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

bp reported Q425 underlying replacement cost (RC) profit of $1.5bn (Q325: $2.2bn), broadly in line with expectations. Operating cash flow was $7.6bn, including a working capital release of $0.9bn. Net debt fell to $22.2bn from $26.1bn, driven by divestment proceeds of $3.6bn. The dividend was maintained at 8.32c/share. Attributable profit was a loss of $3.4bn, including previously announced post-tax impairments of $4bn, primarily in transition businesses. bp has suspended its buyback to prioritise strengthening its balance sheet, with the target for net debt remaining $14–18bn by end 2027.

bp reported Q425 underlying replacement cost (RC) profit of $1.5bn (Q325: $2.2bn), broadly in line with expectations. Operating cash flow was $7.6bn, including a working capital release of $0.9bn. Net debt fell to $22.2bn from $26.1bn, driven by divestment proceeds of $3.6bn. The dividend was maintained at 8.32c/share. Attributable profit was a loss of $3.4bn, including previously announced post-tax impairments of $4bn, primarily in transition businesses. bp has suspended its buyback to prioritise strengthening its balance sheet, with the target for net debt remaining $14–18bn by end 2027.

bp — Q425 results: In line, balance sheet strengthening

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>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in early 2Q26.</li><li>Shallow drilling result due next week – 1Q26 net production was ~200 boe/d.</li><li>ADX held A$4.9 mm in cash at the end of March.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in early 2Q26.Shallow drilling result due next week – 1Q26 net production was ~200 boe/d.ADX held A$4.9 mm in cash at the end of March.

bp reported Q325 underlying replacement cost (RC) profit of $2.2bn (Q225: $2.4bn), with stronger operating performance partly offset by a higher tax rate (due to regional profit mix changes). Operating cash flow rose to $7.8bn from $6.3bn, supported by a working capital release of around $0.9bn compared to a $1.4bn build last quarter. Net debt remained stable at $26.1bn, despite redeeming $1.2bn in hybrid bonds. The dividend was maintained at 8.32c per share, and bp announced a further $0.75bn share buyback to be completed before the Q4 results. Capital expenditure of $3.4bn was consistent with FY25 guidance of around $14.5bn.

bp reported Q325 underlying replacement cost (RC) profit of $2.2bn (Q225: $2.4bn), with stronger operating performance partly offset by a higher tax rate (due to regional profit mix changes). Operating cash flow rose to $7.8bn from $6.3bn, supported by a working capital release of around $0.9bn compared to a $1.4bn build last quarter. Net debt remained stable at $26.1bn, despite redeeming $1.2bn in hybrid bonds. The dividend was maintained at 8.32c per share, and bp announced a further $0.75bn share buyback to be completed before the Q4 results. Capital expenditure of $3.4bn was consistent with FY25 guidance of around $14.5bn.

bp — Solid Q325 results, portfolio progress

bp has provided an update on its hydrocarbon discovery at the Bumerangue block in the pre-salt Santos Basin, offshore Brazil. While the find was first reported in August, yesterday’s confirmation of a c 1,000-metre gross hydrocarbon column, comprising around 100 metres of oil and 900 metres of liquids-rich gas condensate, adds clarity on scale and composition. Liquids are present across the full column. bp reports high-quality rock properties and, significantly, indicates that it believes that the carbon dioxide content in the reservoir can be managed. Although still at an early stage of evaluation, visible progress at Bumerangue is encouraging given its potential scale and its emerging significance within bp’s upstream growth pipeline.

bp has provided an update on its hydrocarbon discovery at the Bumerangue block in the pre-salt Santos Basin, offshore Brazil. While the find was first reported in August, yesterday’s confirmation of a c 1,000-metre gross hydrocarbon column, comprising around 100 metres of oil and 900 metres of liquids-rich gas condensate, adds clarity on scale and composition. Liquids are present across the full column. bp reports high-quality rock properties and, significantly, indicates that it believes that the carbon dioxide content in the reservoir can be managed. Although still at an early stage of evaluation, visible progress at Bumerangue is encouraging given its potential scale and its emerging significance within bp’s upstream growth pipeline.

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 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

United Kingdom

BP plc is an oil and petrochemicals company.  The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals.  BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

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BP PLC (BP/ LN)

bp — Q425 results: In line, balance sheet strengthening

bp reported Q425 underlying replacement cost (RC) profit of $1.5bn (Q325: $2.2bn), broadly in line with expectations. Operating cash flow was...

Edison Investment Research

AUCTUS ON FRIDAY - 01.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in...

Auctus Advisors

bp — Solid Q325 results, portfolio progress

bp reported Q325 underlying replacement cost (RC) profit of $2.2bn (Q225: $2.4bn), with stronger operating performance partly offset by a higher...

Edison Investment Research

bp — bp updates Bumerangue

bp has provided an update on its hydrocarbon discovery at the Bumerangue block in the pre-salt Santos Basin, offshore Brazil. While the find was...

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

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