4Q25 SEA Part 1 of 1

Top of page 1

Fourth quarter and full year highlights

• Strong underlying financial performance: 2025 underlying RC profit $7.5bn delivered against a weaker oil price environment. Operating cash flow $24.5bn, including $2.9bn adjusted working capital* build(c). 

• Strong operations and progress across upstream* and downstream*: Record full year upstream plant reliability* 96.1%; 2025 underlying production* held broadly flat vs. 2024; 7 major projects* started up in 2025; reserves replacement ratio* increased to 90%; record full year refining availability* 96.3%; customers delivered its highest underlying earnings since 2019 with all businesses growing year on year.

• Progress on our strategic targets: Expected proceeds from completed and announced divestments now above $11bn; reached an agreement to sell a 65% shareholding in Castrol - resulting in expected net proceeds of approximately $6bn; closed the sale of Netherlands retail, US onshore wind, and non-controlling interests in US midstream assets; increased group structural cost reduction* target to $5.5-6.5 billion by end 2027.

• Positioning the company for the long term: The board has decided to suspend the share buyback and fully allocate excess cash* to accelerate strengthening of our balance sheet. This creates a strong platform to invest with discipline into our distinctive deep hopper of oil & gas opportunities.

(a) Divestment proceeds are disposal proceeds as per the condensed group cash flow statement. See page 3 for more information on other proceeds.

(b) See Note 9 for more information.

(c) Change in working capital adjusted for inventory holding losses, fair value accounting effects relating to subsidiaries and other adjusting items. See page 27.

RC profit (loss), underlying RC profit, net debt, ROACE, adjusted EBITDA, underlying operating expenditure, underlying RC profit per ordinary share, underlying RC profit per ADS, adjusted working capital, customers underlying earnings (underlying RC profit before interest and tax) and excess cash are non-IFRS measures. Inventory holding (gains) losses and adjusting items are non-IFRS adjustments.

* For items marked with an asterisk throughout this document, definitions are provided in the Glossary on page 32.

Top of page 2

(a) Shareholder distribution decisions, including dividends and share buybacks, are subject to board discretion, taking into account factors including, but not limited to, current forecasts and credit metrics.

Top of page 3

Financial results

In addition to the highlights on page 2:

•  Profit or loss attributable to bp shareholders in the fourth quarter and full year was a loss of $3.4 billion and a profit of $0.1 billion respectively, compared with a loss of $2.0 billion and a profit of $0.4 billion in the same periods of 2024.

- After adjusting loss or profit attributable to bp shareholders for inventory holding losses* and net impact of adjusting items*, underlying replacement cost (RC) profit* for the fourth quarter and full year was $1.5 billion and $7.5 billion respectively, compared with $1.2 billion and $8.9 billion for the same periods of 2024. The underlying RC profit for the fourth quarter compared with the same period in 2024 mainly reflects strong performance in customers & products, partly offset by lower liquids realizations. The gas marketing and trading result was average. The underlying RC profit for the full year compared with the same period in 2024 mainly reflects lower liquids realizations, the divestments in Egypt and Trinidad in the fourth quarter of 2024 and a lower gas marketing and trading result, partly offset by stronger performance in customers & products. The oil trading contribution for the fourth quarter and full year was broadly flat compared with the same periods in 2024. See pages 6, 8 and 10 for more information.

- Adjusting items in the fourth quarter and full year had a net adverse pre-tax impact of $3.9 billion and $5.9 billion respectively, compared with a net adverse pre-tax impact of $3.4 billion and $9.3 billion in the same periods of 2024.

- Adjusting items for the fourth quarter and full year include a favourable pre-tax impact of fair value accounting effects*, relative to management's internal measure of performance, of $0.5 billion and $2.2 billion respectively, compared with an adverse pre-tax impact of $1.0 billion and $1.9 billion in the same periods of 2024. This is primarily due to a relative decline in LNG forward prices over the period in addition to the realization of profitable cargoes, partly offset by gains from portfolio optimization, volume updates and new deals. In addition there is no significant impact of the fair value accounting effects relating to the hybrid bonds in the fourth quarter 2025 compared with an adverse impact in the fourth quarter 2024 and a significant favourable impact of these in the full year 2025 compared with an adverse impact in 2024.

