Alejandro Vigil's questions to BP PLC (BP) leadership • Q4 2024
Question
Alejandro Vigil of Banco Santander, S.A. asked for an explanation of the moving parts behind the significant year-on-year EBITDA increase projected for 2025 and the gap versus consensus estimates.
Answer
CFO Katherine Thomson explained that adjusting 2024's EBITDA for 2023 prices and factoring in the Whiting refinery's recovery and underlying growth gets them just under the $46-49B target. CEO Murray Auchincloss added that the 2025 improvement comes from the absence of the Whiting outage and 3-4% underlying growth from cost savings and improved business performance.