SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the
period ended 11 April, 2025
BP p.l.c.
(Translation
of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F |X| Form 40-F
---------------
----------------
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of
1934.
Yes No
|X|
---------------
--------------
|
Exhibit
1.1
|
1Q25 bp
Trading Statement Part 1 of 1 dated 11 April 2025
|
Exhibit 1.1
|
FOR IMMEDIATE RELEASE
|
|
|
London 11 April 2025
BP p.l.c. Trading Statement
|
 |
First quarter 2025 trading statement
The following Trading Statement provides a summary of BP p.l.c.'s
(bp) current estimates and expectations for the first quarter of
2025, including data on the economic environment as well as group
performance during the period.
The information presented is not comprehensive of all factors which
may impact bp's group results for the first quarter 2025 and is not
an estimate of those results. Also refer to bp's fourth quarter and
full year 2024 group results announcement on 11 February 2025 for
first quarter and full year 2025 guidance items which continue to
apply unless explicitly stated. A summary of that guidance is also
provided in the Appendix to this Trading Statement. All information
provided is subject to the finalization of bp's financial reporting
processes and actual results may vary.
bp's group results for the first quarter 2025 are expected to be
published on 29 April 2025.
Updated 1Q25 guidancea
● Reported
upstream productionb in
the first quarter is expected to be lower compared to the prior
quarter, with production slightly higher in oil production &
operations and lower in gas & low carbon energy including the
already announced divestments in Egypt and Trinidad completed
towards the end of prior quarter.
● In the gas
& low carbon energy segment, realizationsc,
compared to the prior quarter, are expected to be broadly flat
including changes in non-Henry Hub natural gas marker prices. The
gas marketing and trading result is expected to be
weak.
● In the oil
production & operations segment,
realizationsc,
compared to the prior quarter, are expected to be broadly flat
including the impact of price lags on bp's production in the Gulf
of America and the UAE.
●
In the customers & products segment, compared to the prior
quarter, results are expected to be impacted by the following
factors:
◦ customers -
lower costs and stronger midstream performance, partly offset by
seasonally lower volumes.
◦ products -
stronger realized refining margins in the range of $0.1 - 0.3
billion and a lower impact from turnaround activity. The oil
trading result is expected to be average.
●
Other items:
◦
Net debt at the end of the first quarter is expected to be around
$4 billion higher compared to the fourth quarter. This is driven
primarily by a working capital build, which is largely expected to
reverse, reflecting seasonal inventory effects, timing of payments
including annual bonus payments and payments related to low carbon
assets held for sale.
◦
The underlying effective tax rate for the first quarter is expected
to be around 50%, which reflects the geographical mix of
profits.
a All
impacts influence bp's underlying RC profit before interest and
tax, unless stated otherwise.
b Includes
bp's share of production of equity-accounted
entities.
c Realizations
are based on sales by consolidated subsidiaries only - this
excludes equity-accounted entities.
Trading conditions
Brent averaged $75.73/bbl in the first quarter 2025 compared to
$74.73/bbl in the fourth quarter 2024.
US gas Henry Hub first of month index averaged $3.65/mmBtu in the
first quarter 2025 compared to $2.79/mmBtu in the fourth quarter
2024.
The bp RMM* averaged $15.2/bbl in the first quarter 2025 compared
to $13.1/bbl in the fourth quarter 2024.
Further information on prices and bp's current rules of thumb can
be found at the following link: bp.com
Rules of Thumb
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. 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. Actual results or outcomes, may differ
materially from those expressed in such statements, depending on a
variety of factors, including (without limitation): price
fluctuations in crude oil and natural gas; changes in demand for
bp's products; currency fluctuations; drilling and production
results; reserves estimates; sales volume and sales mix numbers;
supply and demand imbalances including as a result of direct or
indirect restrictions on production; regional pricing differentials
and refining margins; seasonal impacts on product demand and
operating expenses; resolution of trading and derivative positions
for the quarter; 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; 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 as well as those
factors discussed under "Risk factors" in bp's Annual Report and
Form 20-F 2024 as filed with the US Securities and Exchange
Commission. Furthermore, additional factors may exist that will be
relevant to bp's group results for the first quarter of 2025 that
are not currently known or fully understood. Neither bp nor any of
its subsidiaries assumes any obligation to update, revise or
supplement any forward-looking statement contained in this
announcement to reflect future circumstances, events or
information.
The
contents of websites referred to in this announcement do not form
part of this announcement.
This announcement contains inside information. The person
responsible for arranging the release of this announcement on
behalf of BP p.l.c., is Ben Mathews, Company
Secretary.
|
FOR IMMEDIATE RELEASE
|
|
|
London 11 April 2025
BP p.l.c. Trading Statement
|
 |
Appendix: Guidance
issued in 4Q24 Stock Exchange Announcementa
|
Guidance Area
|
Full Year 2025
|
1Q25 vs 4Q24
|
|
Reported and underlying* upstream production
|
Reported upstream production to be lower and underlying upstream
production to be slightly lower than 2024, of which oil production
& operations broadly flat and gas & low carbon energy
lower
|
Reported upstream production to be lower primarily due to the
already announced divestments in Egypt and Trinidad, which
completed towards the end of 4Q and base decline in both regions,
totaling around 90 thousand barrels of oil equivalent per
day
|
|
Customers
|
Growth from convenience, including a full year contribution from bp
bioenergy and a higher contribution from TravelCenters of America;
earnings growth to be supported by structural cost reduction; fuels
margins to remain sensitive to the cost of supply; earnings
delivery to remain sensitive to the relative strength of the US
dollar
|
●
seasonally lower volumes
●
fuels margins to remain sensitive to movements in the cost of
supply
●
earnings delivery to remain sensitive to the relative strength of
the US dollar
|
|
Products
|
Broadly flat refining margins and stronger underlying performance
underpinned by the absence of the plant-wide power outage at
Whiting refinery; improvement plans across the portfolio; similar
levels of turnaround activity, with phasing of turnaround activity
in 2025 heavily weighted towards 1H25, with the highest impact in
2Q
|
●
realized refining margins to remain low in the first
quarter
●
lower lever of refinery turnaround activity
|
|
OB&C
|
Around $1bn charge
|
|
|
DD&A
|
Broadly flat compared with 2024
|
|
|
Underlying effective tax rate*b
|
Expected to be around 40%
|
|
|
Capital expenditure*c
|
Around $15bn
|
|
|
Divestment and other proceeds
|
Around $3bn weighted towards 2H25
|
|
|
Gulf of America oil settlement payments
|
~$1.2bn pre-tax, of which $1.1bn 2Q
|
|
a Refer
to bp's fourth quarter and full year 2024 group results
announcement and bp.com for full text.
b Underlying
effective tax rate 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.
c Refer
to bp's strategy announcement on 26 February 2025 for more
details.
*
See Glossary.
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
|
Glossary
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 before interest and
tax for the operating segments or
customers & products businesses is calculated as RC profit or
loss 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.
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.
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.
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.
BP p.l.c.'s LEI Code 213800LH1BZH3D16G760
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
BP
p.l.c.
|
|
|
(Registrant)
|
|
|
|
|
Dated: 11
April 2025
|
|
|
|
/s/ Ben
J. S. Mathews
|
|
|
------------------------
|
|
|
Ben J.
S. Mathews
|
|
|
Company
Secretary
|