- Adjusting items for the fourth quarter and full year of 2025 include an adverse pre-tax impact of asset impairments of $3.5 billion and $5.4 billion respectively, compared with an adverse pre-tax impact of $1.5 billion and $5.1 billion in the same periods of 2024 (see Note 3). Fourth quarter and full year 2025 include $1.1 billion of impairment charges recognized through equity-accounted earnings primarily relating to the Archaea and offshore wind businesses. Fourth quarter and full year 2024 included $0.4 billion of impairment charges recognized through equity-accounted earnings primarily relating to our interest in Pan American Energy Group.

•  The effective tax rate (ETR) on the profit or loss before taxation for the fourth quarter and full year was -108% and 83% respectively, compared with -222% and 82% for the same periods in 2024. Excluding inventory holding gains or losses and adjusting items, the underlying ETR* for the fourth quarter and full year was 43% and 42%, compared with 49% and 41% for the same periods in 2024. The lower underlying ETR for the fourth quarter reflects changes in the geographical mix of profits. Underlying ETR is a non-IFRS measure.

•  Operating cash flow* for the fourth quarter and full year was $7.6 billion and $24.5 billion respectively, compared with $7.4 billion and $27.3 billion for the same periods in 2024. The change in the full year operating cash flows reflects the working capital build (after adjusting inventory holding losses, fair value accounting effects and other adjusting items) in 2025 compared to a release in 2024.

•  Capital expenditure* in the fourth quarter and full year was $4.2 billion and $14.5 billion respectively, compared with $3.7 billion and $16.2 billion in the same periods of 2024 reflecting the phasing of spend within the lower capital frame for 2025.

•  Total divestment and other proceeds for the fourth quarter and full year were $3.6 billion and $5.3 billion respectively, compared with $2.8 billion and $4.2 billion for the same periods in 2024. Other proceeds for the fourth quarter were $1.5 billion from the sale of non-controlling interests in the Permian and Eagle Ford midstream assets. In addition, there was $1.0 billion from the sale of a non-controlling interest in the subsidiary that holds our 12% share in the Trans-Anatolian natural gas pipeline (TANAP) for the full year 2025. Other proceeds for the full year 2024 were $0.8 billion of proceeds from the sale of our 20% share in Trans Adriatic Pipeline AG (TAP) and $0.5 billion from the sale of a 49% interest in a controlled affiliate holding certain midstream assets offshore US.

•  At the end of the fourth quarter, net debt* was $22.2 billion, compared with $26.1 billion at the end of the third quarter 2025 and $23.0 billion at the end of the fourth quarter 2024.

Top of page 4

Analysis of RC profit (loss) before interest and tax and reconciliation to profit (loss) for the period

(a) Comparative periods in 2024 have been restated for material items to reflect the move of our Archaea business from the customers & products segment to the gas & low carbon energy segment.

Analysis of underlying RC profit (loss) before interest and tax

(a) A non-IFRS measure. Finance costs on an underlying RC basis is defined as finance costs as stated in the group income statement excluding finance costs classified as adjusting items* (see footnote (h) on page 25).

Reconciliations of underlying RC profit attributable to bp shareholders to the nearest equivalent IFRS measure are provided on page 1 for the group and on pages 6-12 for the segments.

Operating Metrics

(a) See Operational updates on pages 6, 8 and 10. Because of rounding, upstream production may not agree exactly with the sum of gas & low carbon energy and oil production & operations.

(b) The increase in the full year 2025, compared with the full year 2024 mainly reflects portfolio mix.

Reserves replacement ratio*

The organic reserves replacement ratio on a combined basis of subsidiaries and equity-accounted entities was 90% for the year (2024 50%), resulting largely from additions in the US, Trinidad and the Middle East and includes impact from price.

