The earnings call reflected a positive overall sentiment with strong operational performance, successful project startups, and progress in cost reduction and divestments. Despite some challenges such as weak gas trading results and increased net debt, BP's strategic priorities and financial resilience were emphasized.

Company Guidance -

Q1 2025

In BP's First Quarter 2025 Results Call, significant guidance was provided by CFO Murray Auchincloss, highlighting the company's operational and financial performance. BP achieved over 96% refining availability and more than 95% upstream plant reliability, indicating strong operational efficiency. The company has initiated three major upstream projects, adding 100 mbd to its targeted 250 mbd capacity by 2027. Despite a weak gas trading result, the customer and products segment outperformed expectations. BP's cash flow strategy includes a $1.5 billion intervention and a reduction in 2025 CAPEX by $0.5 billion to $14.5 billion. The company also anticipates $3 billion to $4 billion in divestments for the year, with proceeds expected in the latter half. Cost reductions are progressing, with a $500 million decrease in underlying operating expenditure quarter-on-quarter, and the company plans to provide further details in the next quarter. BP's net debt rose due to a working capital build, but it is expected to decrease throughout the year if the price environment remains stable.

Strong Operational Performance

BP delivered strong operational performance in Q1 with over 96% refining availability and more than 95% upstream plant reliability, supporting record operating efficiency.

Successful Project Startups

Three major upstream projects started: Cypre in Trinidad, Raven in Egypt, and GTA in Mauritania and Senegal, adding 100 mbd of capacity towards a target of 250 mbd by 2027.

Exploration Discoveries

Six exploration discoveries were made, including in the Gulf of America, Trinidad, Egypt, and a significant discovery in Namibia.

Strong Customer Business Performance

BP's customer business delivered the best first quarter since 2020 on an underlying RCOP basis.

Cost Reduction Progress

Underlying operating expenditure reduced by $500 million quarter-on-quarter, with further cost reduction updates expected in Q2.

Divestment and Cash Flow Initiatives

BP completed or signed $1.5 billion in divestment agreements and reduced CAPEX by $0.5 billion for 2025, with a total divestment target of $3 billion to $4 billion for the year.

BP p.l.c. (GB:BP) Earnings, Revenues Date & History

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GB:BP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 05, 2025	2025 (Q2)	0.08 / -	0.166	―	―	―
Apr 29, 2025	2025 (Q1)	0.07 / 0.06	0.118	-45.68% (-0.05)	―	―
Feb 11, 2025	2024 (Q4)	0.06 / 0.05	0.13	-58.43% (-0.08)	―	―
Oct 29, 2024	2024 (Q3)	0.10 / 0.10	0.139	-27.23% (-0.04)	―	―
Jul 30, 2024	2024 (Q2)	0.11 / 0.12	0.108	12.16% (+0.01)	―	―
May 07, 2024	2024 (Q1)	0.12 / 0.12	0.202	-41.52% (-0.08)	―	―
Feb 06, 2024	2023 (Q4)	0.12 / 0.13	0.193	-32.58% (-0.06)	―	―
Oct 31, 2023	2023 (Q3)	0.17 / 0.14	0.315	-55.79% (-0.18)	―	―
Aug 01, 2023	2023 (Q2)	0.14 / 0.11	0.318	-66.06% (-0.21)	―	―
May 02, 2023	2023 (Q1)	0.17 / 0.20	0.234	-13.44% (-0.03)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GB:BP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 29, 2025	356.28p	347.62p	-2.43%
Feb 11, 2025	451.69p	448.88p	-0.62%
Oct 29, 2024	381.24p	362.28p	-4.97%
Jul 30, 2024	426.74p	425.47p	-0.30%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.