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 29 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
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Exhibit
1.1
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1Q25
SEA Part 1 of 1 dated 29 April 2025
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Exhibit 1.1
Top of page 1
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FOR IMMEDIATE RELEASE
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London 29 April 2025
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BP p.l.c. Group results
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First quarter 2025
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"For a printer friendly version of this announcement please click
on the link below to open a PDF version of the
announcement"
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Strong operational performance, delivering major
projects
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Financial summary
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First
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Fourth
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First
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quarter
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quarter
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quarter
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$ million
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2025
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2024
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2024
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Profit (loss) for the period attributable to bp
shareholders
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687
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(1,959)
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2,263
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Inventory holding (gains) losses*, net of tax
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(118)
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7
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(657)
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Replacement cost (RC) profit (loss)*
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569
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(1,952)
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1,606
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Net (favourable) adverse impact of adjusting items*, net of
tax
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812
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3,121
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1,117
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Underlying RC profit*
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1,381
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1,169
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2,723
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Operating cash flow*
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2,834
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7,427
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5,009
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Capital expenditure*
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(3,623)
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(3,726)
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(4,278)
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Divestment and other proceeds(a)
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328
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2,761
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413
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Net issue (repurchase) of shares
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(1,847)
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(1,625)
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(1,750)
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Net debt*(b)
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26,968
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22,997
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24,015
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Adjusted
EBITDA*
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8,701
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8,413
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10,306
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Announced dividend per ordinary share (cents per
share)
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8.000
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8.000
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7.270
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Underlying RC profit per ordinary share* (cents)
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8.75
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7.36
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16.24
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Underlying RC profit per ADS* (dollars)
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0.53
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0.44
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0.97
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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.
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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.
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Murray Auchincloss
Chief executive officer
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(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.
Top of page 2
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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.
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Kate Thomson Chief financial
officer
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Highlights
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1Q25 underlying replacement cost (RC) profit* $1.4
billion
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●
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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%.
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●
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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.
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Segment results(b)
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●
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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*.
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●
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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.
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●
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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.
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Operating cash flow* $2.8 billion and net debt* $27.0
billion
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●
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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.
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Financial frame
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●
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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).
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●
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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.
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●
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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.
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●
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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.
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(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.
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The commentary above contains forward-looking statements and should
be read in conjunction with the cautionary statement on page
36.
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Top of page 3
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 $24.0 billion at the end of the first quarter 2024
primarily due to the lower operating cash flow and timing of
divestment proceeds in the first quarter 2025. The movement over
the last year was also impacted by divestment proceeds and the
issuance of additional perpetual hybrid bonds, offset partly by
acquired net debt from the completion of the bp Bunge Bioenergia
and Lightsource bp transactions.
Top of page 4
Analysis of RC profit (loss) before interest and tax and
reconciliation to profit (loss) for the period
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First
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Fourth
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First
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quarter
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quarter
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quarter
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$ million
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2025
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2024
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2024
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RC profit (loss) before interest and tax
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gas & low carbon energy(a)
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1,358
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1,324
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1,036
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oil
production & operations
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2,788
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2,571
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3,060
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customers & products(a)
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103
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(1,921)
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988
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other
businesses & corporate
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(22)
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(1,161)
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(300)
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Consolidation
adjustment - UPII*
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13
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(49)
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32
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RC profit before interest and tax
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4,240
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764
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4,816
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Finance
costs and net finance expense relating to pensions and other
post-employment benefits
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(1,269)
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(1,246)
