Craig Marshall SVP investor relations 2Q 2025 financial results 2 Hello everyone and thank you for your interest in bps second quarter 2025 results. Todays video presentation features Murray Auchincloss, chief executive…
Cautionary statement In order to utilize the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 (the PSLRA) and the general doctrine of cautionary statements, bp is providing the following…
Murray Auchincloss Chief executive officer 2Q 2025 financial results 4 Thanks Craig. Before we begin, and following the announcement a fortnight ago, Id like to extend my welcome to the incoming chair, Albert Manifold. Albert…
Delivering our plan Strong operational Enhancing our portfolio and performance progressing divestments Growing resilient dividend, Delivering structural further quarterly share cost reductions buyback announced 2Q 2025…
Executing our strategy growing the upstream bpx Egypt Azerbaijan Crossroads start-up Raven infills start-up Shah Deniz compression FID El King-2 and Karabagh, ADUA and US Gulf of America Libya Fayoum-5 discoveries Shafag-Asiman…
redevelopment opportunities in the Sirte basin. And finally, our subsurface and drilling teams have continued their strong start to the year with ten exploration discoveries so far our best year in recent memory - including an exciting…
Executing our strategy downstream and transition Focusing downstream Disciplined in transition Improving Improving performance performance Reshaping our portfolio Capital-light in low carbon energy +3% improvement in refining…
refinery continue. In transition, were continuing to high-grade and decapitalise low carbon energy. This includes agreeing the sale of our US onshore wind business following a competitive bidding process. In offshore wind, we have…
2Q25 Underlying results billon 2Q25 vs 1Q25 2Q25 1Q25 2Q24 Underlying RCPBIT higher reflecting: Brent (/bbl) 67.9 75.7 85.0 Henry Hub (/mmbtu) 3.4 3.7 1.9 Average gas marketing and trading result NBP (p/therm) 84.5 115.9 76.6…
organisations resilience and their continuing focus on creating value and delivering returns through the cycle. Below the operating segments: - underlying finance costs were 1.1 billion, and - non-controlling interest was 300 million,…
2Q25 Cash flow and balance sheet billon 2Q25 vs 1Q25 2Q25 1Q25 2Q24 Higher operating cash flow primarily driven by higher earnings Operating cash flow* 6.3 2.8 8.1 and lower working capital build Lower net debt driven by higher…
Financial frame Balance sheet Shareholder distributions Capital expenditure* Resilient dividend Share buybacks 14 18bn Expect an annual increase in dividend per ordinary Excess cash shared through buybacks over Disciplined…
Growing adjusted free cash flow bp Capital Markets Update 26 February (1) For price assumptions, see appendix 2Q 2025 financial results 13 (2) Excludes any potential transactions relating to announced Castrol strategic review and…
Framing our 4 to 5 billion structural cost reduction target Less: certain variable costs 41.8bn 9.7bn Transportation and shipping costs Distribution & 4.3bn administration Environment 5.3bn Price and volume Other driven…
Delivering a net reduction in underlying operating expenditure 2024 1H25 0.4bn 0.4bn 22.6bn 0.4bn 22.3bn -0.8bn Inflation -0.9bn Organic growth 50% Energy costs Major project start-ups Forex movements Supply chain bpx…
Strong momentum delivering structural cost reductions Structural cost reductions* delivered by period Structural cost reductions delivered by category 1.7bn structural cost reductions delivered 1 (1) Versus 2023 baseline.…
50% of portfolio related reductions to 2027 are now underpinned by announced divestments. 16
Technology enabling productivity and cost reductions Improving capital productivity... Oil & gas operations Drilling & completions Production optimisation Well planning efficiency in and real-time monitoring Azerbaijan 5% 90% and…
