Overview
- Full-year 2025 underlying profit fell about 16% to $7.49 billion, with fourth-quarter earnings of $1.54 billion matching analyst expectations.
- Excess cash will be directed to debt reduction after scrapping guidance to return 30–40% of operating cash flow, and the quarterly dividend was maintained at 8.320 cents per share.
- The company raised its structural cost‑savings goal to $5.5–6.5 billion by end‑2027 and set 2026 capital spending at $13–13.5 billion at the low end of guidance.
- Shares dropped roughly 4–6% on the update; net debt stood near $22.2 billion at year‑end with a target range of $14–18 billion by 2027.
- BP is shifting capital toward higher‑return oil and gas projects, highlighting Brazil’s Bumerangue discovery with appraisal drilling planned later in 2026.