Top of page 5

Outlook & Guidance

1Q 2026 guidance

•  Looking ahead, bp expects first quarter 2026 reported upstream* production to be broadly flat compared with the fourth quarter 2025.

•  In its customers business, bp expects seasonally lower volumes compared to the fourth quarter.

•  In products, bp expects, compared to the fourth quarter, lower industry refining margins, partly offset by a lower level of refinery turnaround activity.

•  bp expects capital expenditure* to be broadly flat compared with the fourth quarter 2025.

2026 guidance

In addition to the guidance on page 2:

•  bp expects reported upstream* production to be slightly lower and underlying upstream production* to be broadly flat compared with 2025. Within this, bp expects underlying production from oil production & operations to be broadly flat and production from gas & low carbon energy to be lower.

•  In its customers business, bp expects to make continued progress growing cash flows, supported by lower underlying operating expenditure* driven by structural cost reductions*. These benefits will be partly offset by the earnings impact of completed and announced divestments. Reported earnings will benefit from lower depreciation as a result of the assets held for sale accounting treatment of Castrol following the planned divestment. Fuel margins are expected to remain sensitive to movements in the cost of supply.

•  In products, bp expects significantly lower level of turnaround activity.

•  bp expects other businesses & corporate underlying annual charge to be around $1.0 billion for 2026. The charge may vary quarter to quarter.

•  bp expects the depreciation, depletion and amortization to be broadly flat compared with 2025.

•  bp expects the underlying ETR* for 2026 to be around 40% but it is sensitive to a range of factors, including the volatility of the price environment and its impact on the geographical mix of the group's profits and losses.

•  bp expects capital expenditure to be $13-13.5 billion, weighted to the first half. 

•  bp expects divestment and other proceeds to be $9-10 billion in 2026, including approximately $6 billion from the announced Castrol transaction, all significantly weighted to the second half.

•  bp expects Gulf of America settlement payments for the year to be around $1.6 billion pre-tax including $0.4 billion pre-tax to be paid during the first quarter and $1.1 billion pre-tax to be paid during the second quarter.

Other items

•  Structural cost reduction target increased to $5.5-6.5 billion by end 2027, reflecting the outcome of the strategic review to divest Castrol. This excludes any savings from the intended sale of the Gelsenkirchen refinery.

Top of page 6

gas & low carbon energy*

Financial results

• The replacement cost (RC) profit or loss before interest and tax for the fourth quarter and full year was a loss of $2,172 million and a profit of $1,330 million respectively, compared with a profit of $1,324 million and $3,052 million for the same periods in 2024. The fourth quarter and full year are adjusted by an adverse impact of net adjusting items* of $3,561 million and $4,037 million respectively, compared with an adverse impact of net adjusting items of $663 million and $3,751 million for the same periods in 2024. Adjusting items include a net impairment charge of $3,157 million for the fourth quarter, primarily relating to Lightsource bp and Archaea, and a $1,007 million impairment charge recognized through equity-accounted earnings, primarily relating to the Archaea and offshore wind businesses. Adjusting items also include the impacts of fair value accounting effects*, relative to management's internal measure of performance, which are a favourable impact of $453 million and $1,270 million for the fourth quarter and full year in 2025 and an adverse impact of $377 million and $1,550 million for the same periods in 2024. See page 25 for more information on adjusting items.

• After adjusting RC loss or profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the fourth quarter and full year was $1,389 million and $5,367 million respectively, compared with $1,987 million and $6,803 million for the same periods in 2024.

• The underlying RC profit before interest and tax for the fourth quarter, compared with the same period in 2024, mainly reflects lower realizations. The gas marketing and trading result was average.

• The underlying RC profit for the full year, compared with the same period in 2024, reflects the divestments in Egypt and Trinidad in the fourth quarter of 2024, a lower gas marketing and trading result, and a higher depreciation, depletion and amortization charge, partly offset by lower exploration write-offs and the absence of the foreign exchange loss in Egypt in the first quarter of 2024.

