BP expects FY25 reported upstream production to be ‘lower’ vs. FY24

The company said, “bp (BP) continues to expect reported upstream production to be lower and underlying upstream production to be slightly lower compared with 2024. Within this, bp expects underlying production from oil production & operations to be broadly flat and production from gas & low carbon energy to be lower. In its customers business, bp continues to expect growth in its customers businesses including a full year contribution from bp bioenergy. Earnings growth is expected to be supported by structural cost reduction. bp continues to expect fuels margins to remain sensitive to the cost of supply. In products, bp continues to expect stronger underlying performance underpinned by the absence of the plant-wide power outage at Whiting refinery, and improvement plans across the portfolio. bp continues to expect similar levels of refinery turnaround activity, with phasing of turnaround activity in 2025 heavily weighted towards the first half, with the highest impact in the second quarter. bp now expects other businesses & corporate underlying annual charge to be around $0.5B-1B for 2025, subject to foreign exchange impacts. The charge may vary from quarter to quarter. bp now expects the depreciation, depletion and amortization to be slightly higher compared with 2024. bp continues to expect the underlying ETR for 2025 to be around 40% but it is sensitive to a range of factors, including the volatility of the price environment and its impact on the geographical mix of the group’s profits and losses. bp continues to expect divestment and other proceeds to be around $3B-4B in 2025, with the remaining proceeds weighted to the fourth quarter 2025. bp continues to expect Gulf of America settlement payments for the year to be around $1.2B pre-tax including $1.1B pre-tax paid during the second quarter.”