Bp P.L.C.: a $189.3bn business, growing — and getting more profitable as it grows.
integrated oil and gas major · global · high complexity
Deep-Dive · Company Intelligence
Report overview
BP generated $189bn in turnover yet sent $15.9bn out through financing — up 118% — while net assets shrank by $4.3bn.
The story
The year, beat by beat — each one a signal from the filing, source cited. Open “the full working” on any beat for the analyst detail.
Turnover barely moved, but that's the least interesting number in this filing.
Operating profit
Revenue rose by $150m on a $189bn base — effectively zero. Yet operating profit jumped 12% and profit before tax climbed 14%. The business is squeezing more out of the same sales volume, which is a different story to the one the top line tells.
Source · Profit & Loss Account FY2024–FY2025
A 14% rise in pre-tax profit translated into only a 5% rise in profit after tax.
BP paid $6.45bn in tax in FY2025, up 16% on the prior year. That absorbed most of the operating gains. Profit after tax landed at $1.29bn — a thin margin on a $189bn revenue base of roughly 0.7%.
Source · Profit & Loss Account FY2025
Operating cash fell 10% while financing outflows more than doubled.
Operating cash dropped from $27.30bn to $24.49bn. At the same time, financing cash outflows hit $15.88bn — a 118% increase year-on-year. Cash on the balance sheet fell to $36.56bn from $39.20bn. The gap between cash generated and cash deployed through financing is the dominant movement this filing shows.
Source · Cash Flow Statement FY2024–FY2025
Net assets fell $4.3bn in a single year as long-term liabilities crept up.
Fixed assets dipped 1% to $176.74bn, current assets fell 1%, but long-term liabilities grew 2% to $123.94bn. Net assets — and total equity — contracted from $78.32bn to $74bn. The asset base is shrinking while the long-term debt stack is expanding, however modestly.
Source · Balance Sheet FY2024–FY2025
No person or entity holds a declared controlling stake.
Source · PSC Register, Companies House
Incorporated in 1909, BP has traded under three names in 116 years.
Source · Companies House filing history; Name history register
The questions you'd ask a credit analyst over coffee — answered from this company's filings, with the source for every figure.
Current assets of $101.79bn comfortably exceed current liabilities of $80.58bn, giving a current ratio above 1.2x.
Cash on the balance sheet stands at $36.56bn. Operating cash generation was $24.49bn in FY2025, down 10% but still substantial. Short-term liquidity looks solid on the numbers available, though the 10% drop in operating cash and the $15.9bn financing outflow are worth watching.
Source · Balance Sheet FY2025; Cash Flow Statement FY2025
BP is making money, but the margins are thin relative to scale.
On $189.34bn of turnover, operating profit was $12.64bn (roughly 6.7% margin). After a $6.45bn tax bill, profit after tax was $1.29bn — a net margin of under 1%. The business is profitable, but the gap between headline revenue and take-home profit is very wide.
Source · Profit & Loss Account FY2025
No Person of Significant Control is registered at Companies House, which is consistent with BP being a major publicly listed group where no single shareholder holds 25% or more.
Nine directors are on record, with nationalities spanning British, American, Indian, Irish, and German. The board is international; ownership is publicly fragmented with no declared controlling party.
Source · PSC Register; Director Register, Companies House
The most recent accounts were filed on 20 May 2026, with a resolution filing six days later on 26 May 2026.
The filing brief records no late accounts or amended/replacement filings. The company has been continuously active since incorporation in 1909 and has filed three name changes over its history, all properly registered. No compliance irregularities appear in the data available.
Source · Companies House filing history; Filing signals FY2026
No going-concern wording, negative equity, or secured-charge detail is disclosed in the filing brief.
The standout structural signal is the $15.88bn financing cash outflow — more than double the prior year — alongside a $2.6bn fall in cash and a $4.3bn contraction in net assets. Long-term liabilities also grew $2.3bn to $123.94bn while the asset base shrank. The Verif-AI Compliance score of 50/100 is the lowest dimension recorded.
Source · Cash Flow Statement FY2025; Balance Sheet FY2025; Verif-AI TrustScore
We surface gaps plainly rather than guess. Use the chapters and tabs below to dig into what is on record.
No agent data gaps were flagged; all findings carry high confidence scores, though the gas and low-carbon segment comparison is complicated by the mid-year reclassification of Archaea Energy, so year-on-year figures should be read against restated 2024 numbers only.
Origin
BP p.l.c. is one of the world's largest integrated energy companies, headquartered in London. It explores for, produces, refines, and sells oil, gas, and increasingly low-carbon energy products globally.
Where the money comes from
Revenue $189.3bn (FY2025), up 0% YoY No segmental split disclosed in the filed accounts — this is the total trading revenue line.
At a glance
Timeline
Big year-on-year change
Profit after tax more than doubled — from -$1.36bn to $15.88bn in a single year (+1270%).
Joined the board
Hina Nagarajan was first appointed as a director on 1 March 2023.
