Oil and gas giant BP announced weaker first quarter 2025 results on Tuesday, as its gas trading and refining divisions lagged.
Underlying replacement cost profit was at $1.4 billion (€1.2bn) in the first three months of the year, down from $2.7bn (€2.4bn) in the corresponding quarter last year.
Similarly, operating cash flow was reported at $2.8bn (€2.5bn) in the first quarter of 2025, down from $5bn (€4.4bn) in the corresponding time period last year. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came to $8. (€7.6bn) in Q1 2025, down from $10.3bn (€9bn) in the same quarter last year.
The company also announced a share buyback of $750 million (€658.4m), before it announces its second quarter results.
“In February, we announced a fundamental reset of our strategy – to grow the upstream, focus the downstream and invest with discipline in the transition – and we have already made significant progress,” Murray Auchincloss, chief executive officer (CEO) of BP, said.
He added: “So far this year we have started up three major projects, made six exploration discoveries and have progressed our divestment programme – all while delivering strong operational performance, with over 95% upstream plant reliability supporting the best operating efficiency* on record, and over 96% refining availability.”
Auchincloss also reassured investors that BP would continue to assess changes and market volatility, while focusing on increasing long-term shareholder value by enhancing cash flow, slashing costs, and strengthening the balance sheet.
More to follow…
