Highlights

• Strong operational performance: 2Q25 underlying RC profit $2.4bn; 2Q25 operating cash flow $6.3bn; 2Q25 refining availability 96.4%; 2Q25 plant reliability 96.8%  
• Enhancing our portfolio and progressing divestments: 5 major project* start-ups and 10 exploration discoveries year-to-date; agreement to sell Netherlands integrated mobility business and US onshore wind business; JERA Nex bp JV formation complete 
• Delivering structural cost reductions: $0.9bn 1H25 structural cost reductions; $1.7bn now delivered against 2023 baseline.
• Growing resilient dividend: 2Q25 dividend per ordinary share of 8.32 cents; in addition, announced $750 million share buyback for 2Q25

Murray Auchincloss, Chief executive officer:
"This has been another strong quarter for bp operationally and strategically. We are delivering on our plan to grow the upstream and focus the downstream with reliability across both at >96%. So far this year we’ve brought five new oil and gas major projects onstream, sanctioned four more and made ten exploration discoveries, including the significant discovery in Bumerangue block in Brazil. Underlying earnings in our customers business are up around 50% compared to a year ago and trading has delivered well quarter-on quarter during challenging conditions. Expected proceeds from completed or announced divestments have reached around $3 billion for the year and we have now delivered around $1.7 billion of structural cost reductions since the start of our programme. We have announced a dividend per ordinary share of 8.32 cents, an increase of 4%, and a further $750 million share buyback for the second quarter. We remain fully focused on delivering safely and reliably, investing with discipline and driving performance improvement – all in service of growing cash flow, returns and long-term shareholder value."

Segment results

Gas & low carbon energy: The RC profit before interest and tax for the second quarter 2025 was $1.0 billion, compared with $1.4 billion for the previous quarter. After adjusting RC profit before interest and tax for a net adverse impact of adjusting items of $0.4 billion, the underlying RC profit before interest and tax* for the second quarter was $1.5 billion, compared with $1.0 billion in the first quarter 2025. The second quarter underlying result before interest and tax reflects an average gas marketing and trading result compared with a weak result in the first quarter, and higher volumes, partly offset by lower realizations and a higher depreciation, depletion and amortization charge.

Oil production & operations: The RC profit before interest and tax for the second quarter 2025 was $1.9 billion, compared with $2.8 billion for the previous quarter. After adjusting RC profit before interest and tax for a net adverse impact of adjusting items of $0.3 billion, the underlying RC profit before interest and tax for the second quarter was $2.3 billion, compared with $2.9 billion in the first quarter 2025. The second quarter underlying result before interest and tax reflects lower realizations and a higher depreciation, depletion and amortization charge partly offset by higher production.

Customers & products: The RC profit before interest and tax for the second quarter 2025 was $1.0 billion, compared with $0.1 billion for the previous quarter. After adjusting RC profit before interest and tax for a net adverse impact of adjusting items of $0.6 billion, the underlying RC profit before interest and tax (underlying result) for the second quarter was $1.5 billion, compared with $0.7 billion in the first quarter 2025. The customers second quarter underlying result was higher by $0.4 billion, reflecting seasonally higher volumes and stronger fuels margins. The products second quarter underlying result was higher by $0.5 billion, reflecting stronger realized refining margins and a strong oil trading contribution, partly offset by a significantly higher level of refinery turnaround activity. 

Murray Auchincloss  Chief executive officer:
We are two quarters into a twelve-quarter plan and are laser-focused on delivery of our four key targets – and while we should be encouraged by our early progress, we know there’s much more to do. In advance of chair elect, Albert Manifold joining the board on 1 September, he and I have been in discussions and have agreed that we will conduct a thorough review of our portfolio of businesses to ensure we are maximizing shareholder value moving forward – allocating capital effectively. We are also initiating a further cost review and, whilst we will not compromise on safety, we are doing this with a view to being best in class in our industry. We reaffirm our commitment to ensure that there is an embedded process of continuous business improvement across our operations. This is all in service of accelerating the delivery of our strategy. bp can and will do better for its investors.

Operating cash flow $6.3 billion and net debt $26.0 billion

Operating cash flow of $6.3 billion, which includes the $1.1 billion settlement payment for the Gulf of America, was around $3.4 billion higher than the previous quarter, reflecting higher earnings and lower working capital build. Net debt reduced to $26.0 billion in the second quarter as cash inflows from higher operating cash flow and divestment and other proceeds exceeded cash outflows during the period.

Operational update 

• Reported production for the quarter was 1,518mboe/d, 2.5% higher than the same period in 2024. Underlying production for the quarter was 0.8% higher reflecting higher production in bpx, partly offset by planned maintenance.
• Reported production for the half year was 1,497mboe/d, 1.7% higher than the same period in 2024. Underlying production was 1.1% higher reflecting improved base performance partly offset by planned maintenance.

KeyFacts Energy: bp UK country profile