Big year-on-year change
Profit after tax collapsed 116% — from $8.49bn to -$1.36bn.
Joined the board
Amanda Jayne Blanc was first appointed as a director on 1 September 2022.
Crisis
In response to Russia's 2022 invasion of Ukraine, BP announced it would divest its 19.75% stake in Rosneft, which at the time accounted for around half of BP's oil and gas reserves, marking a major strategic retreat from Russia.
Big year-on-year change
Operating profit more than doubled — from -$21.74bn to $18.08bn in a single year (+183%).
Joined the board
Johannes Antonius Teyssen was first appointed as a director on 1 January 2021.
Joined the board
Tushar Morzaria was first appointed as a director on 1 September 2020.
Where our data starts
Earliest analysed accounts: FY2020. 19 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.
Acquisition
BP completed the sale of its stake in TNK-BP to Rosneft on 21 March 2013 for $12.3 billion in cash and 18.5% of Rosneft's stock, exiting its Russian joint venture and becoming a significant Rosneft shareholder.
Crisis
The Deepwater Horizon drilling rig explosion on 20 April 2010 caused the largest accidental marine oil spill in history, releasing approximately 4.9 million barrels of oil into the Gulf of Mexico and ultimately costing BP more than $65 billion in fines, penalties, and claims.
Crisis
An explosion at BP's Texas City refinery on 23 March 2005 killed 15 workers and injured more than 170, resulting in a record-setting OSHA fine and severely damaging BP's safety reputation.
Name changed
Previously incorporated as BP Amoco P.l.c..
Acquisition
BP Amoco acquired Atlantic Richfield Co. (ARCO) and Burmah Castrol in 2000, further consolidating its position as a global supermajor and adding significant upstream assets and the Castrol lubricants brand to its portfolio.
Name changed
Previously incorporated as THE British Petroleum Company P.l.c..
Merger
British Petroleum merged with Amoco (formerly Standard Oil of Indiana) in December 1998, forming BP Amoco plc and becoming the third-largest oil company in the world, transforming the company's scale and US presence.
Stock-exchange listing
The British government sold 80 million BP shares in 1979 under Thatcher-era privatisation, reducing state ownership to 46%, with full privatisation completed by October 1987 when the remaining 31% stake was sold for $7.5 billion.
Crisis
A giant oil tanker chartered by British Petroleum, the Torrey Canyon, foundered off the English coast in 1967, spilling over 32 million US gallons of crude oil onto Cornwall and Brittany beaches in Britain's worst-ever oil spill at that time.
Notable event
After the 1953 CIA/MI6-backed Iranian coup restored Western access to Iranian oil, the AIOC was renamed the British Petroleum Company in 1954, adopting the brand that would define the company globally.
Notable event
Following Reza Shah's request that the international community refer to Persia as Iran, APOC was renamed the Anglo-Iranian Oil Company (AIOC) in 1935, reflecting the geopolitical shift in the region.
Go deeper
02 · Financials
Scene 01 · Revenue
From $105.94bn in FY2020 to $189.34bn in FY2025 — a 79% increase. The most dramatic acceleration came in FY2022, when turnover surged 53% in a single year.
FY2020 – FY2025 · Companies House (PDF accounts) · hover any point for the full year
Scene 02 · Metrics
All figures in USD ($) · as filed, not converted
Financial health
Computed from · cash · net assets · current ratio · debt to equity · total liabilities
Scene 03 · Trends
Eight years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.
Revenue, profitability and operating growth over time
Scene 05 · Full detail
All metrics across FY2020–FY2025, now fully contextualised by the story above.
