Strong Operational Performance
BP reported strong operational performance in 1Q2025 with over 96% refining availability and more than 95% upstream plant reliability. Three major upstream projects were started, adding 100 mbd of capacity towards a target of 250 mbd by 2027.
Exploration Discoveries
BP made six exploration discoveries, including significant finds in the Gulf of America, Trinidad, Egypt, and Namibia.
Cost Reduction Achievements
BP reported a $500 million reduction in operating expenditure quarter-on-quarter. This is part of a broader $4 billion to $5 billion cost reduction program.
Progress in Divestments
BP has completed or signed $1.5 billion in divestment agreements year-to-date and expects $3 billion to $4 billion in divestments for 2025, with proceeds weighted to the second half.