Sparks - bp

On Friday 11 July, bp released its Q225 trading statement where it updated guidance stating that management now expect reported upstream production to come in higher compared to Q125. This is an improvement from bp’s initial guidance for Q225 (given during Q125), which was for upstream production to come in broadly flat with the prior period. This improvement has been attributed to higher production in oil production and operations, primarily in bpx energy, and slightly higher in gas and low carbon energy.

In bp’s customers segment, it maintained guidance of seasonally higher volumes. However, it expects stronger fuel margins. In its products segment, bp commented that there has been stronger realised refining margins in the range of $0.3–0.5bn. bp also highlighted that there was a significantly higher level of refinery turnaround activity during the quarter and that it expects oil trading to be strong. bp stated that net debt at end-Q225 is expected to be slightly lower compared to Q125.

The market reacted positively to bp’s updated Q225 guidance and the company is set to release its Q225 results on 5 August 2025.