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|
| Turnover | $105.94bn | $157.74bn | $241.39bn | $210.13bn | $189.19bn | $189.34bn | — 0% |
| Cost of sales | -$57.68bn | -$92.92bn | -$141.04bn | -$119.31bn | -$113.94bn | -$110.64bn | ▲ 3% |
| Gross profit | $48.26bn* | $64.82bn* | $100.35bn | $90.82bn | $75.24bn* | $78.69bn* | ▲ 5% |
| Other operating income | $3.13bn | $6.46bn | — | — | $5.44bn | $3.21bn | ▼ 41% |
| Administrative expenses | -$10.40bn | -$11.93bn | -$134.49bn | -$167.72bn | -$16.42bn | -$17.49bn | ▼ 7% |
| Other operating costs derived | -$62.74bn | -$41.26bn | $52.18bn | $104.25bn | -$52.97bn | -$51.77bn | — |
| Operating profit | -$21.74bn | $18.08bn | $18.04bn | $27.35bn | $11.30bn | $12.64bn | ▲ 12% |
| Finance income | $663.0m | $581.0m | $1.10bn | $16.35bn | $168.0m | $210.0m | ▲ 25% |
| Finance costs | -$3.12bn | -$2.86bn | -$2.70bn | -$3.84bn | -$4.68bn | -$5.11bn | ▼ 9% |
| Profit before tax | -$24.89bn | $15.23bn | $15.40bn | $23.75bn | $6.78bn | $7.75bn | ▲ 14% |
| Tax | -$4.16bn | -$6.74bn | -$16.76bn | -$7.87bn | -$5.55bn | -$6.45bn | ▼ 16% |
| Profit after tax | -$20.73bn | $8.49bn | -$1.36bn | $15.88bn | $1.23bn | $1.29bn | ▲ 5% |
| EBITDA (memo) | -$6.85bn* | $32.89bn* | $60.75bn | $43.71bn | $27.92bn* | $30.46bn* | ▲ 9% |
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|
| Intangible assets | $6.09bn | $6.45bn | $10.20bn | $9.99bn | $9.65bn | $8.20bn | ▼ 15% |
| Tangible assets | $114.84bn | $112.90bn | $106.04bn | $104.72bn | $100.24bn | $98.63bn | ▼ 2% |
| Investments | $29.08bn | $33.53bn | $23.27bn | $22.44bn | $21.32bn | $21.58bn | ▲ 1% |
| Total fixed assets | $194.67bn | $194.68bn | $181.67bn | $176.30bn | $179.39bn | $176.74bn | ▼ 1% |
| Stocks | — | — | $28.08bn | $22.82bn | — | — | — |
| Debtors | $17.95bn | $27.14bn | $34.01bn | $31.12bn | $27.13bn | $26.01bn | ▼ 4% |
| Cash at bank | $31.11bn | $30.68bn | $29.20bn | $33.03bn | $39.20bn | $36.56bn | ▼ 7% |
| Total current assets | $72.98bn | $92.59bn | $106.45bn | $104.00bn | $102.83bn | $101.79bn | ▼ 1% |
| Trade creditors | -$36.01bn | -$52.61bn | -$47.21bn | -$42.41bn | -$58.41bn | -$56.84bn | ▲ 3% |
| Bank loans (current) | -$9.36bn | -$5.56bn | -$315.0m | -$240.0m | -$4.47bn | -$3.36bn | ▲ 25% |
| Total current liabilities | $59.80bn | $80.29bn | $98.70bn | $86.02bn | $82.24bn | $80.58bn | ▼ 2% |
| Net current assets | — | — | $7.75bn | $17.98bn | $20.59bn | $21.20bn | ▲ 3% |
| Total assets less current liabilities | — | — | $189.42bn | $194.28bn | — | — | — |
| Bank loans (non-current) | -$63.30bn | -$55.62bn | -$1.27bn | -$1.94bn | -$55.07bn | -$54.60bn | ▲ 1% |
| Long-term liabilities | $122.29bn | $116.55bn | $106.11bn | $108.72bn | $121.67bn | $123.94bn | ▲ 2% |
| Provisions | $20.96bn | $24.83bn | $6.33bn | $4.42bn | $3.60bn | $4.71bn | ▲ 31% |
| Net assets | $85.57bn | $90.44bn | $82.99bn | $85.49bn | $78.32bn | $74.00bn | ▼ 6% |
| Total equity | $85.57bn | $90.44bn | $82.99bn | $85.49bn | $78.32bn | $74.00bn | ▼ 6% |
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|
| Net cash from operating activities | $12.16bn | $23.61bn | $40.93bn | $32.04bn | $27.30bn | $24.49bn | ▼ 10% |
| Net cash used in investing activities | -$7.86bn | -$5.69bn | -$13.71bn | -$14.87bn | -$13.25bn | -$11.50bn | ▲ 13% |
| Net cash used in financing activities | $3.96bn | -$18.08bn | -$28.02bn | -$13.36bn | -$7.30bn | -$15.88bn | ▼ 118% |
| Net increase / (decrease) in cash | $8.64bn | -$430.0m | -$1.49bn | $3.83bn | $6.24bn | -$2.65bn | swung − |
| Cash at end of year | $31.11bn | $30.68bn | $29.20bn | $33.03bn | $39.27bn | $36.62bn | ▼ 7% |
Scene 04 · Waterfall
How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.
FY2025 audited accounts · cascade view
03 · Risk
Working capital + cash
Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.
Screening status
Compliance signals
Screening returned a partial name overlap: 'ASHDOWN, Hannah' against 'HANNAH' on the Russia (Sanctions) (EU Exit) Regulations 2019 list (85% name similarity). No identifier corroboration — an unconfirmed overlap, not a confirmed hit.
Screening returned a partial name overlap: 'ASHDOWN, Hannah' against 'HANNAH' on the Russia (Sanctions) (EU Exit) Regulations 2019 list (85% name similarity). No identifier corroboration — an unconfirmed overlap, not a confirmed hit.
INGLIS, Andrew George is matched at 0.9 confidence to a Member of Parliament (House of Commons, Liberal Democrat), designating him a Politically Exposed Person subject to enhanced due diligence obligations.
Eleven director resignations in the past three years against a current board of nine represents a turnover rate that may indicate governance instability or structural leadership issues.
