BP posts $700 mln Q1 profit, down from $2.2 bln a year earlier

BP reported a first-quarter profit of $700 million for 2025, sharply down from $2.2 billion in the same period last year, according to the company’s quarterly financial report.

The company also posted a $1.95 billion loss in the fourth quarter of 2024.

“In February 2025, we announced a fundamental reset of our strategy. We are aiming to expand upstream activity, focus on refining, and continue investing through the transition. We’ve already made strong progress,” said BP CEO Murray Auchincloss.

He added that the company has launched three major projects this year and completed six exploration programs with promising results. Operational efficiency stands at over 95% for oil and gas production and more than 96% for refining.

Chief Financial Officer Kate Thomson said BP is making progress in its asset divestment program and expects proceeds of $3–4 billion this year, though the specific assets were not disclosed.

BP said oil and gas production in Q2 2025 is expected to remain broadly flat compared to Q1. Capital expenditures for the year are projected at around $14.5 billion.

“We remain focused on navigating volatility and change,” Auchincloss said. “Our efforts to strengthen the balance sheet, cut costs, and improve cash flow and earnings will enhance long-term shareholder value and support BP’s resilience.”

BP’s quarterly report on its operations in Azerbaijan — one of its top global projects — is due in early May.

N.Tebrizli