BP p.l.c. Q3 FY2025 earnings call

• Strategic progress: Started up 6 new oil and gas major projects in 2025, 4 ahead of schedule; had 12 exploration discoveries, including Bumerangue in Brazil. - Upstream: Production increased, reliability at ~97%, upgraded full - year underlying production guidance. - Downstream: First 9 months underlying earnings up, 3Q customer business record, refining margin good. - Divestment: Upgraded proceeds guidance to ~$5 billion. - Capital investment: Organic CapEx below $14 billion. - Portfolio review: Sanctioned Tiber in the Gulf of America, divested Culzean field in the North Sea, stopped Rotterdam biofuels refinery. - AI: Made progress on data foundations, upstream kit detection at ~98% detection, production availability due to AI - enabled fault prediction. - BPX: Productivity improvement in completions (30%) and drilling (15%), strong liquids growth in Permian and Eagle Ford, Haynesville production growth in line with infrastructure build - out. - Exploration: Success due to experienced team, advanced technology (NVIDIA chips, seismic), and quality through choice in exploration capital allocation.

BP delivered strong third - quarter performance. Upstream production increased by around 3% quarter - on - quarter, with upstream plant reliability at around 97%. Underlying pretax earnings were $5.3 billion, underlying net income was $2.2 billion, and operating cash flow was $7.8 billion this quarter. Downstream first 9 months underlying earnings were around 40% higher than the same period in 2024, with 3Q customer business at record levels and refining capturing a better margin environment. BP upgraded its divestment proceeds guidance, with proceeds completed and announced this year expected to be around $5 billion. Organic CapEx is on track to be below $14 billion.

• Upgraded full - year underlying production guidance. - Upgraded divestment proceeds guidance, with proceeds this year expected to be around $5 billion. - Organic CapEx to be below $14 billion. - 2026 - 2027 capital expenditure range 13% - 15%. - Will update 2026 production view in February. - Stay within capital frame of $13 billion - $15 billion.

• Exploration uncertainty as it's hard to predict repeatable success. - Market volatility affecting business performance. - Uncertainty related to Iraq contract commercial terms until production sharing agreement is published. - Uncertainty in Venture Global arbitration process as it's a commercial and confidential matter.

Q: About Bumerangue's geological map confidence and comparison to predrill assessment.

A: Feeling good about Bumerangue, map from predrill seismic, close to pre - drill assessment, will update on gas oil ratios and volumes when ready.

Q: On Castrol strategic review process.

A: Commercial process, strong interest, moving at pace, proceeds will be for balance sheet.

Q: Timing of portfolio simplification and restructuring announcements.

A: Starting work with new chair on portfolio, will update as decisions are made.

Q: On Bumerangue commerciality, AI deployment.

A: Bumerangue has large oil and condensate column, AI making progress on data foundations, upstream kit detection, production availability.

Q: On BPX CapEx profile.

A: About $2.5 billion a year into BPX, productivity improvement, strong liquids growth.

Q: On pension fund buy - in.

A: Pension Trustee Board evaluating derisking, transaction with Legal & General is good, but no further guidance on future.

Q: On other divestment opportunities like Gelsenkirchen, Lightsource.

A: Strong interest in Gelsenkirchen and Castrol, earlier stage on Lightsource.

Q: On exploration success repeatability and capital allocation.

A: Exploration success due to experienced team, technology, but not repeatable, stay capitally disciplined on exploration.

Q: On CapEx budget flexibility.

A: Have range for 2026 - 2027, can maneuver in different price environments, can slow onshore drilling or exploration depending on rig commitment.

Q: On Iraq contract economics.

A: Nation hasn't published production sharing agreement, but progress made, better contract than previous, world needs Iraq oil.

Q: On Venture Global arbitration.

A: Pleased with result, next phase on damages, can't comment on other cases or specific damages number.

Q: On equity affiliates, JERA Nex, Azule.

A: JERA Nex capital - light, Azule self - funded, doing well with projects like Agogo.

Q: On Castrol earnings growth and electronic cooling solutions.

A: Castrol earnings growth due to volume growth and cost reduction, electronic cooling solutions in trial, commercially sensitive.