Four directors — including HENRY, Simon Peter and HOWLE, Carol-Lee — served less than 12 months, a pattern consistent with nominee arrangements or underlying board instability.
Key audit matters
Identified by Deloitte LLP as a key audit matter — an area requiring significant judgement or specialist attention during the FY2025 audit.
Identified by Deloitte LLP as a key audit matter — an area requiring significant judgement or specialist attention during the FY2025 audit.
Identified by Deloitte LLP as a key audit matter — an area requiring significant judgement or specialist attention during the FY2025 audit.
Identified by Deloitte LLP as a key audit matter — an area requiring significant judgement or specialist attention during the FY2025 audit.
Identified by Deloitte LLP as a key audit matter — an area requiring significant judgement or specialist attention during the FY2025 audit.
Contingent liabilities
Principal risks
A sustained significant decline in oil prices over three years was modelled as one of the most severe but plausible scenarios that could threaten the viability of the company.
A significant process safety incident when operating facilities, drilling wells or transporting hydrocarbons was identified as a key viability scenario; four fatalities occurred in US retail operations in 2025.
A significant cyber security incident was included in the viability stress scenarios as one of the most severe but plausible threats to the company.
Loss of a significant market or producing asset, including climate change-related litigation brought against bp, was identified as a principal risk and viability scenario.
The energy transition may significantly impact future commodity prices, recoverable values of oil and gas assets, goodwill and decommissioning obligations, and could result in stranded assets or increased provisions.
Notes to the accounts
UK accounts must disclose dealings with connected parties — usually the parent company, subsidiaries, or other group entities. These lines show how money and charges move inside the corporate family; they are filed for transparency, not because every entry signals a problem.
What this means: “Transactions in the ordinary course of business; summarised in Notes 16 and 17 of the consolidated financial statements” is a related-party item disclosed in the accounts notes — dealings with a connected company that must be reported separately from normal external trade.
These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.
04 · Market
Industry classification
Professional, scientific & technical
Companies House records the SIC2007 classification for this entity under 1 code: 70100.
Peer cohort · Division 70 · Head Offices & Consultancy · 46 peers
Division revenue split
Revenue split by segment as the company itself reports it in the filed accounts.
Concentration + dependency
A large part of upstream production is concentrated in the US (including the Gulf of America and onshore shale), UK North Sea, Middle East and Brazil — these regions account for the majority of the group's hydrocarbon output.
bp sells oil, gas, refined products and retail fuel to a very large and diverse set of customers globally — no single customer concentration is disclosed or flagged as a risk.
bp paid $142.5 billion to suppliers for goods and services in 2025, spread across a global supply chain — no single supplier concentration is flagged, but the report notes that supply chain disruption and third-party risk are principal risks.
No single site dependency is explicitly flagged, but the report notes that offshore facilities in the North Sea and Gulf of America face heightened severe weather risk, and that a significant proportion of assets being shut in simultaneously would jeopardise financial resilience.
bp earns most revenue in US dollars (oil and gas are globally priced in dollars) but has costs in many currencies; currency movements are flagged as a principal risk affecting project economics and reported earnings.
Strategic priorities
Directly from the management commentary in the filed accounts — descriptive of stated intent, not a forecast.
Grow oil and gas production and cash flow through disciplined investment, targeting 2.3–2.5 million barrels of oil equivalent per day by 2030
Cut costs by $5.5–6.5 billion cumulatively by end 2027 compared to 2023 levels
Reduce total debt (net of cash) to $14–18 billion by end 2027 by selling assets and suspending share buybacks
Focus the downstream business on markets where bp has an advantaged position, including shrinking the retail network and divesting the Castrol lubricants majority stake
Invest selectively in lower-carbon energy — biogas, biofuels and electric vehicle charging — while pulling back from offshore wind and hydrogen projects that don't meet return thresholds
Sector cohort · 46 peers · Head Offices & Consultancy
| Metric | This filing | Peer median | Percentile | Assessment |
|---|---|---|---|---|
| Cash Ratio | 0.45 | 0.25 | 74th | above median |
| Profit Margin (%) | 4.1% | 7.3% | 38th | below median |
| Quick Ratio | 0.78 | 0.55 | 76th | strong |
| Current Ratio | 1.06 | 0.87 | 66th | above median |
| Cash-to-Assets | 0.14 | 0.06 | 68th | above median |
| Debt-to-Assets | 0.78 | 0.71 | 61th | below median |
| Debt-to-Equity | 2.76 | 1.35 | 76th | weak |
| Net Assets Growth (%) | -5.5% | -0.3% | 36th | below median |
05 · People
Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.
