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 $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.