Operational update

• Reported production for the quarter was 788mboe/d, 7.3% lower than the same period in 2024, reflecting the divestments in Egypt and Trinidad in the fourth quarter of 2024. Underlying production* was 0.9% higher due to major project* ramp-ups partly offset by base decline.

• Reported production for the full year was 785mboe/d, 11.6% lower than the same period in 2024, reflecting the divestments in Egypt and Trinidad in the fourth quarter of 2024. Underlying production was 2.1% lower, mainly due to base decline partly offset by major project start-ups.

Strategic progress

gas

• In November bp announced that it had safely completed the Cypre seven-well drilling programme in Trinidad, the second phase of the Cypre project, following delivery of first gas in April 2025. 

• In November, the Greater Western Flank 4 project in the North West Shelf, offshore Australia (bp 16.67%, operator Woodside) reached final investment decision. The project involves five subsea tieback wells with start-up targeted for 2028.

• In December Osaka Gas Trading and Export and Archaea Energy, a bp company, entered into an agreement for the procurement of approximately 26,000Nm³ of biomethane derived from landfill gas, produced at Archaea Energy's facilities operating in the US.

• In January 2026 bp was awarded two offshore exploration concessions in Egypt: North-East El Alamein Offshore and West El Hammad Offshore, advancing our exploration portfolio and long-term growth ambitions. The North-East El Alamein Offshore Concession (bp 100% equity) covers 3,336km² near bp's West Nile Delta assets. The West El Hammad Offshore Concession (Eni 75% operator, bp 25%) covers 1,894km² in the East Nile Delta, also near existing infrastructure.

low carbon energy

• In December bp completed its sale of its bp Wind Energy onshore wind business to LS Power. The transaction included 10 operating assets across seven US states.

• In January 2026 JERA Nex bp (bp 50%) acquired EnBW's stake in the Mona UK offshore wind project, following their decision to exit after the result of the UK Auction Round 7. JERA Nex bp and EnBW also terminated the Morgan project following the Auction Round outcome.

Top of page 7

gas & low carbon energy (continued)

(a) Comparative periods in 2024 have been restated for material items to reflect the move of our Archaea business from the customers & products segment to the gas & low carbon energy segment.

(b) Comparative periods in 2024 have been restated to reflect the move of our Archaea business from the customers & products segment to the gas & low carbon energy segment.

(c) Fourth quarter and full year 2024 include cash acquired net of acquisition payments on completion of the Lightsource bp acquisition.

(d) Includes bp's share of production of equity-accounted entities in the gas & low carbon energy segment.

(e) Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.

Top of page 8

oil production & operations

Financial results

• The replacement cost (RC) profit before interest and tax for the fourth quarter and full year was $1,735 million and $8,558 million respectively, compared with $2,571 million and $10,789 million for the same periods in 2024. The fourth quarter and full year are adjusted by an adverse impact of net adjusting items* of $223 million and $856 million respectively, compared with an adverse impact of net adjusting items of $353 million and $1,148 million for the same periods in 2024. See page 25 for more information on adjusting items.

• After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* for the fourth quarter and full year was $1,958 million and $9,414 million respectively, compared with $2,924 million and $11,937 million for the same periods in 2024.

• The underlying RC profit before interest and tax for the fourth quarter and full year, compared with the same periods in 2024, primarily reflect lower liquids realizations, lower share of net income of equity-accounted entities, and a higher depreciation, depletion and amortization charge, partly offset by higher volumes and lower exploration write-offs.

Operational update

• Reported production for the quarter was 1,555mboe/d, 7.4% higher than the same period in 2024. Underlying production* for the quarter was 5.4% higher, mainly in bpx energy.

• Reported production for the full year was 1,527mboe/d, 3.8% higher than the same period in 2024. Underlying production was 2.6% higher, mainly in bpx energy.

