a6391q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the
period ended 11 July, 2025
BP p.l.c.
(Translation
of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F |X| Form 40-F
---------------
----------------
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of
1934.
Yes No
|X|
---------------
--------------
Exhibit
1.1
|
2Q25 bp
Trading Statement Part 1 of 1 dated 11 July 2025
|
Exhibit 1.1
FOR
IMMEDIATE RELEASE
|
|
London
11 July 2025
|
|
BP p.l.c. Trading Statement
|
Second quarter 2025 trading statement
The following Trading Statement provides a summary of BP p.l.c.'s
(bp) current estimates and expectations for the second quarter of
2025, including data on the economic environment as well as group
performance during the period.
The information presented is not comprehensive of all factors which
may impact bp's group results for the second quarter 2025 and is
not an estimate of those results. Also refer to bp's first quarter
2025 group results announcement on 29 April 2025 for second quarter
and full year 2025 guidance items which continue to apply unless
explicitly stated. A summary of that guidance is also provided in
the Appendix to this Trading Statement. All information provided is
subject to the finalization of bp's financial reporting processes
and actual results may vary.
bp's group results for the second quarter 2025 are expected to be
published on 5 August 2025.
Updated 2Q25 guidancea
● Reported
upstream productionb in
the second quarter is now expected to be higher compared to the
prior quarter, with production higher in oil production &
operations, primarily in bpx energy, and slightly higher in gas
& low carbon energy.
● In the gas
& low carbon energy segment, realizationsc,
compared to the prior quarter, are expected to have an impact in
the range of $(0.1) to (0.3) billion, including changes in
non-Henry Hub natural gas marker prices. The gas marketing and
trading result is expected to be average.
● In the oil
production & operations segment,
realizationsc,
compared to the prior quarter, are expected to have an impact in
the range of $(0.6) to (0.8) billion, including the production mix
effects and the price lags on bp's production in the Gulf of
America and the UAE.
●
In the customers & products segment, compared to the prior
quarter, results are expected to be influenced by the following
factors:
◦ customers -
seasonally higher volumes and stronger fuels
margins.
◦ products -
stronger realized refining margins in the range of $0.3 to 0.5
billion. There was a significantly higher level of turnaround
activity. The oil trading result is expected to be
strong.
●
Other items:
◦
Net debt at the end of the second quarter is expected to be
slightly lower compared to the end of the first
quarter.
◦
In other businesses & corporate, the underlying charge is
expected to be similar to the prior quarter.
◦
The second quarter results are expected to include post-tax
adjusting items relating to asset impairments in the range of $0.5
to 1.5 billion, attributable across the segments. These items are
treated as adjusting items and excluded from underlying replacement
cost profit.
a All
impacts influence bp's underlying RC profit before interest and
tax, unless stated otherwise.
b Includes
bp's share of production of equity-accounted
entities.
c Realizations
are based on sales by consolidated subsidiaries only - this
excludes equity-accounted entities.
Trading conditions
Brent averaged $67.88/bbl in the second quarter 2025 compared to
$75.73/bbl in the first quarter 2025.
US gas Henry Hub first of month index averaged $3.44/mmBtu in the
second quarter 2025 compared to $3.65/mmBtu in the first quarter
2025.
The bp RMM* averaged $21.1/bbl in the second quarter 2025 compared
to $15.2/bbl in the first quarter 2025.
WTI CMA* vs WCS, lagged 1 month averaged $10.01/bbl in the second
quarter 2025 compared to $13.03/bbl in the first quarter
2025.
Further information on prices and bp's current rules of thumb can
be found at the following link: bp.com
Rules of Thumb
Cautionary Statement
In order to utilize the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
'PSLRA') and the general doctrine of cautionary statements, bp is
providing the following cautionary statement: The discussion in
this announcement contains certain forecasts, projections and
forward-looking statements - that is, statements related to future,
not past events and circumstances - with respect to the financial
condition, results of operations and businesses of bp and certain
of the plans and objectives of bp with respect to these items. By
their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on
circumstances that will or may occur in the future and are outside
the control of bp. Actual results or outcomes, may differ
materially from those expressed in such statements, depending on a
variety of factors, including (without limitation): price
fluctuations in crude oil and natural gas; changes in demand for
bp's products; currency fluctuations; drilling and production
results; reserves estimates; sales volume and sales mix numbers;
supply and demand imbalances including as a result of direct or
indirect restrictions on production; regional pricing differentials
and refining margins; seasonal impacts on product demand and
operating expenses; resolution of trading and derivative positions
for the quarter; the timing and level of maintenance and/or
turnaround activity; the timing and volume of refinery additions
and outages; the timing of bringing new fields onstream; natural
disasters and adverse weather conditions; changes in public
expectations and other changes to business conditions; wars and
acts of terrorism; cyber-attacks or sabotage as well as those
factors discussed under "Risk factors" in bp's Annual Report and
Form 20-F 2024 as filed with the US Securities and Exchange
Commission. Furthermore, additional factors may exist that will be
relevant to bp's group results for the second quarter of 2025 that
are not currently known or fully understood. Neither bp nor any of
its subsidiaries assumes any obligation to update, revise or
supplement any forward-looking statement contained in this
announcement to reflect future circumstances, events or
information.
