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BP鈥檚 2Q25 results show a sharp sequential rebound but mixed year-on-year trends. Underlying replacement-cost (RC) profit rose to $2.4 bn from $1.4 bn in 1Q25, aided by stronger refining margins, a solid oil trading contribution and normalized tax rate (36% vs 50%). Reported profit was $1.6 bn. Operating cash flow recovered to $6.3 bn (incl. $1.1 bn Gulf settlement) and net debt fell q/q to $26.0 bn, yet remains $3.4 bn higher than a year ago.

BP lifted the quarterly dividend 4% to 8.32 c and announced a $750 m buyback, targeting 30-40% of operating cash flow for shareholder returns. Reliability stayed high (refining 96.4%, upstream 96.8%). Five major upstream projects and 10 discoveries have been delivered YTD; divestment proceeds now total ~$3 bn toward the $3-4 bn 2025 goal. Structural cost cuts reach $1.7 bn against the 2023 base.

Guidance & capital frame. 3Q upstream output is expected to slip modestly; taxes paid will be ~$1 bn higher. 2025 capex is still guided at ~$14.5 bn within a $13-15 bn 2026-27 frame, and management reiterates the ambition to shrink net debt to $14-18 bn by end-2027. A new Refining Indicator Margin (RIM) replaces the former RMM, with a $1/bbl move estimated to shift annual underlying RC EBIT by ~$550 m.

BP has reported a material oil & gas discovery at the 100%-owned Bumerangue exploration well in Brazil鈥檚 Santos Basin. Drilled to 5,855 m in 2,372 m water depth, the 1-BP-13-SPS well penetrated an estimated 500 m gross hydrocarbon column in high-quality pre-salt carbonates spanning >300 km虏, making it BP鈥檚 biggest find in 25 years and its tenth discovery in 2025. The block was secured in Dec-22 on attractive PSC terms (80 % cost oil; 5.9 % profit oil).

Rig-site data indicate elevated CO鈧�; laboratory analysis and an appraisal program will follow, subject to regulatory approval. The discovery underpins BP鈥檚 plan to lift upstream output to 2.3-2.5 MMboe/d by 2030 and explore a potential Brazilian production hub, though commerciality, fluid quality and development costs remain to be tested.

BP鈥檚 Form 6-K discloses intensive buy-back activity and a governance update for July 2025.

Across 26 daily transactions from 1鈥�31 July, BP repurchased about 92.9 million ordinary shares under the buy-back programme approved at the 2025 AGM. Daily volumes ranged from 1.65 m to 4.5 m shares with volume-weighted prices between 365.8 p and 410.4 p. All shares will be held in Treasury. Small management dealings were also reported: CFO Kate Thomson acquired 5,795 shares via DRIP/ShareMatch and the CEO鈥檚 PCA purchased 1,314 shares.

Under Provision 4 of the UK Corporate Governance Code, BP addresses the 24.28 % vote cast against Resolution 3 at the April AGM. Investor consultations have informed the ongoing chair-succession process, culminating in the appointment of Albert Manifold as incoming chair; further detail will appear in the 2025 Annual Report.

• The July buy-backs demonstrate continued capital-return execution and should be accretive to EPS.
• Persistent minority opposition on governance matters signals areas for board engagement despite overall shareholder support.

BP (NYSE: BP) filed a Form 6-K announcing the appointment of Albert Manifold as chair-elect, succeeding Helge Lund. Manifold will join the board 1 Sep 2025 as non-executive director and assume the chair role on 1 Oct 2025, when Lund departs the board. The notice follows a 'rigorous global search' led by senior independent director Dame Amanda Blanc.

Manifold spent a decade as CEO of building-materials giant CRH plc (2014-2024), where he strategically reshaped the portfolio and emphasised cost efficiency, disciplined capital allocation and robust cash flow generation. He currently serves as a non-executive director at LyondellBasell and Mercury Engineering and remains an adviser to CRH and Clayton Dubilier & Rice. The filing states no additional matters require disclosure under UK Listing Rule 6.4.8R and designates the release as inside information.

The succession brings an experienced operator with industrial and capital-markets credentials at a pivotal point in BP鈥檚 energy-transition strategy; however, investors will monitor the new chair for continuity of strategic direction and capital-return discipline.