bp 2025 Q4 and Full Year Results
- 2025 underlying RC profit reached $7.5bn despite weaker oil prices.
- Operating cash flow totaled $24.5bn, with a $2.9bn working capital build.
- Divestments exceeded $11bn, including a 65% share in Castrol for $6bn.
- Share buyback suspended to strengthen balance sheet and invest in oil & gas.
Financial Performance
In 2025, the company achieved an underlying RC profit of $7.5 billion, despite operating in a weaker oil price environment. Operating cash flow was reported at $24.5 billion, which includes a $2.9 billion adjusted working capital build.
Operational Achievements
The company maintained strong operations with record full-year upstream plant reliability at 96.1% and refining availability at 96.3%. Underlying production remained stable compared to 2024, with seven major projects initiated in 2025. The reserves replacement ratio increased to 90%, and customer earnings reached their highest since 2019, with all business segments showing year-on-year growth.
Strategic Progress
Proceeds from completed and announced divestments surpassed $11 billion. Notably, the company agreed to sell a 65% shareholding in Castrol, expecting net proceeds of approximately $6 billion. Other sales included Netherlands retail, US onshore wind, and non-controlling interests in US midstream assets. The group also increased its structural cost reduction target to $5.5-6.5 billion by the end of 2027.
Future Positioning
The board decided to suspend the share buyback program, opting to allocate excess cash towards strengthening the balance sheet. This decision aims to create a robust platform for disciplined investment in oil and gas opportunities.
Source: bp