BP(BP) - 2025 Q1 - Quarterly Report

Financial Performance - In Q1 2025, BP reported a profit attributable to shareholders of $687 million, a significant recovery from a loss of$1.96 billion in Q4 2024[4]. - Underlying replacement cost (RC) profit for Q1 2025 was $1.4 billion, up from$1.2 billion in Q4 2024, but down from $2.7 billion in Q1 2024[10][17]. - Profit before taxation for Q1 2025 was$3,130 million, compared to a loss of $503 million in Q4 2024 and a profit of$4,633 million in Q1 2024[54]. - Total revenues and other income for Q1 2025 were $47,880 million, a decrease of 4.3$49,961 million[54]. - Total sales and other operating revenues for the first quarter of 2025 amounted to $46,905 million, a decrease from$48,880 million in the first quarter of 2024[81]. - The profit for the period in the first quarter of 2025 was $982 million, a significant recovery from a loss of$1,620 million in the fourth quarter of 2024[112]. - Total comprehensive income for Q1 2025 was $1,896 million, compared to a loss of$2,448 million in Q4 2024[56]. - Earnings per share for Q1 2025 were $0.26 (basic and diluted), compared to a loss of$0.74 in Q4 2024[56]. Cash Flow and Capital Expenditure - Operating cash flow for Q1 2025 was $2.8 billion, a decrease of approximately$4.6 billion compared to Q4 2024, primarily due to seasonal inventory effects[12][17]. - Capital expenditure in Q1 2025 was $3.6 billion, down from$4.3 billion in Q1 2024, reflecting reduced spending on low carbon energy[17]. - BP expects 2025 capital expenditure to be around $14.5 billion and divestment proceeds of$3-4 billion for the year[9][17]. - The company issued perpetual subordinated hybrid securities of $500 million during Q1 2025 to fund BP Alternative Energy Investments Ltd[59]. - Organic capital expenditure for the first quarter of 2025 was$3,440 million, a decrease from $4,229 million in the fourth quarter of 2024 and$3,979 million in the first quarter of 2024[97]. - Inorganic capital expenditure for the first quarter of 2025 was $183 million, compared to a negative$503 million in the fourth quarter of 2024 and $299 million in the first quarter of 2024[97]. Debt and Equity - BP's net debt at the end of Q1 2025 was$27 billion, an increase from $24 billion at the end of Q1 2024, driven by lower operating cash flow[12][17]. - As of March 31, 2025, the company's net debt stood at$26,968 million, an increase from $22,997 million at December 31, 2024, and$24,015 million at March 31, 2024[92]. - Total equity decreased to $77,952 million as of March 31, 2025, compared to$78,318 million at December 31, 2024, and $84,940 million at March 31, 2024[107]. - The company's gearing ratio increased to 25.7$6.34 per boe, an increase of 5.6% from $6.00 per boe in Q1 2024[21]. - The average realization for total hydrocarbons in Q1 2025 was$45.38 per boe, up 23.8% from $36.64 per boe in Q1 2024[35]. - The average realization for natural gas in Q1 2025 was$4.74 per mcf, significantly higher than $2.66 per mcf in Q1 2024, representing an increase of approximately 77.5$569 million[72]. - BP is reviewing its Castrol business and plans to divest its mobility and convenience business in Austria[179]. - BP plans to exit its shareholding in Rosneft, impacting its overall global economic and business conditions[180]. - The company anticipates future project start-ups and plans related to its upstream production and low carbon energy business[179].