Upstream Production

Q3 2025

no prior guidance

Expected to be slightly lower compared to Q2 2025 "

no prior guidance

Customers

Q3 2025

no prior guidance

Seasonally higher volumes compared to Q2 2025, with fuel margins remaining sensitive to movements in the cost of supply "

no prior guidance

Products

Q3 2025

no prior guidance

A significantly lower level of planned refinery turnaround activity, partly offset by seasonal effects of environmental compliance costs "

no prior guidance

Cash Taxes Paid

Q3 2025

no prior guidance

Expected to be around $1 billion higher than Q2 2025 due to the timing of installment payments "

no prior guidance

Hybrid Bonds Redemption

Q3 2025

no prior guidance

Redeem $1.2 billion of hybrid bonds in September 2025 "

no prior guidance

Divestment Proceeds

FY 2025

$3 billion to $4 billion " "

$3 billion to $4 billion "

no change

Effective Tax Rate

FY 2025

around 40% "

around 40% "

no change

Dividend

FY 2025

4% annual increase "

4% increase; Q2 dividend of 8.32¢ per ordinary share "

no change

Share Buybacks

FY 2025

flexible, with total shareholder distributions expected to be around 30% to 40% of operating cash flow " "

$750 million of share buybacks to be executed by Q3 2025, with total distributions around 30% to 40% of operating cash flow "

no prior guidance

Operational Performance & Production Efficiency

In Q1 2025, BP emphasized strong operational metrics with >96% refining availability, high upstream plant reliability, major project startups, and exploration discoveries. " " In Q4 2024, BP faced refining challenges with outages and turnaround impacts, although plant reliability and upstream production were positive. " " "

In Q2 2025, BP reported record-high refining availability (96.4%), significant process safety improvements, and enhanced production efficiency—including a 3% increase in upstream production and 16% production growth at BPX Energy. " " "

Improved performance and efficiency in Q2 relative to earlier challenges, reflecting a more positive operational outlook.

Refining Margins and Profitability

In Q1 2025, BP discussed a difficult margin environment with signs of a rebound as turnaround season began. " In Q4 2024, BP noted challenges due to outages and complex turnarounds, with plans focused on improving plant reliability and cost control. "

In Q2 2025, BP introduced a new weekly refining indicator margin, achieved its best quarterly refining availability since 2006, and implemented advanced maintenance and digitization measures to boost profitability. " " " "

Sentiment turned more positive in Q2 as new metrics and improved reliability enhanced transparency and profitability compared to previous periods.

Capital Allocation, Cash Flow Management, and Cost Optimization

In Q1 2025, BP focused on resilient dividends, CapEx adjustments, divestment proceeds, and incremental cost reductions (e.g., $500 million in cost cuts). " " " " In Q4 2024, the emphasis was on portfolio reshaping, hybrid bond issuance, and achieving $750 million in structural cost reductions through supply chain and portfolio focus. " " " "

In Q2 2025, BP reinforced disciplined capital allocation within a $13–15 billion range, reported strong operating cash flow with a $3.4 billion improvement quarter-on-quarter, and achieved significant structural cost savings (with notable savings in 2025 alone). " " "

Enhanced cost discipline and cash performance in Q2 build on prior strategic focus, with improved efficiencies and stronger financial metrics than earlier periods.

Debt Levels and Financial Flexibility

In Q1 2025, BP’s net debt increased due to a working capital build, though targets of $14–18 billion by 2027 were reaffirmed. " " " " In Q4 2024, BP increased gross debt using hybrid bonds and experienced rising lease liabilities, emphasizing cost-effective financing. " " "

In Q2 2025, BP reduced its net debt to $26 billion, managed working capital reversals effectively, and announced a 4% dividend increase along with a $750 million share buyback, indicating improved financial flexibility. " " " "

Improved financial flexibility in Q2 as debt levels fell and effective cash management measures were implemented, contrasting earlier debt accumulation.

Trading and Hedging Performance

In Q1 2025, BP reported weak gas trading performance influenced by FX volatility and inconsistent returns, with oil trading performing averagely. " " " " In Q4 2024, trading performance was described as average with a 4% uplift, without focus on FX issues. "

In Q2 2025, BP noted strong oil trading and improved gas trading optionality with fewer FX volatility issues, resulting in a more resilient overall trading performance. " "

Trading performance improved in Q2 with alleviated FX concerns and enhanced trading optionality compared to the challenges noted in Q1.

Portfolio Divestments and Related Challenges

In Q1 2025, BP reported progress with $1.5 billion in divestment agreements and aimed for $3–4 billion for the year, with no specific challenges highlighted. " " In Q4 2024, BP discussed broader portfolio reshaping and notably mentioned challenges with its Rosneft stake due to sanctions. " " "

In Q2 2025, BP focused on solid divestment progress with $1.4 billion in proceeds during the quarter and a stronger emphasis on overall portfolio review, with no mention of Rosneft challenges. " " "

The narrative shifted in Q2 by de-emphasizing unresolved issues (e.g., Rosneft), indicating a more positive and streamlined divestment process compared to Q4.

Margin Pressure in Core Oil Operations

In Q4 2024, BP highlighted margin pressures driven by refining outages, turnaround complexities, and weak biofuels margins, particularly in Europe. " " Q1 2025 did not specifically address this topic.

In Q2 2025, there was no specific discussion of margin pressure in core oil operations. "

Margin pressure appears to have eased or become less of a focal point in Q2, suggesting improved conditions relative to the concerns raised in Q4 2024.

LNG Growth and Upstream Expansion Opportunities

In Q1 2025, BP mentioned LNG volumes flowing in from Venture Global (2 MTPA) and several upstream project startups (Trinidad, Egypt, etc.), along with flexible investment plans. " " " In Q4 2024, BP discussed incremental LNG volumes (3 mtpa) from new projects and detailed several upstream opportunities in India, Iraq, and U.S. shale. " " " "

In Q2 2025, BP showcased robust LNG growth with strategic projects such as GNA phase two in Brazil and reported five major upstream project startups along with multiple exploration successes, reinforcing its growth strategy. " " "

Consistent momentum with enhanced scope in Q2 as LNG and upstream expansion efforts are presented more robustly, reinforcing strategic long-term growth compared to earlier periods.

Emerging Biofuels Margin Concerns and Geopolitical Impacts

In Q4 2024, BP raised concerns about weak biofuels margins in Europe, citing oversupply and the rollback of voluntary mandates in Nordic countries to EU levels. " Q1 2025 did not address these issues.

In Q2 2025, there was no mention of emerging biofuels margin concerns or geopolitical impacts in this context [N/A].

The topic has been dropped in Q2, suggesting that biofuels margin concerns and related geopolitical issues are no longer a primary focus or have been resolved.