Overview

• BP's Q1 2025 underlying replacement cost profit dropped to $1.38 billion, down 49% from the same period last year and below analyst expectations of $1.6 billion.
• The company reduced its quarterly share buyback to $750 million, significantly lower than the $1.75 billion announced in the previous quarter.
• BP lowered its 2025 capital expenditure guidance to $14.5 billion, citing market volatility and falling oil prices, which have dropped to around $66 per barrel.
• Giulia Chierchia, BP's head of sustainability strategy, will step down in June, with her team integrated into other functions instead of appointing a replacement.
• Activist investor Elliott Management, holding a 5% stake in BP, has been pressuring the company to further cut spending and focus more on core oil and gas operations.