are deferred to match with
the underlying exposure. The commodity contracts for business requirements are
accounted for on an accruals basis.
In addition, fair value accounting effects include changes in the fair value
of derivatives entered into by the group to manage currency exposure and
interest rate risks relating to hybrid bonds to their respective first call
periods. The hybrid bonds which are classified as equity instruments were
recorded in the balance sheet at their issuance date at their USD equivalent
issued value. Under IFRS these equity instruments are not remeasured from
period to period, and do not qualify for application of hedge accounting. The
derivative instruments relating to the hybrid bonds, however, are required to
be recorded at fair value with mark to market gains and losses recognized in
the income statement. Therefore, measurement differences in relation to the
recognition of gains and losses occur. The fair value accounting effect, which
is reported in the other businesses & corporate segment, eliminates the
fair value gains and losses of these derivative financial instruments that are
recognized in the income statement. We believe that this gives a better
representation of performance, by more appropriately reflecting the economic
effect of these risk management activities, in each period.
Top of page 32
Glossary (continued)
Gas & low carbon energy segment comprises our gas and low carbon
businesses. Our gas business includes regions with upstream activities that
predominantly produce natural gas, integrated gas and power and gas trading.
From the first quarter of 2025 it also includes our Archaea business which
prior to that was reported in the customers & products segment. Our low
carbon business includes solar, offshore and onshore wind, hydrogen and CCS
and power trading. Power trading includes trading of both renewable and
non-renewable power.
Gearing and net debt are non-IFRS measures. Net debt is calculated as finance
debt, as shown in the balance sheet, plus the fair value of associated
derivative financial instruments that are used to hedge foreign currency
exchange and interest rate risks relating to finance debt, for which hedge
accounting is applied, less cash and cash equivalents. Net debt does not
include accrued interest, which is reported within other receivables and other
payables on the balance sheet and for which the associated cash flows are
presented as operating cash flows in the group cash flow statement. Gearing is
defined as the ratio of net debt to the total of net debt plus total equity.
bp believes these measures provide useful information to investors. Net debt
enables investors to see the economic effect of finance debt, related hedges
and cash and cash equivalents in total. Gearing enables investors to see how
significant net debt is relative to total equity. The derivatives are reported
on the balance sheet within the headings 'Derivative financial instruments'.
The nearest equivalent measures on an IFRS basis are finance debt and finance
debt ratio. A reconciliation of finance debt to net debt is provided on page
22.
We are unable to present reconciliations of forward-looking information for
net debt or gearing to finance debt and total equity, because without
unreasonable efforts, we are unable to forecast accurately certain adjusting
items required to present a meaningful comparable IFRS forward-looking
financial measure. These items include fair value asset (liability) of hedges
related to finance debt and cash and cash equivalents, that are difficult to
predict in advance in order to include in an IFRS estimate.
Gearing including leases and net debt including leases are non-IFRS measures.
Net debt including leases is calculated as net debt plus lease liabilities,
less the net amount of partner receivables and payables relating to leases
entered into on behalf of joint operations. Gearing including leases is
defined as the ratio of net debt including leases to the total of net debt
including leases plus total equity. bp believes these measures provide useful
information to investors as they enable investors to understand the impact of
the group's lease portfolio on net debt and gearing. The nearest equivalent
measures on an IFRS basis are finance debt and finance debt ratio. A
reconciliation of finance debt to net debt including leases is provided on
page 25.
Hydrocarbons - Liquids and natural gas. Natural gas is converted to oil
equivalent at 5.8 billion cubic feet = 1 million barrels.
Inorganic capital expenditure is a subset of capital expenditure on a cash
basis and a non-IFRS measure. Inorganic capital expenditure comprises
consideration in business combinations and certain other significant
investments made by the group. It is reported on a cash basis. bp believes
that this measure provides useful information as it allows investors to
understand how bp's management invests funds in projects which expand the
group's activities through acquisition. The nearest equivalent measure on an
IFRS basis is capital expenditure on a cash basis. Further information and a
reconciliation to IFRS information is provided on page 23.
