Annual report 2025

a On a combined basis of subsidiaries and equity-accounted entities.

b Adjusted free cash flow and adjusted free cash flow on a price adjusted basis are non-IFRS measures. The nearest IFRS equivalent measures to calculate adjusted free cash flow and adjusted free cash flow on a price adjusted basis CAGR are net cash provided by operating activities of $24.5 billion for 2025 and $27.3 billion for 2024 and total cash capital expenditure of $14.5 billion for 2025 and $16.2 billion for 2024. A reconciliation is provided on page 388 of bp’s Annual Report and Form 20-F 2025.  

c This is on a price adjusted basis that assumes a hypothetical price environment of $70/bbl Brent, $4/mmBtu Henry Hub, and $10.3/bbl refining indicator margin (all 2024 real) and assumptions about the impact of these marker prices on underlying replacement cost profit before tax. 

d Net debt is a non-IFRS measure. The nearest IFRS equivalent measure is finance debt at the end of 2025. See Note 27 for more information in bp’s Annual Report and Form 20-F 2025.

e Cumulative structural cost reduction since 2023, of which $2 billion in 2025 and $750 million in 2024. Structural cost reduction is decreases in underlying operating expenditure. A reconciliation is provided on page 387 of bp’s Annual Report and Form 20-F 2025.

f Following the outcome of the strategic review of Castrol, which resulted in the decision to divest a 65% shareholding, the $4-5 billion structural cost reduction target by end 2027, introduced at the February 2025 Capital Markets Update, has increased.

g Return on average capital employed (ROACE) and ROACE on a price adjusted are non-IFRS measures. The nearest IFRS measures of the numerator and denominator are profit or loss for the period attributable to bp shareholders for 2025 of $0.1 billion and total equity at the end of 2025 of $74.0 billion respectively. A reconciliation is provided on page 386 of bp’s Annual Report and Form 20-F 2025. 

The bp Annual Report and Form 20-F 2025 available for download on this webpage constitutes the Annual Report and Accounts in accordance with UK requirements and the Annual Report on Form 20-F in accordance with the US Securities Exchange Act of 1934, for BP p.l.c. for the year ended 31 December 2025. A cross reference to Form 20-F requirements is included on page 390 of the bp Annual Report and Form 20-F 2025. 

The bp Annual Report and Form 20-F 2025 contains the Strategic report on the inside front cover and pages 1-71 and the Directors’ report on pages 72-90, 91 (in part only), 126-128 , 242-267 and 334-389. The Strategic report and the Directors’ report together include the management report required by DTR 4.1 of the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules. The Directors’ remuneration report is on pages 91-125. The consolidated financial statements of the group are on pages 129-240 and the corresponding reports of the auditor are on pages 131-155. The parent company financial statements of BP p.l.c. are on pages 269-333 

The Directors’ statements (comprising the Statement of directors’ responsibilities; UK Corporate Governance Code compliance; Risk management and internal control; Longer-term viability; Fair, balanced and understandable; and Going concern), the independent auditor’s report on the annual report and accounts to the members of BP p.l.c., the parent company financial statements of BP p.l.c. and corresponding auditor’s report do not form part of bp’s Annual Report on Form 20-F as filed with the SEC.   

To obtain a printed copy of BP p.l.c.'s complete audited financial statements, free of charge, UK based investors should contact bp Distribution Services by clicking the link above or calling +44 (0)870 241 3269 or by emailing bpdistributionservices@bp.com. If based in the US or Canada investors should contact Issuer Direct by calling +1 855 656 2750 or by emailing bpreports@issuerdirect.com.

BP p.l.c. is the parent company of the bp group of companies. The company was incorporated in 1909 in England and Wales and changed its name to BP p.l.c. in 2001. Where we refer to the company, we mean BP p.l.c. The company and each of its subsidiaries are separate legal entities. Unless otherwise stated or the context otherwise requires, the term “BP” or "bp" and terms such as “we”, “us” and “our” are used for convenience to refer to one or more of the members of the bp group instead of identifying a particular entity or entities. Information in the bp Annual Report and Form 20-F 2025 reflects 100% of the assets and operations of the company and its subsidiaries that were consolidated at the date or for the periods indicated, including non-controlling interests.   

The company’s primary share listing is the London Stock Exchange. In the US, the company’s securities are traded on the New York Stock Exchange (NYSE) in the form of ADSs (see page 365 of the bp Annual Report and Form 20-F 2025 for more details). 

 The term ‘shareholder’ in the bp Annual Report and Form 20-F 2025 means, unless the context otherwise requires, investors in the equity capital of BP p.l.c., both direct and indirect. As the company's shares, in the form of ADSs, are listed on the NYSE, an Annual Report on Form 20-F is filed with the SEC. Ordinary shares are ordinary fully paid shares in BP p.l.c. of 25 cents each. Preference shares are cumulative first preference shares and cumulative second preference shares in BP p.l.c. of £1 each.   

The material on the bp Annual Report webpage (the Material) relates to the year ended 31 December 2025 and is provided for general information only. The Material does not (i) form part of the bp Annual Report and Form 20-F 2025; or (ii) contain sufficient information to allow as full an understanding of the results and the state of affairs of BP p.l.c. as the bp Annual Report and Form 20-F 2025. As such this Material should not be relied upon or used as the basis for making voting or investment decisions and should be read together with the full bp Annual Report and Form 20-F 2025 and other more complete or up-to-date sources of information including any of BP p.l.c.’s more recent public reports. Information relating to BP p.l.c.'s results for current and prior periods do not necessarily reflect future trends, nor do they provide indicators of results for like periods. This Material is not intended to be and shall not be deemed to be an invitation or inducement to invest in or otherwise deal in any securities of BP p.l.c. or in any other investment, nor to provide or constitute any advice or recommendation in connection with any investment decision, nor to constitute an offer to provide services in any jurisdiction in which BP p.l.c. is not permitted to do so under any applicable law or regulation.

The Material may contain certain forward-looking statements, forecasts or projections with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results may differ materially from those expressed in such statements depending on a variety of factors, including the risk factors discussed under “Principal risks and uncertainties” on pages 62-66 of the bp Annual Report and Form 20-F 2025.

Please refer to the Cautionary statement on pages 362-363 of the full bp Annual Report and Form 20-F 2025 for further information on forward-looking statements.