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(1,034)
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Taxation on a RC basis
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(2,107)
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(1,131)
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(2,030)
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Non-controlling interests
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(295)
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(339)
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(146)
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RC profit (loss) attributable to bp shareholders*
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569
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(1,952)
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1,606
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Inventory holding gains (losses)*
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159
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(21)
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851
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Taxation (charge) credit on inventory holding gains and
losses
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(41)
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14
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(194)
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Profit (loss) for the period attributable to bp
shareholders
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687
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(1,959)
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2,263
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(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
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First
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Fourth
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First
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quarter
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quarter
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quarter
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$ million
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2025
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2024
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2024
|
|
Underlying RC profit (loss) before interest and tax
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gas
& low carbon energy
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997
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1,987
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1,658
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oil
production & operations
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2,895
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2,924
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3,125
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customers
& products
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677
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(302)
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1,289
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other
businesses & corporate
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(117)
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(527)
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(154)
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Consolidation
adjustment - UPII
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13
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(49)
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32
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Underlying RC profit before interest and tax
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4,465
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4,033
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5,950
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Finance costs on an underlying RC
basis(a) and
net finance expense relating to pensions and other post-employment
benefits
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(1,082)
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(1,096)
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(942)
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Taxation on an underlying RC basis
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(1,707)
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(1,429)
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(2,139)
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Non-controlling interests
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(295)
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(339)
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(146)
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Underlying RC profit attributable to bp shareholders*
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1,381
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1,169
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2,723
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(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
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First
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Fourth
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First
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1Q25
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quarter
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quarter
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quarter
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vs
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2025
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2024
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2024
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1Q24
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Tier 1 and tier 2 process safety events*
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10
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6
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14
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-4
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upstream*
production(a) (mboe/d)
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2,239
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2,299
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2,378
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-5.8%
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upstream unit production
costs*(b) ($/boe)
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6.34
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5.93
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6.00
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+5.6%
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bp-operated upstream plant reliability*
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95.4%
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94.7%
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94.9%
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+0.5
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bp-operated refining
availability*(a)
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96.2%
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94.8%
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90.4%
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+5.8
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(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.
Top of page 5
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.
|
Top of page 6
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.
Top
of page 7
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.
Top of page 8
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%
CO2 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 benefits
|
|
(52)
|
(45)
|
(41)
|
|
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 gain or loss on sale of businesses and
fixed assets(b)
|
|
-
|
1,004
|
-
|
|
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 or
asset
|
|
331
|
(3)
|
(66)
|
|
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 2)
|
|
1,179
|
1,105
|
|
|
|
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
off
|
|
4,236
|
4,381
|
4,356
|
|
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 contributions and benefit payments for unfunded
plans
|
|
(11)
|
(64)
|
(32)
|
|
Net
charge for provisions, less payments
|
|
1,104
|
(185)
|
(683)
|
|
Movements
in inventories and other current and non-current assets and
liabilities
|
|
(5,069)
|
2,752
|
(2,131)
|
|
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
interest)
|
|
-
|
(21)
|
-
|
|
Receipts
relating to transactions involving non-controlling interests (Other
interest)
|
|
-
|
836
|
16
|
|
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 benefits
|
|
(52)
|
(45)
|
(41)
|
|
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
earnings per share
|
|
16,097,610
|
15,885,184
|
17,153,505
|
|
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 operations
|
|
(91)
|
(88)
|
(130)
|
|
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 liabilities as per condensed group cash flow
statement(a)
|
|
(5,069)
|
2,752
|
(2,131)
|
|
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 (losses), fair value accounting effects and other adjusting
items
|
|
(3,350)
|
1,279
|
(2,388)
|
(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 benefits
|
|
(52)
|
(45)
|
(41)
|
|
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 bonds
|
|
(369)
|
493
|
193
|
|
(630)
|
|
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 & products
|
|
677
|
(302)
|
1,289
|
|
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
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Contacts
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London
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Houston
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Press Office
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David Nicholas
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Paul Takahashi
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+44 (0) 7831 095541
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+1 713 903 9729
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Investor Relations
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Craig Marshall
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Graham Collins
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bp.com/investors
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+44 (0) 203 401 5592
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+1 832 753 5116
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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.
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BP
p.l.c.
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(Registrant)
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Dated: 29
April 2025
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/s/ Ben
J. S. Mathews
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------------------------
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Ben J.
S. Mathews
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Company
Secretary
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