Inventory holding gains and losses are non-IFRS adjustments to our IFRS profit
(loss) and represent:
• the difference between the cost of sales calculated using the
replacement cost of inventory and the cost of sales calculated on the first-in
first-out (FIFO) method after adjusting for any changes in provisions where
the net realizable value of the inventory is lower than its cost. Under the
FIFO method, which we use for IFRS reporting of inventories other than for
trading inventories, the cost of inventory charged to the income statement is
based on its historical cost of purchase or manufacture, rather than its
replacement cost. In volatile energy markets, this can have a significant
distorting effect on reported income. The amounts disclosed as inventory
holding gains and losses represent the difference between the charge to the
income statement for inventory on a FIFO basis (after adjusting for any
related movements in net realizable value provisions) and the charge that
would have arisen based on the replacement cost of inventory. For this
purpose, the replacement cost of inventory is calculated using data from each
operation's production and manufacturing system, either on a monthly basis, or
separately for each transaction where the system allows this approach; and
• an adjustment relating to certain trading inventories that are
not price risk managed which relate to a minimum inventory volume that is
required to be held to maintain underlying business activities. This
adjustment represents the movement in fair value of the inventories due to
prices, on a grade by grade basis, during the period. This is calculated from
each operation's inventory management system on a monthly basis using the
discrete monthly movement in market prices for these inventories.
The amounts disclosed are not separately reflected in the financial statements
as a gain or loss. No adjustment is made in respect of the cost of inventories
held as part of a trading position and certain other temporary inventory
positions that are price risk-managed. See Replacement cost (RC) profit or
loss definition below.
Liquids - Liquids comprises crude oil, condensate and natural gas liquids. For
the oil production & operations segment, it also includes bitumen.
Top of page 33
Glossary (continued)
Major projects have a bp net investment of at least $250 million, or are
considered to be of strategic importance to bp or of a high degree of
complexity.
Operating cash flow is net cash provided by (used in) operating activities as
stated in the condensed group cash flow statement.
Operating efficiency is calculated as production for bp-operated sites,
excluding bpx energy and adjusted for certain items including entitlement
impacts in our production-sharing agreements divided by installed production
capacity for bp-operated sites, excluding bpx energy. Installed production
capacity is the agreed rate achievable (measured at the export end of the
system) when the installed production system (reservoir, wells, plant and
export) is fully optimized and operated at full rate with no planned or
unplanned deferrals.
Organic capital expenditure is a non-IFRS measure. Organic capital expenditure
comprises capital expenditure on a cash basis less inorganic capital
expenditure. bp believes that this measure provides useful information as it
allows investors to understand how bp's management invests funds in developing
and maintaining the group's assets. The nearest equivalent measure on an IFRS
basis is capital expenditure on a cash basis and a reconciliation to IFRS
information is provided on page 23.
We are unable to present reconciliations of forward-looking information for
organic capital expenditure to total cash capital expenditure, because without
unreasonable efforts, we are unable to forecast accurately the adjusting item,
inorganic capital expenditure, that is difficult to predict in advance in
order to derive the nearest IFRS estimate.
Production-sharing agreement/contract (PSA/PSC) is an arrangement through
which an oil and gas company bears the risks and costs of exploration,
development and production. In return, if exploration is successful, the oil
company receives entitlement to variable physical volumes of hydrocarbons,
representing recovery of the costs incurred and a stipulated share of the
production remaining after such cost recovery.
Realizations are the result of dividing revenue generated from hydrocarbon
sales, excluding revenue generated from purchases made for resale and royalty
volumes, by revenue generating hydrocarbon production volumes. Revenue
generating hydrocarbon production reflects the bp share of production as
adjusted for any production which does not generate revenue. Adjustments may
include losses due to shrinkage, amounts consumed during processing, and
contractual or regulatory host committed volumes such as royalties. For the
gas & low carbon energy and oil production & operations segments,
realizations include transfers between businesses.
