bp on Tuesday reported a second-quarter underlying replacement cost profit of $2.35 billion, down from $2.76 billion a year earlier but beating analysts’ expectations of $1.8 billion.
The company said the results were boosted by stronger refining margins, improved customer performance, and robust oil trading, despite being partly offset by weaker gas and liquids prices and higher refinery maintenance.
Profit for the first half of 2025 stood at $3.73 billion, marking a 32% decline compared to $5.48 billion in the same period last year.
"This has been another strong quarter for bp operationally and strategically," said CEO Murray Auchincloss. "So far this year we’ve brought five new oil and gas major projects onstream, sanctioned four more and made ten exploration discoveries, including the significant discovery in Bumerangue block in Brazil."
Auchincloss said bp continues to invest in its portfolio while progressing its divestment plan, with expected proceeds from completed or signed deals approaching $3 billion.
He added that bp has achieved around $1.7 billion in structural cost savings since launching its efficiency program, with about three-quarters stemming from supply chain and organizational improvements.
The company aims to cut costs by $4 billion to $5 billion between 2023 and 2027.
Reporting by Nuran Erkul in London
Writing by Handan Kazanci
Anadolu Agency
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