The contents of websites referred to in this announcement do not
form part of this announcement.
FOR
IMMEDIATE RELEASE
|
|
London
11 July 2025
|
|
BP p.l.c. Trading Statement
|
Appendix: Guidance
issued in 1Q25 Stock Exchange Announcementa
Guidance Area
|
Full Year 2025
|
2Q25 vs 1Q25
|
Reported and underlying* upstream production
|
Reported upstream production to be lower and underlying upstream
production to be slightly lower than 2024, of which oil production
& operations broadly flat and gas & low carbon energy
lower
|
Reported upstream production to be broadly flat
|
Customers
|
Growth from convenience, including a full year contribution from bp
bioenergy and a higher contribution from TravelCenters of America;
earnings growth to be supported by structural cost reduction; fuels
margins to remain sensitive to the cost of supply; earnings
delivery to remain sensitive to the relative strength of the US
dollar
|
●
seasonally higher volumes
●
fuels margins to remain sensitive to movements in the cost of
supply
|
Products
|
Broadly flat refining margins and stronger underlying performance
underpinned by the absence of the plant-wide power outage at
Whiting refinery; improvement plans across the portfolio; similar
levels of turnaround activity, with phasing of turnaround activity
in 2025 heavily weighted towards 1H25, with the highest impact in
2Q
|
●
a significantly higher level of planned refinery turnaround
activity
●
refining margin environment to remain sensitive to the economic
outlook
|
OB&C
|
Around $1bn charge
|
|
DD&A
|
Broadly flat compared with 2024
|
|
Underlying effective tax rate*b
|
Around 40%
|
|
Capital expenditure*
|
Around $14.5bn
|
|
Divestment and other proceeds
|
Around $3-4bn weighted towards 2H25
|
|
Gulf of America oil settlement payments
|
~$1.2bn pre-tax, of which $1.1bn 2Q
|
|
a Refer
to bp's first quarter 2025 group results announcement and bp.com
for full text.
b Underlying
effective tax rate is sensitive to a range of factors, including
the volatility of the price environment and its impact on the
geographical mix of the group's profits and
losses.
*
See Glossary.
Contacts
|
London
|
Houston
|
|
|
|
Press Office
|
Rita Brown
|
Paul Takahashi
|
|
+44 (0) 7787 685821
|
+1 713 903 9729
|
|
|
|
Investor Relations
|
Craig Marshall
|
Graham Collins
|
bp.com/investors
|
+44 (0) 203 401 5592
|
+1 832 753 5116
|
Glossary
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.
Replacement cost (RC) profit or loss 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 a
non-IFRS measure. The nearest equivalent measure on an IFRS basis
is profit or loss attributable to bp
shareholders.
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.
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.
Underlying production - 2025 underlying production,
when compared with 2024, is production after adjusting for
acquisitions and divestments, curtailments, and entitlement impacts
in our production-sharing agreements/contracts and technical
service contract*.
Underlying RC profit or loss before interest and
tax for the operating segments or
customers & products businesses is a non-IFRS measure and is
calculated as RC profit or loss including profit or loss
attributable to non-controlling interests before interest and tax
for the operating segments and excluding net adjusting items for
the respective operating segment or business. The nearest
equivalent measure on an IFRS basis for segments and businesses is
RC profit or loss before interest and taxation.
Underlying effective tax rate (ETR) is a non-IFRS measure. The
underlying ETR is calculated by dividing taxation on an underlying
replacement cost (RC) basis by underlying RC profit or loss before
tax. Taxation on an underlying RC basis for the group is calculated
as taxation as stated on the group income statement adjusted for
taxation on inventory holding gains and losses and total taxation
on adjusting items. Information on underlying RC profit or loss is
provided below. Taxation on an underlying RC basis presented for
the operating segments is calculated through an allocation of
taxation on an underlying RC basis to each segment. bp believes it
is helpful to disclose the underlying ETR because this measure may
help investors to understand and evaluate, in the same manner as
management, the underlying trends in bp's operational performance
on a comparable basis, period on period. Taxation on an underlying
RC basis and underlying ETR are non-IFRS measures. The nearest
equivalent measure on an IFRS basis is the ETR on profit or loss
for the period.
WTI CMA -
The WCS differential to WTI calendar month average is based on a
quoted Platts differential and used as a generic indicator. Actual
crude differentials captured by bp's refineries may vary
significantly due to a variety of factors, such as apportionment,
rationing or operational issues on third party crude logistics
infrastructure.
BP p.l.c.'s LEI Code 213800LH1BZH3D16G760
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
BP
p.l.c.
|
|
(Registrant)
|
|
|
Dated: 11
July 2025
|
|
|
/s/ Ben
J. S. Mathews
|
|
------------------------
|
|
Ben J.
S. Mathews
|
|
Company
Secretary
|