Core Viewpoint - BP reported a significant decline in underlying replacement cost profit for Q4 2025, reflecting challenges in upstream realizations and refining operations, while also announcing a suspension of its share buyback program to strengthen its balance sheet [1][2][3]. Financial Performance - BP's underlying replacement cost profit for Q4 2025 was $1.5 billion, a 32% decrease from $2.2 billion in Q3 2025, but a 25% increase from $1.2 billion in Q4 2024 [1]. - Total revenues and other income for Q4 2025 were $47.7 billion, a 1% decrease compared to $48.1 billion in Q4 2024 [2]. - For the full year 2025, BP reported an underlying replacement cost profit of $7.5 billion, a 16% decrease from $8.9 billion in 2024 [5]. Operational Challenges - The decline in Q4 profit was attributed to lower upstream realizations and a change in production mix, alongside weakened refining results due to reduced throughput and a temporary outage at the Whiting refinery [1][3]. - BP reported a loss of $3.4 billion for Q4 2025, which included an inventory holding loss of $700 million after tax and adjusting items that reduced results by $4.3 billion after tax [3]. Strategic Actions - The company has suspended its share buyback program and is reducing capital expenditure for 2026 to the lower end of the guidance range to support its balance sheet [2][5]. - BP is executing a $20 billion disposal program and reallocating excess cash to strengthen its financial position [6]. Future Outlook - BP's interim CEO emphasized the importance of capital discipline and the need for continued progress in cash flow growth, cost reduction, and balance sheet strengthening [4]. - The company is focusing on long-term value growth opportunities, particularly in its upstream business, including the Bumerangue discovery in Brazil, estimated to contain around eight billion barrels of liquids in place [7].

Group 1 - U.S. retail sales in December remained flat month-over-month, falling short of expectations [1] - Major U.S. stock indices opened higher, with the Nasdaq up 0.14%, S&P 500 up 0.16%, and Dow Jones up 0.29% [1] Group 2 - TSMC's stock rose by 2.5%, with January sales increasing by 36.8% year-over-year to NT$401.26 billion, marking a new high [1] - Ferrari's stock surged over 8% after Q4 net profit exceeded expectations, benefiting from optimized product mix and increased demand for custom models [1] - AstraZeneca's stock increased by 3.3%, with product sales growing by 9% to over $55.5 billion last year, and the company expects to maintain growth this year [1] - BP's stock fell over 5% after the company announced the cancellation of a $750 million shareholder return plan to focus on debt reduction [1]

Group 1 - The core viewpoint of the article is that BP has no intention of selling any stake in BPX [1] Group 2 - The upstream business head of BP made the statement regarding the stake in BPX [1]

Financial Data and Key Metrics Changes - The company generated an underlying replacement cost profit of $7.5 billion in 2025, supported by strong operational performance despite a weaker price environment [11] - Adjusted free cash flow increased by approximately 55% in 2025 on a price-adjusted basis, reaching around $13 billion [14] - Net debt decreased to $22.2 billion, which is $800 million lower than at the end of 2024 [8] - Return on average capital employed rose to around 14% in 2025 from 12% in 2024 [8][15] - Operating cash flow for the year was $24.5 billion, including an adjusted working capital build of $2.9 billion [11] Business Line Data and Key Metrics Changes - Upstream production was lower than in 2024 due to portfolio changes, but underlying production remained broadly flat, exceeding annual guidance [5] - The company started up 7 major projects in 2025, contributing to a reserves replacement ratio of 90%, up from an average of around 50% in the previous two years [5][30] - The downstream segment delivered its highest underlying earnings since 2019, with all businesses growing year-on-year [36] Market Data and Key Metrics Changes - Operational emissions in 2025 were 37% lower than in 2019, exceeding the target reduction of 20% [5][28] - The supply, trading, and shipping business provided an average uplift of around 4% to BP's returns over the past six years [6] Company Strategy and Development Direction - The company is focused on accelerating delivery and positioning itself for future opportunities, emphasizing the importance of disciplined capital allocation and portfolio simplification [4][38] - A strategic review of Castrol concluded with a decision to sell a 65% shareholding, allowing the company to realize value while retaining future growth potential [6] - The company aims to strengthen its balance sheet, targeting net debt in the range of $14 billion to $18 billion by the end of 2027 [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for a turnaround in 2025, indicating that while progress has been made, there is still more to do [3][4] - The leadership team expressed confidence in the company's potential for significant growth and shareholder value, supported by a strong resource base and operational capabilities [4][30] - The company plans to bring 3 more major projects online by the end of 2027, with additional projects sanctioned for future development [9] Other Important Information - The company has completed over $11 billion of its $20 billion divestment program within a year [6] - The board decided to suspend share buybacks to fully allocate excess cash to the balance sheet, aiming to optimize financial costs and improve free cash flow [9][25] Q&A Session Summary Question: What does the reduction in finance costs mean by 2027? - Management emphasized the importance of strengthening the balance sheet to drive higher free cash flow and improve financial obligations [41][43] Question: Is the decision to keep dividend growth a signal of confidence? - Management confirmed that maintaining a progressive dividend is a priority, indicating confidence in long-term growth despite the suspension of buybacks [45][47] Question: Why was the buyback suspended? - The decision was based on strong financial discipline and the need to strengthen the balance sheet to support future growth opportunities [49][51] Question: What are the priorities for remaining divestments? - The company is evaluating its portfolio for the best returns, considering both upstream and downstream assets for potential divestment [75][78]

