A strong year of progress and operational performance positioning bp for long-term value growth
"2025 was a year of strong underlying financial results, strong operational performance and meaningful strategic progress. We know there is more work to be done, and look forward to Meg O’Neill joining as CEO in April as we accelerate our progress to build a simpler, stronger and more valuable bp fo
Key full year numbers
Strong underlying financial performance
$7.5bn
underlying profit
$24.5bn
operating cash flow
Strong operational performance
96.1%
plant reliability
96.3%
refining availability
Progress on strategic targets
$11bn
divestment completed or agreed
$2.8bn
delivered of $4-5bn* structural cost reduction target
*increases to $5.5-6.5bn by end 2027 with inclusion of expected cost reductions from Castrol divestment
Growing the upstream
Record full year plant reliability – >96%
2.3 million barrels a day oil and gas production – above plan for the year
7 major oil and gas projects safely started up – 5 ahead of schedule
12 discoveries – including Bumerangue, bp’s largest find in 25 years.
90% reserves replacement ratio – up from around 50% in the previous two years.
Focusing the downstream
Record full year refining availability – >96%
Highest underlying earnings since 2019 in our customers business
65% divestment of Castrol – realising value and retaining an interest in future growth
"With a continued emphasis on capital discipline and returns, we are reducing capital expenditure for 2026 to the lower end of the guidance range, while continuing to drive down our cost base. We are also taking decisive action to high grade our portfolio and strengthen our company, including the execution of our $20 billion disposal programme and the decision to suspend the share buyback and fully allocate excess cash to our balance sheet.
These decisions position us to progress long-term value growth through the distinctive opportunity set we have created in our upstream business, including the Bumerangue discovery in Brazil, where our initial estimates indicate around 8 billion barrels of liquids in place."
Carol Howle
bp interim CEO
