Bp Plc · LSE:BP.
Bp — Q4 2025 Earnings Presentation
27 slides from Bp's earnings presentation, Feb 10, 2026
Slide 1: 4Q and FY 2025 financial results and highlights
4Q and FY 2025 financial results and highlights 4Q and FY 2025 financial results 1
Slide 2: Craig Marshall, SVP investor relations
Craig Marshall • Craig Marshall SVP •SVP investor investor relations relations 3Q 2025 financial results 4Q and FY 2025 financial results 2 Hello everyone and thank you for your interest in bp’s fourth quarter 2025 results . I am here with Kate Thomson, chief financial officer . This video presents
Slide 3: Cautionary statement
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 cautionary statement : The discussion in this presentation contai
Slide 4: Kate Thomson, Chief financial officer
Click to edit Master text styles • Second level • Third level Fourth level Fifth level Kate Thomson Chief financial officer 3Q 2025 financial results 4Q and FY 2025 financial results 4 Thank you, Craig and hello everyone . 2025 has been a year of strong progress in delivery of the plan we set out 12
Slide 5: 2025 highlights
2025 highlights Underlying replacement Operating Upstream Refining cost profit * cash flow * plant reliability * availability * $ 7.5bn $24.5bn 96.1% 96.3 % including $2.9bn working capital* 1 build Strong operating Improved cash conversion Highest on record Highest on record performance Capital Sha
Slide 6: Progress on our primary targets
— We started up seven new major projects and set a new record in upstream plant reliability – this supported broadly flat underlying production versus 2024 – exceeding our guidance from 12 months ago . — Our reserves replacement ratio was 90 % – up from an average of around 50 % in the prior two yea
Slide 7: Progress on our primary targets
Progress on our primary targets Adjusted free cash 2025 Net debt * 2025 flow * growth 55 % $22.2 bn 2 >20% ~+ $14-18bn 3 CAGR 1 Progress ahead of plan On track Structural Cumulative 2025 5 Group 2025 cost reduction * ROACE * $2.8 bn 14% 6 $4-5 bn 4 >16% 3 ~ Increased to $5.5 -6.5bn Good progress; ta
Slide 8: 4Q25 underlying results
4Q25 underlying results $bn 4Q25 3Q25 4Q24 Brent ($/bbl) 63.7 69.1 74.7 Henry Hub ($/mmbtu) 3.6 3.1 2.8 NBP (p/therm) 75.2 79.8 106.8 RIM * ($/bbl) 15.2 15.8 7.2 * Underlying RCPBIT 4.4 5.3 4.0 Gas & low carbon energy 1.4 1.5 2.0 Oil production & operations 2.0 2.3 2.9 Customers & products 1.3 1.7 (
Slide 9: Financial performance
— Our underlying finance costs were around $1.2 billion, broadly in line with the third quarter . — Our underlying effective tax rate in the fourth quarter was 43 %, compared to 39 % for the previous quarter, reflecting changes in the geographical mix of profits . For the full year, our underlying t
Slide 10: 4Q25 cash flow and balance sheet
4Q25 cash flow and balance sheet $bn 4Q25 3Q25 4Q24 * Operating cash flow 7.6 7.8 7.4 *1 Working capital release 0.9 0.9 1.3 * Capital expenditure (4.2) (3.4) (3.7) Divestment and other proceeds 3.6 0.0 2.8 Share buyback executed (0.8) (0.8) (1.6) Net debt * 22.2 26.1 23.0 (1) Adjusted for inventory
Slide 11: Guidance
Guidance 1 Full year 2026 1 1Q26 vs 4Q25 Reported upstream * Reported upstream Slightly lower production: production Underlying upstream Broadly flat , with OP&O broadly flat and G&LCE lower – Broadly flat production Customers: Customers – Expect to make continued progress growing cash flows, suppor
Slide 12: Capital expenditure for the year is expected to be in the range of
— Capital expenditure for the year is expected to be in the range of $13 to 13.5 billion, weighted to the first half . Divestment proceeds are expected to be in the range of $9 to 10 billion, including around $6 billion from the announced Castrol transaction . Total proceeds for the year are expecte
Slide 13: Kate Thomson, Chief financial officer
Click to edit Master text styles • Second level • Third level Fourth level Fifth level Kate Thomson Chief financial officer 3Q 2025 financial results 4Q and FY 2025 financial results 10 In summary, this was another strong quarter of operational performance and underlying financial performance . We a
Slide 14: Appendix
Appendix Click to edit Master text styles • Second level • Third level Fourth level Fifth level 3Q 2025 financial results 4Q and FY 2025 financial results 11