Refining availability represents Solomon Associates' operational availability
for bp-operated refineries, which is defined as the percentage of the year
that a unit is available for processing after subtracting the annualized time
lost due to turnaround activity and all mechanical, process and regulatory
downtime.
The Refining marker margin (RMM) is the average of regional indicator margins
weighted for bp's crude refining capacity in each region. Each regional marker
margin is based on product yields and a marker crude oil deemed appropriate
for the region. The regional indicator margins may not be representative of
the margins achieved by bp in any period because of bp's particular refinery
configurations and crude and product slate.
Replacement cost (RC) profit or loss / RC profit or loss attributable to bp
shareholders reflects the replacement cost of inventories sold in the period
and is calculated as profit or loss attributable to bp shareholders, adjusting
for inventory holding gains and losses (net of tax). RC profit or loss for the
group is not a recognized IFRS measure. bp believes this measure is useful to
illustrate to investors the fact that crude oil and product prices can vary
significantly from period to period and that the impact on our reported result
under IFRS can be significant. Inventory holding gains and losses vary from
period to period due to changes in prices as well as changes in underlying
inventory levels. In order for investors to understand the operating
performance of the group excluding the impact of price changes on the
replacement of inventories, and to make comparisons of operating performance
between reporting periods, bp's management believes it is helpful to disclose
this measure. The nearest equivalent measure on an IFRS basis is profit or
loss attributable to bp shareholders. A reconciliation to IFRS information is
provided on page 1. RC profit or loss before interest and tax is bp's measure
of profit or loss that is required to be disclosed for each operating segment
under IFRS.
Solomon availability - See Refining availability definition.
Structural cost reduction is calculated as decreases in underlying operating
expenditure* (as defined on page 34) as a result of operational efficiencies,
divestments, workforce reductions and other cost saving measures that are
expected to be sustainable compared with 2023 levels. The total change between
periods in underlying operating expenditure will reflect both structural cost
reductions and other changes in spend, including market factors, such as
inflation and foreign exchange impacts, as well as changes in activity levels
and costs associated with new operations. Estimates of cumulative annual
structural cost reduction may be revised depending on whether cost reductions
realized in prior periods are determined to be sustainable compared with 2023
levels. Structural cost reductions are stewarded internally to support
management's oversight of spending over time.
bp believes this performance measure is useful in demonstrating how management
drives cost discipline across the entire organization, simplifying our
processes and portfolio and streamlining the way we work. The nearest IFRS
measures are production and manufacturing expenses and distributions and
administration expenses. A reconciliation of production and manufacturing
expenses plus distribution and administration expenses to underlying operating
expenditure is provided on page 27.
Top of page 34
Glossary (continued)
Technical service contract (TSC) - Technical service contract is an
arrangement through which an oil and gas company bears the risks and costs of
exploration, development and production. In return, the oil and gas company
receives entitlement to variable physical volumes of hydrocarbons,
representing recovery of the costs incurred and a profit margin which reflects
incremental production added to the oilfield.
Tier 1 and tier 2 process safety events - Tier 1 events are losses of primary
containment from a process of greatest consequence - causing harm to a member
of the workforce, damage to equipment from a fire or explosion, a community
impact or exceeding defined quantities. Tier 2 events are those of lesser
consequence. These represent reported incidents occurring within bp's
operational HSSE reporting boundary. That boundary includes bp's own operated
facilities and certain other locations or situations. Reported process safety
events are investigated throughout the year and as a result there may be
changes in previously reported events. Therefore comparative movements are
calculated against internal data reflecting the final outcomes of such
investigations, rather than the previously reported comparative period, as
this represents a more up to date reflection of the safety environment.