Strategic progress

• bp's initial estimate, in regards to the August 2025 exploration discovery in the Bumerangue block offshore Brazil, is that there is around 8 billion barrels of liquids in place - split roughly 50% oil, 50% condensate. As is normal at this stage, there is a wide range of uncertainty around this estimate. bp is now putting plans in place for an appraisal programme which is expected to start around the end of the year. This will provide data from locations across the reservoir, to enable us to describe the fluid characteristics and resource potential.

• In December bp successfully delivered first oil from the Atlantis Drill Center 1 expansion project in the US Gulf of America, its seventh upstream major project* start-up of the year. The two-well subsea tieback to the existing Atlantis platform is expected to add 15,000boe/d gross peak annualized average production.

• In December bp completed the divestment of the Culzean gas field in the UK North Sea to NEO Next.

• In December bp completed the second phase of its divestment of non-controlling interests in Permian and Eagle Ford midstream assets to investor Sixth Street for a total of $1.5 billion. The first phase completed in November.

• In December bp was the apparent highest bidder on 51 lease blocks in the US Gulf of America Federal Lease Sale BBG1, which included 219 leases.

• In December the development programme for the Karabagh field in the Caspian Sea, offshore Azerbaijan, was approved by the management committee (joint venture) and subsequently by State Oil Company of the Azerbaijan Republic (SOCAR) as the State representative. Seismic acquisition commenced thereafter.

• In February 2026 bp and the Kuwait Oil Company signed a two-year extension of the enhanced technical service agreement to manage development of the giant Burgan oil field.

Top of page 9

oil production & operations (continued)

(a) Includes bp's share of production of equity-accounted entities in the oil production & operations segment.

(b) Realizations are based on sales by consolidated subsidiaries only - this excludes equity-accounted entities.

(c) Fourth quarter and full year 2024 include an immaterial impact of a prior period adjustment in the US region.

Top of page 10

customers & products

Financial results

• The replacement cost (RC) profit before interest and tax for the fourth quarter and full year was $1,415 million and $4,100 million respectively, compared with a loss of $1,921 million and $1,043 million for the same periods in 2024. The fourth quarter and full year are adjusted by a favourable impact of net adjusting items* of $69 million and an adverse impact of $1,172 million respectively, compared with an adverse impact of net adjusting items of $1,619 million and $3,560 million for the same periods in 2024. See page 25 for more information on adjusting items.

• After adjusting RC profit before interest and tax for adjusting items, the underlying RC profit before interest and tax* (underlying result) for the fourth quarter and full year was $1,346 million and $5,272 million respectively, compared with a loss of $302 million and a profit of $2,517 million for the same periods in 2024.

• The customers & products underlying result for the fourth quarter and full year was significantly higher than the same periods in 2024, reflecting stronger performance both in customers and products.

• customers - the customers underlying result for the fourth quarter and full year was higher compared with the same periods in 2024. The underlying result benefited from stronger integrated performance across fuels and midstream and lower underlying operating expenditure* supported by structural cost reductions*. The full year reflects a more than 15% increase in Castrol's earnings with continued quarterly year-on-year growth for 10 consecutive quarters.

• products - the products underlying result for the fourth quarter and full year was significantly higher compared with the same periods in 2024. In refining, the fourth quarter benefited from significantly higher realized margins and a lower level of turnaround activities. The significantly higher products underlying result for the full year was primarily driven by higher realized margins, the absence of the first quarter 2024 plant-wide power outage at the Whiting refinery and higher commercial optimization. Both the fourth quarter and full year benefited from lower underlying operating expenditure driven by structural cost reductions. The oil trading contribution for the fourth quarter and full year was broadly flat compared with the same periods in 2024.

Operational update 

• bp-operated refining availability* for the fourth quarter and full year was 96.0% and 96.3%, compared with 94.8% and 94.3% for the same periods in 2024. The full year was higher reflecting improved reliability and notably the absence of the Whiting refinery power outage.

