SKU: 2046
Author: Wood Mackenzie

Company Report 14 July 2025

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

BP finds itself, not for the first time, in a tight spot. Past mistakes have caught up with it, and investor confidence is at a low. The share price has lagged peers’, apparently leaving BP vulnerable to takeover and prompting activist investor Elliott Management to take an interest. Under intense pressure to deliver a turn-around in the company’s fortunes, leadership presented a “fundamental strategy reset” in February 2025. The reset marked a change of direction long-term, and set out measures to restore investor confidence near-term.

Change of direction long-term
Restoring investor confidence near-term
Corporate Resilience and Sustainability ratings
- Resilience
- Sustainability
- Strategic framework and reporting segments
- Decarbonisation
Current strategic positioning
Production outlook
- Exploration
Customers – convenience and mobility
- Retail fuels
- Convenience
- EV charging
- Castrol
- Aviation
- Bioenergy
- Biofuels
- Biogas
Products – refining and trading
- Refining
- Trading
Renewables & Power

Tables and charts

This report includes the following images and tables:

1) Production outlook, indexed; 2) CFFO outlook, indexed; 3) Uses of CFFO in 2025 (%)
1) Strategic fit of upstream regions; 2) Benchmarking NPV10 by resource theme
1) BP production guidance vs. WM forecast; 2) Benchmarking gas as % of total production

1) WM production forecast for BP (million boe/d); 2) Benchmarking gas as % of total production
BP conventional new project returns vs spend 2025-2050
BP renewables portfolio snapshot, CSAS P&R
Portfolio capacity (net) by development status: 1) CCUS; 2) low carbon hydrogen
Base price assumptions (nominal terms) and key valuation assumptions
Resilience ratings: 1) IOC benchmarking; 2) BP ratings weighted by Dimension
Sustainability ratings: 1) IOC benchmarking; 2) BP ratings weighted by Dimension
CMD25: summary Group-level messaging, themes and key guidance
1) BP annual cash capex guidance 2025-2027; 2) BP new investment IRR hurdle rates
9 more item(s)...