Underlying effective tax rate (ETR) is a non-IFRS measure. The underlying ETR
is calculated by dividing taxation on an underlying replacement cost (RC)
basis by underlying RC profit or loss before tax. Taxation on an underlying RC
basis for the group is calculated as taxation as stated on the group income
statement adjusted for taxation on inventory holding gains and losses and
total taxation on adjusting items. Information on underlying RC profit or loss
is provided below. Taxation on an underlying RC basis presented for the
operating segments is calculated through an allocation of taxation on an
underlying RC basis to each segment. bp believes it is helpful to disclose the
underlying ETR because this measure may help investors to understand and
evaluate, in the same manner as management, the underlying trends in bp's
operational performance on a comparable basis, period on period. Taxation on
an underlying RC basis and underlying ETR are non-IFRS measures. The nearest
equivalent measure on an IFRS basis is the ETR on profit or loss for the
period.
We are unable to present reconciliations of forward-looking information for
underlying ETR to ETR on profit or loss for the period, because without
unreasonable efforts, we are unable to forecast accurately certain adjusting
items required to present a meaningful comparable IFRS forward-looking
financial measure. These items include the taxation on inventory holding gains
and losses and adjusting items, that are difficult to predict in advance in
order to include in an IFRS estimate.
Underlying operating expenditure is a non-IFRS measure and a subset of
production and manufacturing expenses plus distribution and administration
expenses and excludes costs that are classified as adjusting items. It
represents the majority of the remaining expenses in these line items but
excludes certain costs that are variable, primarily with volumes (such as
freight costs). Other variable costs are included in purchases in the income
statement. Management believes that underlying operating expenditure is a
performance measure that provides investors with useful information regarding
the company's financial performance because it considers these expenses to be
the principal operating and overhead expenses that are most directly under
their control although they also include certain foreign exchange and
commodity price effects. The nearest IFRS measures are production and
manufacturing expenses and distributions and administration expenses. A
reconciliation of production and manufacturing expenses plus distribution and
administration expenses to underlying operating expenditure is provided on
page 27.
Underlying production - 2025 underlying production, when compared with 2024,
is production after adjusting for acquisitions and divestments, curtailments,
and entitlement impacts in our production-sharing agreements/contracts and
technical service contract*.
Underlying RC profit or loss / underlying RC profit or loss attributable to bp
shareholders is a non-IFRS measure and is RC profit or loss* (as defined on
page 33) after excluding net adjusting items and related taxation. See page 24
for additional information on the adjusting items that are used to arrive at
underlying RC profit or loss in order to enable a full understanding of the
items and their financial impact.
Underlying RC profit or loss before interest and tax for the operating
segments or customers & products businesses is calculated as RC profit or
loss (as defined above) including profit or loss attributable to
non-controlling interests before interest and tax for the operating segments
and excluding net adjusting items for the respective operating segment or
business.
bp believes that underlying RC profit or loss is a useful measure for
investors because it is a measure closely tracked by management to evaluate
bp's operating performance and to make financial, strategic and operating
decisions and because it may help investors to understand and evaluate, in the
same manner as management, the underlying trends in bp's operational
performance on a comparable basis, period on period, by adjusting for the
effects of these adjusting items. The nearest equivalent measure on an IFRS
basis for the group is profit or loss attributable to bp shareholders. The
nearest equivalent measure on an IFRS basis for segments and businesses is RC
profit or loss before interest and taxation. A reconciliation to IFRS
information is provided on page 1 for the group and pages 6-12 for the
segments.
Underlying RC profit or loss per share / underlying RC profit or loss per ADS
is a non-IFRS measure. Earnings per share is defined in Note 7. Underlying RC
profit or loss per ordinary share is calculated using the same denominator as
earnings per share as defined in the consolidated financial statements. The
numerator used is underlying RC profit or loss attributable to bp
shareholders, rather than profit or loss attributable to bp ordinary
shareholders. Underlying RC profit or loss per ADS is calculated as outlined
above for underlying RC profit or loss per share except the denominator is
adjusted to reflect one ADS equivalent to six ordinary shares. bp believes it
is helpful to disclose the underlying RC profit or loss per ordinary share and
per ADS because these measures may help investors to understand and evaluate,
in the same manner as management, the underlying trends in bp's operational
performance on a comparable basis, period on period. The nearest equivalent
measure on an IFRS basis is basic earnings per share based on profit or loss
for the period attributable to bp ordinary shareholders.
