BP Q4 EPS Beats but Revenues Miss as Production Rises 7%
BP reported Q4 2025 adjusted earnings of $0.60 per ADS, beating consensus by 3 cents while revenues declined to $47.7 billion, missing estimates. Oil-equivalent production rose 7% to 1.555 Mboe/d and refining availability climbed to 96%, but hydrocarbon realizations fell to $44.98 per Boe.
1. Earnings and Revenue Highlights
BP delivered Q4 2025 adjusted earnings of $0.60 per ADS, beating consensus by 3 cents, while revenues fell to $47.7 billion, missing estimates. Strong refining margins supported earnings despite a year-over-year slip in hydrocarbon price realization.
2. Upstream Production and Realization
Oil-equivalent production rose 7% year-over-year to 1.555 million Boe/d, boosting output volumes. Average hydrocarbon realization declined to $44.98 per Boe from $52.28, cutting upstream replacement cost EBIT to $1.96 billion.
3. Refining and Customer Segment Performance
BP-operated refining availability increased to 96% from 94.8%, raising throughput to 1.46 million barrels per day. Underlying EBIT in the customers and products segment swung to $1.35 billion from a prior loss, driven by cost reductions and improved margins.
4. Capital, Balance Sheet and Outlook
The company recorded $4.2 billion in total capex, including $3.5 billion of organic investment, and ended Q4 with $22.2 billion net debt and 23.1% gearing. BP projects flat upstream production in Q1 2026, $9–10 billion in divestment proceeds, and $13–13.5 billion capex for 2026.