BP's Financial Downturn in Q1 2025

BP plc announced a significant downturn in its first-quarter profits for fiscal 2025, with figures plummeting by 69% to $687 million, down from $2.263 billion in the previous year. This decline is attributed to several factors, including lower operating cash flow, a disappointing performance in gas marketing and trading, and reduced refining margins.

Operational Highlights and CEO's Statement

The company reported an operating cash flow of $2.8 billion and an adjusted EBITDA of $8.7 billion, marking a 15.6% decrease from the previous year's $10.3 billion. Despite these challenges, BP has increased its dividend per ordinary share by 10% to 8 cents.

CEO Murray Auchincloss highlighted the company's operational achievements, stating, "So far this year we have started up three major projects, made six exploration discoveries, and progressed our divestment programme." He also noted the company's strong operational performance, with upstream plant reliability exceeding 95% and refining availability over 96%.