BP increases net profit to $1.63 bn in the second quarter and launches share buyback

BP posts a net profit of $1.63 bn in the second quarter 2025, driven by operational performance, an operating cash flow of $6.3 bn and a new $750 mn share buyback programme.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

BP reported a net profit attributable to shareholders of $1.63 bn in the second quarter 2025, compared to a loss of $129 mn a year earlier. Underlying replacement cost (RC) profit reached $2.4 bn, an increase over the previous quarter. Operating cash flow stood at $6.3 bn, significantly higher than the $2.8 bn recorded in the first quarter, supported by stronger operational results and reduced working capital requirements.

Robust margins and increased reliability
The company highlighted refinery availability at 96.4% and plant reliability at 96.8%. This performance was underpinned by high refining margins and progress in oil trading, despite increased maintenance activity in the refineries. The “Customers & Products” segment posted a sharp rise in results, supported by seasonal volumes and solid fuel margins, while the “Gas & Low Carbon Energy” business saw improved results year-on-year, bolstered by ten exploration discoveries and five major projects brought onstream since the beginning of the year.

However, the adjusted profit remains almost 15% lower than the previous year, reflecting a market environment marked by lower oil and gas prices. Net profit also includes exceptional items, such as a net adjustment charge of $317 mn and losses related to inventory valuation.

Restructuring and financial discipline
BP continues its structural cost reduction programme, reaching $0.9 bn in the first half and $1.7 bn since 2023. Completed or announced divestments, including the sale of the integrated mobility business in the Netherlands and the onshore wind portfolio in the United States, have generated around $3 bn in proceeds since the start of the year. The group’s net debt stood at $26.0 bn at the end of the quarter, down compared to the previous quarter.

At the same time, the company has declared a dividend of 8.32 cents per share, up 4%, and announced a new $750 mn share buyback programme. Chief Executive Officer Murray Auchincloss emphasised investment discipline and the aim to increase returns for shareholders, while maintaining a net debt target between $14 bn and $18 bn by the end of 2027.

Portfolio optimisation and outlook
The agreement to divest several assets, the completion of the joint venture with JERA Nex bp and the announcement of ten new discoveries in 2025 illustrate the ongoing portfolio rebalancing. Investments are expected to total around $14.5 bn in 2025, in line with the financial framework set for subsequent years.

The increase in dividend and the share buyback programme reflect BP’s confidence in its ability to generate strong cash flow despite market volatility. According to management, these measures address the need to enhance value for shareholders and strengthen the group’s financial resilience.

Citizen Energy Ventures enters the private placement market with a $20mn fund to develop eight wells in the Cherokee Formation of Oklahoma’s historic Anadarko Basin.
Lukoil has started divesting its foreign assets following new US oil sanctions, a move that could reshape its overseas presence and impact supply in key European markets.
Kazakhstan is reviewing Lukoil's stakes in major oil projects after the Russian group announced plans to divest its international assets following new US sanctions.
The Mexican state-owned company reduced its crude extraction by 6.7% while boosting its refining activity by 4.8%, and narrowed its financial losses compared to the previous year.
The new US licence granted to Chevron significantly alters financial flows between Venezuela and the United States, affecting the local currency, oil revenues and the country's economic balance.
Three Crown Petroleum reports a steady initial flow rate of 752 barrels of oil equivalent per day from its Irvine 1NH well in the Powder River Basin, marking a key step in its horizontal drilling programme in the Niobrara.
Cenovus Energy adjusts its MEG Energy acquisition offer to $30 per share and signs a voting support agreement with Strathcona Resources, while selling assets worth up to CAD150mn.
Iraq is negotiating a potential revision of its OPEC production limit while maintaining exports at around 3.6 million barrels per day despite significantly higher capacity.
Le Premier ministre hongrois se rendra à Washington pour discuter avec Donald Trump des sanctions américaines contre le pétrole russe, dans un contexte de guerre en Ukraine et de dépendance persistante de la Hongrie aux hydrocarbures russes.
Nigerian tycoon Aliko Dangote plans to expand his refinery’s capacity to 1.4 million barrels per day, reshaping regional energy dynamics through an unmatched private-sector project in Africa.
COOEC has signed a $4bn EPC contract with QatarEnergy to develop the offshore Bul Hanine oil field, marking the largest order ever secured by a Chinese company in the Gulf.
The group terminates commitments for the Odin and Hild rigs in Mexico, initially scheduled through November 2025 and March 2026, due to sanctions affecting an involved counterparty, while reaffirming compliance with applicable international frameworks.
Shell has filed an appeal against the cancellation of its environmental authorisation for Block 5/6/7 off the South African coast, aiming to continue exploration in a geologically strategic offshore zone.
The Greek government has selected a consortium led by Chevron to explore hydrocarbons in four maritime zones in the Ionian Sea and south of Crete, with geophysical surveys scheduled to begin in 2026.
Algerian company Sonatrach has resumed exploration activities in Libya's Ghadames Basin, halted since 2014, as part of a strategic revival of the country's oil sector.
The Indian refiner segments campaigns, strengthens documentary traceability and adjusts contracts to secure certified shipments to the European Union, while redirecting ineligible volumes to Africa and the Americas based on market conditions.
US authorities have authorised a unit at Talen Energy’s Wagner plant in Maryland to operate beyond regulatory limits until the end of 2025 to strengthen grid reliability.
Gran Tierra Energy has signed a crude oil sale agreement with a $200mn prepayment and amended its Colombian credit facility to improve financial flexibility.
Operations at BP’s 440,000 barrel-per-day Whiting refinery have resumed following a temporary shutdown caused by a power outage and a minor fire incident.
The European Union targets a trading subsidiary and a refinery linked to China National Petroleum Corporation, tightening access to financial and insurance services without disrupting pipeline deliveries, with reallocations expected in settlements, insurance, and logistics. —

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.