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BP (BP) investor relations material
BP Q4 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 (Q&A) earnings summary10 Feb, 2026
Executive summary
2025 marked a turnaround year with urgent interventions, strong operational delivery, and progress on strategic goals, including a leadership transition and new CEO in April.
Underlying replacement cost profit for FY25 was $7.5 billion, reflecting strong operating performance and improved cash conversion.
Operating cash flow reached $24.5 billion, including a $2.9 billion working capital build.
Capital expenditure was $14.5 billion, a 10% year-over-year reduction.
Shareholder distributions were about 30% of operating cash flow, with share buybacks suspended to allocate excess cash to the balance sheet.
Financial highlights
Underlying replacement cost profit was $7.5 billion in 2025, down from $8.9 billion in 2024.
Operating cash flow for FY25 was $24.5 billion, compared to $27.3 billion in FY24.
Net debt reduced by $800 million to $22.2 billion at year-end 2025.
Full-year CapEx was $14.5 billion, with organic CapEx at $13.6 billion.
Share buybacks executed in FY25 totaled $4.5 billion, but were later suspended.
Outlook and guidance
Net debt target remains $14–$18 billion by end of 2027, with visibility to achieve this via divestments.
CapEx for 2026 guided at $13–$13.5 billion, weighted to 1H26 and at the low end of previous guidance.
Dividend remains the first financial priority, with buybacks suspended and excess cash allocated to the balance sheet.
Adjusted free cash flow CAGR exceeded 20% from 2024–2027, with return on average capital employed targeted at >16% by 2027.
Divestment and other proceeds for 2026 expected at $9–$10 billion, including ~$6 billion from the Castrol transaction.
Balance sheet level for buyback reinstatement?
Bumerangue: recoverable barrels & BP's WI?
Capital allocation process: what's changed?
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Next BP earnings date
Q1 202628 Apr, 2026
Next BP earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
A Massive Player in Oil
British Petroleum, or BP for short, is one of the world's largest oil and gas companies and has played a crucial role in powering the global economy for over a century. Known for its extensive operations in all areas of the oil and gas industry, BP is a multinational giant that is one of the cornerstones of global energy production. The company is often included in the list of “supermajors” within its industry, and their reach and influence is vast.
Over 100 Years in the Industry
BP's journey started in 1908 when the first large oil field was discovered in Persia (modern-day Iran). Originally known as the Anglo-Persian Oil Company, the company's history is deeply intertwined with the development of the global oil industry. Over the years, BP has survived many tumultuous events, including two World Wars and the nationalization of its assets in several countries during the 70s. Despite these challenges, the company has continued to grow and expand, shaping and adapting to the evolving global energy landscape and various political and regulatory realities.
Not Just Oil and Gas
BP's business operations span the entire oil and gas industry. The company is involved in the exploration and production of oil and gas and the refining of said products. They’re also active in distribution and marketing, petrochemical production, and power generation. BP also has a growing presence in the renewable energy sector, with investments in biofuels, wind power, solar energy, and carbon capture technologies. BP is one of the largest oil and gas companies in the world and competes on the global stage against names like ExxonMobil, Shell, Chevron, and others.
A Vast Network of Gas Stations
BP's retail operations are a key aspect of its global business model, bringing its products and services directly to the consumer. Currently, the company operates over 18,500 service stations worldwide, and some of these are operated in partnership with well-known fast-food franchises. These locations offer more than just fuel services; they often include convenience stores providing groceries, fast food, car care products, and other retail items, catering to a wide range of consumer needs. Notably, many of BP's retail locations are equipped to support the growing demand for sustainable energy, with features like solar panels and electric vehicle charging stations.
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