BP's First Quarter 2025 Trading Statement Highlights Challenges

BP p.l.c. has released its trading statement for the first quarter of 2025, highlighting mixed developments in production and trading conditions. Upstream production is set to fall compared to the last quarter, affected by divestments in Egypt and Trinidad. While oil production shows slight growth, gas and low carbon energy display a downturn.

The gas segment anticipates weak marketing and trading outcomes, with realizations remaining flat. Oil operations expect similar realizations amid Gulf of America and UAE pricing impacts. Customer and product divisions predict lower costs and stronger midstream performance, offset by seasonally reduced volumes. Refining margins may rise, but oil trading results are predicted to be average.

BP's net debt is projected to increase by $4 billion, largely due to working capital dynamics and inventory effects. The effective tax rate is expected around 50% due to profit geography.