bp announced its financial results for the first quarter (Q1) of 2025, reporting underlying replacement cost (RC) profits of $104 billion compared to $1.2 billion for the previous quarter and $2.7 billion during the same period of 2024.

The statement revealed that the company’s profit attributable to shareholders for Q1 2025 reached $687 billion, compared to approximately $1.96 billion in Q4 2024 and $2.3 billion in Q1 2024.

Regarding oil production and operations, the RC profit before interest and tax for Q1 2025 was $2.8 billion, compared to $2.6 billion in the previous quarter, according to bp.

The company explained that the underlying results reflect a lower impact from turnaround activity, stronger realized refining margins, and a reduced underlying charge from other businesses and corporate operations, partially offset by weak gas marketing and trading results.

bp added that it is committed to maintaining a strong balance sheet and sustaining ‘A’ grade credit range through the cycle, with a target of $14-18 billion of net debt by the end of 2027.

“In February, we announced a fundamental reset of our strategy: growing the upstream, focusing the downstream, and investing with discipline in the transition — and we have already made significant progress,” said Murray Auchincloss, Chief Executive Officer. “This year, we started up three major projects, made six exploration discoveries, and advanced our divestment program — all while delivering strong operational performance, with over 95% upstream plant reliability supporting our best operating efficiency on record, and over 96% refining availability.”

“We continue to monitor market volatility and changes, and we remain focused on moving at pace,” Auchincloss added. “I’m confident that our plans to strengthen the balance sheet, reduce costs, and improve cash flow and returns will grow long-term shareholder value and enhance bp’s resilience.”