Strong Operational and Strategic Performance
BP delivered strong operational and strategic performance with upstream and downstream reliability greater than 96%. Five new oil and gas major projects were brought on stream, and four more were sanctioned, with ten exploration discoveries made.
Significant Exploration Discoveries
BP made ten exploration discoveries, including a significant one in the Bumerangue Block in Brazil, marking the best year for discoveries in recent memory.
Growth in Earnings and Divestment Proceeds
Underlying earnings in the customers' business increased by around 50% compared to a year ago. Expected proceeds from completed or announced divestments reached around $3 billion for the year.
Cost Reductions and Shareholder Returns
BP delivered around $1.7 billion of structural cost reductions since early 2024. A dividend per ordinary share of $0.0832 was announced, a 4% increase, along with a $750 million share buyback for the second quarter.
Advancements in Technology and AI
BP is utilizing technology and AI to optimize processes, reduce costs, and improve data management, partnering with companies like NVIDIA and Palantir.