Each director, individually
| Role | Director | Career boards | Concurrent | Prior-failure rate | Joined | Other UK boards |
|---|---|---|---|---|---|---|
| Director |
Amanda Jayne Blanc
British · England
|
24 1 failed | 5 busy | 4.2% | 14 February 2011 | |
|
Amanda Jayne Blanc 20 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Ignition New Business Solutions Limited No. 04857208 AXA Services Limited No. 00446043 AXA Insurance UK PLC No. 00078950 AXA Insurance PLC No. 00932111 AXA UK PLC No. 02937724 Bluefin Insurance Group Limited No. 03251684 AXA Insurance Dac No. NF004201 Swiftcover Insurance Services Ltd No. 05298352 Insurance Fraud Bureau No. 08203205 AXA Ppp Healthcare Limited No. 03148119 Eaton Gate (Holdings) Limited No. 09824548 Eaton Gate Mgu Limited No. 09825821 Vigilis (Holdings) Limited No. 09825851 Iadvisory Ltd No. 12359468 THE Welsh Rugby Union Limited No. 03419514 Aviva PLC No. 02468686 Iquw UK Limited No. 08333916 Iquw Syndicate Management Limited No. 00426475 Laka Ltd No. 10575209 Aviva Group Holdings Limited No. 01555746 |
||||||
| Director |
Katherine Anne Thomson
British · England
|
26 2 failed | — | 7.7% | 19 November 2012 | |
|
Katherine Anne Thomson 23 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. BP Australia Swaps Management Limited No. 08298838 BP Russian Investments Limited No. 02565511 BP Holdings Canada Limited No. 08274009 Viceroy Investments Limited No. 00432981 BP America Limited No. 08842913 BP New Ventures Middle East Limited No. 10202089 BP Continental Holdings Limited No. 00517403 BP Global Investments Limited No. 00263889 BP Holdings North America Limited No. 06034588 BP Car Fleet Limited No. 00651878 BP Properties Limited No. 00699446 BP Asia Pacific Holdings Limited No. 01094398 BP Capital Markets P.l.c. No. 01290444 THE BP Share Plans Trustees Limited No. 01454944 Atlantic 2/3 UK Holdings Limited No. 04075308 BP Corporate Holdings Limited No. 04116177 BP Finance P.l.c No. 04145621 Consolidated Petroleum Company Limited(The) No. 00234106 BP Shipping Limited No. 00140132 BP International Limited No. 00542515 BP Pension Escrow Limited No. 12097961 BP Integrated Solutions Limited No. 13448827 BP Scale Up Factory Limited No. 11700098 |
||||||
| Director · active |
Tushar Morzaria
British · England
|
1 | — | — | 1 September 2020 | — |
| Director · active |
Johannes Antonius Teyssen
German · Germany
|
1 | — | — | 1 January 2021 | — |
| Director · active |
Satish Pai
Indian · India
|
1 | — | — | 1 March 2023 | — |
| Director · active |
Hina Nagarajan
Indian · India
|
1 | — | — | 1 March 2023 | — |
| Director · active |
Ian Paul Tyler
British · England
|
1 | — | — | 1 April 2025 | — |
| Director · active |
David Alan Hager
American · United States
|
1 | — | — | 2 June 2025 | — |
| Director · active |
Albert Jude Manifold
Irish · Ireland
|
1 | — | — | 1 September 2025 | — |
Co-director network
People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.
Historical board
Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.
06 · AI Investigation
AI forensic pass across 100 Companies House filings. 31 page-cited signals from three specialist agents, 3 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.
AI Analyst commentary
Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.
Fixed assets have drifted down from $194.7bn (FY2020) to $176.7bn (FY2025), while long-term liabilities have climbed back to $123.9bn after a brief dip — squeezing net assets to $74bn, their lowest point in the six-year data set. Cash at $36.6bn is healthy in absolute terms but down 6.8% on the prior year.
15 director entries listed at Companies House, including one duplicate (Jens Bertelsen appears twice) — actual board likely 14 individuals. Amanda Blanc holds concurrent directorships at Aviva Group Holdings and Aviva Plc — a notable cross-appointment between major FTSE companies.
BP p.l.c. is a major listed PLC — no single controlling shareholder; institutional ownership is typical for a company of this type. OSINT confirms global institutional and mutual fund ownership, consistent with a NYSE- and LSE-listed energy major with no dominant PSC.
Case files · Chapter dossier
The investigation as one running thread — each beat resolves a signal cluster, page-cited. Open “the full working” on any beat for the forensic detail.
Turnover barely moved, but that's the least interesting number in this filing.
Operating profit
Revenue rose by $150m on a $189bn base — effectively zero. Yet operating profit jumped 12% and profit before tax climbed 14%. The business is squeezing more out of the same sales volume, which is a different story to the one the top line tells.
Source · Profit & Loss Account FY2024–FY2025
A 14% rise in pre-tax profit translated into only a 5% rise in profit after tax.
BP paid $6.45bn in tax in FY2025, up 16% on the prior year. That absorbed most of the operating gains. Profit after tax landed at $1.29bn — a thin margin on a $189bn revenue base of roughly 0.7%.
Source · Profit & Loss Account FY2025
Operating cash fell 10% while financing outflows more than doubled.
Operating cash dropped from $27.30bn to $24.49bn. At the same time, financing cash outflows hit $15.88bn — a 118% increase year-on-year. Cash on the balance sheet fell to $36.56bn from $39.20bn. The gap between cash generated and cash deployed through financing is the dominant movement this filing shows.