Strategic progress

• In December bp reached an agreement to sell a 65% shareholding in Castrol at an enterprise value of $10.1 billion. bp's retained stake in a new joint venture provides exposure to Castrol's growth plan while retaining optionality to realize further value in the future. The transaction is expected to complete by the end of 2026, subject to regulatory approvals. 

• In December bp completed the sale of its mobility and convenience and bp pulse businesses in the Netherlands to Catom, a distributor of conventional and renewable fuels and lubricants. The transaction included around 300 bp-owned or branded retail sites, as well as 15 operational bp pulse EV charging hubs, eight under development and the associated Dutch fleet business.

(a) Comparative periods in 2024 have been restated for material items to reflect the move of our Archaea business from the customers & products segment to the gas & low carbon energy segment.

(b) A reconciliation to RC profit before interest and tax by business is provided on page 30.

Top of page 11

customers & products (continued)

(c) A reconciliation to RC profit before interest and tax by business is provided on page 30.

(d) Comparative periods in 2024 have been restated to reflect the move of our Archaea business from the customers & products segment to the gas & low carbon energy segment.

Top of page 12

other businesses & corporate

Other businesses & corporate comprises technology, bp ventures, our corporate activities & functions and any residual costs of the Gulf of America oil spill.

Financial results

• The replacement cost (RC) loss before interest and tax for the fourth quarter and full year was $386 million and $40 million respectively, compared with a loss of $1,161 million and $988 million for the same periods in 2024. The fourth quarter and full year are adjusted by an adverse impact of net adjusting items* of $82 million and a favourable impact of net adjusting items of $608 million respectively, compared with an adverse impact of net adjusting items of $634 million and $380 million for the same periods in 2024. Adjusting items include favourable impacts of fair value accounting effects* of $61 million for the quarter and $1,157 million for the full year in 2025, and an adverse impact of $493 million and $221 million for the same periods in 2024. See page 25 for more information on adjusting items.

• After adjusting RC loss before interest and tax for adjusting items, the underlying RC loss before interest and tax* for the fourth quarter and full year was $304 million and $648 million respectively, compared with $527 million and $608 million for the same periods in 2024.

(a) Includes fair value accounting effects relating to hybrid bonds. See page 33 for more information.

Top of page 13

Financial statements

Group income statement

Top of page 14

Condensed group statement of comprehensive income

(a) Full year 2025, fourth quarter 2024 and full year 2024 are principally affected by movements in the Pound Sterling against the US dollar.

(b) Fourth quarter and full year 2024 includes $942 million recycling of cumulative foreign exchange losses from reserves relating to the sale of bp's Türkiye ground fuels business to Petrol Ofisi.

(c) Full year 2024 includes a $658-million credit in respect of the reduction in the deferred tax liability on defined benefit pension plan surpluses following the reduction in the rate of the authorized surplus payments tax charge in the UK from 35% to 25%.

Top of page 15

Condensed group statement of changes in equity

(a) During the full year 2025 a group subsidiary issued perpetual subordinated hybrid securities of $0.5 billion, the proceeds of which were specifically earmarked to fund BP Alternative Energy Investments Ltd including the funding of Lightsource bp. This transaction resulted in a reduction of net debt and gearing.

(b) During the full year 2025, BP Capital Markets p.l.c. exercised its option to redeem $1.2 billion of hybrid bonds.

(c) During the full year 2025, a group subsidiary that holds a 12% stake in the Trans-Anatolian Natural Gas Pipeline (TANAP), issued $1.0 billion of equity instruments with preferred distributions. The group retains control over the ability to defer these distributions which are not guaranteed, and investors cannot redeem their shares except under specific conditions that are within the group's control.

(d) During the fourth quarter and full year 2025, a group subsidiary that holds interests in Permian and Eagle Ford midstream assets, divested equity instruments with preferred distributions for proceeds of $1.5 billion. The group retains control over the ability to defer these distributions which are not guaranteed, and investors cannot redeem their shares except under specific conditions that are within the group's control.

Top of page 16

Group balance sheet