BP p.l.c. (BP) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome everyone to BP's second quarter 2025 results call. We'll be focusing today's call on the second quarter and first half performance and the contents of the video that I hope many of you will have seen by now. As a reminder, please pull for a question by raising your hand on Teams or pull for a question on the telephone if you're joining by that means. Let me first then hand over to Murray for a few brief opening remarks. Thanks, Greg. Hi everyone. This has been another strong quarter for BP operationally and strategically. We're delivering our plan to grow the upstream and focus the downstream with reliability across both greater than 96%. Here today to cross the upstream, we've brought five new oil and gas major projects on stream, sanctioned four more and made 10 exploration discoveries. The best year for discoveries in recent memory, including the significant discovery in the boomerang day block in Brazil with lots of interest and commentary over the past 24 hours. Underlying earnings in our customers business are up around 50% compared to a year ago and trading has delivered well quarter on quarter despite challenging conditions. Expected proceeds from completed or announced investments have reached around 3 billion for the year and we now have delivered around 1.7 billion of structural cost reductions since the start of our program in early 2024. We've also announced a dividend for ordinary share of 8.32 cents and increase of 4% and a further 750 million share buyback for the second quarter. We are two quarters into a 12 quarter plan and while we're encouraged by our early progress, we know there is much, much more to do. Gordon and Emeka are also here with Kate and I today so please feel free to ask any questions of them both too. There's certainly a lot...