Q1 2025 BP PLC Earnings Call Transcript

Apr 29, 2025 / 12:00PM GMT

Release Date Price: $28.32 (-2.86%)

Transcript

Key Points

Positve

BP PLC (BP) achieved strong operational performance with over 96% refining availability and more than 95% upstream plant reliability.
The company successfully started up three major projects, adding 100 mbd of capacity towards its target of 250 mbd by 2027.
BP PLC (BP) made six exploration discoveries, including a significant find in Namibia.
The Customers business delivered its best first quarter since 2020 on an underlying RCOP basis.
BP PLC (BP) reduced CapEx by $0.5 billion for 2025 and expects $3 billion to $4 billion in divestments, with proceeds weighted to the second half of the year.

Negative

Gas & Low Carbon segment missed earnings expectations due to a weak gas trading result.
Net debt rose in the quarter, primarily due to a working capital build.
The refining business faced challenges with difficult margin environments in the Midwest and Rotterdam.
The share count increased despite a $1.75 billion buyback, partly due to employee share plans.
The effective tax rate for the first quarter was around 50%, higher than previous quarters, impacting overall profitability.

Craig Marshall

BP PLC - Senior Vice President and Head of Investor Relations

Welcome, everybody, to bp's first-quarter 2025 results call. We'll be focusing today's call on the first-quarter performance and the contents of the video that I hope many of you will have seen by now.

Let me first, though, hand over to Murray for a few brief opening remarks.

Murray Auchincloss

BP PLC - Chief Executive Officer, Executive Director

Thanks, Craig.

Today marks the first quarter since we laid out a reset strategy, and we are delivering on our priorities at pace. We delivered strong operational performance in 1Q with over 96% refining availability and more than 95% upstream plant reliability, supporting record operating efficiency. In upstream, we have successfully started up three major projects: Cypre in Trinidad, Raven Infill in Egypt, and GTA in Mauritania and Senegal. That adds 100 mbd of capacity on our target of 250 mbd by 2027.

We made six exploration discoveries, including in the Gulf of America, Trinidad, Egypt, and a significant

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