BP Q4 2025 underlying RC profit falls 32% to $1.5bn

British lipid and state institution bp has reported underlying replacement outgo (RC) nett of $1.5bn (£1.09bn) for the 4th fourth of 2025 (Q4 2025), a 32% alteration compared to $2.2bn successful Q3 2025 and a 25% summation compared to $1.2bn for Q4 2024.

BP said nett fell compared with Q3 2025 owed to little upstream realisations and changes successful its accumulation mix. Refining results besides weakened arsenic turnaround enactment reduced throughput and an outage astatine the Whiting refinery temporarily chopped capacity.

Additionally, bp said it has suspended its stock buyback programme and reduced spending to enactment its equilibrium sheet.

The institution reported full revenues and different income of $47.7bn for Q4 2025, a 1% alteration compared to $48.1bn for the aforesaid play successful 2024. Adjusted net earlier interest, taxes, depreciation and amortisation (EBITDA) accrued to $8.96bn successful Q4 2025 from $8.41bn successful Q4 2024, up by astir 6.5%.

BP reported a nonaccomplishment of $3.4bn for the quarter, compared with a nett of $1.2bn successful Q3 2025. The Q4 fig included an inventory holding nonaccomplishment of $700m aft taxation and adjusting items that reduced results by $4.3bn aft tax, which bp excluded to cipher underlying RC profit.

BP interim CEO Carol Howle said: “2025 was a twelvemonth of beardown underlying fiscal results, beardown operational show and meaningful strategical progress. We person made advancement against our 4 superior targets – increasing currency travel and returns, reducing costs and strengthening the equilibrium expanse – but cognize determination is much enactment to beryllium done, and we are wide connected the urgency to deliver.

“With a continued accent connected superior subject and returns, we are reducing superior expenditure for 2026 to the little extremity of the guidance range, portion continuing to thrust down our outgo base.”

For the afloat twelvemonth 2025, bp reported underlying RC nett of $7.5bn, a 16% alteration compared to $8.9bn successful 2024.

The institution reported full revenues and different income of $192.5bn successful 2025, a 1% alteration compared to $194.6bn successful 2024. For 2025, bp reported adjusted EBITDA of $37.6m, a 1% alteration compared to $38m successful 2024.

Howle added: “We are besides taking decisive enactment to high-grade our portfolio and fortify our company, including the execution of our $20bn disposal programme and the determination to suspend the stock buyback and afloat allocate excess currency to our equilibrium sheet.

“These decisions presumption america to advancement semipermanent worth maturation done the distinctive accidental acceptable we are creating successful our upstream business, including the Bumerangue find successful Brazil, wherever our archetypal estimates bespeak astir 8 cardinal barrels of liquids successful place.”