- And in Convenience and Mobility, we are utilising AI and digital tools to drive efficiency in our marketing organisation. For example, we are now producing point of sale marketing materials in around 50% of time it used to take,…
Guidance 3Q25 vs 2Q251 Full year 20251 Reported upstream * production: Reported upstream Lower than 2024 slightly lower production Customers: Underlying upstream Slightly lower than 2024, of which OPO broadly flat and seasonally…
- We continue to expect divestment and other proceeds to be around 3 to 4 billion with remaining proceeds weighted towards the fourth quarter of 2025. Before I hand back to Murray and consistent with our continuing effort to improve…
Our primary targets Adjusted free cash flow*growth Net debt* target 20% 14 18bn 1 CAGR from 20242027 by end 2027 Structural cost reduction* Group ROACE* 4 5bn 16% 1 by end 2027 by end 2027 (1) For price…
continuous business improvement across our operations. This is all in service of accelerating the delivery of our strategy. bp can and will do better for its investors. Thank you for listening. 20
Appendix
Safety Process safety events (PSE) Tier 1* Tier 2* Safety goals Maintain a consistent safety culture Eliminate life changing injuries Eliminate Tier 1 PSEs 2Q 2025 financial results 22
Enhancing guidance and disclosures Refining Indicator Margin Updating bps refining rule of thumb (RoT) Crude markers EU Brent 55% Refining Marker Margin* (RMM) is being replaced with a portfolio US WCS 1 25% level Refining Indicator…
Price assumptions Rule-of-thumb 2025 impact Marker prices 2024 Actual 20241 2025 2026 2027 on underlying replacement cost profit before tax2 Brent (/bbl) 80.8 70.0 71.5 72.9 74.4 Oil price Brent +/- 1/bbl is 340m Henry Hub…
Financial summary 1H25 1H24 Brent (/bbl) 71.9 84.1 Henry Hub (/mmbtu) 3.6 2.1 UK Gas - National Balancing Point (p/therm) 100.5 72.6 RMM* (/bbl) 18.2 20.6 RIM* (/bbl) 10.0 13.6 billon Underlying RCPBIT 9.7 11.4 Gas & low carbon…
Gas and low carbon energy 2Q25 1Q25 2Q24 Underlying RCPBIT* bn Production volume Liquids (mbd) 85 83 98 Natural gas (mmcfd) 4,043 3,950 4,648 Total hydrocarbons* (mboed) 782 764 899 Average realisations* Liquids (/bbl) 64.15 70.74…
Oil production and operations 2Q25 1Q25 2Q24 Underlying RCPBIT* bn Production volume Liquids (mbd) 1,115 1,086 1,085 Natural gas (mmcfd) 2,338 2,258 2,292 Total hydrocarbons* (mboed) 1,518 1,475 1,481 Average realisations* Liquids (/bbl)…
Glossary abbreviations ANS Alaskan North Slope. mboed Thousand barrels of oil equivalent per day. Barrel (bbl) 159 litres, 42 US gallons. MED Mediterranean. boe Barrels of oil equivalent. mmbtu Million British thermal units. CAGR…
Glossary Adjusted EBITDA Is a non-IFRS measure presented for bp's operating segments and is Adjusted Non-IFRS measure. It is defined as net cash provided by (used in) defined as replacement cost (RC) profit before interest and tax,…
Glossary Capital Total cash capital expenditure as stated in the condensed group cash Fair value Non-IFRS adjustments to our IFRS profit (loss). They reflect the difference expenditure flow statement. Capital expenditure for the operating…
Glossary Reflects the replacement cost of inventories sold in the period and is Realisations Result of dividing revenue generated from hydrocarbon sales, Replacement calculated as profit or loss attributable to bp shareholders,…
Glossary Tier 1 and tier 2 Tier 1 events are losses of primary containment from a process of Underlying Non-IFRS measure. A subset of production and manufacturing process safety greatest consequence causing harm to a member of the…
Glossary Underlying RC For the operating segments or customers & products businesses is Upstream plant (bp-operated) is calculated taking 100% less the ratio of total profit or loss calculated as RC profit or loss (as defined above)…
Resources bp's website includes information Useful links Investor events about our financial performance, reports and information on investing Why invest in bp 4 November 2025 Third quarter results in bp, dividend payments, AGM Modelling…
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