Source · Cash Flow Statement FY2024–FY2025
Net assets fell $4.3bn in a single year as long-term liabilities crept up.
Fixed assets dipped 1% to $176.74bn, current assets fell 1%, but long-term liabilities grew 2% to $123.94bn. Net assets — and total equity — contracted from $78.32bn to $74bn. The asset base is shrinking while the long-term debt stack is expanding, however modestly.
Source · Balance Sheet FY2024–FY2025
No person or entity holds a declared controlling stake.
Source · PSC Register, Companies House
Incorporated in 1909, BP has traded under three names in 116 years.
Source · Companies House filing history; Name history register
Cross-signal intelligence
Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.
The 118% surge in financing outflows in [chapter 3] is the most likely driver of the $4.3bn equity erosion visible in [chapter 4] — money leaving via financing exceeds the profit retained in the business.
Operating cash fell 10% in [chapter 3] even as operating profit rose 12% in [chapter 1], suggesting working capital or timing differences are absorbing gains that the P&L records but cash flow does not yet see.
The tax charge of $6.45bn in [chapter 2] is five times larger than profit after tax, which means the effective cash drain from taxation alone dwarfs the reported bottom-line earnings — a dynamic that compounds the cash pressure shown in [chapter 3].
Deep signals
Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.
Consistent with a large group structure where the parent entity holds the shares and consolidates results, while actual trading, refining and retail operations sit in subsidiary companies. The balance sheet figures here represent the consolidated group view — individual subsidiary obligations are not visible in this filing.
Trade payables alone represent 70% of all current liabilities. This appears consistent with a large commodity trading and integrated energy business where short-term supplier obligations are the dominant current liability — not debt facilities. The creditor days figure (-110 days) is a derived metric and should be interpreted in the context of complex commodity settlement cycles rather than as straightforward late payment.
The gap between pre- and post-tax profit is very large and volatile, consistent with windfall taxes, deferred tax movements, and large one-off charges typical of integrated oil and gas majors. Readers should focus on PBT and operating cash generation rather than PAT when assessing underlying trading performance.
Forensic investigation · 31 signals
Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.
Segmental Analysis
Customers & products segment reported a replacement cost profit of $4,100m in 2025, recovering from a loss of $1,043m in 2024. Profit before interest and tax was $2,747m in 2025 vs a loss of $1,522m in 2024.
p.186, p.187 · 8 more from this specialist
Strategic KPIs
Upstream plant reliability rose to 96.1% in 2025, up from 95.2% in 2024 — the best ever recorded by bp.
p.15 · 9 more from this specialist
Capital Structure & Borrowings
Finance debt (borrowings) stands at $57,958m at 31 Dec 2025. Cash and cash equivalents are $36,556m, giving net debt of $22,182m.
p.211, p.212 · 11 more from this specialist
Customers & products segment reported a replacement cost profit of $4,100m in 2025, recovering from a loss of $1,043m in 2024. Profit before interest and tax was $2,747m in 2025 vs a loss of $1,522m in 2024.
Why it matters: A segment that was dragging the group down by over $1bn last year is now contributing positively, which is a big improvement in overall group health.
p.186, p.187 critical conf 97%
Oil production & operations generated replacement cost profit of $8,558m in 2025 (2024: $10,789m), representing roughly 61% of total group replacement cost profit of $13,993m.
Why it matters: More than half the group's profit comes from one segment, so a drop in oil prices or production problems would hit the whole group very hard.
p.186 critical conf 97%
Replacement cost profit in oil production & operations fell from $10,789m in 2024 to $8,558m in 2025, a drop of $2,231m or about 21%.
Why it matters: This is a big drop in the group's most important profit source, suggesting lower oil prices or higher costs are squeezing returns.
p.186, p.187 critical conf 97%
Replacement cost profit in gas & low carbon energy fell from $3,052m in 2024 to $1,330m in 2025, a drop of $1,722m or about 56%.
Why it matters: This segment's profit more than halved in one year, which is a big warning sign for bp's energy transition strategy.
p.186, p.187 critical conf 97%
Customers & products had third-party revenues of $148,740m in 2025 out of a total group $189,335m, representing about 78.6% of total third-party revenues.
Why it matters: Almost four in every five dollars of group revenue comes from this segment, showing how dominant it is for top-line income even though it is not the profit driver.
p.186 important conf 97%
Total non-current assets were $138,463m in 2025 vs $145,352m in 2024, a fall of $6,889m, with Non-US assets at $77,194m and US at $61,269m.
Why it matters: The group's asset base is shrinking, partly due to disposals and impairments, which could reduce future earnings capacity.
p.188 important conf 95%
Group third-party revenues were $189,335m in 2025 vs $189,185m in 2024, a rise of just $150m or less than 0.1%.
