Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining margins, oil trading gains and improved customer business earnings. Operating cash flow of $6.3bn (Q125: $2.8bn), reflected higher earnings offset partly by working capital movement. DPS rose 4% to 8.32c, and a further $750m buyback was announced. Net debt fell to $26.0bn, with capital expenditure of $3.4bn in Q225 keeping bp on track with its FY25 guidance of c $14.5bn. Structural cost reductions reached $1.7bn ytd as part of bp’s plan to cut structural costs by $4–5bn by 2027 from a 2023 baseline.</p>

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining margins, oil trading gains and improved customer business earnings. Operating cash flow of $6.3bn (Q125: $2.8bn), reflected higher earnings offset partly by working capital movement. DPS rose 4% to 8.32c, and a further $750m buyback was announced. Net debt fell to $26.0bn, with capital expenditure of $3.4bn in Q225 keeping bp on track with its FY25 guidance of c $14.5bn. Structural cost reductions reached $1.7bn ytd as part of bp’s plan to cut structural costs by $4–5bn by 2027 from a 2023 baseline.

bp — Strong Q225 results, cost reductions in focus

<p>bp is pivoting back towards its traditional upstream oil and gas business, with a renewed focus on shareholder returns. It will remain an integrated energy play with strong differentiating factors (trading, high-quality assets) but with a less aggressive tilt towards renewables, a strategic review of lubricants (Castrol) and a primary focus on maximising shareholder returns. In our view, this pivot could reduce its discount to peers. We believe oil and gas exposure is important in the construction of investors’ portfolios as it offsets the negative impact of energy price spikes.</p>

bp is pivoting back towards its traditional upstream oil and gas business, with a renewed focus on shareholder returns. It will remain an integrated energy play with strong differentiating factors (trading, high-quality assets) but with a less aggressive tilt towards renewables, a strategic review of lubricants (Castrol) and a primary focus on maximising shareholder returns. In our view, this pivot could reduce its discount to peers. We believe oil and gas exposure is important in the construction of investors’ portfolios as it offsets the negative impact of energy price spikes.

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&amp;G.</li>
<li>Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin.</li>
<li>The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone in a well.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&amp;G.
Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin.
The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone in a well.


United Kingdom

BP P.L.C is an energy company. The Company explores and produces oil and natural gas, refines, markets, and supplies petroleum products, as well as generates solar energy, and manufactures and markets chemicals such as terephthalic acid, acetic acid, acrylonitrile, ethylene, and polyethylene. BP serves customers worldwide.

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BP (BP US)

bp — Strong Q225 results, cost reductions in focus

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining...

Edison Investment Research

bp — Strong Q225 results, cost reductions in focus

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining...

Edison Investment Research

bp — Focusing on returns and growth

bp is pivoting back towards its traditional upstream oil and gas business, with a renewed focus on shareholder returns. It will remain an...

Edison Investment Research

bp — Focusing on returns and growth

bp is pivoting back towards its traditional upstream oil and gas business, with a renewed focus on shareholder returns. It will remain an...

Edison Investment Research

AUCTUS ON FRIDAY - 08/08/2025

The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone...

Auctus Advisors

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