BP (NYSE:BP) Q4 2025 Earnings call February 10, 2026 08:00 AM ET Company ParticipantsAlastair Syme - Global Head of Energy Research and Managing DirectorCarol Howle - Interim CEOCraig Marshall - SVP of Investor RelationsDoug Leggate - Managing Director and Head of US Oil and GasGordon Birrell - EVP of Production and OperationsKate Thomson - CFOKim Fustier - Head of European Oil & Gas ResearchConference Call ParticipantsAlejandro Vigil - Equity Research AnalystBiraj Borkhataria - Equity Research AnalystChris ...

BP (NYSE:BP) Q4 2025 Earnings call February 10, 2026 08:00 AM ET Speaker3Good afternoon and good morning, everyone, and thank you for your interest in BP's full-year 2025 results. I'm delighted to welcome our guests in the room and those on the webcast. I'm joined today by Carol Howle, Interim Chief Executive Officer; Kate Thomson, Chief Financial Officer; and Gordon Birrell, Executive Vice President, Production and Operations. Before I hand over to Carol, let me draw your attention to our cautionary statem ...

BP's previous buyback was $750 million, reduced from $1.75 billion in April last year. - arnd wiegmann/Reuters BP suspended its share-buyback program and said it would reduce spending this year, part of a broader plan by the British energy giant to overhaul its business. The London-based company is in the early stages of a turnaround aimed at bringing the business back to its oil-and-gas roots after an ill-timed move into renewables that left it the least profitable of the major oil companies. Most Rea ...

BP (NYSE: BP) is suspending share buybacks and retiring the goal to return 30-40% of operating cash flow to shareholders, as the supermajor looks to strengthen its balance sheet amid intense shareholder pressure. BP reported on Tuesday fourth-quarter earnings generally in line with expectations, but the market expected more to see other metrics, such as debt and guidance. The supermajor’s underlying replacement cost (RC) profit, the metric closest to net profit, came in at $1.54 billion for the fourth ...

分组1 - BP reported Q4 revenue of $47.38 billion, a 3.6% year-over-year increase, exceeding estimates by $5.05 billion [2] - BP's Q4 Non-GAAP EPADS was $0.60, in line with expectations [2] - For 2026, BP anticipates reported upstream production to be slightly lower and underlying upstream production to remain broadly flat compared to 2025 [2] - BP has decided to suspend share buybacks and allocate excess cash to strengthen its balance sheet, aiming to invest in oil and gas opportunities [2] 分组2 - The Trump administration plans to provide tariff carve-outs for companies like Amazon, Google, and Microsoft, linked to investment commitments from TSMC [2] - TSMC has pledged to invest $165 billion in building capacity in the U.S. as part of this tariff exemption plan [2] - The administration's plans are still in flux and have not yet been finalized [2] 分组3 - Instacart has partnered with 1-800-Flowers.com, allowing U.S. customers to order flowers directly through the Instacart app [2] - This partnership aims to expand Instacart's offerings in time for Valentine's Day, a significant gifting holiday [2] - Instacart reported a 1.47% increase in shares, while 1-800-Flowers.com saw a 0.25% rise [2]

Group 1 - Dow futures rose by 0.09%, S&P 500 futures increased by 0.10%, and Nasdaq futures gained 0.07% [1] - Philips reported Q4 2025 earnings with a 1% year-over-year sales increase to €5.1 billion and an adjusted EBITA of €770 million, exceeding market expectations, leading to a 6.89% stock increase [2] - Cisco launched a new AI network chip, "Silicon One G300," expected to enhance AI computing task speeds by 28%, utilizing TSMC's 3nm process technology [2] Group 2 - Alphabet, Google's parent company, initiated its first issuance of Swiss franc bonds and British pound bonds, with maturities ranging from 3 to 100 years [2] - TSMC reported January sales of NT$401.26 billion, a 36.8% year-over-year increase and a 19.8% month-over-month rise, leading to a 3.09% stock increase [2] - BP's Q4 earnings showed a benchmark replacement cost profit of $1.54 billion, aligning with analyst expectations, but the full-year net profit of $7.49 billion fell short of the $7.58 billion forecast, resulting in a 4.9% stock decline [2] Group 3 - AstraZeneca's 2025 total revenue reached $58.739 billion, an 8% year-over-year increase, with growth in biopharmaceuticals, oncology, and rare diseases, and plans for significant investment in China [3] - AppLovin's stock rose by 3.5% after a short-seller retracted allegations against a major shareholder, ensuring the protection of legal rights [3] Group 4 - Eli Lilly announced a $2.4 billion acquisition of Orna Therapeutics to gain CAR-T therapy technology, aiming to produce cells in vivo rather than in the lab [4] Group 5 - Optical communication stocks saw a pre-market surge, with Redo Technology up over 17%, Astera Labs rising over 5%, and Corning increasing by over 1% [5]