Why it matters: Revenue barely moved, so any profit changes are being driven by costs, impairments and mix rather than more sales.
p.186, p.187 useful conf 97%
In 2025, US revenues were $56,703m and Non-US revenues were $132,632m out of total $189,335m. Non-US share is about 70%.
Why it matters: bp's revenue is heavily weighted outside the US, so currency moves and international market conditions have a big impact on reported results.
p.188 useful conf 95%
Archaea Energy business moved from customers & products to gas & low carbon energy for 2025. Prior year 2024 and 2023 figures have been restated.
Why it matters: When a business moves between reporting segments, year-on-year comparisons can look better or worse than they really are, so readers need to use the restated numbers.
p.185, p.187 useful conf 95%
Upstream plant reliability rose to 96.1% in 2025, up from 95.2% in 2024 — the best ever recorded by bp.
Why it matters: Higher reliability means fewer unplanned shutdowns, so bp is squeezing more production out of the assets it already owns — a sign of good operational health.
p.15 important conf 95%
bp reported a proved reserves replacement ratio of 90% in 2025, up from an average of around 50% in the prior two years.
Why it matters: A ratio below 100% means bp is using up its oil and gas reserves faster than it is finding new ones — though the sharp jump from ~50% shows real progress, and 12 new discoveries were announced.
p.9 important conf 85%
Refining availability improved from 94.3% in 2024 to 96.3% in 2025 — the best on record for bp.
Why it matters: More refining uptime means more fuel processed and sold, directly boosting the downstream business that serves millions of customers and retail sites.
p.15 important conf 95%
Methane intensity fell from 0.07% in 2024 to 0.04% in 2025, using a new measurement approach.
Why it matters: Methane is a powerful greenhouse gas — cutting it signals bp is tightening control of emissions leaks, which matters to regulators and investors focused on climate risk.
p.17 important conf 80%
Total tier 1 and 2 process safety events dropped from 38 in 2024 to 27 in 2025.
Why it matters: Fewer serious safety incidents reduce the risk of costly shutdowns, fines and reputational damage — a consistent downward trend over 12 years is a strong signal of operational discipline.
p.16 important conf 95%
bp delivered seven major project start-ups in 2025, five of which were ahead of schedule.
Why it matters: Starting big projects on time — or early — locks in revenue sooner and shows that bp can execute its growth plan, which underpins future production targets.
p.9 important conf 90%
Production fell from 2,358 mboe/d in 2024 to 2,312 mboe/d in 2025, a drop of 46 mboe/d.
Why it matters: Lower output means less oil and gas to sell, which directly reduces bp's ability to generate cash — though here the fall was driven by planned asset sales rather than operational failure.
p.14 useful conf 95%
Upstream unit production cost rose from $6.17/boe in 2024 to $6.28/boe in 2025, a 1.8% increase.
Why it matters: This is the cost of getting each barrel out of the ground — a small rise driven by the mix of assets rather than runaway spending, so no alarm bells yet.
p.14 useful conf 92%
Combined Scope 1 and 2 operational emissions rose from 33.6 MtCO2e in 2024 to 34.3 MtCO2e in 2025.
Why it matters: Rising emissions could face tougher regulatory scrutiny and increase bp's carbon costs, though the increase is linked to new project start-ups rather than a loss of efficiency.
p.17 useful conf 90%
Employee engagement dropped from 70% in 2024 to 66% in 2025, with bp citing major organisational changes as the cause.
Why it matters: Lower staff engagement can slow delivery of the big restructuring programme bp is running — if it continues it could affect how quickly cost savings and new projects are delivered.
p.16 useful conf 85%
Finance debt (borrowings) stands at $57,958m at 31 Dec 2025. Cash and cash equivalents are $36,556m, giving net debt of $22,182m.
Why it matters: The company owes a lot of money but holds enough cash to cover more than half of it, so short-term repayment pressure is limited.
p.211, p.212 important conf 98%
Operating profit is $12,642m and finance costs are $5,106m, giving interest cover of approximately 2.5x.
Why it matters: The company earns about $2.50 for every $1 of interest it owes, which is a comfortable but not large safety margin — a big drop in profits would put pressure on this.
p.211, p.212 important conf 85%
836 million ordinary shares were repurchased in 2025 for a total of $4,486m (including transaction costs of $24m). 176m shares were cancelled; 659m transferred to treasury.
Why it matters: Spending $4.5bn on buybacks while carrying $22bn of net debt shows confidence in cash generation, but it also means cash is leaving the business.
p.228 important conf 97%
At 31 Dec 2025 bp had a committed $8.0bn credit facility and $4.0bn of standby facilities, all undrawn, held with 33 international banks, available for five years.
Why it matters: Having $12bn of backup borrowing capacity means the company has a large cushion if cash flows drop suddenly or it needs to refinance quickly.
p.218 important conf 95%
Gearing (net debt as a share of net debt plus total equity) was 23.1% at end 2025 vs 22.7% at end 2024.