Slide 15: Financial summary
1) Financial summary $bn FY25 FY24 Brent ($/bbl) 69.1 80.8 Henry Hub ($/mmbtu) 3.4 2.3 NBP (p/therm) 88.8 83.6 RIM * ($/bbl) 12.8 10.7 Underlying RCPBIT * 19.5 20.6 Gas & low carbon energy 5.4 6.8 Oil production & operations 9.4 11.9 Customer & products 5.3 2.5 OB&C (0.6) (0.6) Consolidation adjustm
Slide 16: Adjusted FCF and group ROACE
2) Adjusted FCF and group ROACE * Group ROACE * Adjusted free cash flow Reported Price adjusted Reported Price adjusted $12.9bn ~$13bn 14.2% 13.9% ~14% $10.3bn ~12% ~$8bn FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 80.8 69.1 70.0 71.5 Brent ($/ bbl ) 80.8 69.1 70.0 71.5 2.3 3.4 4.0 4.1 Henry Hub ($/ mmb
Slide 17: Price assumptions
3) Price assumptions Actual Price assumptions Rule -of -thumb 2025 impact on underlying replacement Marker prices 2024 2025 2024 1 2025 2026 2027 cost profit before tax 2 – Oil price Brent +/ - $1/bbl is ~$340m Brent ($/bbl) 80.8 69.1 70.0 71.5 72.9 74.4 – Natural gas price Henry Hub +/ - $0.10/ mmb
Slide 18: Gas and low carbon energy
4) Gas and low carbon energy 4Q25 3Q25 4Q24 Underlying RCPBIT * $bn Production volume Liquids * (mbd) 86 87 91 Natural gas ( mmcfd ) 4,074 4,167 4,402 * Total hydrocarbons (mboed) 1 788 806 850 * Average realisations Liquids ($/bbl) 62.72 64.57 68.93 Natural gas ($/mcf) 6.30 6.41 6.96 4Q25 vs 3Q25 T
Slide 19: Oil production and operations
5) Oil production and operations Underlying RCPBIT * $bn 4Q25 3Q25 4Q24 Production volume Liquids * (mbd) 1,134 1,121 1,057 Natural gas ( mmcfd ) 2,442 2,525 2,269 * Total hydrocarbons (mboed) 1,555 1,556 1,449 * Average realisations Liquids 1 ($/bbl) 56.09 59.58 65.56 Natural gas ($/mcf) 3.19 3.32
Slide 20: Customers and products
6) Customer s and products Underlying RCPBIT * $bn 4Q25 3Q25 4Q24 Customers – convenience & mobility ($bn) Customers – convenience & 1.5 1.8 1.2 * mobility adjusted EBITDA 1 Castrol adjusted EBITDA 0.3 0.3 0.3 * 1.1 0.4 Capital expenditure 0.5 Marketing sales of 3,170 3,332 3,127 refined products (m
Slide 21: Glossary – abbreviations
Glossary – abbreviations Barrel (bbl) 159 litres, 42 US gallons . OB&C Other businesses and corporate . boe Barrels of oil equivalent . OPO Oil production and operations . C&P Customer and products . RC Replacement cost . CAGR Compound annual growth rate . RIM Refining Indicator Margin . CMU Capital
Slide 22: Glossary
Glossary Adjusted EBITDA Is a non -IFRS measure presented for bp's operating segments and is Adjusted free Adjusted free cash flow on a price adjusted basis compound annual defined as replacement cost (RC) profit before interest and tax, cash flow on a growth is the annualized growth rate of adjuste
Slide 23: Glossary
Glossary Downstream Downstream is the customers & products segment . Major projects Have a bp net investment of at least $250 million or are considered to be of strategic importance to bp or of a high degree of complexity . Downstream Downstream operating cash flow is a non -IFRS measure and the ope
Slide 24: Glossary
Glossary Replacement Reflects the replacement cost of inventories sold in the period and is Return on Non -IFRS measure . ROACE is defined as underlying replacement cost profit, cost (RC) profit calculated as profit or loss attributable to bp shareholders, adjusting average which is defined as profi
Slide 25: Glossary
Glossary Structural cost Non -IFRS measure . Calculated as decreases in underlying operating Underlying Non -IFRS measure . A subset of production and manufacturing reduction expenditure* as a result of operational efficiencies, divestments, operating expenses plus distribution and administration ex
Slide 26: Glossary
Glossary Underlying RC For the operating segments or customers & products businesses is Working Movements in inventories and other current and non -current profit or loss calculated as RC profit or loss (as defined above) including profit capital assets and liabilities as reported in the condensed g
Slide 27: Resources
Resources bp's website includes information Useful links Investor events about our financial performance, reports and information on – Why invest in bp 28 April 2026 First quarter investing in bp, dividend payments, – Modelling guidance results AGM and strategy events. 04 August 2026 – Databook Seco