Top of page 35
Glossary (continued)
upstream includes oil and natural gas field development and production within
the gas & low carbon energy and oil production & operations segments.
upstream/hydrocarbon plant reliability (bp-operated) is calculated taking 100%
less the ratio of total unplanned plant deferrals divided by installed
production capacity, excluding non-operated assets and bpx energy. Unplanned
plant deferrals are associated with the topside plant and where applicable the
subsea equipment (excluding wells and reservoir). Unplanned plant deferrals
include breakdowns, which does not include Gulf of America weather related
downtime.
upstream unit production costs are calculated as production cost divided by
units of production. Production cost does not include ad valorem and severance
taxes. Units of production are barrels for liquids and thousands of cubic feet
for gas. Amounts disclosed are for bp subsidiaries only and do not include
bp's share of equity-accounted entities.
Working capital is movements in inventories and other current and non-current
assets and liabilities as reported in the condensed group cash flow statement.
Change in working capital adjusted for inventory holding gains/losses, fair
value accounting effects relating to subsidiaries and other adjusting items is
a non-IFRS measure. It is calculated by adjusting for inventory holding
gains/losses reported in the period; fair value accounting effects relating to
subsidiaries reported within adjusting items for the period; and other
adjusting items relating to the non-cash movement of US emissions obligations
carried as a provision that will be settled by allowances held as inventory.
This represents what would have been reported as movements in inventories and
other current and non-current assets and liabilities, if the starting point in
determining net cash provided by operating activities had been underlying
replacement cost profit rather than profit for the period. The nearest
equivalent measure on an IFRS basis for this is movements in inventories and
other current and non-current assets and liabilities.
bp utilizes various arrangements in order to manage its working capital
including discounting of receivables and, in the supply and trading business,
the active management of supplier payment terms, inventory and collateral.
Trade marks
Trade marks of the bp group appear throughout this announcement. They include:
bp, Amoco, Aral, ampm, bp pulse, Castrol, PETRO, TA, and Thorntons
Top of page 36
Cautionary statement
In order to utilize the 'safe harbor' provisions of the United States Private
Securities Litigation Reform Act of 1995 (the 'PSLRA') and the general
doctrine of cautionary statements, bp is providing the following cautionary
statement:
The discussion in this announcement contains certain forecasts, projections
and forward-looking statements - that is, statements related to future, not
past events and circumstances - with respect to the financial condition,
results of operations and businesses of bp and certain of the plans and
objectives of bp with respect to these items. These statements may generally,
but not always, be identified by the use of words such as 'will', 'expects',
'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to',
'intends', 'believes', 'anticipates', 'plans', 'we see', 'focus on' or similar
expressions.
