BP sees FY25 capex around $14.5B

“In the first quarter, we delivered resilient financial results and are in action to improve the performance of bp (BP). Underlying RC profit grew quarter-on-quarter to $1.4 billion and we have made good progress on our plans to deliver on our structural cost reduction target. Our financial frame provides us with flexibility through cycle. We continue to optimize investment plans and now expect 2025 capital expenditure of around $14.5 billion. We are also making good progress on divestments and now expect proceeds of $3-4 billion this year. This underpins our confidence in meeting our net debt target of $14-18 billion by the end of 2027. For the first quarter, we have announced a dividend per ordinary share of 8 cents and a share buyback of $750 million,” said CFO Kate Thomson.