BP's Financial Downturn

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

Operational Highlights

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, signaling confidence in its long-term strategy.

Leadership's Perspective

CEO Murray Auchincloss highlighted the company's operational achievements, including the startup of three major projects, six exploration discoveries, and progress in the divestment program. He also noted the company's strong operational performance, with over 95% upstream plant reliability and more than 96% refining availability.