In particular, the following, among other statements, are all forward-looking
in nature: plans, expectations and assumptions regarding oil and gas demand,
supply, prices or volatility; expectations regarding production and volumes;
expectations regarding turnaround and maintenance activity; expectations
regarding financial performance, results of operations, finance debt acquired
in the first quarter, and cash flows; expectations regarding future project
start-ups; expectations regarding shareholder returns; plans and expectations
regarding bp's upstream production; plans and expectations regarding the
amount or timing of payments related to divestment and other proceeds, and the
timing, quantum and nature of certain acquisitions and divestments; plans and
expectations regarding bp's balance sheet, cost reduction, cash flow, returns,
and long-term shareholder value growth and its effects on bp's resilience;
plans and expectations regarding bp's net debt target, investment strategy,
divestments and other proceeds, capital expenditures, capital frame,
underlying effective tax rate, depreciation, depletion and amortization;
expectations regarding bp's shareholder returns including amount and timing of
dividends and share buybacks; expectations regarding bp's customers business,
including with respect to volumes, fuel margins, recovery from the US freight
recession and its effects, and contributions from bp bioenergy and
TravelCenters of America; expectations regarding bp's products business,
including improvement plans, refinery turnaround activity, refining margins
and operations; expectations regarding bp's other businesses & corporate
underlying annual charge; plans and expectations regarding bp's oil and gas
projects, including the Azule Energy projects, the Deepwater Guneshli (ACG)
production-sharing agreement, the Raven facility and the agreed divestment of
a non-controlling stake in bp Pipelines TANAP Limited; expectations regarding
bp's low carbon energy business, including timing of completion of the JERA
Nex bp offshore wind joint venture; expectations regarding the strategic
review of the Castrol business; expectations regarding Gulf of America
settlement payments; expectations regarding bp's plans to sell its mobility
and convenience business in Austria, including timing of the divestment; and
accounting principles used in preparing bp's Annual Report and Form 20-F 2025.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that will or may
occur in the future and are outside the control of bp. Recent global
developments have caused significant uncertainty and volatility in
macroeconomic conditions and commodity markets. Each item of outlook and
guidance set out in this announcement is based on bp's current expectations
but actual outcomes and results may be impacted by these evolving
macroeconomic and market conditions.
Actual results or outcomes may differ materially from those expressed in such
statements, depending on a variety of factors, including: the extent and
duration of the impact of current market conditions including the volatility
of oil prices, the effects of bp's plan to exit its shareholding in Rosneft
and other investments in Russia, overall global economic and business
conditions impacting bp's business and demand for bp's products as well as the
specific factors identified in the discussions accompanying such
forward-looking statements; changes in consumer preferences and societal
expectations; the pace of development and adoption of alternative energy
solutions; developments in policy, law, regulation, technology and markets,
including societal and investor sentiment related to the issue of climate
change; the receipt of relevant third party and/or regulatory approvals
including ongoing approvals required for the continued developments of
approved projects; the timing and level of maintenance and/or turnaround
activity; the timing and volume of refinery additions and outages; the timing
of bringing new fields onstream; the timing, quantum and nature of certain
acquisitions and divestments; future levels of industry product supply, demand
and pricing, including supply growth in North America and continued base oil
and additive supply shortages; OPEC+ quota restrictions; PSA and TSC effects;
operational and safety problems; potential lapses in product quality; economic
and financial market conditions generally or in various countries and regions;
political stability and economic growth in relevant areas of the world;
changes in laws and governmental regulations and policies, including related
to climate change; changes in social attitudes and customer preferences;
regulatory or legal actions including the types of enforcement action pursued
and the nature of remedies sought or imposed; the actions of prosecutors,
regulatory authorities and courts; delays in the processes for resolving
claims; amounts ultimately payable and timing of payments relating to the Gulf
of America oil spill; exchange rate fluctuations; development and use of new
technology; recruitment and retention of a skilled workforce; the success or
otherwise of partnering; the actions of competitors, trading partners,
contractors, subcontractors, creditors, rating agencies and others; bp's
access to future credit resources; business disruption and crisis management;
the impact on bp's reputation of ethical misconduct and non-compliance with
regulatory obligations; trading losses; major uninsured losses; the
possibility that international sanctions or other steps taken by governmental
authorities or any other relevant persons may impact bp's ability to sell its
interests in Rosneft, or the price for which bp could sell such interests; the
actions of contractors; natural disasters and adverse weather conditions;
changes in public expectations and other changes to business conditions; wars
and acts of terrorism; cyber-attacks or sabotage; and those factors discussed
under "Risk factors" in bp's Annual Report and Form 20-F for fiscal year 2024
as filed with the US Securities and Exchange Commission.
Top of page 37
Contacts
London Houston
Press Office David Nicholas Paul Takahashi
+44 (0) 7831 095541 +1 713 903 9729
Investor Relations Craig Marshall Graham Collins
bp.com/investors +44 (0) 203 401 5592 +1 832 753 5116
BP p.l.c.'s LEI Code 213800LH1BZH3D16G760
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