BP Filings — Bp Plc

BP Filings — Bp Plc - FilingSpy

20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗

BP's profit fell 92% to $1.2B in FY2025 as a $5.2B impairment charge and lower refining margins weighed on results.

BP's earnings collapsed for the second straight year. fell 8.6% to $194.6B and dropped 92% to $1.2B, driven by a $5.2B tied to the Gelsenkirchen refinery and weaker refining margins. The company maintained its and continued buybacks, but the underlying business faces a lower-margin reality.

Key takeaways

fell 92% to $1.2B from $15.9B in 2023, driven by lower refining margins, weaker oil and gas prices, and a $5.2B , primarily on the Gelsenkirchen refinery in Germany.
declined 8.6% to $194.6B, reflecting lower commodity prices and reduced refining margins compared to the prior year.
fell 14.8% to $27.3B, but remained the second-highest in over a decade, supported by a of $3.7B.

What changed

The $5.2B on the Gelsenkirchen refinery, flagged as a watch item in the prior year, materialized and was the primary driver of the 92% drop in .
Share buybacks continued at a pace of $7.0B for the year, down from $11.25B in 2022, as flagged, with the Q4 2024 of $1.75B announced.
The was held flat at 8.00 cents per share, as the board did not increase it despite the $39.2B cash balance, a key question from the prior year.

What to watch

The pace and scale of share buybacks in 2025, which management ties to surplus cash flow generation and the oil price environment, given the $39.2B cash balance.
The outcome of the strategic review of the Gelsenkirchen refinery and other European refining assets, and any further or restructuring charges.
Capital expenditure allocation between oil and gas and transition growth engines, to see if the 2024 moderation in low-carbon investment continues or reverses.

Original filing text

Risk Factors

A. [Reserved] n/a B. Capitalization and indebtedness n/a C. Reasons for the offer and use of proceeds n/a D. Risk factors 62-66

Read original filing text →

Business

A. History and development of the company 23-27, 182-184, 190, 196, 199-202, 340-346, 350-351, 368-369, 373, 391 B. Business overview 6-7, 12-13, 18-35, 185-189, 340-358, 363 C. Organizational structure 240, 391 D. Property, plants and equipment 14-15, 28-35, 160-161, 175, 266-2…