BP p.l.c. (BP) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

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. 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 one queue, 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, SEEP 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 discovery in Namibia. And our customers' business delivered a strong quarter, with the best first quarter since 2020 on an underlying R-COP basis. Underlying pre-tax earnings met consensus. Gas and low carbon missed, primarily due to a weak gas trading result, but we saw strong performance from customers and products, which beat consensus. We recognize and continue to monitor market volatility and are focused on what we can control. We have taken a $1.5 billion intervention around cash flow for 2025. We continue to optimize our investment plans and have reduced capex by half a billion dollars in 2025 down to $14.5 billion. Excluding the inorganic payment for BP Bungay, organic capex is now below $14 billion in 2025. And with $1.5 billion of completed or signed divestment agreements year-to-date, we now expect $3 to $4 billion in divestments for 2025, with proceeds weighted to the second ...