BP plc (LON:BP) has announced it Group results for the Second quarter and first half 2025(a)
Delivering our plan
| Financial summary | Second | First | Second | First | First | ||
| quarter | quarter | quarter | half | half | |||
| $ million | 2025 | 2025 | 2024 | 2025 | 2024 | ||
| Profit (loss) for the period attributable to bp shareholders | 1,629 | 687 | (129) | 2,316 | 2,134 | ||
| Inventory holding (gains) losses*, net of tax | 407 | (118) | 113 | 289 | (544) | ||
| Replacement cost (RC) profit (loss)* | 2,036 | 569 | (16) | 2,605 | 1,590 | ||
| Net (favourable) adverse impact of adjusting items*, net of tax | 317 | 812 | 2,772 | 1,129 | 3,889 | ||
| Underlying RC profit* | 2,353 | 1,381 | 2,756 | 3,734 | 5,479 | ||
| Operating cash flow* | 6,271 | 2,834 | 8,100 | 9,105 | 13,109 | ||
| Capital expenditure* | (3,361) | (3,623) | (3,691) | (6,984) | (7,969) | ||
| Divestment and other proceeds(b) | 1,356 | 328 | 760 | 1,684 | 1,173 | ||
| Net issue (repurchase) of shares | (1,063) | (1,847) | (1,751) | (2,910) | (3,501) | ||
| Net debt*(c) | 26,043 | 26,968 | 22,614 | 26,043 | 22,614 | ||
| Adjusted EBITDA* | 9,972 | 8,701 | 9,639 | 18,673 | 19,945 | ||
| Underlying operating expenditure* | 5,457 | 5,304 | 5,441 | 10,761 | 10,952 | ||
| Announced dividend per ordinary share (cents per share) | 8.320 | 8.000 | 8.000 | 16.320 | 15.270 | ||
| Underlying RC profit per ordinary share* (cents) | 15.03 | 8.75 | 16.61 | 23.76 | 32.86 | ||
| Underlying RC profit per ADS* (dollars) | 0.90 | 0.53 | 1.00 | 1.43 | 1.97 |
Highlights
• Strong operational performance: 2Q25 underlying RC profit $2.4bn; 2Q25 operating cash flow $6.3bn; 2Q25 refining availability* 96.4%; 2Q25 plant reliability* 96.8%
• Enhancing our portfolio and progressing divestments: 5 major project* start-ups and 10 exploration discoveries year-to-date; agreement to sell Netherlands integrated mobility business and US onshore wind business; JERA Nex bp JV formation complete
• Delivering structural cost reductions: $0.9bn 1H25 structural cost reductions*; $1.7bn now delivered against 2023 baseline.
• Growing resilient dividend: 2Q25 dividend per ordinary share of 8.32 cents; in addition, announced $750 million share buyback for 2Q25
“This has been another strong quarter for bp operationally and strategically. We are delivering on our plan to grow the upstream and focus the downstream with reliability across both at >96%. So far this year we’ve brought five new oil and gas major projects onstream, sanctioned four more and made ten exploration discoveries, including the significant discovery in Bumerangue block in Brazil. Underlying earnings in our customers business are up around 50% compared to a year ago and trading has delivered well quarter-on-quarter during challenging conditions. Expected proceeds from completed or announced divestments have reached around $3 billion for the year and we have now delivered around $1.7 billion of structural cost reductions since the start of our programme. We have announced a dividend per ordinary share of 8.32 cents, an increase of 4%, and a further $750 million share buyback for the second quarter. We remain fully focused on delivering safely and reliably, investing with discipline and driving performance improvement – all in service of growing cash flow, returns and long-term shareholder value.”
Murray Auchincloss, Chief executive officer