Why it matters: The company is borrowing a slightly bigger share of its total value, but the change is small and the level is not alarming.
p.212 useful conf 97%
Current borrowings (due within one year) total $3,356m at 31 Dec 2025, down from $4,474m a year earlier.
Why it matters: Near-term debt repayments have fallen, and the company's $36.6bn cash pile easily covers what is due, so there is no immediate refinancing risk.
p.211 useful conf 97%
Non-current borrowings are $54,602m at 31 Dec 2025 (2024: $55,073m). Fixed rate debt is $41.3bn at an average 5% interest rate; floating rate debt is $16.7bn at 4% average.
Why it matters: Most of the debt is long-dated and at fixed rates, which protects against rising interest costs and means there is no rush to refinance.
p.211 useful conf 97%
Lease liabilities at 31 Dec 2025 are $14,571m (current $2,832m, non-current $11,739m), up from $12,000m at end 2024. Undiscounted cash flows total $19,336m.
Why it matters: Lease obligations have risen by $2.6bn in a year, adding to the overall debt load, though the annual cash outflow of $3.7bn is manageable relative to cash holdings.
p.213 useful conf 98%
Standard & Poor's rates bp A- (stable); Moody's rates it A1 (stable); Fitch rates it A+ (stable).
Why it matters: Strong high-quality ratings mean bp can borrow cheaply and lenders and suppliers are very unlikely to demand early repayment or tougher terms.
p.218 useful conf 97%
The annual report pages provided make no mention of specific loan covenants, financial ratio tests, or any covenant breaches or waivers.
Why it matters: Without knowing the loan limits bp must stay within, readers cannot check how much room it has before a potential breach — though the strong credit ratings suggest limits are not close to being hit.
p.211, p.212, p.213, p.218 useful conf 85%
Floating rate instruments total $16,694m. A 1 percentage point increase in interest rates from 1 January 2026 would raise 2026 finance costs by approximately $167m.
Why it matters: The company's exposure to rising interest rates is limited because most of its debt is fixed rate, and the estimated extra cost is small relative to its $12.6bn operating profit.
p.215 useful conf 95%
During 2025 the group bought back $2.0bn of US dollar bonds (2024: nil), reducing gross finance debt.
Why it matters: Actively reducing debt while running a buyback programme shows financial flexibility, but it also means cash is being used for two purposes at once.
p.211 useful conf 95%
Specialist deep panels · Structured price capture
Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.
Segmental analysis
Top-segment revenue concentration: 78.6% · Segment totals reconcile to the group P&L
Strategic KPIs
Capital structure
Management questions · Open inquiry
Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.
Verification gaps
High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the summary needs management or independent verification.
No agent data gaps were flagged; all findings carry high confidence scores, though the gas and low-carbon segment comparison is complicated by the mid-year reclassification of Archaea Energy, so year-on-year figures should be read against restated 2024 numbers only.
08 · Documents
Filing pattern + upcoming windows
Due at Companies House by 30 June 2027 for the period ending 31 December 2026.
Annual confirmation due by 19 May 2027 (made up to 5 May 2027).
Final chapter — What we found
Mixed signals
The cash machine is working; the balance sheet is the slow leak that needs sealing.
FY2025 audited accounts
The five plain-English briefing questions are on Origin — read the story first, then return here for the TrustScore scorecard.
Signal Radar
Decisive findings
The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.
Replacement cost profit in oil production & operations fell from $10,789m in 2024 to $8,558m in 2025, a drop of $2,231m or about 21%.
Why it matters: This is a big drop in the group's most important profit source, suggesting lower oil prices or higher costs are squeezing returns.
p.186, p.187
Replacement cost profit in gas & low carbon energy fell from $3,052m in 2024 to $1,330m in 2025, a drop of $1,722m or about 56%.
Why it matters: This segment's profit more than halved in one year, which is a big warning sign for bp's energy transition strategy.
p.186, p.187
10 · Verification
This report reads the full filing package — digital iXBRL where available, the filed PDF (including notes), and the Companies House register — not a single uploaded document.
Figures are as filed by the company — Companies House does not verify the accuracy of information filed. Verif-AI checks internal consistency and flags anomalies, but cannot confirm the underlying figures are correct.
Reconciliation
Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read straight from the company's audited machine-readable tags, so it ties exactly. PDF — read from the filed accounts document, with the supporting note cited so you can check it. Flagged — our consistency check marked it for a closer look.
28 read from audited iXBRL tags · 0 from the filed PDF.
What we read
Who we cross-checked
Screening status
Screened 95 names (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 57503 entries, refreshed 04 July 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39437 entries, refreshed 04 July 2026 · EU Consolidated Financial Sanctions — 29880 entries, refreshed 04 July 2026 · UK Parliament — current Members of Commons & Lords — 1441 entries, refreshed 04 July 2026 · Companies House — Disqualified Directors register, checked 04 July 2026.
Steps we ran
Pipeline — what ran on this report
Limits and caveats
No PSCs are recorded against this entity — typical for listed PLCs (widely held by institutional investors) and for dormant / micro-entity filings.