Question · Q3 2025
Makely asked about BP's CapEx budget, specifically the EUR 13 billion-EUR 15 billion range for 2026-2027, and the levers of flexibility available to lower the budget to the low end if macro conditions required it.
Answer
Kate Thomson (CFO, BP) confirmed the CapEx range provides flexibility for different price environments. She noted that the 2025 guidance of around EUR 14.5 billion is sub-EUR 14 billion on an organic basis. She stated that BP has ample opportunities to reduce spending to the lower end of the range if needed, emphasizing tight capital discipline and a focus on value and returns. Potential levers include slowing down onshore drilling and adjusting exploration activities at the margins.